今日周三(11月26日)亚盘时段，纸白银目前交投于11.786一线上方，今日开盘于11.564元/克，截至发 稿，纸白银暂报11.819元/克，上涨2.33%，最高触及11.868元/克，最低下探11.549元/克，目前来看，纸 白银盘内短线偏向震荡走势。 【要闻速递】 美国9月零售销售环比增长0.2%，预期增长0.4%，前值增长0.6%。数据显示，美国9月份零售额小幅上 升，表明一些消费者在经历了几个月的强劲支出后，开始暂停消费。 消费者在第三季度结束时失去了一些动力。尽管受益于强劲股市的富裕消费者提振了总体支出，但低收 入消费者正显示出紧张的迹象。物价上涨和就业市场疲软加剧了许多购物者的谨慎情绪，并将消费者信 心推至创纪录低点附近。这种消费放缓的信号，让投资者对美国经济动能的整体减弱产生了担忧。 同时美国11月谘商会消费者信心指数88.7，创最近七个月最大单次降幅，前值94.6。 另外受美国通胀数据降温及多位美联储官员支持12月再度降息影响，美元跌至一周低位，这为白银提供 了支撑。 【最新纸白银行情解析】 日图来看，纸白银延续上一日涨势，多头动力继续占主导，走势向上拉升，短线继续看涨为主，纸白银 走势上方 ...

美国经济分析局（BEA）信息显示，美国政府停摆期间受影响的数据发布安排如下：①2025年三季度 GDP初值已取消，原定于10月30日发布。②9月PCE（个人消费支出）与个人收入报告将于12月5日上午 （北京时间晚上）10点发布，原定发布时间为10月31日。 【最新纸白银行情解析】 日图来看纸白银开盘上涨，价格延续涨势，目前价格高位震荡，上方阻力位关注11.700-12.000，下方支 撑位关注11.000-11.400。 Melek进一步指出："我们正在等待的数据大概率偏软，通胀不会很高，这一切都预示着黄金将有相当亮 眼的表现。"而一旦数据超预期引发鹰派担忧，金价短期或有回调，但趋势性做空窗口已基本关闭。 此外美国经济分析局（BEA）官网最新经济数据发布安排显示，该国2025年第三季度GDP初值及企业利 润初值将于12月23日上午8:30（北京时间21:30）发布。该报告将取代原定11月26日发布的第三季度 GDP修正值及企业利润初值。另外，原定12月19日发布的第三季度GDP终值、分行业GDP及企业利润修 正值将调整发布时间，具体日期该机构暂未更新。 今日周二(11月25日)亚盘时段，纸白银目前交投于11. ...

特朗普上周出人意料地抛出"28点和平计划"，要求乌克兰在周四前同意，这将乌克兰问题推上欧洲领导 人的首要议程。欧洲国家迅速反击，周日提交反提案，建议为乌克兰提供类似于北约第五条款的集体防 御保障，同时将乌军"和平时期"规模控制在80万人以内。 文件强调，乌克兰加入北约需全体成员共识，目前尚未形成；北约同意不在乌克兰永久驻军，战机部署 于波兰。安全保障上，乌克兰将获美国提供的类第五条保障及经济补偿，后者资金来源于冻结的俄罗斯 主权资产，这些资产将维持冻结直至俄方赔偿损失。 政治安排中，乌克兰承诺不以军事手段收复失地，领土置换以当前接触线为基础，并在和平协议后尽快 举行选举。 这一反提案引发连锁反应。德国总理默茨在G20峰会后直言，美方计划的财政部分"不可接受"——美国 无权动用欧盟境内冻结的俄央行资产，且要求欧洲额外提供1000亿美元的做法无法获德国认可。 今日周一(11月24日)亚盘时段，纸白银目前交投于11.395一线下方，今日开盘于11.484元/克，截至发 稿，纸白银暂报11.386元/克，下跌0.85%，最高触及11.484元/克，最低下探11.353元/克，目前来看，纸 白银盘内短线偏向看涨走势。 ...

Group 1 - The current trading price of silver is at 10.792 CNY per gram, down 0.75% from the opening price of 10.874 CNY per gram, with a daily high of 10.968 CNY and a low of 10.743 CNY, indicating a short-term sideways trend in the market [1] - The silver market is experiencing a slight decline from its recent high, with resistance levels identified between 10.900 and 11.300 CNY, and support levels between 10.500 and 10.700 CNY [3] Group 2 - The U.S. government shutdown has reached its 36th day, marking the longest federal funding interruption in U.S. history, surpassing the previous record set in early 2019 [2] - The Senate failed to pass a bill aimed at reopening the government until November 21, with a vote count of 54 in favor and 44 against, falling short of the required 60 votes [2] - The voting outcome indicates that no senators have changed their previous positions, solidifying the likelihood of the shutdown continuing without further voting arrangements [2]

Core Viewpoint - Precious metals have long held a significant position in global asset allocation due to their unique safe-haven properties, offering various investment channels for investors to participate flexibly and conveniently [1] Group 1: Physical Precious Metal Trading Channels - Physical precious metals primarily include gold and silver, representing the oldest form of investment in this category with global liquidity [3] - Investors can trade physical gold and silver through legitimate channels such as commercial banks, branded gold shops, and qualified online precious metal platforms [3] Group 2: Banking Precious Metal Business - The banking sector's precious metal investments mainly consist of "paper gold" and "paper silver" account products, typically issued by commercial banks with strong creditworthiness [4] - Due to increased price volatility in precious metals, many banks have issued risk warnings and suspended new account openings and regular investment plans for certain precious metal businesses [4] Group 3: Electronic Trading Platforms for Precious Metals - Electronic trading encompasses spot gold, spot silver, and gold and silver futures, allowing investors to conduct two-way trading based on price trends, often with leverage [5] - Spot gold and silver are among the most actively traded electronic products globally, with specific classes of members in the Hong Kong Gold and Silver Exchange providing trading services [5] - The platform "Bailihao" has a long operational history in financial services, covering multiple global markets and emphasizing efficiency and security in fund transactions, regulated by institutions such as ASIC and SCB [5]

Core Insights - The current trading environment for silver shows significant volatility, with prices fluctuating between $47.88 and $49.31 per ounce, indicating a potential for both upward and downward movements in the near term [1][5]. Market Data - As of October 23, 2025, the latest prices for silver are as follows: - Spot silver: $49.26 per ounce - Silver T+D: ¥11,463 per kilogram - Paper silver: ¥11.288 per gram - Shanghai silver futures: ¥11,467 per kilogram [2]. Economic Analysis - The U.S. September CPI data is expected to show a growth rate similar to August, with energy prices rising by 0.7% in August and likely continuing to increase in September. Core CPI is projected to reach a monthly rate of 0.3%, rounding to 0.4%, with both overall and core CPI annual rates close to 3.0%, exceeding the Federal Reserve's target by one percentage point [3]. - The Federal Reserve has lost access to timely employment data from ADP, which has historically provided a comprehensive dataset covering 20% of the private sector workforce. This loss may impact the Fed's ability to gauge the labor market accurately [3][4]. Trading Strategy - Silver prices have shown slight upward movement due to stable support at $47.80, with bullish momentum indicated by the relative strength index. However, prices remain under negative pressure due to trading below the 50-day EMA, suggesting a potential for a sharp bearish correction in the short term [5]. - Key resistance levels for silver are identified at $50.00 and $49.00, while support levels are at $46.00 and $45.00 [5].

本报（chinatimes.net.cn）记者卢梦雪 北京报道 金价、银价不断刷新历史新高，你是选择购买实物黄金、实物银条，还是选择购买纸黄金、纸白银？ 然而，记者注意到，近期不少通过"融通金"平台购入金银的消费者反映，交易后银行账户遭到冻结，涉 及上海、北京、广东、山西、陕西、浙江、河南等多地用户。 据了解，"融通金"平台的贵金属交易需投资者向平台指定账户转账来完成。多位银行卡被冻结的投资者 表示，警方提示账户被冻结与"交易对方涉嫌诈骗"有关。 为何出现此类情况？平台方作何回应？10月22日，《华夏时报》记者以投资者身份联系"融通金"方面， 相关工作人员表示，近期确实出现部分投资者银行卡被冻结的情况，主要原因是涉诈资金流入了公司收 款账户，从而触发银行风险防控机制。平台已成立专项小组协调处理，并已取得公安局出具的《排除涉 诈情况说明》，投资者收货后配合核实信息即可申请解冻。 大量投资者银行卡被冻结 "10月16日在融通金小程序上买了点实物黄金，第三天就接到反诈中心电话，告知我交易行为的卖方涉 嫌诈骗，名下所有银行卡将被冻结20天。"山西投资者刘女士向《华夏时报》记者表示，"我还有一笔资 金未提现，不知如何处 ...

Core Insights - The silver market has experienced significant volatility, with silver prices reaching a high of $53.51 per ounce on October 16, marking an over 80% increase in 2023, surpassing gold's performance [1][3][4] - Many investors, like Mr. Wei, who have been "stuck" in paper silver investments for over a decade, are now seeing profits but still feel regret due to the opportunity cost compared to other investments like real estate [1][6][8] Market Performance - The current surge in silver prices is attributed to various factors, including the overall bullish trend in precious metals, with silver's year-to-date increase outpacing that of gold [3][4] - Historical context shows that silver prices were significantly influenced by the Federal Reserve's quantitative easing measures from 2009 to 2011, leading to a peak in 2011, followed by a prolonged bear market [4][8] Investor Sentiment - Many long-term paper silver investors are sharing their experiences on social media, highlighting the challenges they faced during the prolonged downturn and the recent price recovery [6][7] - Despite the current profits, investors like Mr. Wei express that the investment still feels like a loss when compared to other potential returns from different asset classes [1][6] Banking Sector Response - Banks have largely withdrawn from offering paper silver trading due to increased risk management measures following incidents like the "Oil Treasure" event, which highlighted the risks associated with leveraged trading [7][8] - The discontinuation of paper silver services is also attributed to the complexities of silver's supply and demand dynamics compared to gold, making it less suitable for stable investment offerings [8][9] Recommendations for Investors - Experts suggest that current paper silver holders should recognize the high volatility of silver investments and consider strategies such as gradual profit-taking to lock in gains [8][9] - Investors are advised to avoid using leverage in their trading strategies to mitigate risks associated with market fluctuations [8][9]

Core Viewpoint - The recent surge in gold and silver prices has led to a significant shift in investor interest, with silver emerging as a more attractive investment option compared to gold, particularly due to its lower entry cost and higher percentage gains [1][6][11]. Price Trends - Gold prices increased from $4000/oz to $4300/oz within a week, while domestic investment gold approached 1000 RMB/g [1]. - Silver has seen a year-to-date increase of over 87%, outperforming gold during the same period [1][11]. Market Dynamics - The silver market is experiencing heightened activity, with increased foot traffic at silver counters and a notable rise in silver group purchases, indicating a shift in consumer behavior [1][8]. - A silver group established by an investor saw membership grow by nearly 300 people in just a few days, highlighting the growing interest in silver investments [8]. Investment Comparisons - An investor noted that with the same amount of 10,000 RMB, one could purchase approximately 10 grams of gold or over 800 grams of silver, with silver yielding a profit of over 700 RMB compared to gold if purchased a month ago [4][6]. - The lower entry barrier for silver investments is attracting more retail investors, including those who previously focused on gold [6][11]. Supply and Demand - The demand for silver has surged, with reports of silver bar sales reaching over 100 kg in a single day for some sellers, and a doubling of silver board material sales in the past month [8][10]. - A silver board manufacturer reported that their inventory was completely booked, indicating strong demand amid rising prices [10]. Future Outlook - Analysts suggest that silver prices may continue to rise due to macroeconomic factors and industrial demand, although they caution about the potential for increased volatility and risks associated with speculative trading [13][14]. - The industrial demand for silver is expected to benefit from the transition to green energy and economic recovery, further supporting price increases [11][14].

Core Insights - Gold and silver prices have surged significantly since October, with gold rising from $4000/oz to $4300/oz and domestic investment gold nearing 1000 RMB/g. Silver has also seen a remarkable increase, outperforming gold with an annual rise of over 87% [1][2][5]. Group 1: Market Dynamics - The high gold prices have led to increased activity in the silver market, with many gold merchants shifting to silver sales. In Shenzhen, a silver group saw membership grow by nearly 300 people in a few days, with significant sales reported [2][7]. - As of October 17, the London silver spot price reached $54.17/oz, with domestic silver prices exceeding 12 RMB/g, reflecting an annual increase of over 87% [5][6]. - Investors are finding silver more accessible, with a lower entry cost compared to gold. For the same investment of 10,000 RMB, one can purchase approximately 800g of silver versus about 10g of gold, leading to higher potential returns [5][7]. Group 2: Investor Sentiment - There is a growing interest in silver investments, with discussions on social media increasing and former gold investors considering silver as a viable alternative. Some investors have reported substantial profits from silver purchases [7][11]. - The silver market is experiencing a surge in demand, with reports of silver bar sales reaching over 100 kg in a single day, and some businesses facing stock shortages [8][10]. Group 3: Future Outlook - Analysts suggest that silver may continue to rise due to macroeconomic factors and industrial demand, although caution is advised regarding potential market corrections. The volatility of silver prices is expected to be higher than that of gold, reflecting its smaller market size and lower liquidity [11][12].