黄金：展望更新 -估值与散户投资者参与度是风险信号-Global_Commodities_Gold_outlook_update__valuation_and_retailinvestor_breadth_are_red_flags-Global_Commodities

Citi Research Metal Matters January 30, 2026 Gold outlook update – valuation and retail/investor breadth are red flags Maximilian LaytonAC Global Head | Commodities max.layton@citi.com +44 20 7986 4556 Gold and silver prices and miner margins are astonishingly high Gold prices have rallied to record levels in nominal and real terms, and have disconnected from the marginal cost of mining production, with forward prices substantially higher than spot -500 500 1500 2500 3500 4500 5500 1979 1981 1983 1985 1987 ...