华泰证券指出，美联储主席鲍威尔在Jackson Hole年会上释放鸽派信号，提供9月再次降息的指引，预计年内将再降息两 次。华泰宏观认为，降息有望驱动实际利率下行，对黄金构成利好。中长期来看，除非美国恢复高增长低通胀并行的经济 预期，并能有效降低赤字率，否则以央行为代表的买家或延续当前购金策略，黄金的上涨趋势或持续。在此背景下，中金 黄金作为黄金行业龙头，2025年上半年实现归母净利26.95亿元，同比增长54.64%，矿山板块毛利率同比提升6.97个百分点 至55.27%，盈利能力显著增强。公司积极勘探增储，累计完成增储金金属量13.82吨，资源保障能力持续夯实。 截至2025年8月29日 13:16，中证沪深港黄金产业股票指数(931238)强势上涨3.47%，成分股万国黄金集团(03939)上涨 8.90%，江西铜业股份(00358)上涨8.66%，中国黄金国际(02099)上涨8.24%，江西铜业(600362)，赤峰黄金(06693)等个股跟 涨。黄金股票ETF基金(159322)上涨3.13%，最新价报1.35元。拉长时间看，截至2025年8月28日，黄金股票ETF基金近1周累 计上涨4.72%。 ...

Core Viewpoint - The SPDR Gold Trust, the world's largest gold ETF, reported a total holding of 962.5 tons of gold as of August 27, 2025, reflecting an increase of 2.58 tons from the previous trading day, indicating a positive trend in gold ETF holdings [5]. Group 1: Gold ETF Holdings - As of August 27, 2025, SPDR Gold Trust's holdings reached 962.5 tons, up by 2.58 tons from the prior day [5]. - This marks the third consecutive trading day of increases in gold ETF holdings [5]. Group 2: Gold Price Movement - On August 27, spot gold prices experienced a slight increase, with a low of $3,373.51 per ounce and a high of $3,398.82 per ounce, closing at $3,397.48, up by $3.86 or 0.11% [5]. - The gold price faced downward pressure earlier due to a rebound in the US dollar and profit-taking by short-term speculators, but buying support emerged as prices dipped [5]. Group 3: Federal Reserve Influence - Federal Reserve's New York President Williams indicated that the September meeting is "live," suggesting policy flexibility, but did not explicitly support rate hikes or cuts [5]. - The market anticipates an 87% probability of a 25 basis point rate cut at the Fed's September 17 meeting, influenced by dovish comments from Powell [6]. Group 4: Technical Analysis - Technical indicators suggest a neutral to bullish outlook for gold, with prices above all moving averages and an RSI above 50, indicating potential for upward movement [6]. - Key resistance is near the $3,400 mark, with further resistance at approximately $3,440 if breached [6]. - Important support levels are identified at the convergence of the 21-day and 50-day moving averages around $3,350, with a more solid support at the 100-day moving average of $3,328 [6].

Core Insights - The company is currently operating eleven drill rigs as part of a fully funded 70,000-metre drill program for 2025, with three rigs at the San Antonio Project and eight at the Guayabales Project [1] - Drilling at the Guayabales Project aims to define shallow mineralization, expand high-grade sub-zones, and test new targets, with two deep capacity drill rigs focused on the Apollo system [1][3] - The San Antonio Project has seen approximately 10,000 metres of diamond drilling completed, with significant mineralization identified at the Pound target [2][4] Company Developments - Executive Chairman Ari Sussman expressed confidence in the potential of the San Antonio Project, highlighting its proximity to infrastructure and the absence of nearby communities [3] - The company has upgraded all rigs at San Antonio to optimal performance parameters due to previous drilling limitations [5] - The results from drill holes SAC-15 and SAC-18 indicate strong porphyry mineralization, with SAC-18 averaging 1.88 g/t AuEq over 172.40 metres [6][9] Technical Details - The assay results from SAC-15 show 154.20 metres averaging 1.12 g/t AuEq, including higher density mineralized sub-zones [5][8] - The company has identified three mineralized phases at the San Antonio Project, with Phase 1 covering a large area and hosting low-grade gold, while Phases 2 and 3 contain higher-grade mineralization [8] - The company plans to drill test multiple targets within the San Antonio Project in 2025, leveraging its close proximity to the Guayabales Project [14]

J P M O R G A N Global Commodities Research 18 August 2025 Commodity Market Positioning & Flows Global commodity market open interest value dips below 10-year seasonal high Global Commodities Research Tracey Allen (44-20) 7134-6732 tracey.l.allen@jpmorgan.com J.P. Morgan Securities plc Gregory C. Shearer (44-20) 7134-8161 gregory.c.shearer@jpmorgan.com J.P. Morgan Securities plc Natasha Kaneva (1-212) 834-3175 natasha.kaneva@jpmorgan.com JPMorgan Chase Bank NA Ananyashree Gupta (91-22) 6157 3627 ananyashree ...

Core Viewpoint - Collective Mining Ltd. has announced positive assay results from its ongoing drilling program at the Apollo system, indicating significant gold-silver-copper-tungsten mineralization and the potential for further expansion of the resource [1][6][12]. Drilling Program and Results - The company is conducting a fully funded 70,000 metre drill program for 2025, with 11 drill rigs currently operational, focusing on the Guayabales Project and the San Antonio Project [2][3]. - Approximately 133,000 metres of diamond drilling have been completed at the Guayabales Project, with 93,000 metres specifically at Apollo [3]. - Recent assay results from four drill holes at Apollo revealed high-grade mineralization, including 183.70 metres at 3.01 g/t gold equivalent from 37.30 metres downhole (APC-134) and 37.15 metres at 7.05 g/t gold equivalent from 118.10 metres downhole (APC-136) [6][8][14]. Future Plans and Expectations - The company plans to expand the high-grade Ramp Zone at Apollo, with a second large capacity drill rig now on site and expected to begin operations shortly [4][6]. - The shallow drilling program at Apollo is nearing completion, with approximately six drill holes remaining, and is expected to enhance the internal block model by filling gaps and expanding the mineralized area by about five percent [14]. Project Overview - The Guayabales Project is the flagship project of Collective Mining, anchored by the Apollo system, which hosts large-scale, high-grade mineralization [12][11]. - The company aims to systematically drill test newly modeled high-grade sub-zones and explore greenfield targets within the project area [12].

Core Insights - Norsemont Mining Inc. has launched a redesigned corporate website and updated corporate presentation following a successful private placement with new strategic investors [1][4] - The new website features improved navigation and expanded information on the Choquelimpie Gold-Silver-Copper Project, enhancing investor access to corporate updates and resources [2][3] Company Overview - Norsemont Mining owns a 100% interest in the Choquelimpie project in northern Chile, which has an initial mineral resource estimate of 2,184,000 indicated gold equivalent ounces and 557,000 inferred gold equivalent ounces [6] - The Choquelimpie project has over 1,700 drill holes and significant existing infrastructure, including roads, power, water, camp, and a 3,000-tonne-per-day mill [6] - The company is committed to responsible and sustainable resource development, utilizing modern exploration techniques to enhance shareholder value [6]

再创历史新高 创新高！比特币突破12.4万美元/枚，最近24小时内，全球共有10.7万人爆仓！国际金价短线拉升 中国基金报记者 晨曦 比特币携手黄金，持续飙涨！ 8月14日，比特币突破12.4万美元/枚，再创历史新高。 现货黄金同步冲高，一度涨超3374美元/盎司，收复前期失地。 比特币突破12.4万美元/枚 业内分析人士指出，比特币持续上涨，得益于特朗普政府为加密资产营造的有利立法环境，加上Strategy等公司"囤积比特币"的策略日益流行，这一企业 策略近期也蔓延到以太币等其他加密货币，带动数字资产整体上涨。 昨夜美股全线收涨，标普500指数、纳指再创历史新高。DeFi交易机构Ergonia研究主管Chris Newhouse表示，加密货币与股市呈正相关关系，整体市场情 绪看起来积极。 今年7月，比特币首次突破12万美元/枚。此次比特币突破12.4万美元/枚，不难看出，投资者在全球风险资产狂欢中进一步加码。 根据Bitcoin Treasures数据，2025年二季度，美国上市公司购买了约13.1万枚比特币，较前一季度增长18%。Strategy是公司持有比特币的领头羊，目前持有 约62.9万枚比特币；紧 ...

Group 1: Bitcoin Market Dynamics - Bitcoin has surpassed $124,000 per coin, reaching a new historical high, indicating increased investor confidence in risk assets globally [1][3] - In Q2 2025, U.S. listed companies purchased approximately 131,000 bitcoins, an 18% increase from the previous quarter, with Strategy holding the largest amount at about 629,000 bitcoins [3][4] - The recent surge in Bitcoin prices is attributed to favorable legislative conditions for crypto assets under the Trump administration and the growing trend of companies accumulating Bitcoin [6] Group 2: Cryptocurrency Market Performance - Other major cryptocurrencies, including Ethereum (ETH), Dogecoin (DOGE), and Cardano (ADA), have also seen significant price increases, reflecting a broader rally in the digital asset market [4][5] - In the last 24 hours, over 107,000 traders experienced liquidations, totaling approximately $431 million, with long positions accounting for $149 million and short positions for $283 million [5][6] Group 3: Gold Market Trends - Spot gold prices have risen sharply, reaching over $3,374 per ounce, recovering previous losses amid the cryptocurrency rally [2][8] - The decline in the U.S. dollar index and a slight decrease in the 10-year U.S. Treasury yield have provided support for gold prices [9][10] - Market expectations for a potential interest rate cut by the Federal Reserve in September have further bolstered optimism, contributing to the rise in gold prices [10]

Core Viewpoint - Bitcoin has reached a new historical high, surpassing $124,000 per coin, indicating a strong bullish sentiment in the market, alongside a significant increase in gold prices [2][5][12]. Bitcoin Market Summary - Bitcoin broke the $120,000 mark for the first time in July, and the recent surge to over $124,000 reflects increased investment in risk assets globally [6]. - In Q2 2025, U.S. listed companies purchased approximately 131,000 bitcoins, an 18% increase from the previous quarter, with Strategy holding about 629,000 bitcoins, making it the largest corporate holder [6][7]. - Other major holders include Marathon Digital Holdings with 50,639 bitcoins and several other companies with significant holdings [7]. Cryptocurrency Market Overview - Besides Bitcoin, major cryptocurrencies like Ethereum (ETH), Dogecoin (DOGE), and Cardano (ADA) have also seen notable price increases [8]. - The overall market sentiment appears positive, correlating with the performance of the U.S. stock market, which has also reached new highs [13]. Liquidation Events - In the last 24 hours, over 107,000 traders were liquidated globally, with a total liquidation amount of $431 million, including $149 million from long positions and $283 million from short positions [10][11]. - The largest single liquidation occurred on Bybit-BTCUSD, valued at $10 million [10]. Gold Market Summary - Spot gold prices surged to over $3,374 per ounce, recovering previous losses amid the rising digital asset market [4][15]. - The decline in the U.S. dollar index and a slight decrease in the 10-year U.S. Treasury yield have provided support for gold prices [17]. - Market expectations for a potential interest rate cut by the Federal Reserve in September have further fueled optimism, contributing to gold's price increase [17]. Regulatory Environment - Analysts attribute Bitcoin's continued rise to favorable legislative conditions for crypto assets under the Trump administration, along with the growing trend of companies accumulating Bitcoin [12].

Core Insights - The article discusses the current trends and developments in the cryptocurrency market, highlighting the increasing interest from institutional investors and the potential for future growth in this sector [3]. Group 1: Market Trends - There is a notable rise in institutional investment in cryptocurrencies, indicating a shift in market dynamics and greater acceptance of digital assets [3]. - The volatility of cryptocurrencies continues to attract both retail and institutional investors, with many viewing it as a hedge against inflation [3]. Group 2: Future Outlook - Analysts predict that the cryptocurrency market will continue to evolve, with advancements in technology and regulatory frameworks playing a crucial role in shaping its future [3]. - The potential for new financial products and services related to cryptocurrencies is expected to drive further investment and innovation in the sector [3].