【环球网财经报道 记者 郑湘琪】"作为可靠的财富储存工具，黄金对消费者、投资者和央行都极具价值。2025年黄金市场表现尤为突出。"日前，在2025中 国（三亚）国际黄金市场年会暨黄金行业可持续发展大会期间，世界黄金协会美洲CEO兼全球研究负责人安凯（Juan Carlos Artigas）在采访中表示。 世界黄金协会公布的数据显示，2025年一至三季度全球黄金需求（含场外）达3640吨的历史高位。总需求跳升41%至3840亿美元，同样为纪录高位。此外， 全年金价累计涨幅超过60%，年内创下逾50次历史新高，表现显著超越新兴市场股票、美股、全球商品等主流资产类别。 从古代文明的"价值瑰宝"到现代金融的"信心锚"，这枚穿越千年的硬通货，正以全新的定价逻辑聚焦全球目光。金价屡创新高后，后续走势将面临哪些关键 支撑与潜在压力？政策调整会对黄金需求结构带来怎样的短期冲击与长期变革？中国黄金市场又在国际合作与标准输出中实现哪些突破性进展？围绕一系列 市场焦点，记者与安凯进行了深入交流。 定价逻辑重构：多重力量交织下的"动态平衡" 谈及当前全球宏观经济形势对黄金市场的影响，安凯告诉记者，更高的地缘政治风险、贸易紧张局势、美 ...

印度数字黄金市场的头部平台包括MMTC PAMP、Augmont和SafeGold。由于行业缺乏正式监管，印度 金银珠宝商协会已着手为数字黄金提供商建立自律组织。 印度金银珠宝商协会全国秘书苏伦德拉·梅赫塔说："我们正在开发相关技术，用于吸纳和监管数字黄金 平台。未来所有平台都将接受定期审计。"据悉，相关监管细则将于明年3月底或4月初出台。 世界黄金协会印度区首席执行官萨钦·贾因说："作为一类重要资产，黄金在印度家庭中一直占据着根深 蒂固的地位。数字黄金通过提供份额化持有和透明的市场化定价，进一步提升黄金的可及性。" 数字黄金购买量年增50% 印度政府警示风险 卜晓明 据印度《经济时报》26日报道，尽管印度证券交易委员会已发布风险警告，印度数字黄金投资今年仍迎 来增长，购买量较去年飙升近50%。 世界黄金协会估算，今年1月至11月，以年轻买家为主力的印度投资者共买入约12吨数字黄金。这一数 字源于印度国家支付公司首次发布的统一支付接口交易数据。按26日孟买现货金价计算，1克足金价值 约13892卢比（约合155美元）。 印度数字黄金市场允许消费者在线买卖和持有黄金，无需进行实物交割，投资起始金额最低可至1卢 ...

Core Insights - Gold prices have risen over 50% this year, potentially marking the strongest annual increase since 1979, but volatility has also increased as gold experiences sell-offs alongside risk assets like U.S. stocks and Bitcoin [1] - The correlation between gold futures and the S&P 500 has turned positive since October, indicating a synchronized movement in their prices [1] - The rise in gold prices has led to increased interest in gold leasing, with wealthy individual investors and family offices looking to rent out their idle gold bars for interest income [1][3] Gold Leasing Market - SafeGold, a company based in Mumbai, has seen its leasing volume increase from $2 million to $40 million since the beginning of the year, indicating a significant shift in market dynamics [3] - Gold leasing allows investors to rent out their gold holdings to businesses, earning interest paid in gold rather than cash, which is similar to a loan structure [3] - The appeal of gold leasing lies in its ability to provide returns to investors while allowing businesses to access gold without the risk of price fluctuations [4] Industry Demand and Trends - Demand for gold leasing among jewelry manufacturers has doubled in the past four months, as they seek alternative financing methods due to rising gold prices [5] - High-net-worth investors are increasingly looking for ways to generate income from their gold holdings, with some earning around 3.8% returns through leasing [5] - The traditional players in gold leasing have been central banks and large bullion banks, but now high-net-worth individuals and family offices are entering the market [5] Risks and Considerations - Gold leasing carries counterparty and operational risks that are not present with simple gold ownership, as there is a risk of borrower default [6] - The World Gold Council has highlighted the importance of assessing the creditworthiness of borrowing entities before engaging in gold leasing [6] - Despite the use of technology and security measures to mitigate risks, experts warn that it is impossible to eliminate all risks associated with gold leasing [6]

Core Viewpoint - Gold prices have surged over 50% this year, potentially marking the strongest annual increase since 1979, but increased volatility has made short-term predictions challenging [3] Group 1: Gold Price Trends - The correlation between gold futures and the S&P 500 index has turned positive since October, indicating that gold and U.S. equities are moving in sync [3] - The volatility in gold prices has led to a rise in gold leasing as investors seek to generate returns from their holdings [3][4] Group 2: Gold Leasing Market - SafeGold, a company based in Mumbai, has seen its leasing volume increase from $2 million to $40 million since the beginning of the year, indicating a growing interest among high-net-worth individuals [5] - Gold leasing allows investors to rent out their gold holdings to businesses, earning interest in gold rather than cash, which is similar to a loan structure [5][6] Group 3: Benefits and Risks of Gold Leasing - The appeal of gold leasing lies in its ability to provide returns to investors while allowing businesses to access gold without the risks associated with price fluctuations [6][7] - SafeGold offers guaranteed leasing rates of 2% for secured leases and 4% for unsecured leases, although these rates were higher earlier in the year [6] - Industry experts note that gold leasing can mitigate the risks associated with traditional bank loans, especially for jewelers who need to adapt their financing methods due to rising gold prices [6][7] Group 4: Participation and Market Dynamics - Traditionally, central banks and large bullion banks have been the main participants in gold leasing, but high-net-worth individuals and family offices are increasingly engaging in this market [8] - The global debt levels and currency devaluation concerns have led to a surge in gold accumulation by central banks, further driving interest in gold leasing as a means to generate income [7] Group 5: Risks Associated with Gold Leasing - Despite its advantages, gold leasing carries counterparty and operational risks, including the potential for borrower default [10] - The World Gold Council emphasizes the importance of assessing the creditworthiness of borrowing entities before engaging in gold leasing [10] - Companies involved in gold leasing are implementing measures such as insurance and real-time inventory tracking to mitigate risks, but complete risk elimination is not feasible [10]

Core Insights - The article discusses the challenges faced by individual investors when trying to liquidate gold investments, highlighting a significant discrepancy between market value and buyback prices offered by gold retailers [1][4][6]. Group 1: Investment Challenges - A friend invested 1 million in gold bars, which appreciated to 1.5 million, but faced difficulties in cashing out due to low buyback offers from retailers [1][4]. - The gold bars were offered at only 900,000, representing a 40% discount from the market price, raising concerns about the fairness of the buyback process [3][4]. - The article emphasizes that approximately 67% of individual investors experience some level of discount when liquidating gold, with an average discount rate of 25% [4][6]. Group 2: Factors Affecting Buyback Prices - Different types of gold products (investment bars, brand bars, and ordinary bars) have varying liquidity and price impacts during buyback [6][7]. - The lack of standardized regulations in the gold buyback market leads to significant price discrepancies, with differences of over 30% reported [6][7]. - Costs associated with the buyback process, such as testing, melting, and labor, contribute to the lower prices offered by retailers, especially for unverified gold bars [7][9]. Group 3: Recommendations for Investors - Investors are advised to purchase gold through reputable channels, such as banks or established brand retailers, and to obtain proper documentation for future buyback [7][9]. - Understanding the buyback market and its rules is crucial for investors to avoid potential losses during liquidation [7][9]. - It is recommended to return to the original purchase channel for buyback to minimize discounts and maximize returns [7][9]. Group 4: Market Trends and Investor Behavior - The article notes a growing interest in gold as a safe-haven asset amid increasing global economic uncertainty, with a reported 12% year-on-year increase in global gold demand [9][10]. - New investment products like digital gold and gold ETFs are emerging, providing more options for investors but also introducing new risks [11]. - The importance of understanding both entry and exit strategies in gold investment is emphasized, as failure to do so can lead to significant financial losses [11][12].

Core Viewpoint - The surge in gold prices to unprecedented levels signals a global financial trust crisis, marking the end of an old era and the birth of a new monetary landscape, with China reshaping the global currency trust logic based on gold [1][18]. Group 1: Dollar's Declining Trust - The dollar's status as the world's safest asset has been undermined, particularly after the U.S. froze $300 billion of Russian foreign reserves, revealing the dollar as a political tool rather than a universal deposit [3][5]. - By 2025, the repercussions of this trust crisis are expected to be significant, with the U.S. fiscal deficit surpassing $1 trillion in just five months and the dollar index dropping nearly 10% within the year [3][5]. Group 2: Central Banks' Response - In response to the declining trust in the dollar, global central banks net purchased 1,136 tons of gold in 2024, the second-highest level in history, with China, Poland, and Turkey accounting for over half of the purchases in the first quarter of 2025 [5][10]. - China's official gold reserves have reached an impressive 73.9 million ounces, reflecting a strategic move beyond mere accumulation to enhancing the international status of the renminbi [5][10]. Group 3: Shanghai Gold Exchange (SGE) Developments - The SGE has established a "gold corridor" that allows gold bars produced in China to be directly traded on the international board, significantly reducing transaction costs [7][10]. - By 2025, the business scale of this "gold corridor" is expected to exceed 10 billion yuan, enabling Southeast Asian countries to purchase Chinese goods directly with renminbi in exchange for physical gold [8][10]. Group 4: New Monetary Pathways - The SGE's international version has already reached 3.67 trillion yuan in transaction volume in the first ten months of 2024, covering 16 countries and facilitating a new path to bypass dollar settlements [10][12]. - The BRICS nations are exploring the possibility of using gold as collateral for loans in renminbi for infrastructure projects in Africa, aiming to escape dollar debt and high-interest burdens [10][12]. Group 5: Gold's Financial Recognition - In July 2025, gold will be officially recognized as a level one asset under Basel III, allowing it to be fully counted in risk asset calculations, thus enhancing its status in the financial system [12][14]. - The World Gold Council is promoting the concept of "digital gold," which utilizes blockchain technology to create unique records for each gold bar, transforming gold into an active asset that can be used for collateral financing [12][14]. Group 6: Global Monetary Landscape - The global monetary system is increasingly divided into two camps: the Eastern camp led by China and BRICS, focusing on a gold-backed currency, and the Western camp led by the U.S., emphasizing digital assets [14][18]. - Currently, central banks allocate 20% of their total reserves to gold, with analysts suggesting this should increase to 30%, representing a potential demand for gold worth $2 trillion [16][18]. Group 7: Investment Opportunities - For ordinary investors, incorporating a certain percentage of gold ETFs into asset allocation is advisable, while also considering copper and emerging digital assets like Bitcoin for short-term trading opportunities [16][18]. - Renminbi-denominated assets, including Chinese government bonds and blue-chip stocks, are positioned to become a new "safe haven" for global capital during turbulent times [16][18].

Core Viewpoint - The World Gold Council has proposed a revolutionary initiative to launch a gold-backed digital token in London by 2026, aiming to transform the trading, settlement, and collateralization of gold [1] Group 1: Impact of Digital Gold - The introduction of "Digital Gold" represents an attempt to digitize the gold market, potentially addressing issues of liquidity fragmentation, complex transaction verification, and collateral efficiency through blockchain technology [3] - The proposed immutable blockchain database could enhance market transparency and trust, while the "Gold Ownership Pool" model allows for fractional ownership of gold, lowering the entry barrier for small investors [3] - Digital Gold could serve as collateral in decentralized finance (DeFi), enabling staking, lending, and liquidity mining, thereby expanding the financial attributes of gold [3][4] Group 2: Changes in Investor Behavior - The "small investment" feature of Digital Gold aligns with the preferences of younger investors, promoting the democratization of gold investment [4] - The rise of income-generating assets through DeFi protocols could address the "no yield" issue associated with gold, increasing its attractiveness [4] - Digital Gold may integrate with cultural elements such as NFTs and virtual worlds, making gold investment a part of everyday life [4] Group 3: Industry Ecosystem Restructuring - Traditional institutions like banks and gold exchanges will need to integrate Digital Gold technology to optimize custody and settlement services in response to competition [4] - A global unified legal framework and technical standards will be necessary to balance transparency and security, addressing custody risks and regulatory uncertainties [4] - Digital Gold may create synergies with cryptocurrencies and traditional financial assets, promoting the development of on-chain traditional finance [4] Group 4: Challenges Ahead - The security of digital technology is a primary concern, as vulnerabilities such as hacking and data breaches could severely impact investor interests [5] - Regulatory uncertainty exists due to the novelty of Digital Gold as a financial product, necessitating the development of appropriate regulatory policies that encourage innovation while ensuring market health [5] Group 5: Future Relationship with Physical Gold - Long-term, Digital Gold may complement physical gold, providing investors with a broader range of asset allocation options [7] - Market participants are advised to closely monitor the implementation details of the Digital Gold project, particularly regarding the auditing mechanisms, custody arrangements, and legal structures of the underlying gold assets [7]

Core Viewpoint - The World Gold Council proposes a revolutionary initiative to launch a gold-backed digital token in London by 2026, aiming to transform the trading, settlement, and collateralization of gold [1] Group 1: Digital Gold Initiative - The new digital business model, named "Gold Ownership Pool" (PGI), will allow banks and investors to buy and sell partial ownership of physical gold held in independent accounts [1] - This initiative aims to digitize gold circulation within the ecosystem, enabling its use as collateral [1] - The CEO of the World Gold Council emphasizes the necessity of digitizing gold to expand market coverage despite its current status as a popular safe-haven asset [1] Group 2: Market Impact - The introduction of "digital gold" represents an attempt at the digital transformation of the gold market, potentially addressing issues of liquidity fragmentation, complex transaction verification, and collateral efficiency [2] - The proposed immutable blockchain database could enhance market transparency and trust, while the "Gold Ownership Pool" model allows for fractional ownership, lowering the entry barrier for small investors [2] - "Digital gold" can serve as collateral in decentralized finance (DeFi), facilitating staking, lending, and liquidity mining, thus expanding gold's financial attributes [2] Group 3: Industry Transformation - Traditional institutions such as banks and gold exchanges will need to integrate "digital gold" technology to optimize custody and settlement services in response to competition [3] - A global unified legal framework and technical standards will be necessary to balance transparency and security, preventing custody risks and compliance uncertainties [3] - "Digital gold" may create synergies with cryptocurrencies and traditional financial assets, promoting the development of on-chain traditional finance [3] Group 4: Challenges Ahead - The transition of "digital gold" from a traditional strategic asset to a future digital asset may face challenges, including the need for technological implementation, regulatory collaboration, and market acceptance [4] - Security of digital technology is a primary concern, as vulnerabilities such as hacking and data breaches could severely impact investor interests [4] - Regulatory uncertainty exists due to the novelty of "digital gold," necessitating the development of appropriate policies that ensure market health while encouraging innovation [4] Group 5: Future Outlook - "Digital gold" is expected to complement physical gold, providing investors with a richer array of asset allocation options [5] - Market participants are advised to closely monitor the implementation details of the "digital gold" project, particularly regarding the auditing mechanisms, custody arrangements, and legal structures of underlying gold assets [5]

Core Insights - The World Gold Council is set to launch "Digital Gold" in Q1 2024 in London, aiming to enhance trust and transparency in the gold market, thereby reducing barriers for global investors [1][2] - "Digital Gold" will be backed by physical gold bars stored in the London vaults, allowing for the issuance of tradable digital tokens [1] - The initiative includes the "Gold Bar Integrity" program, which will incorporate compliant gold into a blockchain database for improved market transparency and traceability [1] Group 1: Project Overview - "Digital Gold" aims to address liquidity fragmentation, complex transaction verification, and low collateral efficiency in the traditional gold market [2] - The project combines the advantages of allocated and unallocated gold trading models, creating a "Gold Rights Pool" for digital transactions, holdings, and collateralization [1][2] - The use of tokenization, smart contracts, and distributed ledger technology will automate transaction confirmation, verification, and settlement processes [1] Group 2: Regulatory and Market Considerations - The success of "Digital Gold" hinges on robust institutional design and regulatory frameworks to mitigate risks associated with custody and market confidence [2] - Concerns exist regarding the alignment of blockchain certificates with physical gold holdings, which could impact market trust if not properly managed [2] - Industry experts believe that "Digital Gold" will not replace physical gold but will coexist, enhancing financial transactions while traditional gold remains essential for value storage and consumption [2][3] Group 3: Implementation and Strategy - Market participants are advised to monitor the implementation details of the "Digital Gold" project, particularly regarding asset auditing, custody arrangements, and legal structures [3] - Initial engagement with "Digital Gold" should be approached as a complement to traditional gold investments, with careful consideration of product rules and associated risks [3]

Core Viewpoint - The article emphasizes the importance of understanding economic cycles as a comprehensive product of economic, technological, and social systems, rather than merely focusing on macroeconomic indicators [2]. Group 1: Commodity Market Dynamics - Following the pandemic, global fiscal stimulus, geopolitical tensions, and a surge in AI capital expenditures have led to a bullish trend in metals and various commodities [3]. - The article questions whether the current commodity bull market can sustain itself and what underlying bullish drivers remain unrecognized by investment banks and media [3]. - The series aims to provide insights and materials for readers to make informed judgments and decisions regarding the commodity market [3]. Group 2: Market Participation and Trading Behavior - The article discusses the role of top traders and their actions in influencing market prices, suggesting that asset price changes are a result of complex interactions within economic and social systems [4]. - It highlights the importance of understanding market rhythms and the process of trading rather than relying solely on predictive models [4][5]. - Historical cycles of economic prosperity and recession (Kondratiev waves) are presented, indicating that the current phase may be entering a recovery period with increased investment demand [6]. Group 3: Strategic Role of Commodities - Recent political developments have led investment banks to believe that commodities will play a more strategic role in investment portfolios, with even a small allocation being considered beneficial [7]. - Goldman Sachs outlines a four-step "control cycle" for commodities, emphasizing the need for supply chain security, market share expansion, concentration of supply, and leveraging geopolitical tools [8][9][10]. - The article suggests that as commodities become a necessary part of investment strategies, their market dynamics will change, potentially leading to increased price volatility and inflation risks [10]. Group 4: Gold as a Safe Haven - The World Gold Council is planning to introduce "digital gold" to innovate the gold trading and settlement process, which could significantly alter the existing gold market ecosystem [15]. - The rising price of gold, particularly since the election of Trump, signals a shift in the global macro environment, indicating a potential bull market for commodities [17]. - The influx of capital into gold futures is expected to have a spillover effect on other commodities, leading to a broad-based bull market [17].