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