黄金投资近年来热度攀升，但面对复杂的市场，普通投资者往往不知从何入手。今天，我们就从底层逻辑到具体策略，系统梳理普通人如何科学投资黄金， 助你少走弯路、稳健增值。 1. 一次性抄底：高收益与高风险并存 2. 短期波段交易：快速获利但易"卖飞" 3. 定投式买入并持有：最推荐的稳健策略 下一步建议：若想进一步了解黄金投资工具（如纸黄金、黄金ETF、实物金条等）的选择技巧，欢迎关注后续分享！ 一、投资黄金为何要盯紧国际金价？ 黄金定价权在国际市场，国内金价多为"跟随者"。 黄金作为全球性商品，其价格主要由国际市场（如伦敦金、纽约金）主导，国内金价受汇率、基差等因素影响，通常跟随国际走势波动。这也是短线交易者 关注夜间行情的原因——北京时间晚9点后，欧美市场开盘，金价波动更具决定性。 警惕"国内技术派"陷阱！ 国内金价的"支撑位""阻力位"常因汇率和基差变化瞬间失效，仅参考国内数据设置挂单风险极高，容易因价格虚破而被动止损。投资黄金，国际视野是基 础。 二、三大黄金投资策略，哪种适合你？ ⚠️ 重要提醒：以上内容仅为知识科普，不构成投资建议。市场有风险，投资需谨慎！ 做法：在判断的低位一次性买入。 优点：若精准抄底 ...

黄金这头沉睡多年的巨兽，正在重新苏醒。 过去这段时间，全球金融市场最戏剧性的一幕，就是黄金的价格， 几天前，金价刚被压到 4000 美元下方不久，现在又重新攀升到 4150 美元附近。 美国原本以为凭借自己多年积累的金融力量，可以把黄金死死按住，可结果已经摆在眼前，全球央行正 在疯狂增持黄金，金价越压越涨，他们越想打压，需求越汹涌。 美国已经彻底失去了对黄金价格的掌控。 这些年的金融体系就像一张巨网，美国利用美元结算、美债信用、美联储加息周期牢牢掌控全球流动 性，可现在，这张网正在出现撕裂。 10 月的金价暴涨阶段，中国央行亮出了一份很关键的数据。 央行黄金储备在 10 月份达到了 7409 万盎司，比上月多了 3 万盎司，实现 连续第 12 个月增持黄金。 不只我们在增持，全球央行几乎都在加速布局黄金。 据统计，全球央行在 9 月共买入了140 万盎司黄金，比 8 月份激增 79%，这已经不能用"避险"来解释， 是一种 系统性再配置，从美元资产，向黄金迁移。 更关键的是，全球央行持有的黄金总值，已经超过美债。 黄金储备总值达到4.7 万亿美元，而全球央行持有美债仅有3.9 万亿美元。 这是过去几十年从未出现 ...

10月20日COMEX黄金更是触及4398美元/盎司的历史峰值，可次日就暴跌5.07%创下上市以来单日最大 跌幅，截至11月15日，伦敦金现报4080.47美元/盎司，较峰值仍有明显回撤。 菲律宾央行透露可能减持黄金的看空信号，是高盛上调2026年金价预测至4900美元/盎司。 普通投资者难免困惑：现在黄金到底还能不能买？ 黄金未到顶，但暴涨时代已结束，当下配置黄金的核心逻辑，早已从"追高获利"转向"风险对冲"。 支撑黄金长期走强的底层逻辑并未动摇。 首当其冲的是全球央行的持续购金潮，这成为金价的"压舱石"。国际金银协会数据显示，2022年全球央 行购金量首次突破1000吨，2024年净购金量达1136吨创历史第二高位。 截至2025年8月，中国央行已连续10个月增持黄金，储备量达2303.52吨，较2018年末增持449.75吨。 2025年的黄金市场堪称"过山车"，前七个月国际金价从3000美元/盎司一路狂飙至4000美元/盎司。 德国、俄罗斯等国也在持续优化黄金储备，欧洲多国更启动了黄金运回计划。 95%的受访央行计划未来12个月继续增持，这种集体行动本质上是对美元信用的对冲，毕竟当前美国债 务规模突破 ...

Core Insights - The new tax policy on gold transactions aims to clarify the VAT rules for "on-market" and "off-market" transactions, as well as for "investment gold" and "non-investment gold," ultimately encouraging on-market gold trading [1][3] - The attractiveness of gold ETFs is expected to increase as investors shift towards these investment tools due to lower tax burdens associated with non-physical investments [1][6] - Global gold demand reached a historical record in Q3, driven significantly by the sustained interest in physical gold ETFs [1][7] Tax Policy Impact - The new tax policy, effective from November 1, 2023, exempts VAT for transactions involving standard gold on the Shanghai Gold Exchange until December 31, 2027, provided there is no physical delivery [3][5] - For standard gold purchased for investment purposes, the VAT deduction chain is interrupted at the member sales stage, while the deduction rate for non-investment purposes is reduced from 13% to 6% [3][4] - The policy is expected to increase costs for gold jewelry and physical gold bars, while on-market transactions, including gold ETFs, remain unaffected by VAT [3][4] Market Reactions - Major gold jewelry brands and markets have already raised their prices in response to the new tax policy, with costs potentially increasing by over 100 yuan per gram for non-compliant channels [4] - Banks have adjusted their gold accumulation and physical gold exchange services, with some increasing gold bar prices based on the new tax policy [5][6] - The new policy indirectly encourages individual investors to utilize on-market channels for gold investment, which are less impacted by tax burdens [6] Gold ETF Growth - The total scale of domestic gold ETFs has surged to nearly 210 billion yuan, with significant inflows contributing to this growth [2][8] - The leading gold ETF, Huaxia Gold ETF, has seen its scale increase by 528 million yuan, while other ETFs have also experienced substantial growth [8][9] - The global demand for gold ETFs has increased, with a total holding increase of 619 tons in the first three quarters of the year, indicating a strong shift towards these investment vehicles [7][8]

Core Viewpoint - The new "gold tax" policy effective from November 1 aims to regulate gold investment, combat tax evasion, and better protect non-investment consumption needs in the industry [1][2]. Summary by Relevant Sections New Policy Details - The new policy includes three main aspects: 1. Member units declaring investment purposes cannot issue VAT invoices to downstream enterprises 2. For non-investment purposes, the input tax deduction rate will be reduced to 6% 3. Non-member units will have a uniform input tax deduction rate of 6% regardless of purpose [3]. Adjustments Compared to Previous Regulations - The policy moves away from a "one-size-fits-all" approach to a more refined management system [5]. - Non-investment gold (e.g., jewelry, craft gold bars) will continue to follow existing policies with VAT at 13% and consumption tax at 5%, resulting in minimal impact on end prices [6]. - The new regulations aim to curb excessive speculation by closing loopholes in previous rules, particularly regarding the sale of standard gold outside exchanges [7]. Impact on Different Gold Investment Types - **Gold Jewelry**: Costs for gold jewelry from formal channels will increase by 7%, while informal channels may see increases of up to 12%. The new policy limits VAT deductions to 6%, raising costs significantly [9]. - **Physical Gold Bars**: The cost of purchasing physical gold bars will rise, reducing their attractiveness as an investment. Only members of the two major exchanges can enjoy immediate VAT refunds for investment purposes, while ordinary customers face a 7% increase in procurement costs [10][11]. - **Gold ETFs**: The new policy does not affect ETF trading, potentially increasing demand for these financial instruments. The policy encourages investment in virtual gold and gold ETFs, which are not subject to physical delivery tax [12][13]. Overall Market Impact - The new tax policy is not expected to significantly impact gold price trends, as gold is globally priced. The long-term outlook remains strong due to factors like the restructuring of the global monetary credit system and ongoing central bank purchases [14].

Core Insights - Industrial and Commercial Bank of China (ICBC) has suspended its "Ruyi Gold" accumulation business due to macroeconomic policy impacts, leading to a rush in physical gold purchases, with various specifications sold out within minutes [1][3][6] Group 1: ICBC's Business Changes - ICBC announced the suspension of new applications for "Ruyi Gold" accumulation, effective from November 3, 2025, while existing plans remain unaffected [3] - The bank has resumed accepting applications for "Ruyi Gold" accumulation after a brief suspension [7] Group 2: Market Reactions - The gold market saw a significant price increase, with local prices for 999 and 9999 gold rising from 926 CNY per gram to 985 CNY per gram, an increase of 59 CNY per gram [7] - In Shenzhen's Shui Bei market, some gold prices exceeded 1000 CNY per gram, reflecting adjustments by merchants in response to supplier price changes [8] Group 3: Tax Policy Impact - The first working day of the new gold tax policy saw a collective drop in Hong Kong-listed gold retail brands, with declines of over 7% for major players like Chow Tai Fook and Luk Fook [2][11][12] - Specific declines included Luk Fook down 8.52%, Chow Tai Fook down 7.69%, and others experiencing similar downturns [12]

Core Viewpoint - The A-share market experienced a rebound on November 3, with the three major indices rising despite a quick rotation of hot sectors, while the non-ferrous metals sector led the market decline [1] Group 1: Market Performance - The non-ferrous metals sector ETF (159876) saw its price drop nearly 4% intraday but ultimately closed down 1.43%, with a total trading volume of 46.18 million CNY, an increase of 24% compared to the previous day [1] - The non-ferrous metals ETF (159876) recorded a net subscription of 10.2 million shares throughout the day, indicating that funds are actively positioning themselves during the pullback [1] Group 2: ETF Composition and Performance - As of October 31, the non-ferrous metals ETF (159876) had a total size of 513 million CNY, making it the largest among three products tracking the same index [1] - In the top 10 constituent stocks of the ETF, aluminum companies dominated, with eight out of ten stocks showing gains, including Zhongfu Industrial, which rose over 6% [2] Group 3: Industry Outlook - Analysts suggest that investing in the entire non-ferrous metals sector may be more beneficial than focusing solely on gold, as the sector is essential for both traditional and emerging industries [3] - The fourth quarter is expected to see tight supply conditions driving prices of copper and cobalt higher, while lithium prices may benefit from unexpected demand in energy storage [3][4] - The non-ferrous metals sector is anticipated to enter a new era, driven by the transition from traditional industries to strategic emerging industries [3] Group 4: Investment Strategy - The non-ferrous metals ETF (159876) and its linked funds are designed to track the CSI Non-Ferrous Metals Index, which has a diversified weight distribution across copper, aluminum, gold, rare earths, and lithium, providing a risk diversification strategy [6]

Group 1 - The Industrial and Commercial Bank of China (ICBC) has suspended its "Ruyi Gold" accumulation business, affecting account openings, accumulation, and physical gold withdrawal applications due to macroeconomic policy impacts [2][9] - Various specifications of physical gold bars were sold out within minutes, with reports of customers only managing to purchase a 200g gold bar valued at 185,000 yuan [2][9] - The market for gold has seen significant price increases, with the price of 999 and 9999 gold rising from 926 yuan and 936 yuan per gram to 985 yuan and 995 yuan per gram, respectively, reflecting a rise of 59 yuan per gram [11][12] Group 2 - The Ministry of Finance and the State Taxation Administration announced new tax policies for gold transactions, exempting value-added tax for certain transactions involving standard gold [7] - Other banks, such as China Construction Bank and Bank of Communications, have also adjusted their gold accumulation rules in response to market changes, with minimum investment amounts now tied to real-time gold prices [11] - The gold jewelry market is experiencing price adjustments, with brands like Chow Tai Fook increasing their prices for both jewelry and investment gold [12]

Core Viewpoint - The announcement from the Ministry of Finance and the State Taxation Administration clarifies the tax policies related to gold transactions, particularly focusing on the exemption of value-added tax (VAT) for standard gold sales under specific conditions, effective from November 1, 2025, to December 31, 2027 [1][2]. Tax Policy Changes - The new policy states that when members or clients sell standard gold through the Shanghai Gold Exchange or the Shanghai Futures Exchange, they are exempt from VAT if no physical delivery occurs [2][3]. - The key change is the classification of standard gold based on its actual use, leading to different VAT treatments depending on whether the gold is for investment purposes or other uses [3][4]. Implications for Investors - For investment purposes, members purchasing standard gold will be subject to VAT "immediate collection and refund" policies, while direct sales or processing into investment gold products will incur VAT [3][4]. - Non-investment use of standard gold will be exempt from VAT, with ordinary invoices issued instead of VAT special invoices [3][5]. Market Impact - The announcement is seen as a response to the recent high gold prices and increased trading activity, with COMEX gold futures prices remaining above $4,000 per ounce [7][8]. - The policy may reduce the impact of informal gold circulation on prices and encourage institutional participation in the gold market [8]. Consumer Effects - The policy is expected to have minimal impact on individual consumers purchasing gold or gold jewelry, as the retail prices typically include VAT and consumption tax [9][11]. - However, if consumers purchase through dealers rather than directly from member units, they may face increased costs due to the changes in tax treatment [9][10].

Core Insights - The Industrial and Commercial Bank of China (ICBC) has suspended its "Ruyi Gold" accumulation business, leading to a rush in purchasing physical gold bars, which sold out within minutes [1][3][6] - The first working day of the new gold tax policy has resulted in significant declines in Hong Kong-listed gold retail brands, with drops exceeding 7% for major players [2][13] Group 1: ICBC's Gold Business - ICBC announced the suspension of new applications for its Ruyi Gold accumulation business effective November 3, 2025, due to macroeconomic policy impacts and risk management requirements [3] - Following the announcement, various specifications of physical gold bars were quickly sold out, with reports of customers only managing to purchase a 200g bar valued at 185,000 yuan [1][6] Group 2: Market Reactions to Gold Tax Policy - The implementation of the new gold tax policy has led to a collective decline in the stock prices of Hong Kong gold retail brands, with notable drops of 7.31% for Lao Pu Gold, 7.69% for Chow Tai Fook, and 8.52% for Luk Fook Holdings [2][13] - Gold prices in the market have seen a significant increase, with local prices for 999 and 9999 gold rising from 926 yuan and 936 yuan per gram to 985 yuan and 995 yuan per gram, respectively, reflecting a rise of 59 yuan per gram [9]