| 贵金属期现日报 | | | | TE FEAR | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可【2011】1292号 | | | | 叶倩宁 | Z0016628 | | 2026年1月8日 | | | | | | | 国内期货收盘价 | | | | | | | 品种 | 1月7日 | 1月6日 | 涨跌 | 涨跌幅 | 单位 | | AU2602合约 | 998.90 | 1004.98 | -6.08 | -0.60% | 元/克 | | AG2604合约 | 19290 | 19452 | -162 | -0.83% | 元/千克 | | PT2606合约 | 598.50 | 616.80 | -18.30 | -2.97% | 元/克 | | PD2606合约 | 475.95 | 471.90 | 4.05 | 0.86% | | | 外盘期货收盘价 | | | | | | | 品种 | 1月7日 | 1月6日 | 涨跌 | 涨跌幅 | 单位 | | COMEX黄金主力合约 | 4467.10 | 4505.70 | -38. ...

任何形式的发布、复制。如引用、刊发,需注明出处为"广发期货"。 广发期货有限公司提醒广大投资者:期市有风险 入市需谨慎! | 贵金属期现日报 投资咨询业务资格:证监许可【2011】1292号 | | | | | | | --- | --- | --- | --- | --- | --- | | 2026年1月8日 | | | | 叶偏古 | Z0016628 | | 国内期货收盘价 | | | | | | | pp 中 | 1月7日 | 1月6日 | 旅跌 | 旅跌幅 | 单位 | | AU2602合约 | 998.90 | 1004.98 | -6.08 | -0.60% | 元/兄 | | AG2604合约 | 19290 | 19452 | -162 | -0.83% | 元/千克 | | PT2606合约 | 598.50 | 616.80 | -18.30 | -2.97% | 元/兄 | | PD2606合约 | 475.95 | 471.90 | 4.05 | 0.86% | | | 外盘期货收盘价 | | | | | | | 品种 | 1月7日 | 1月6日 | 旅跌 | 涨跌幅 | 单位 | ...

【导读】贵金属全线暴跌 中国基金报记者 泰勒 兄弟姐妹们啊，今晚继续关注海外市场的表现！ 1月7日晚间，美股三大指数涨跌不一，道指跌近200点，纳指涨约0.4%，标普500指数接近平盘。 | 49282.17 | 3 | Company of the company of the 23649.81 | Company of the company of the first of the f 6952.05 | | --- | --- | --- | --- | | 道琼斯指数 -0.36% | | 纳斯达克综合指数 +0.44% | 标普500指数 +0.10% | 贵金属在此前上涨后出现回调，全线大跌，白银跌破每盎司80美元，黄金结束三连涨；铜价也从历史高位回落。 TD Securities策略师Daniel Ghali在报告中写道："我们预计，在综合商品指数再平衡资金流的推动下，将出现大规模抛 售。"他还称白银此前的走势出现了类似"冲顶式暴涨"的特征。 石油价格跳水，消息面上，特朗普政府计划控制委内瑞拉未来的石油销售，特朗普在周二晚间表示，委内瑞拉将向美国交出 最多5000万桶原油，按当前市场价格估算价值 ...

价，投资者据比投资，风险自担。本报告旨在发送给广发明统特定客户及其他专业人士，版权归广发明货所有，未经广发明货书面授权，任何人不得对本报告进行 任何形式的发布、复制。如引用、刊发,需注明出处为"广发明货"。 | 贵金属期现日报 投资咨询业务资格:证监许可【2011】1292号 | | | | | | | --- | --- | --- | --- | --- | --- | | 2026年1月6日 | | | | tH ll L | Z0016628 | | 国内期货收盘价 | | | | | | | 元相 | 1月5日 | 12月30日 | 旅時 | 张跃帽 | 車位 | | AU2602合约 | 995.00 | 984.84 | 10.16 | 1.03% | 元/完 | | AG2602合约 | 18247 | 18140 | 107 | 0.59% | 元/十兄 | | PT2606合约 | 583.95 | 527.25 | 56.70 | 10.75% | | | PD2606合约 | 452.85 | 425.20 | 27.65 | 6.50% | 元/克 | | 外盘期货收盘价 | | | ...

知识图强,求实奉献,客户至上,合作共赢 广发期货有限公司提醒广大投资者:期市有风险 入市需谨慎! axes 注微信公众 | 贵金属期现日报 | 投资咨询业务资格:证监许可【2011】1292号 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2026年1月5日 | | | | | tH lles | Z0016628 | | 国内期货收盘价 | | | | | | | | 面积 | | 12月31日 | 12月30日 | 旅跌 | 旅跌幅 | 单位 | | AU2602合约 | | 977.56 | 984.84 | -7.28 | -0.74% | 元/完 | | AG2602合约 | | 17074 | 18140 | -1066 | -5.88% | 元/十兄 | | PT2606合约 | | 527.25 | 589.85 | -62.60 | -10.61% | | | PD2606合约 | | 425.20 | 447.45 | -22.25 | -4.97% | 元/克 | | 外盘期货收盘价 | | | | | | | | 品 ...

家人们，见证历史了！就在最近，国际贵金属市场就像坐了 "过山车"，突然来了个大跳水，黄金、白银价格直线下跌，这波动荡可把投资者们的小心脏 吓得不轻。 除了金银这对 "难兄难弟"，其他贵金属如铂金、钯金也未能幸免，纷纷加入了下跌的队伍，市场一片惨淡。 跳水原因深度剖析 1.监管政策之剑 要说这暴跌的 "导火索"，芝商所（CME Group）上调保证金可是功不可没。芝商所突然宣布上调金银等金属合约的保证金要求，这一消息就像一颗 "炸 弹"，瞬间在市场炸开了锅。为啥呢？保证金可是投资者参与期货交易的 "入场券"，上调保证金，就意味着交易成本大幅增加。原本投资者可能用较少的 资金就能撬动大额的期货合约，现在不行了，得掏出更多真金白银，这对于资金有限的投资者来说，压力可太大了。 从历史经验来看，芝商所上调保证金后，贵金属价格下跌的情况屡见不鲜。就拿 2011 年来说，当时白银价格一路飙升，市场投机氛围浓厚。芝商所见 状，在九天内五次上调白银保证金要求，这一举措直接让高杠杆资金 "望而却步"，纷纷退出期货市场。结果，银价在数周内大跌近 30% ，那跌幅，真是 让人触目惊心。这次也不例外，芝商所上调保证金后，投资者纷纷抛售 ...

【提醒：日内请重点关注（以下均为北京时间）】① 时间待定 上期所：12月30日收盘起，黄金、白银 期货合约的涨跌停板幅度调整为15%，同时调整保证金比例； ④ 次日03:00 美联储公布货币政策会议纪要； ② 21:00 德国股市提前收盘； 微信小程序搜索"见闻历"，了解更多。 ③ 22:00 美国10月FHFA房价指数，S&P/CS20座大城市房价指数； ...

Core Points - CME's commodity futures and options trading was suspended due to cooling issues at the CyrusOne data center [1] - The suspension affected various futures contracts including crude oil, palm oil, and gold [1] - CyrusOne operates 35 data centers globally, with locations in the US, UK, Germany, Singapore, and the Netherlands [1] Group 1 - CME announced the trading suspension at 20:40 Central Time due to "technical reasons" related to the cooling system [1] - The support team is working to resolve the issue and will provide updates on trading details [1] - The last update for affected contracts was at 10:48 AM Beijing time, with no further updates available at the time of reporting [1] Group 2 - The cooling system failure at CyrusOne is a critical issue impacting trading operations [1] - The company is a well-known data center provider headquartered in Dallas, Texas [1] - The incident highlights the reliance of financial markets on data center infrastructure for trading activities [1]

- The report introduces three quantitative models: Commodity Term Structure, Commodity Time-Series Momentum, and Commodity Cross-Sectional Inventory. These models are combined into a Composite Commodity Strategy using equal weighting of the three sub-strategies[25][26][28] - **Commodity Term Structure Model**: This model is constructed based on the roll yield factor to capture the contango and backwardation states of commodities. It dynamically goes long on commodities with high roll yields and short on those with low roll yields[26][30][33] - **Commodity Time-Series Momentum Model**: This model uses multiple technical indicators to capture medium- and long-term trends in domestic commodities. It dynamically goes long on assets with upward trends and short on assets with downward trends[26][35][36] - **Commodity Cross-Sectional Inventory Model**: This model is based on the inventory factor to reflect changes in the domestic commodity fundamentals. It dynamically goes long on assets with declining inventory and short on assets with increasing inventory[26][40][43] - **Evaluation of Models**: The Commodity Term Structure Model is noted for its strong performance, achieving a new high in net value during backtesting. The Time-Series Momentum Model has shown weaker performance recently, while the Cross-Sectional Inventory Model has demonstrated moderate gains[25][35][40] - **Backtesting Results**: - Commodity Term Structure Model: Two-week return of 2.31%, year-to-date return of 7.46%[30][33][34] - Commodity Time-Series Momentum Model: Two-week return of -0.38%, year-to-date return of -3.19%[35][36][39] - Commodity Cross-Sectional Inventory Model: Two-week return of 0.98%, year-to-date return of 5.43%[40][43][44]

Core Insights - Gold prices have fluctuated, recently trading below $4,000 per ounce due to a strong dollar and reduced chances of a U.S. interest rate cut, impacting demand for bullion [1] - In October, gold futures reached $4,000 per ounce for the first time, with year-to-date returns around 50%, significantly outperforming the S&P 500 index, which is up about 15% [2] - Gold's performance in 2025 follows a strong 2024, where it recorded a 26% annual increase, the best since 2010 [3] Tax Implications - Investment profits from physical gold and gold-tracking funds are taxed differently than traditional assets, potentially leading to higher tax bills for investors in top brackets [3][4] - Long-term capital gains on collectibles, including physical gold, are taxed at a top rate of 28%, which is higher than the 20% rate for long-term capital gains on stocks [5][6] - Gold futures contracts have a different tax structure, with a top federal tax rate of 26.8%, calculated as 60% of profits taxed at 20% and 40% at 37% [7][12] Investment Considerations - Investors should be aware that not all gold ETFs are taxed the same, and those holding physical gold or collectibles face higher tax rates [6][8] - Holding gold in a taxable brokerage account incurs these tax implications, while gold held in tax-preferred retirement accounts like IRAs is exempt from these rules [9] - The complexity of tax filings for gold futures funds, which often require K-1 forms, may deter some investors despite potential tax advantages [13]