11:09 黄金ETF持仓报告 公布机构：美国SPDR Gold Trust 当前总持仓 1043.72 吨黄金 黄金ETF总持合变化 更新时间: 2025-11- 1,060 1.040 1.020 1,000 980 960 2025-10-10 2025-10-29 2025-11- 2025-09-26 EBC黄金属于持仓报告解读 < 上行方面，若金价能够守住4100美元区域上方，多头可能获得信心测试4150美元的前支撑位（11月13日低点），随后目标指向11月14日高点4210美元以及月 度高点4245美元。下行方面，金价短期重要支撑仍然是4050美元附近，然后是周二低位4000美元，以及更下方的11月4日低点3930美元区域。 【EBC平台风险提示及免责条款】：本材料仅供一般参考使用，无意作为（也不应被视为）值得信赖的财务、投资或其他建议。 截至11月19日，全球最大的黄金ETF SPDR Gold Trust持仓量为1043.72吨，较前一个交易日增加2.29吨。11月19日，现货黄金冲高回落，仍连续第二个交易 日上涨，盘中最高触及4132.59美元/盎司，收于4077.74美元/盎司，涨10. ...

Industry Overview - Gold futures prices on the New York Commodity Exchange reached over $4,300 per ounce in October 2025, marking a historical record with over 35 new all-time highs achieved since the beginning of the year [1] - Gold prices have surged over 61% in 2025, representing the strongest annual performance since the 1970s, primarily driven by Asian markets and central bank purchases [2] - Global gold ETF holdings increased by more than 450 tons, indicating the strongest annual inflow since 2020 [2] Market Forecasts - Bank of America has raised its 2026 gold price target to $5,000 per ounce, with an average price expectation of $4,400, suggesting that if investment demand grows at 14%, prices could reach $5,000, and under an optimistic scenario of 28% growth, prices might challenge $6,000 [3] - HSBC also emphasized that the gold market is expected to remain strong in 2026 due to continued official sector purchases and institutional diversification needs [3] Company Performance - Blue Hat Interactive Entertainment Technology sold 123 kilograms of gold in the first half of 2025, generating profits of approximately $4.87 million [4] - The company's gold holdings now exceed 1 ton, with unrealized gains surpassing $25 million since initiating its gold investment plan in August 2024 [4] - The CEO of Blue Hat highlighted the importance of gold as a safe-haven asset amid global economic uncertainty and noted that the company's gold investments are a crucial part of its diversification strategy [4]

Core Insights - Trump's executive order allows employers to invest 401(k) contributions into high-risk assets, including cryptocurrencies, reversing a previous Biden-era policy [2][5][6] - The change is expected to significantly impact the crypto market, with a notable increase in Bitcoin prices following the announcement [3][5] - Approximately $8.7 trillion of the $43 trillion retirement market is held in defined contribution 401(k) funds, indicating a substantial potential for capital inflow into crypto [5] Group 1: Executive Order and Market Impact - Trump's executive order is part of a broader push to legitimize cryptocurrencies and expand investment options for retirement plans [1][7] - The order opens the door for traditional alternative assets like private equity and real estate, alongside cryptocurrencies [2][5] - Following the announcement, Bitcoin surged to around $124,000 before dropping to approximately $117,000, highlighting the volatility associated with crypto investments [3] Group 2: Industry Reactions and Future Implications - Industry leaders, such as Michael Novogratz of Galaxy Digital Holdings, view the order as a significant win for the crypto industry, expanding access to a larger pool of capital [5] - The shift in policy is expected to attract more investors into the crypto ecosystem, particularly as major financial institutions begin to offer these investment options [4][5] - Employers will implement changes to their 401(k) plans at their own pace, suggesting a gradual transition rather than an immediate influx of investments [6]

Core Viewpoint - The SPDR Gold Trust, the world's largest gold ETF, reported a total holding of 1011.73 tons of gold as of September 29, 2025, marking an increase of 6.01 tons from the previous trading day. The price of spot gold surged past $3800 per ounce, reaching a record high of $3834.03 per ounce, driven by central bank demand and expectations of renewed interest rate cuts by the Federal Reserve [5]. Group 1 - The total holdings of the SPDR Gold Trust reached 1011.73 tons, the highest level since July 2022 [5]. - Gold prices have increased by over 40% this year, influenced by central bank demand and the Federal Reserve's potential rate cuts [5]. - Major banks, including Goldman Sachs and Deutsche Bank, expect the upward trend in gold prices to continue [5]. Group 2 - The surge in gold prices is attributed to expectations of Federal Reserve rate cuts, which have weakened the dollar and U.S. Treasury yields, alongside ongoing geopolitical tensions and uncertainties regarding a potential U.S. government shutdown [5]. - The U.S. Labor Statistics Bureau plans to suspend operations during the government shutdown, which will not release economic data, further increasing market uncertainty and driving investors towards traditional safe-haven assets like gold [6]. Group 3 - The market is focused on the upcoming U.S. non-farm payroll data, as labor market conditions are seen as a major downside risk to the economy and a key factor for the Federal Reserve's monetary policy outlook [7]. - Technically, after breaking the $3800 level, bullish momentum for gold has re-emerged, with potential targets of $3850 and $3880 if the upward trend continues [7].

Market Overview - International gold prices saw a significant increase on September 29, opening at $3756.94 per ounce, reaching a high of $3833.18, and closing at $3830.34 [1] - The SPDR Gold Trust, the world's largest gold ETF, increased its holdings by 6.01 tons, bringing the total to 1011.73 tons [6] Economic Indicators - Federal Reserve's Williams indicated initial signs of labor market weakness, supporting a rate cut during the recent Fed meeting. He suggested that a slight reduction in rates could help boost the job market and apply downward pressure on inflation [3] - The probability of the Fed maintaining rates in October is 10.2%, while the probability of a 25 basis point cut is 89.8% [6] Legislative Developments - The U.S. Senate is set to vote on a bill to avoid a government shutdown, which could impact the availability of key economic data for policymakers and investors [4] - The U.S. Chamber of Commerce's chief policy officer stated that a government shutdown would not push the economy into recession but would increase uncertainty for businesses [4] Geopolitical Events - President Trump announced a 20-point plan aimed at ending the conflict between Israel and Hamas, which he described as a "historic day for peace." The plan includes provisions for the governance of Gaza and the return of hostages [5] Technical Analysis - Gold prices are showing signs of a strong bullish trend, with daily moving averages indicating upward momentum. However, there are indications of potential exhaustion in the bullish trend, suggesting caution for traders [8][9]

Core Insights - Gold prices experienced a rebound after a dip to $3,278, supported by a decline in the US dollar and Treasury yields, with COMEX gold futures rising by 1.71% to $3,354.80 per ounce [1] - China's gold reserves increased by 12.75 tons in Q1, totaling 2,292.33 tons by the end of March, while domestic gold production rose by 1.49% to 87.243 tons [1] - Despite a 5.96% year-on-year decline in gold consumption to 290.492 tons, domestic gold ETF holdings surged by 23.47 tons, marking a 327.73% increase [1] Market Analysis - Current market sentiment towards gold is overly optimistic, suggesting a potential need for correction after rapid price increases [1] - The softening of Trump's stance on tariffs towards China has led to a rebound in US stocks, which may influence gold prices as the market transitions [1] - Key support levels for gold are identified between $3,200 and $3,250 per ounce, with future market dynamics likely to favor gold amid rising stagflation risks in the US [1]