<p>根据贵金属专家 <strong>Heraeus</strong> 的最新更新，中央银行仍然是黄金市场的关键支持，而白银继续吸引投资者流入，铂金则进入潜在的整合阶段。</p>
<p>在 2025 年 5 月，中央银行净增 20 吨黄金储备，主要来自哈萨克斯坦、土耳其和波兰。<strong>Kitco</strong> 报道，Heraeus 分析师表示，这一水平 “接近但仍低于 12 个月平均的 27 吨”，但反映出市场情绪的韧性。</p>
<p>尽管略有放缓，但市场情绪仍然极为乐观。调查显示，95% 的中央银行预计全球黄金储备将创下历史新高，43% 计划增加其储备。</p>
<p>这种购买行为延续了多年的趋势。过去三年，中央银行每年累计收购超过 1,000 吨黄金，远高于长期平均水平。这种持续的积累帮助稳定了黄金价格，尽管与美国 10 年期国债收益率等传统相关性减弱，黄金价格在过去 18 个月内从每盎司约 2,000 美元上涨至 3,300 美元。</p>
<p>Heraeus 补充道：“持续的中央银行黄金购买预计将继续支撑 2025 年剩余时间的黄金价格表现。”</p>
<h3>并购活动</h3>
<p>与此同时，黄金行业也出现了并购活动。<strong>Equinox Gold</strong> EQX 以 18 亿美元收购了 <strong>Calibre Mining</strong>，成为加拿大第二大黄金生产商，而 <strong>Royal Gold</strong> RGLD 以 35 亿美元收购了 <strong>Sandstorm Gold</strong>，此外还以 1.96 亿美元现金收购了 <strong>Horizon Copper Corp</strong>。对全股权收购的偏好表明，企业关注寻求协同效应并保留现金用于资本支出。</p>
<p>白银也在吸引投资者的关注。Heraeus 指出，自 6 月初以来，白银支持的 ETF 录得 990 吨的净流入，其中超过 50% 的年初至今流入发生在这一时期。最值得注意的是，白银价格稳定在每盎司 36 美元以上，这是十多年来未见的水平。尽管价格较高，但白银在调整通货膨胀后仍低于历史高点。1980 年接近 50 美元/盎司的名义记录在 2025 年相当于超过 180 美元/盎司。</p>
<p>Heraeus 指出，目前黄金与白银的比率为 90.3，显著高于 10 年平均的 80.2，这支持了白银有升值空间的观点。</p>
<p>最后，铂金可能进入一个暂停期。在连续五周上涨并达到每盎司 1,394 美元的高点后，Heraeus 表示价格动能可能正在减缓。他们提到南非的整合努力，<strong>Impala Platinum</strong> 正在与 <strong>Royal Bafokeng Platinum</strong> 合并其运营以降低成本。</p>
<p>尽管矿业通胀加剧，近期的节省成本努力和上升的篮子价格可能在短期内支持利润率；然而，分析师警告称，“在近期激增后，可能会出现更长时间的整合期。”</p>
<p><strong>价格观察</strong>：<strong>abrdn Physical Precious Metals ETF</strong> GLTR 年初至今上涨 26.19%。</p>
<ul>
<li><strong>下一步阅读：</strong> <strong>Benzinga 的首选 Aura Minerals 瞄准 2.1 亿美元美国上市</strong></li>
</ul>
<p><em>图片来源：Shutterstock</em></p>

贵金属股 ETF -ETFS

<p>中央银行继续支持黄金市场，在 2025 年 5 月净增 20 吨黄金，预计看涨情绪将持续。白银受到关注，ETF 的显著资金流入使其稳定在每盎司 36 美元以上。与此同时，铂金在近期反弹后可能出现暂停，行业内可能出现整合。并购活动活跃，包括 Equinox Gold 以 18 亿美元收购 Calibre Mining。黄金与白银的比率表明白银有升值空间，而 abrdn Physical Precious Metals ETF GLTR 年初至今上涨了 26.19%</p>

<p>Central banks remain a key support in the gold market, while silver continues to attract investor inflows and platinum enters a potential consolidation phase, according to the latest update from precious metals specialist <strong>Heraeus</strong>.</p>
<div class="lb-trans"><p>根据贵金属专家 <strong>Heraeus</strong> 的最新更新，中央银行仍然是黄金市场的关键支持，而白银继续吸引投资者流入，铂金则进入潜在的整合阶段。</p>
</div><p>In May 2025, central banks added a net 20 tons (t) of gold to their reserves, led by Kazakhstan, Türkiye, and Poland. <strong>Kitco</strong> reported that Heraeus analyst wrote this level was &#34;close to but still below the 12-month average of 27 t,&#34; yet reflective of resilient sentiment.</p>
<div class="lb-trans"><p>在 2025 年 5 月，中央银行净增 20 吨黄金储备，主要来自哈萨克斯坦、土耳其和波兰。<strong>Kitco</strong> 报道，Heraeus 分析师表示，这一水平 “接近但仍低于 12 个月平均的 27 吨”，但反映出市场情绪的韧性。</p>
</div><p>Although it is slightly slowing, the sentiment remains overwhelmingly bullish. The survey revealed that 95% of central banks expect global gold holdings to reach a record high, and 43% plan to increase their reserves.</p>
<div class="lb-trans"><p>尽管略有放缓，但市场情绪仍然极为乐观。调查显示，95% 的中央银行预计全球黄金储备将创下历史新高，43% 计划增加其储备。</p>
</div><p>This buying continues a multi-year trend. Central banks have collectively acquired over 1,000 tons of gold annually for the past three years, well above the long-term average. This consistent accumulation has helped anchor gold prices, which have climbed from around $2,000 per ounce to $3,300 per ounce over the last 18 months, despite traditional correlations, such as those with U.S. 10-year Treasury yields, weakening.</p>
<div class="lb-trans"><p>这种购买行为延续了多年的趋势。过去三年，中央银行每年累计收购超过 1,000 吨黄金，远高于长期平均水平。这种持续的积累帮助稳定了黄金价格，尽管与美国 10 年期国债收益率等传统相关性减弱，黄金价格在过去 18 个月内从每盎司约 2,000 美元上涨至 3,300 美元。</p>
</div><p>&#34;Ongoing central bank gold buying is expected to continue to underpin gold price performance through the remainder of 2025,&#34; Heraeus added.</p>
<div class="lb-trans"><p>Heraeus 补充道：“持续的中央银行黄金购买预计将继续支撑 2025 年剩余时间的黄金价格表现。”</p>
</div><h3>Mergers And Acquisitions</h3>
<div class="lb-trans"><h3>并购活动</h3>
</div><p>Meanwhile, the gold industry has also seen activity in mergers and acquisitions. <strong>Equinox Gold</strong> EQX acquired <strong>Calibre Mining</strong> in a $1.8 billion deal, creating the second-largest gold producer in Canada, while <strong>Royal Gold</strong> RGLD acquired <strong>Sandstorm Gold</strong> in a $3.5 billion deal, on top of the $196 million cash deal for <strong>Horizon Copper Corp</strong>. A preference for all-share acquisitions indicates a focus on seeking synergies and preserving cash for capital expenditures.</p>
<div class="lb-trans"><p>与此同时，黄金行业也出现了并购活动。<strong>Equinox Gold</strong> EQX 以 18 亿美元收购了 <strong>Calibre Mining</strong>，成为加拿大第二大黄金生产商，而 <strong>Royal Gold</strong> RGLD 以 35 亿美元收购了 <strong>Sandstorm Gold</strong>，此外还以 1.96 亿美元现金收购了 <strong>Horizon Copper Corp</strong>。对全股权收购的偏好表明，企业关注寻求协同效应并保留现金用于资本支出。</p>
</div><p>Silver is also capturing investor interest. Heraeus highlighted that since early June, silver-backed ETFs have recorded net inflows of 990 t, with over 50% of year-to-date inflows occurring in this period. Most notably, the silver price stabilized above $36 per ounce— a level not seen in over a decade. Though high, silver still trails historic peaks when adjusted for inflation. The nominal record of nearly $50/oz in 1980 would equate to more than $180 per ounce in 2025 terms.</p>
<div class="lb-trans"><p>白银也在吸引投资者的关注。Heraeus 指出，自 6 月初以来，白银支持的 ETF 录得 990 吨的净流入，其中超过 50% 的年初至今流入发生在这一时期。最值得注意的是，白银价格稳定在每盎司 36 美元以上，这是十多年来未见的水平。尽管价格较高，但白银在调整通货膨胀后仍低于历史高点。1980 年接近 50 美元/盎司的名义记录在 2025 年相当于超过 180 美元/盎司。</p>
</div><p>Heraeus notes that the gold-to-silver ratio currently stands at 90.3, significantly above the 10-year average of 80.2, which supports the view that silver has room to appreciate.</p>
<div class="lb-trans"><p>Heraeus 指出，目前黄金与白银的比率为 90.3，显著高于 10 年平均的 80.2，这支持了白银有升值空间的观点。</p>
</div><p>Finally, platinum may be entering a period of pause. After rallying for five consecutive weeks and reaching a high of $1,394 per ounce, Heraeus said price momentum may be slowing. They noted consolidation efforts in South Africa, where <strong>Impala Platinum</strong> is merging its operations with those of <strong>Royal Bafokeng Platinum</strong> to reduce costs.</p>
<div class="lb-trans"><p>最后，铂金可能进入一个暂停期。在连续五周上涨并达到每盎司 1,394 美元的高点后，Heraeus 表示价格动能可能正在减缓。他们提到南非的整合努力，<strong>Impala Platinum</strong> 正在与 <strong>Royal Bafokeng Platinum</strong> 合并其运营以降低成本。</p>
</div><p>Despite mining inflation, recent cost-saving efforts and rising basket prices may support margins in the near term; however, analysts caution that &#34;a more prolonged period of consolidation is possible&#34; following the recent surge.</p>
<div class="lb-trans"><p>尽管矿业通胀加剧，近期的节省成本努力和上升的篮子价格可能在短期内支持利润率；然而，分析师警告称，“在近期激增后，可能会出现更长时间的整合期。”</p>
</div><p><strong>Price Watch</strong>: <strong>abrdn Physical Precious Metals ETF</strong> GLTR is up 26.19% year-to-date.</p>
<div class="lb-trans"><p><strong>价格观察</strong>：<strong>abrdn Physical Precious Metals ETF</strong> GLTR 年初至今上涨 26.19%。</p>
</div><ul>
<li><strong>Read Next:</strong> <strong>Benzinga’s Top Pick Aura Minerals Eyes $210 Million US Listing</strong></li>
</ul>
<div class="lb-trans"><ul>
<li><strong>下一步阅读：</strong> <strong>Benzinga 的首选 Aura Minerals 瞄准 2.1 亿美元美国上市</strong></li>
</ul>
</div><p><em>Image: Shutterstock</em></p>
<div class="lb-trans"><p><em>图片来源：Shutterstock</em></p>
</div>

央行为黄金提供顺风助力，白银获得牵引力，铂金暂时停滞