??????????????????? ???????

?????????????????,?????????????????“?”?????!

2?????11??????????????????????,??????,???????????????????????????????????????????????2942.18???????????/?,????????????3000??????????????/?,?????????????,??????????????????????2900????????/??????????????

??????2???????11??????????????????,??????999?????????????886?????????????/???????,??????????????????????891/???????

??????,??(???????“????????????????”)???,???????????????????????

???????????

2024???,?26.6%,????????2025??????????,????1?,????????????????

??,2?11?,??????2940??,????2942.71??/???????????????????????????????,?????2900????/????????????????????COMEX????????????2968.5??????????????????????/??????,????????????

??2???????????????11???,??????????????999??886??/???????????,?????????????891/?????????????????

?????????????????????????12????????3000??/?,???,?????????,???????????????

????????????????????????,???????????????,???,??????????????,??????????;?????????,????????????????????????????,??????

????????????????,?????????????????????,?????????????,???????????????,????

????????????????????

???????,2????????????11?????????????????,????,?????????????????,???????????????

???,?????????,???????2025??????????2??12??(????????????????????????)?,Au(T+D)?mAu(T+D)?Au(T+N1)?Au(T+N2)?NYAuTN06?NYAuTN12?10%????????11%,???????9%??10%;CAu99.99?????????????????????????65000?70000???

???????????????,?????,????,????,????,??????????????????,???????????

2???????????????????????10??????????????,??,???,??????????,???????????????,????????????????????????????,?????????????,?????????????,??????????

?

??,?????????,?????????????

??????????,??????????App?????????,??5g?10g?20g?50g?100g?200g???????????????

????,?????,??

?,??«????????????????»?,?,????2025?????????????2????????????????????????????????????????10????????,????????:??????????,???????650????????700??????,????200???,????????????????????????;??????,????????1????,?????????????1????????????????????

???????????«??????????»,??????????2025???????2??12???????????,?????????0.01%?????????0.1%???0.1%??????????????????0.2%???0.3%?

????????????????????“???”

????,??????????????????????,????????

?,??????????????????????,?????

??????????????,????????????,???????3000??,???2900????????????????????,?,?????????????????????,?2850??????????????,?????????????????????2800???,?,????????2025?????????????????????????3000???????????????????/????,????,?????

“????????????????????,??,????,????????,??????,?????????”?????????????,?????

??,2025??????,????????,????????2025????????????????2025?,?????????????????????????????,??????,????????????????????

???????,????,????????????3000??????????????????????/??????????????,???????????,?????,???????,??,????,???????????????COMEX????????????,?????,?? ?????????????????:?????????????

??

??:???????????,??????????,??????????????