The U.S. Securities and Exchange Commission signed off Wednesday on new generic listing standards for commodity-based trusts, a move that analysts say could swing the door wide open for crypto products beyond Bitcoin and Ethereum. The new standards, approved for Nasdaq, Cboe BZX, and NYSE Arca, allow trusts that meet defined criteria to list without a separate Commission order. They bar leveraged and inverse structures, but create a pathway for commodity or crypto-linked products to qualify more quickly. “I ...

Silver’s recent strength is attracting attention, with investors and analysts debating whether the metal is primed for a sustained period of outperformance. Three charts – the gold-to-silver ratio, silver's relative value against the S&P 500, and a major long-term technical breakout – offer evidence that silver may be entering a new bull phase.The gold-to-silver ratio, which measures how many ounces of silver are needed to equal one ounce of gold, is one of the oldest continuously tracked relationships in m ...

中国高端消费新趋势报告基于对15位高净值消费者和4位专家的深入访谈，覆盖了四个世代（银发族、80后、90后、00后），探讨了财富、价值观和代际差 异如何塑造高端消费。研究发现，Y世代和X世代仍是高端消费的核心力量，而Z世代凭借数字素养、强烈的自我意识和代际财富传承，成为市场趋势的新 动力。他们的消费行为高度个性化、情感化，并具有社交影响力，从追求地位的消费转变为基于价值的生活方式。 中国高净值消费者对"高端"和"奢华"的定义正在转变。他们不再仅仅追逐品牌标签，而是通过每一次消费来塑造身份、意义和连接。报告建议品牌重新思考 如何定义"高端"和"奢华"，以适应未来多变的消费者结构和消费趋势。 Consulting Name: Mr. Yan Occupation: Consumer Digital Operations and Retail Consulting Fast Moving Consumer Goods (FCMG) Name: Ms. Miranda Occupation: Marketing and Brand Operations in the Fast Moving Consumer Beau ...

【要闻速递】 摘要今日周二（8月26日)亚盘时，comex黄金期货报3427.00美元/盎司，较昨日涨16.30美元，涨幅 0.48%，其最高触及3434.70美元/盎司，最低3396.10美元/盎司。 今日周二（8月26日)亚盘时，comex黄金期货报3427.00美元/盎司，较昨日涨16.30美元，涨幅0.48%，其 最高触及3434.70美元/盎司，最低3396.10美元/盎司。 在当前的国际形势下，中东地区的紧张局势不仅未见缓解迹象，反而持续升温，这一状况极大地刺激了 市场的避险情绪。受此影响，黄金作为传统的避险资产，其价格呈现出稳步上升的趋势。 在全球金融市场中，黄金ETF也积极响应这一市场变化，出现了显著的增持现象。其中，颇具代表性的 SPDR Gold Shares表现尤为突出，其持仓量在单日内大幅增加了12吨，创下了过去两个月以来的最大增 幅，有力地推动了黄金价格进一步走强。 【最新黄金期货行情解析】 从技术面来看，12月黄金期货的多头在近期整体技术面占据优势。多头的下一个上行目标是推动期货价 格收于3500.00美元这一关键阻力位上方；空头的下一个近期下行目标则是将期货价格压至7月低点 33 ...

Core Viewpoint - In the third week of June, international gold prices experienced the largest weekly decline of the year, dropping 2.8% to around $2,280 per ounce, indicating a significant restructuring of the pricing logic for gold as a traditional safe-haven asset due to the Federal Reserve's hawkish stance and easing geopolitical risks [1]. Group 1: Market Dynamics - The dollar index regained support amid adjustments in interest rate expectations, becoming a key factor suppressing gold prices. Futures indicate that traders have pushed back the expected timing of the Fed's first rate cut from September to November, with the steepening U.S. Treasury yield curve pushing the dollar index above 106 [3]. - The substantial decrease in geopolitical risks accelerated profit-taking among gold bulls, particularly after a temporary ceasefire agreement between Israel and Hamas, leading to a noticeable contraction in market demand for safe-haven assets [5]. Group 2: Supply and Demand Changes - The World Gold Council reported a 12% year-on-year decline in global gold jewelry demand in Q2, with weaker-than-expected seasonal purchases in the Indian market. Although central bank gold purchases remained high, China's gold reserve increase slowed to 21 tons in April-May, down from an average of 35 tons per month in Q1 [7]. - The marginal changes in supply and demand dynamics have reinforced the momentum for price adjustments, with institutions beginning to revise gold valuation models. Credit Suisse lowered its year-end gold price forecast from $2,500 to $2,350, citing rising real interest rates that will compress gold premium space [7].

以下文章来源于六亿居士 ，作者六亿居士 六亿居士 . 雪球2024年度十大影响力用户。每周发布指数估值表，坚持指数基金(ETF)低估定投，分享指数基金基础分析，让 我们：买入有依，持有有底，卖出有据。 长按即可参与 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：六亿居士 永久投资组合 ： 以不变应万变 永久投资组合的核心策略是采用不同的大类资产 ， 以应对经济周期中的不同阶段 ， 从而实现风险的对冲与 长期向上的目的 。 下面这张图 ， 相信大家并不陌生 ： 来源：雪球 随着经验逐步丰富 ， 我们会逐步了解到一些知名的投资策略组合 。 比如常见的 股债配比 模型 、 达利欧 倡导的 全天候策略 、 大卫 · 斯文森提出的 耶鲁模型 以及哈利 · 布朗提出的 —— 永久投资组合 。 在诸多知名的投资策略中 ， 上述四个体系是我们学习组建投资组合的常见范本 。 虽然从细节上存在诸多差 异 ， 但这类策略的目的均不是追求极致的收益 ， 而是避免陷入不可挽回的损失 。 市场具有不确定性 ， 我们无法避开这个基本前提 。 因此 ， 在投资这场马拉松中 ， 活得久远比跑得快更 ...

Core Viewpoint - The Harry Browne Permanent Portfolio has shown stable performance since 2008, outperforming the S&P 500 during the financial crisis but lagging in the subsequent bull market driven by major tech stocks [5][10]. Performance Comparison - The Harry Browne Permanent Portfolio achieved a total return of 4.18% year-to-date and 16.02% over the past year, while the SPDR S&P 500 ETF Trust had returns of -1.06% and 18.45% respectively [7]. - Over the past ten years, the Harry Browne Permanent Portfolio's annualized return was 6.53%, compared to the S&P 500's 14.40% [9]. Asset Allocation and Strategy - The portfolio consists of four ETFs, each weighted equally at 25%, and is rebalanced annually [4][13]. - The components include Vanguard Total Stock Market ETF, iShares 20+ Year Treasury Bond ETF, SPDR Blmbg 1-3 Mth T-Bill ETF, and SPDR Gold Shares [13]. Risk and Volatility - The Harry Browne Permanent Portfolio has a lower annualized standard deviation of 7.51% compared to the S&P 500's 15.51%, indicating less volatility [9]. - The maximum drawdown for the Harry Browne Portfolio was 15.92%, while the S&P 500 experienced a maximum drawdown of 23.93% [9]. Historical Context - The portfolio's performance was particularly strong during the 2008-2013 period, with a maximum drawdown of just over 10% compared to nearly 50% for the S&P 500 [14]. - Since 2020, the performance gap widened, primarily due to the decline in U.S. Treasury bonds and the underperformance of gold relative to the S&P 500 [11][10]. Future Considerations - The portfolio's design prioritizes stability over high returns, which may be beneficial if the U.S. stock market experiences a downturn [14]. - Current yields indicate that U.S. Treasury bonds and cash positions may contribute positively to the portfolio's performance in a future market correction [15].