技术层面并不干净，ETF持仓并没有出现爆棚，真正推高价格的，更像是短线资金的你追我赶和获利盘的你跑我追，今天追涨进去，明天一跌就抢 跑，这种市场，挤得越猛，崩得越快，就像过年抢红包，大家都往前冲，最后摔一地都是。 1月6号，伦敦金一窜，像是被风一吹就不见了尾巴，国内黄金市场也跟着炸了，T D像打了鸡血，金店里挂坠、手镯的价钱，眼睛都跟不上了，工 费有时候比金料还贵，这是金子变贵了还是人心被掏空了。 你别以为只是几个理财号在喊，朋友圈里做理财的都在刷屏，客户像见了宝似的抢金条，这是避险情绪来了，俄乌还在打，巴以也没停歇，美军在 中东的动作让市场不安，一有风吹草动，钱就往老古董——黄金——那里跑，谁还管收益率，稳住最重要。 再看宏观面，美联储去年底放出要降息的信号，市场信了，美元就跌了，利率低了，持金的机会成本下降，通胀话题又被反复提起，黄金的"抗通 胀神话"被翻出来念经，资金自然流入，这里面还有央行在囤货的影子，连续几个月增持黄金储备，这个动作不是闹着玩的，是国家级别的信号传 递。 大机构也没闲着，高盛、花旗一个个唱多，把目标价喊到2500甚至3000美元，这听起来像做梦，可资本市场本来就常常把梦当作预期，问题 ...

Core Points - On September 29, 2025, GF Bank announced an adjustment in margin ratios for its gold and silver deferred contracts, increasing the gold margin from 23% to 31% and the silver margin from 26% to 34% [1] Group 1 - The margin ratio for gold deferred contracts will be raised to 31% effective from the market close on September 30, 2025 [1] - The margin ratio for silver deferred contracts will be increased to 34% effective from the market close on September 30, 2025 [1] - Investors are advised to monitor their precious metal trading account balances and manage their positions prudently to mitigate market risks [1]