就在大批量散户投资者们开始蜂拥入场之际，围绕那些最热门金属与矿业类股票的炙手可热股票市场交易热潮迅速走向崩 塌。 不过，在巴克莱银行的资深策略师团队看来，上周五关于最热门的那些贵金属与矿业类股票的抛售浪潮把基本面具有坚实支 撑力的工业金属也一并拖下水，反而可能提供"至关重要的错杀式逢低切入点"，其催化剂来自AI基础设施建设与全球政府财 政扩张等更偏基本面的牛市驱动力。 统计数据显示，iShares白银ETF交易价格在上周五创下2006年首次亮相以来的最大跌幅，而纽约证券交易所的Arca金矿指数 则创下2008年以来的最大降幅。散户投资者们越来越大规模地参与贵金属交易可能会引发更剧烈的大宗商品以及股票波动， 一些市场观察人士表示，这"只会造成更大规模的波动"，并可能迅速推动价格上涨或下跌。贵金属暴跌的局面周一仍在继 续，黄金价格一度下跌10%。白银价格一度暴跌16%，之后有所回升。 在上周五，黄金、白银以及铜价大幅下挫，部分触发因素是特朗普提名立场长期鹰派的沃什担任美联储主席引发美元反弹。 这场暴跌终结了此前一轮猛烈的涨势——那轮涨势将白银与黄金价格不断推至历史新高。 而就在暴跌发生前一天，专注于散户资金流的V ...

就在几个月前，iShares白银etf的日均交易额仅约20亿美元；到去年12月下旬跃升至约100亿美元。而进 入2026年1月后，伴随银价进一步暴涨，交易活跃度再度飙升。 白银在2025年已累计上涨逾一倍，2026年1月延续惊人涨势，迄今涨幅接近60%，有望创下自1979年以 来的最大单月涨幅。 另外从金银下游消费来看，部分企业表示，市场买涨情绪较浓，近期白银消费量明显增加。业内人士 称，目前在水贝市场，银条的现货大约溢价3到5个百分点。 今日周三(1月28日)亚盘时段，现货白银目前交投于114.03一线上方，今日开盘于112.14美元/盎司，截至 发稿，现货白银暂报114.86美元/盎司，上涨2.43%，最高触及114.91美元/盎司，最低下探110.65美元/盎 司，目前来看，现货白银盘内短线偏向看涨走势。 【要闻速递】 白银价格的极端飙升正引发iShares白银ETF(SLV)交易量激增。周一，该ETF录得近400亿美元的成交 额。这一交易量超过了英伟达股票当日230亿美元的成交额，也远高于特斯拉220亿美元的交易规模。 如果回调风险加大，银价跌破100.00美元的关口，情况可能会加剧。在这种情况下，白 ...

面对不断突破想象的黄金"牛市"，投资者应如何看待？ 行至年末，黄金、白银开启强势单边上涨模式，价格双双再创新高。 12月24日，伦敦现货黄金有史以来首次站上4500美元/盎司；伦敦现货白银自12月23日站上70美元/盎司 后，24日一举突破72美元/盎司，同样刷新历史纪录。今年以来，国际金价累计涨幅超70%，银价暴涨 约150%。在外盘带动下，国内金价同步突破关键大关，上海黄金交易所现货黄金(Au99.99)价格在12月 23日突破1000元/克后继续走高。 浙商证券宏观联席首席分析师廖博在接受上海证券报记者采访时表示，美国与委内瑞拉的地缘关系调 整、伊朗与以色列的潜在冲突、俄乌冲突的不确定性，以及美元疲软和美联储降息预期升温等多重因 素，合力为金价、银价提供上涨动能。 消息面上，当地时间12月23日，美国总统特朗普表示，任何不同意他观点的人永远不会成为美联储主 席。希望新任主席在市场表现良好的情况下降低利率。 对此，五矿期货贵金属研究员钟俊轩对上海证券报记者表示，市场对新任美联储主席"鸽派"预期增强， 国际银价显著受益。 此外，在白银现货供需层面，白银ETF的持仓量趋势性增加。外盘最大的iShares白银E ...

Group 1 - Gold and silver prices have reached all-time highs, with gold surpassing $4500 per ounce and silver exceeding $72 per ounce, marking increases of over 70% and approximately 150% respectively this year [1] - Factors contributing to the rise in gold and silver prices include geopolitical tensions involving the US and Venezuela, potential conflicts between Iran and Israel, uncertainties surrounding the Russia-Ukraine conflict, a weakening dollar, and rising expectations for interest rate cuts by the Federal Reserve [1] - The market anticipates a dovish stance from the new Federal Reserve chairman, which has positively impacted international silver prices [1] Group 2 - The iShares Silver ETF has seen a significant increase in holdings, with a daily rise of 533 tons on December 23, indicating a tightening supply in the silver market [2] - The rental rates for physical silver have reached their highest levels in nearly five years, further supporting the recent surge in silver prices due to supply constraints [2] Group 3 - Analysts believe that gold prices will continue to rise due to increasing US debt risks, diminishing attractiveness of dollar assets, strong global central bank interest in gold, and an ongoing interest rate cut cycle in the US [3] - Despite the bullish outlook for gold and silver, there are warnings about potential short-term risks, with suggestions for investors to manage their positions carefully [4] - Reports indicate that while gold prices are expected to rise steadily, silver prices may experience greater short-term volatility [4]

--美联储主席候选人之争进入白热化阶段 夏莹莹（投资咨询证号：Z0016569） 投资咨询业务资格:证监许可【2011】1290号 2025年12月21日 第一章 核心矛盾及策略建议 1.1核心矛盾 贵金属周报 上周贵金属价格继续偏强运行，伦敦现货黄金接近10月份历史高位4380附近，伦敦现货白银则续刷历史新高 至67附近，从K线技术形态看，短期仍未出现拐头信号。周二后美联储降息预期略有回升，主要非农与CPI就 业数据补发，显示美经济下行压力与通胀缓和。另外，上周美联储主席候选人之争继续发酵，集中在哈塞 特、沃什和沃勒之间，不同候选人与特朗普政府的立场关联度依次减弱，这也就意味着对于美联储独立性的 维护能力依次增强，但总体而言，三位候选人皆属于宽货币的鸽派支持者。 11月底以来，白银表现远强于黄金，金银比进一步大幅回落。主要原因在于白银低供给弹性与低库存的现 实，叠加COMEX 2512合约大量交割、白银工业需求刚性、ETF投资需求持续流入（但上周iShares白银ETF 周度流出36.7吨）、绿色新能源与数字AI经济对白银需求的增长预期，以及美国对白银的232矿产调查结果不 确定性引发的进口关税担忧等多重因 ...

截至12月16日，全球最大白银ETF——iShares Silver Trust持仓较上一交易日减少42.31吨，当前持仓量为 16018.29吨。 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 资讯编辑：王芳琴 021-66896877 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 ...

资讯编辑：王芳琴 021-66896877 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 截至9月18日，全球最大白银ETF——iShares Silver Trust持仓较前一日增加15.53吨，当前持仓量为 15205.14吨。 ...

Report Summary 1. Report Industry Investment Rating No investment rating provided in the report. 2. Core View of the Report The precious metals market declined under pressure due to the easing of geopolitical and trade tariff concerns, despite the warming of interest - rate cut expectations during the week. The medium - to long - term trend may be bullish, but the short - term technical pattern is weak and under pressure. The report suggests maintaining the idea of buying on dips [1][5]. 3. Summary by Relevant Catalogs 3.1 Market Review - Last week, gold prices in the precious metals market declined, and silver prices were volatile. Geopolitical tensions eased as the Iran - Israel conflict in the Middle East calmed down, reducing the safe - haven demand for precious metals. The trade tariff deadline was postponed, and the expectation of a Fed rate cut in September increased [1]. 3.2 Fund and Inventory - Long - term fund positions: The SPDR Gold ETF's weekly holdings increased by 4.58 tons to 954.82 tons, and the iShares Silver ETF's weekly holdings increased by 115.91 tons to 14,866.18 tons. - Short - term fund positions: As of June 24, according to the CFTC report, gold non - commercial net long positions decreased by 5,644 contracts to 195,004 contracts, and silver non - commercial net long positions decreased by 4,227 contracts to 62,947 contracts. - Inventory: COMEX gold inventory decreased by 16.3 tons to 1,152.3 tons, COMEX silver inventory increased by 112.7 tons to 15,523.5 tons, SHFE gold inventory increased by 69 kg to 18.24 tons, SHFE silver inventory increased by 65.43 tons to 1,295.7 tons, and Shanghai Gold Exchange silver inventory decreased by 21 tons to 1,357.8 tons [2]. 3.3 This Week's Focus - Data: Pay attention to the US non - farm payrolls report on Thursday night. - Events: The US Senate will vote on the "Great Beauty" bill, and several Fed officials will give speeches. The COMEX precious metals trading will end early on Friday due to the Independence Day holiday [4]. 3.4 Price and Related Ratios - SHFE gold main contract price was 766.4 yuan/gram, down 1.15%; SGX gold TD price was 763.08 yuan/gram, down 1.32%; CME gold main contract price was 3,286.1 dollars/ounce, down 1.66%. - SHFE silver main contract price was 8,792 yuan/kg, down 0.05%; SGX silver TD price was 8,748 yuan/kg, down 0.28%; CME silver main contract price was 36.165 dollars/ounce, down 1.05%. - CME gold - silver ratio was 90.8641, down 0.61% [6]. 3.5 Other Market Data - The US dollar index was 97.2616, down 0.05%; the US dollar against the Chinese yuan was 7.1643, unchanged. - The Dow Jones Industrial Average was 43,819.27 points, up 1%; WTI crude oil spot price was 65.52 dollars/barrel, up 0.43%. - LmeS copper 03 price was 9,896 dollars/ton, up 1.74%; 10 - year US Treasury yield was 4.29%, up 0.7%; 10 - year US real interest rate was 2%, up 1.01%; 10 - 2 - year US Treasury yield spread was 0.56%, unchanged [17].