早上好，先来关注下国际市场。 金银价格大涨，今年前三季度国内黄金ETF增仓量同比增长164% 美联储理事米兰称，美国政府"停摆"结束的潜在可能性并没有大幅改变（美国经济）前景。12月至少应该降息25个基点，降息50个基点是合适的。 11月10日，中国黄金协会最新数据显示，2025年前三季度，国内黄金ETF增仓量为79.015吨，同比增长164.03%。截至9月底，国内黄金ETF持仓量为 193.749吨。2025年前三季度，上海黄金交易所全部黄金品种累计成交量单边2.38万吨（双边4.76万吨），同比上升2.45%；累计成交额单边17.68万亿 元（双边35.35万亿元），同比上升41.55%。上海期货交易所全部黄金期货期权累计成交量单边10.36万吨（双边20.72万吨），同比上升59.98%；累计 成交额单边61.08万亿元（双边122.15万亿元），同比上升112.6%。 2025年前三季度，我国增持黄金23.95吨，截至9月底，我国黄金储备为2303.52吨。 中信证券近日发布的研报显示，总结历史规律，黄金的长期价格走势与地缘政治和经济形势高度相关。黄金价格上行的驱动力通常来自地缘政治的混 乱和美国经 ...

早上好，先来关注下国际市场。 金银价格大涨，今年前三季度国内黄金ETF增仓量同比增长164% 昨日，现货黄金价格持续走高，美股盘前向上突破4100美元/盎司，为10月27日以来首次，日内涨超2.6%。纽约期金价格同样突破4100美元/盎司，涨 2.32%。现货白银价格涨逾3.6%，纽约期银价格大涨4%。 截至发稿，现货黄金涨2.81%，报4113.26美元/盎司。纽约期金价格涨2.73%，报4119.2美元/盎司。现货白银价格上涨4.6%，纽约期银价格上涨4.7%。 中信证券近日发布的研报显示，总结历史规律，黄金的长期价格走势与地缘政治和经济形势高度相关。黄金价格上行的驱动力通常来自地缘政治的混乱和 美国经济的弱势表现，金价下行风险则可以总结为五类：美国经济转好、美联储转"鹰"、美国强财政纪律、地缘局势缓和、全球央行卖金，而目前这些风 险都不显著。从长期来看，黄金仍然受益于逆全球化风险带来的全球流动性的扩张和风险偏好抬升。近期金价大幅波动主要由中美经贸关系和美联储降息 预期驱动。展望明年，多种因素仍然很可能主导金价上行。 全球股市大涨 11月10日晚间，美股三大股指集体高开高走，截至22:40，道指涨0.7% ...

Core Viewpoint - Gold prices have surged significantly, with New York futures breaking through $3,800 per ounce and domestic jewelry prices nearing 1,100 yuan per gram, indicating a strong bullish trend driven by multiple factors [1][2][3] Group 1: Market Drivers - The potential for the Federal Reserve to cut interest rates 1-2 times this year is favorable for gold, as lower rates typically boost gold's appeal [1][2] - Heightened geopolitical tensions in the Middle East have increased risk aversion among investors, further driving demand for gold [1][3] - Global central banks are actively increasing their gold reserves, with China's central bank having added to its holdings for ten consecutive months, surpassing 2,300 tons, which reinforces gold's status as a safe haven [1][2] Group 2: Market Sentiment and Predictions - Optimists believe that the gold bull market is just beginning, while cautious investors warn of potential pullbacks after rapid price increases [1][3] - The influx of algorithmic trading and quantitative funds can lead to volatile price movements, likening the market to a roller coaster [1][2] - The upcoming change in leadership at the Federal Reserve may signal further easing, maintaining a positive long-term outlook for gold [1][3] Group 3: Investment Strategies - For ordinary investors, a conservative approach is recommended, with gold ETFs and paper gold being suitable for flexible allocation [1][2] - Physical gold bars or jewelry are more suited for long-term value preservation [1][3] - High-leverage strategies such as futures and options trading are advised against for inexperienced investors [1][2]

Core Insights - The article highlights the significant rise in gold prices, with both London gold spot and COMEX gold futures reaching historical highs, driven by various factors including monetary policy shifts and geopolitical tensions [1][3]. Group 1: Gold Price Trends - On September 23, London gold spot prices peaked at $3,791.08 per ounce, marking a historical high with a daily increase of 1.21% and a monthly increase of approximately 8.7% [1]. - COMEX gold futures reached a maximum of $3,824.6 per ounce, with a daily increase of 1.31% and a monthly increase of about 7.6% [1]. Group 2: Influencing Factors - The rise in gold prices is primarily attributed to the Federal Reserve's shift towards a more accommodative monetary policy, including a recent 25 basis point rate cut, which has fueled expectations of a global easing cycle [3]. - Structural factors such as escalating geopolitical tensions and military conflicts have led to increased safe-haven investments in gold [3]. - The sensitivity of gold to global liquidity and inflation, along with strong demand from central banks, particularly in light of ongoing fiscal pressures in the U.S., are significant catalysts for the price increase [3][5]. Group 3: Central Bank Activities - Central banks globally have continued to purchase gold, with a net acquisition of 166 tons reported in the second quarter of 2025, indicating a positive outlook for gold demand despite a slowdown in purchasing pace [4]. - The People's Bank of China has increased its gold reserves for ten consecutive months, reaching 7.402 million ounces by the end of August 2025 [4]. Group 4: Investment Strategies - Investors are advised to adopt a phased buying strategy in gold, focusing on gold ETFs and companies involved in gold mining and sales, while being cautious with high-leverage products like futures and options [6]. - It is emphasized that investors should understand their risk tolerance and actively monitor macroeconomic changes affecting the gold market [6].

Core Insights - The demand for gold as a safe-haven asset has surged due to escalating geopolitical conflicts and persistent global inflation, leading to a significant increase in gold trading activities and investor interest in compliance and trading strategies [3][4]. Trading Activity and Market Trends - In the first half of 2025, the domestic gold futures and options trading volume skyrocketed by 149.17%, while the Shanghai Gold Exchange's trading volume reached 12.12 trillion yuan, marking a 56.46% year-on-year increase [1]. - The consumption of gold bars and coins increased by 23.69%, with 62% of new individual investors being first-time participants in precious metal trading [3]. Regulatory Impact - The People's Bank of China's new anti-money laundering regulations require strict identity verification for cash transactions exceeding 100,000 yuan, affecting high-net-worth investors and increasing the focus on platform compliance and fund transparency [3][5]. Trading Costs and Profitability - With gold prices surpassing 3,400 USD per ounce, trading costs have become critical to profitability, with average spreads around 0.5 USD per ounce and commissions adding significant costs [4]. - Gold trading platforms like Jinseng Precious Metals offer competitive spreads as low as 0.3 USD per ounce and zero commissions, potentially saving investors 20-50 USD per trade [4]. Platform Compliance and Security - Compliance with regulatory standards is a top priority for investors, with Jinseng Precious Metals demonstrating strong compliance through unique transaction codes and strict fund segregation [5]. - The platform employs SSL encryption and multi-layer firewalls to ensure the security of client information and transaction data, achieving a zero incidence rate of system vulnerabilities in Q2 2025 [5]. Trading Experience and Technology - The high volatility in the gold market, with daily price swings reaching 55 USD per ounce, emphasizes the importance of platform stability for capturing profit opportunities [6]. - Jinseng Precious Metals supports MT4 and MT5 trading platforms with rapid order execution and a smart alert system to help investors manage risk effectively [6]. Investment Strategies for New Investors - New investors are advised to prioritize compliance by selecting regulated platforms and managing funds through traceable methods, especially given the new cash transaction regulations [8]. - Utilizing automated trading tools can enhance profitability, with data indicating that automated strategy users achieved an 18% higher average return compared to manual traders [8]. Overall Investment Framework - Investors are encouraged to adopt a "compliance-first, technology-driven, full-cycle management" investment framework amidst fluctuating gold prices projected between 3,209 and 3,905 USD per ounce in 2025 [9]. - Jinseng Precious Metals offers rapid account opening and withdrawal processes, along with a robust fund custody system, positioning itself as a reliable choice for navigating market volatility [9].

Group 1 - The demand for gold as a safe-haven asset has surged, with domestic gold bar and coin consumption increasing by 23.69% year-on-year in the first half of 2025, and gold ETF holdings reaching 199.505 tons, a 173.73% increase compared to the same period last year [1] - International gold prices surpassed $3000 per ounce in June and maintained a high of $3286 per ounce in July, reflecting a more than 24% increase since the beginning of the year, driven by rising expectations of Federal Reserve interest rate cuts and continuous gold purchases by global central banks [1] - As of June, China's gold reserves reached 2298.55 tons, with global central bank gold purchases hitting a historical high for the same period [1] Group 2 - The People's Bank of China implemented stricter regulations on cash transactions over 100,000 yuan, effective August 1, 2025, which has made compliance qualifications a key measure of platform legitimacy [4] - The top 10 stable spot gold trading platforms, as reported by Sina Finance, are dominated by Hong Kong AA-class member platforms, with Jinsheng Precious Metals ranking prominently due to its mature trading system and professional services [4] Group 3 - The high volatility in the gold market necessitates the establishment of a dynamic risk control system for investors, as demonstrated by Jinsheng Precious Metals' intelligent risk control system that reduces the risk of client liquidation by 60% [5] - The trend towards "lightweight" gold investment is evident, with a 149.17% year-on-year increase in gold futures and options trading volume in the first half of 2025, indicating a preference for leveraged tools among investors [5] Group 4 - Jinsheng Precious Metals ensures client fund safety through a three-tier protection system, with client funds stored in dedicated accounts at licensed banks in Hong Kong and subject to daily audits by PwC [6] - The platform supports MT4/MT5 with order execution speeds below 0.03 seconds and a slippage rate controlled within 0.05%, providing a stable trading environment during volatile periods [7][8] - Jinsheng offers instant fund deposits and withdrawals within 2 hours, significantly improving upon the industry standard of 2-3 days [9] Group 5 - Jinsheng provides a comprehensive service system, including a "21-day simulation training camp" and one-on-one customer service, integrating AI analysis tools and expert live broadcasts to cover all trading scenarios [10] Group 6 - The gold market is entering a new phase of "regulated development" amid intertwined Federal Reserve policy shifts and geopolitical risks, with Jinsheng Precious Metals establishing a six-layer security system encompassing regulation, custody, technology, privacy, risk control, and service [11]

Group 1: Gold Consumption Trends - In the first half of 2025, China's gold consumption reached 505.205 tons, a year-on-year decrease of 3.54% [1] - Gold jewelry consumption was 199.826 tons, down 26% year-on-year, while gold bars and coins saw an increase of 23.69% to 264.242 tons [1] - Industrial and other gold usage rose by 2.59% to 41.137 tons, driven by a recovery in demand for gold salts [1] Group 2: Trading Volume and Market Activity - The Shanghai Gold Exchange reported a total trading volume of 16,786.870 tons in the first half of 2025, a 12.7% increase year-on-year, with a trading value of 12.118 trillion yuan, up 56.46% [1] - The share of gold trading in the total trading volume of the Shanghai Gold Exchange increased from 96.27% to 97.58% [1] - The Shanghai Futures Exchange recorded a trading volume of 75,477.958 tons for gold futures and options, an 88.39% increase year-on-year, with a trading value of 44.4429 trillion yuan, up 149.17% [2] Group 3: Investment Trends - Domestic gold ETF holdings increased by 173.73% to 84.771 tons in the first half of 2025 compared to the same period in 2024, with total holdings reaching 199.505 tons by the end of June [2] - The establishment of an international warehouse by the Shanghai Gold Exchange in Hong Kong marks a significant development, facilitating gold trading contracts in the region [2] Group 4: Gold Prices - Global geopolitical tensions have driven up gold prices, with the London spot gold price reaching $3,287.45 per ounce by the end of June, a 24.31% increase since the beginning of the year [3] - The average gold price in the first half of 2025 was $3,066.59 per ounce, up 39.21% year-on-year [3] - In China, the closing price for Au9999 gold on the Shanghai Gold Exchange was 764.43 yuan per gram, a 24.50% increase since the start of the year, with an average price of 725.28 yuan per gram, up 41.07% year-on-year [3]

Core Insights - Gold remains a central focus for investors in uncertain financial markets, with Velos Markets emerging as a preferred trading platform due to its flexible and professional services [1] Group 1: Trading Mechanism and Platform Advantages - Velos Markets employs a T+0 trading mechanism for gold spot trading, allowing investors to buy and sell multiple times within the same day without waiting for settlement [3] - The platform offers low spreads starting at $0.3 per ounce and leverage up to 1:500, enhancing capital efficiency [3] Group 2: Intelligent Decision Support - Velos Markets has developed a unique decision support system that analyzes high-frequency data and macroeconomic cycles, providing real-time insights for investors [4] - The platform offers a "core + satellite" strategy template, allocating 70% to long-term positions and 30% to short-term trades, balancing long-term trends with short-term opportunities [4] Group 3: User-Friendly Design for Beginners - The platform features a tiered growth path for beginners, starting with a simulated account offering $100,000 in virtual funds for risk-free practice [6] - A risk alert tool monitors position ratios and triggers warnings when margin usage exceeds 50%, acting as a protective measure for trading accounts [6] Group 4: Global Trading Network and Risk Control - Velos Markets connects major gold pricing centers in London, New York, and Hong Kong, ensuring optimal quotes during peak liquidity periods [7] - The risk control system includes a "three firewall" design to mitigate the impact of unexpected market events [7] Group 5: Market Trends and Strategy Adaptation - The current market exhibits characteristics of high inflation resilience, high debt risk, and high volatility, prompting analysts to recommend a "barbell strategy" [9] - Velos Markets excels in trade execution speed (average of 27 milliseconds) and offers over 200 hours of educational resources, although it has some limitations in slippage control during extreme market conditions [9]

Core Viewpoint - The article highlights the resilience of gold in the current financial market downturn, showcasing its role as a safe-haven asset amid geopolitical tensions and trade disputes [1][8]. Summary by Sections Gold Price Trends - As of early April, international gold prices briefly fell below $3000 per ounce but quickly recovered, with a current decline of approximately 3% since the beginning of April [1]. - In the first quarter of the year, gold prices surged by 19%, with nearly 10% of that increase occurring in March alone [1]. Central Bank Gold Purchases - In March, China's central bank increased its gold reserves by 2.8 tons, bringing the total to 2292.33 tons, marking five consecutive months of gold accumulation [2][3]. - The first quarter saw a total increase of 12.75 tons, significantly lower than the 57.85 tons added in the same period last year [3]. Factors Influencing Central Bank Purchases - The central bank's gold purchasing strategy is influenced by the low proportion of gold in its international reserves and the need to enhance the credibility of the sovereign currency [2][7]. - The recent slowdown in gold purchases is attributed to the need to balance investment returns and the overall growth of official reserves [5]. Global Central Bank Trends - Globally, central banks have maintained a trend of increasing gold reserves, with a net purchase of 42 tons in the first two months of the year [7]. - China's gold reserves account for only 6.5% of its total official reserves, which is below the global average of around 15% [7]. Market Volatility and Future Outlook - The announcement of "reciprocal tariffs" by the Trump administration has led to significant volatility in various asset classes, but gold has shown relative stability [8]. - Despite recent price corrections, many institutions predict that gold prices will continue to rise in the medium to long term due to ongoing geopolitical uncertainties and inflation concerns [9]. Investment Demand for Gold - The first quarter of the year saw a significant increase in trading volume for gold derivatives in China, with a 91.2% increase in trading volume compared to the same period last year [9]. - Global gold ETF demand surged in February, with inflows reaching $9.4 billion, marking the highest demand since March 2022 [11].