（文章来源：新华财经） 截至11月24日，全球最大白银ETF--iShares Silver Trust持仓较上日增加253.89吨，当前持仓量为15511.81 吨。 ...

贵金属日报 | 2025-11-20 美联储纪要验证内部分歧 10月非农就业数据延期发布 市场分析 今日凌晨，美联储公布的10月政策会议纪要显示，美联储决策层在上月降息时存在严重分歧；且支持降息的一方 并未在人数上占绝对优势。对于缩减资产负债表（缩表）的量化紧缩（QT）行动，则几乎完全一致认为应该停止。 而在金融稳定的风险方面，一些人担心股市无序下跌。就业市场方面，美国劳工统计局表示，将不会发布10月份 就业报告，并指出会将这些非农就业数据纳入11月份就业报告中。美国劳工统计局表示，10月份的家庭数据（用 于计算失业率等关键统计数据）无法追溯收集，11月份的就业报告将于12月16日发布。 期货行情与成交量： 2025-11-19，沪金主力合约开于922.54元/克，收于937.00元/克，较前一交易日收盘变动2.01%。当日成交量为41087 手，持仓量为129725手。昨日夜盘沪金主力合约开于941.98元/克，收于935.42元/克，较昨日午后收盘下跌0.17%。 2025-11-19，沪银主力合约开于11760.00元/千克，收于12148.00元/千克，较前一交易日收盘变动3.84%。当日成交 量为1 ...

Group 1 - The iShares Silver Trust reported a silver ETF holding of 15,218.42 tons as of November 18, remaining unchanged from the previous trading day [1] - On November 18, the spot silver price closed at $50.67 per ounce, up 1.01%, with an intraday high of $51.17 and a low of $49.33 [1] Group 2 - Initial jobless claims in the U.S. surged to a two-month high in mid-October, with continuing claims surpassing 1.9 million [3] - The Cleveland Fed reported that 39,000 Americans received layoff notices last month, and the ADP private employment report indicated an average of 2,500 net layoffs per week over the past four weeks [3] - Weak labor market data has increased market expectations for a rate cut in December, which is seen as beneficial for struggling gold and silver markets [3] - The CME FedWatch tool shows a 50% to 51% probability for a 25 basis point rate cut in December, recovering from a low of 40% to 45% earlier in the week [3] Group 3 - Former President Trump indicated he is discussing potential replacements for Federal Reserve Chair Jerome Powell with several "unexpected candidates" [4]

Group 1: Price Performance - London Gold's latest price is 4060.85, with a change of -11.65 [2] - London Silver's latest price is 50.30, with a change of -0.76 [2] - London Platinum's latest price is 1537.00, with a change of 5.00 [2] - London Palladium's latest price is 1385.00, with a change of 0.00 [2] - WTI Crude's latest price is 60.74, with a change of 0.83 [2] - LME Copper's latest price is 10682.00, with a change of -130.00 [2] Group 2: Trading Data - Gold ETF's latest holding is 1041.43, with a change of 0.00 [3] - Shanghai Gold Exchange's silver deferred fee payment direction is 2, with a change of 0.00 [3] - Shanghai Gold Exchange's gold deferred fee payment direction is 1, with a change of 0.00 [3] Group 3: Other Information - The data sources of the above charts are Bloomberg, Yong'an Yuandian Information, and Wind [7]

王文虎(F03087656,Z0019472),联系电话:010-82293558 | 贵金属日评20251118:多位美联储官员放鹰使贵金属价格承压 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 较昨日变化 | 较上周变化 | 2025-11-17 | 2025-11-14 | 2025-11-11 | 收盘价 | 929. 46 | 953. 20 | -23.74 | 948. 88 | -19. 42 | | | | | 成交量 | 307687.00 | 402784. 00 | 282349.00 | 120, 435. 00 | 95,097.00 | 期货活跃合约 | 持仓量 | 101723.00 | -29, 322. 00 | 113597.00 | 131045.00 | -11.874.00 | | | | 库存(十克) | 90426.00 | 89616.00 | 0 ...

截至11月14日，全球最大白银ETF——iShares Silver Trust持仓较前一日增加45.14吨，当前持仓量为 15218.42吨。 （文章来源：新华财经） ...

Group 1: Price Performance - London Platinum's latest price is $1580.00, with a change of -$12.00 [2] - London Palladium's latest price is $1439.00, with a change of -$7.00 [2] - LME Copper's latest price is $10963.00, with a change of $114.00 [2] - The latest value of the US Dollar Index is 99.18, with a change of -0.30 [2] - The latest exchange rate of Euro to US Dollar is 1.16, with a change of 0.00 [2] - The latest exchange rate of Pound to US Dollar is 1.32, with a change of 0.01 [2] - The latest exchange rate of US Dollar to Japanese Yen is 154.52, with a change of -0.29 [2] Group 2: Trading Data - COMEX Silver's latest inventory is 14815.08, with a change of -58.35 [3] - SHFE Silver's latest inventory is 584.01, with a change of 0.95 [3] - Gold ETF's latest holding is 1048.93, with a change of 2.29 [3] - Silver ETF's latest holding is 15173.28, with a change of 84.65 [3] - SGE Gold's latest deferred fee payment direction is 1, with a change of -1.00 [3] - SGE Silver's latest deferred fee payment direction is 2, with a change of 0.00 [3]

全球最大白银etf--iShares Silver Trust持仓报告显示，11月12日白银etf持有量为15088.63吨，较上一交易日持平。周三（11月12日）现 货白银尾盘收于53.27美元/盎司，上涨4.07%，盘中白银价格最高上探至53.66美元/盎司，最低触及50.84美元/盎司。 周三晚间，美国众议院以222票赞成、209票反对通过了由参议院批准的临时拨款法案，结束了美国史上最长的政府停摆。该法案将 在总统签署后立即生效，确保联邦机构运作至2026年1月底。 白宫发言人表示，总统将在当晚9点45分于白宫椭圆形办公室签署该法案，从而恢复政府正常运行，结束为期43天的停摆僵局。 众议院议长迈克·约翰逊（Mike Johnson）在表决前表示："朋友们，让我们完成这件事吧。"投票结果与两党分歧根据投票结果，两 名共和党议员（托马斯·马西与格雷格·斯图比）投下反对票，而六名民主党议员选择支持该法案。 这表明两党在核心预算议题上虽达成暂时共识，但内部仍存在政策分歧，尤其在医疗补贴延长与财政赤字控制问题上。停摆始于10 月1日，当时参议院民主党人拒绝支持未包含《平价医疗法案》（ACA）税收补贴延长期的拨款方 ...

Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, and LME Copper are 4136.75, 51.54, 1592.00, 1446.00, and 10849.00 respectively, with changes of 13.45, 0.30, 16.00, 32.00, and 40.00 [1]. - The latest values of the US Dollar Index, Euro to US Dollar, British Pound to US Dollar, and US Dollar to Japanese Yen are 99.48, 1.16, 1.31, and 154.82 respectively, with changes of -0.00, 0.00, -0.00, and 0.67 [1]. Trading Data - The latest COMEX silver inventory is 14873.43, with a change of -11.39; the latest SHFE silver inventory is 583.06, with a change of -8.82; the latest gold ETF holdings are 1046.64, with a change of 0.28; the latest silver ETF holdings are 15088.63, with no change; the latest SGE silver inventory data is not provided; the latest SGE gold deferred fee payment direction is 2, with a change of 1.00; the latest SGE silver deferred fee payment direction is 2, with no change [1].

Report Summary 1. Industry Investment Rating - Gold: Cautiously bullish [8] - Silver: Cautiously bullish [8] - Arbitrage: Short the gold-silver ratio at high levels [9] - Options: On hold [9] 2. Core Viewpoints - The U.S. Senate has passed the "Continuing Appropriations and Extension Act," taking a key step towards ending the government shutdown. The U.S. House of Representatives plans to vote on the temporary appropriation bill on Wednesday [1]. - The ADP employment data shows that the U.S. private sector has seen a significant decline in employment, with a reduction of 45,000 jobs in October, the largest monthly decline since March 2023 [1]. - Due to the increasing market risk sentiment, the safe-haven investment demand for gold may slightly increase. The gold price is expected to be in a slightly bullish oscillating pattern, with the Au2512 contract oscillating between 920 yuan/gram and 970 yuan/gram. Silver prices are also expected to maintain a slightly bullish oscillating pattern, with the Ag2512 contract oscillating between 11,600 yuan/kilogram and 12,100 yuan/kilogram [8]. 3. Summary by Relevant Catalogs Market Analysis - The U.S. Senate has passed the "Continuing Appropriations and Extension Act," and the House of Representatives plans to vote on it on Wednesday. The ADP employment data shows that the U.S. private sector has reduced 45,000 jobs in October [1]. Futures Quotes and Trading Volumes - On November 11, 2025, the Shanghai Gold main contract opened at 940.18 yuan/gram and closed at 948.88 yuan/gram, a change of 1.38% from the previous trading day's close. The trading volume was 41,087 lots, and the open interest was 129,725 lots. The night session closed at 944.18 yuan/gram, down 0.50% from the afternoon close [2]. - On November 11, 2025, the Shanghai Silver main contract opened at 11,810.00 yuan/kilogram and closed at 11,880.00 yuan/kilogram, a change of 1.37% from the previous trading day's close. The trading volume was 675,734 lots, and the open interest was 233,702 lots. The night session closed at 11,921 yuan/kilogram, down 0.35% from the afternoon close [2]. U.S. Treasury Yield and Spread Monitoring - On November 11, 2025, the U.S. 10-year Treasury yield closed at 4.067%, a change of -4.67 BP from the previous trading day. The 10-year to 2-year spread was 0.516%, a change of -0.72 BP from the previous trading day [3]. Changes in Position and Trading Volume of Gold and Silver on the Shanghai Futures Exchange - On November 11, 2025, in the Au2512 contract, the long position changed by -4,804 lots compared to the previous day, and the short position changed by -245 lots. The total trading volume of Shanghai Gold contracts on the previous trading day was 457,338 lots, a change of -5.06% from the previous trading day [4]. - In the Ag2512 contract, the long position changed by -5,965 lots, and the short position changed by -6,656 lots. The total trading volume of silver contracts on the previous trading day was 1,370,140 lots, a change of -26.87% from the previous trading day [4]. Tracking of Precious Metal ETF Positions - The position of the gold ETF was 1,042.06 tons, unchanged from the previous trading day. The position of the silver ETF was 15,089 tons, unchanged from the previous trading day [5]. Tracking of Precious Metal Arbitrage - On November 11, 2025, the domestic gold premium was -7.97 yuan/gram, and the domestic silver premium was -1,168.12 yuan/kilogram. The price ratio of the main gold and silver contracts on the Shanghai Futures Exchange was approximately 79.87, unchanged from the previous trading day, and the foreign market gold-silver ratio was 81.49, a change of 0.03% from the previous trading day [6]. Fundamental Analysis - On November 11, 2025, the trading volume of gold on the Shanghai Gold Exchange T+d market was 63,048 kilograms, a change of 23.13% from the previous trading day. The trading volume of silver was 725,114 kilograms, a change of 1.74% from the previous trading day. The gold delivery volume was 11,872 kilograms, and the silver delivery volume was 240 kilograms [7]. Strategy - Gold: Cautiously bullish, with the Au2512 contract oscillating between 920 yuan/gram and 970 yuan/gram [8]. - Silver: Cautiously bullish, with the Ag2512 contract oscillating between 11,600 yuan/kilogram and 12,100 yuan/kilogram [8]. - Arbitrage: Short the gold-silver ratio at high levels [9]. - Options: On hold [9]