连续火爆20个月之久的黄金白银，从市场反应来看，还是出现了"高处不胜寒"。 同日，央视财经评论明确指出要重视贵金属价格后续风险。 那么，黄金白银的牛市会戛然而止吗？ "高位震荡持续一段时间，手里有黄金白银相关投资品种的尽早兑现为好。"银河证券江南大道总经理唐 贺文指出，导致黄金白银价格暴涨的主要推动力，来自全球对政经形势不确定性产生避险情绪，从而引 发了资金爆炒贵金属价格。但投资者需要知晓的是，贵金属的价值属性主要在两种情况下体现：一种是 基本面高度繁荣（高增长+高通胀）阶段的价值重估，另一种是政经形势不确定性预期下的价值防御。 换句话说，一旦不确定性成为了确定性因素，贵金属将不再具有投资价值，甚至可能跌得更快。因此， 这两天黄金白银剧烈震荡，即使不是绝对见顶，也距离见顶不远了。站在未来5年角度来看，贵金属可 能会出现比2011-2015年更大级别的熊市，技术分析纽约黄金筹码强支撑区是1900美元附近，纽约白银 筹码强支撑区是25美元附近。所以，持有黄金白银相关品种的投资者，建议及时兑现利润宜早不宜晚。 随着以黄金白银为首的贵金属价格猛涨引发的非理性抢购潮，风险警示为主的降温调控措施亦接踵而 至。10月10日 ...

Core Insights - The price of precious metals, particularly gold and silver, has surged to historic highs, with gold reaching ¥1215 per gram and spot gold hitting $4150 per ounce [1][3][4] - Major financial institutions, including Bank of America and Goldman Sachs, have raised their price targets for precious metals amid ongoing geopolitical and economic uncertainties [3][4] Price Movements - As of October 14, 2023, spot gold has increased by over $1500 per ounce this year, representing a rise of more than 57% [4] - Spot silver has also seen significant gains, with a year-to-date increase exceeding 80%, surpassing gold's performance [4] Institutional Predictions - UBS forecasts gold prices to reach $4200 per ounce in the coming months, while Morgan Stanley predicts $4500 by mid-2026 [4] - Goldman Sachs has revised its December 2026 gold price forecast from $4300 to $4900, and Société Générale analysts expect gold to hit $5000 per ounce by 2026 [4] Risk Warnings from Banks - Several banks, including Industrial and Commercial Bank of China and China Construction Bank, have issued risk warnings regarding the volatility of precious metal prices [6][7] - These banks have advised investors to be cautious and to adjust their investment strategies in light of the increased market risks [7][9] Changes in Investment Rules - ICBC has raised the minimum investment amount for its gold accumulation business from ¥850 to ¥1000, while maintaining the minimum for "per gram accumulation" at 1 gram [9] - This adjustment aims to guide investors towards more rational investment behaviors amid fluctuating precious metal prices [9] Investor Guidance - Financial experts recommend that investors approach gold as a long-term asset for value preservation rather than short-term speculation [10] - Caution is advised for silver investments due to its higher volatility compared to gold [5][10]

10月以来，全球贵金属市场迎来"狂欢时刻"。10月13日，伦敦现货黄金冲破4080美元/盎司，年内涨幅超55%；现货白银历史最高价刷新至51.714美元/盎 司，年内涨幅更突破76%。金价飙升带动国内金饰价格突破1120元/克，社交媒体上"囤金囤银"热潮涌动，投资者跟风追高情绪升温。 在此背景下，建设银行、工商银行、宁波银行等多家银行密集发布贵金属风险提示，已有银行上调贵金属业务投资门槛。分析人士称，银行提高投资门槛、 密集发布风险提示，既能保护普通投资者免受高风险冲击，也能降低银行自身的声誉风险和合规风险。 一路飙升的贵金属 10月以来，全球贵金属市场迎来历史性行情，国际黄金、白银价格接连突破历史关口，涨势之猛、速度之快，超出年初市场预期，上演了一场前所未有 的"贵金属狂欢季"。 "而从白银来看，其具备强商品属性与弱货币属性，从金银比（即每盎司黄金与每盎司白银的价格比值）维度来看，当前该比值处于相对高位。"高政扬进一 步补充道，基于市场"均值回归"逻辑，在黄金价格持续上行的带动下，白银具备补涨需求，推动白银价格不断走高。同时，在中小投资者群体中，白银因单 价低于黄金、投资门槛相对较低，成为配置的重要补充选择 ...