<p><img src="https://imageproxy.pbkrs.com/https://cdn.orbex.com/blog/wp-content/uploads/2026/01/23141447/New-blog-images-2025-EN-43.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="750" height="430" original-src="https://imageproxy.pbkrs.com/https://cdn.orbex.com/blog/wp-content/uploads/2026/01/23141447/New-blog-images-2025-EN-43.png"/></p>
<p>贵金属今年大幅上涨，延续了去年底的强劲涨势。当然，主要的催化剂是地缘政治。然而，在格林兰危机于周三得到缓解后，黄金和白银价格持续上涨。是什么推动了贵金属的这一非凡走势，这种趋势会持续吗？</p>
<p>黄金价格在周四到周五早间非常接近每盎司 5,000 美元，最高超过 4,950 美元。白银的涨幅更为惊人，接近每盎司 100 美元，自年初以来在不到一个月的时间内上涨超过 35%。交易者现在关注即将到来的事件，例如下周的 FOMC，以寻找趋势是否会继续的迹象。</p>
<h3><strong>不仅仅是地缘政治</strong></h3>
<p>上周，有迹象表明黄金接近天花板。它两次创下新高，但在获利回吐中迅速回落。然后，美国总统唐纳德·特朗普因格林兰问题威胁对欧洲盟友征收关税，令制造商和外交界感到震惊。投资者纷纷寻求避险，推动整个贵金属市场上涨。</p>
<p>但特朗普相对迅速地收回了他的威胁，周三表示他已就格林兰达成框架协议。市场对这一消息的反应相对平淡，因为他们本就不相信他会付诸实施。避险需求并没有明显减弱。部分原因可能是格林兰事件加深了世界两大经济体之间的贸易分歧，而和解并未消除造成的损害。<strong>欧盟议会同意推迟对去年签署的美欧贸易协议的批准。</strong> 代表们在斯特拉斯堡表示对美国日益增长的不信任，该贸易协议面临更大的通过障碍。</p>
<h3><strong>其他问题依然存在</strong></h3>
<p><strong>美元在过去一周大幅走弱</strong>，这自然支持了以美元计价的贵金属。传言称，尚未得到证实的欧盟基金正在出售美国债务，以惩罚美国总统在格林兰问题上的行为。尽管如此，美国收益率上升，而美元走弱，这表明全球储备货币的信任度下降。</p>
<p>中国作为全球最大的黄金买家，被视为在这一形势中获利。例如，中国人民银行设定了两年来最低的人民币日参考汇率，低于每美元 7 元。新兴市场指数上涨，美国小型企业也上涨，都是交易者寻求收益的迹象。<strong>最强势的货币是澳元和新西兰元，它们依赖于对中国的出口，特别是价值储存商品。</strong> 所有这些都表明，尽管大西洋两岸的地缘政治紧张局势有所缓解，去美元化的交易仍在继续。</p>
<h3><strong>接下来会如何？</strong></h3>
<p>虽然黄金仍然是寻求保护资产的交易者的首选，但 <strong>白银的表现引起了许多分析师的关注。</strong> 大多数白银用于工业应用，包括太阳能电池板，这是一个在能源转型中不断增长的行业。实际上，供应并未跟上需求，开发新的银矿需要数年时间。事实上，大多数白银是作为其他矿业操作的副产品生产的，例如铜矿开采。</p>
<p>随着委内瑞拉、伊朗以及现在关于乌克兰战争的重新讨论，市场的地缘政治风险依然很高。在这种情况下，更加鸽派的美联储或美国经济表现不佳可能进一步支持贵金属。</p>
<hr/>
<p><em>更多来自此作者的内容：</em></p>
<p>日内分析 - 1 月 23 日，星期五</p>
<p>特朗普的格林兰交易推动美元上涨</p>
<p>日内分析 - 1 月 22 日，星期四</p>

<p>黄金和白银价格飙升，黄金接近每盎司 5000 美元，白银接近 100 美元。地缘政治紧张局势，特别是围绕格林兰的局势，最初推动了对避险资产的需求。然而，在特朗普总统缓和威胁后，市场反应平淡。美元走弱和美国收益率上升表明对全球储备货币的信任度下降。分析师指出，白银的工业需求超过了供应，而地缘政治风险依然高企。即将举行的事件，包括 FOMC 会议，可能会影响贵金属趋势的延续</p>

<p><img src="https://imageproxy.pbkrs.com/https://cdn.orbex.com/blog/wp-content/uploads/2026/01/23141447/New-blog-images-2025-EN-43.png" alt="" original-src="https://cdn.orbex.com/blog/wp-content/uploads/2026/01/23141447/New-blog-images-2025-EN-43.png"/></p>
<p>Precious metals soared this year, continuing strong gains seen in late last year. Of course, the main catalyst has been geopolitics. However, after the Greenland keffulfe was diffused on Wednesday, gold and silver prices have continued to rise. What is driving this extraordinary move in precious metals, and will it continue?</p>
<div class="lb-trans"><p>贵金属今年大幅上涨，延续了去年底的强劲涨势。当然，主要的催化剂是地缘政治。然而，在格林兰危机于周三得到缓解后，黄金和白银价格持续上涨。是什么推动了贵金属的这一非凡走势，这种趋势会持续吗？</p>
</div><p>Gold prices came really close to hitting $5,000 per ounce between Thursday and early Friday, peaking above $4,950. Silver’s gains have been even more impressive as it rose to just shy of the $100 per ounce level, having risen more than 35% in less than a month since the start of the year. Traders are now looking at upcoming events, such as next week’s FOMC, for signs that the trend will continue.</p>
<div class="lb-trans"><p>黄金价格在周四到周五早间非常接近每盎司 5,000 美元，最高超过 4,950 美元。白银的涨幅更为惊人，接近每盎司 100 美元，自年初以来在不到一个月的时间内上涨超过 35%。交易者现在关注即将到来的事件，例如下周的 FOMC，以寻找趋势是否会继续的迹象。</p>
</div><h3><strong>More than Just Geopolitics</strong></h3>
<div class="lb-trans"><h3><strong>不仅仅是地缘政治</strong></h3>
</div><p>Last week, there were signs that gold was approaching a ceiling. Twice it hit new record highs, only to quickly retrace amid profit-taking. Then, US President Donald Trump shocked makers and the diplomatic world by threatening tariffs on European allies over the Greenland issue. Investors dived for safe havens, pushing up the entirety of the precious metals complex.</p>
<div class="lb-trans"><p>上周，有迹象表明黄金接近天花板。它两次创下新高，但在获利回吐中迅速回落。然后，美国总统唐纳德·特朗普因格林兰问题威胁对欧洲盟友征收关税，令制造商和外交界感到震惊。投资者纷纷寻求避险，推动整个贵金属市场上涨。</p>
</div><p>But Trump backed off his threats relatively quickly, saying by Wednesday that he’d reached a framework agreement on Greenland. Markets, which hadn’t been convinced he would go through with the threat anyway, only had a muted reaction to the news. Safe haven demand did not abate much. Part of that could be that the Greenland saga deepened trade divisions between the world’s two largest economies, and the rapprochement did not undo the damage. <strong>The EU Parliament agreed to delay the ratification of the US-EU trade agreement signed last year.</strong> Representatives gathered in Strasbourg expressed growing distrust of the US, and the trade deal faces greater obstacles to passing Parliament.</p>
<div class="lb-trans"><p>但特朗普相对迅速地收回了他的威胁，周三表示他已就格林兰达成框架协议。市场对这一消息的反应相对平淡，因为他们本就不相信他会付诸实施。避险需求并没有明显减弱。部分原因可能是格林兰事件加深了世界两大经济体之间的贸易分歧，而和解并未消除造成的损害。<strong>欧盟议会同意推迟对去年签署的美欧贸易协议的批准。</strong> 代表们在斯特拉斯堡表示对美国日益增长的不信任，该贸易协议面临更大的通过障碍。</p>
</div><h3><strong>Other Issues Remain</strong></h3>
<div class="lb-trans"><h3><strong>其他问题依然存在</strong></h3>
</div><p><strong>The greenback weakened substantially over the last week</strong>, which naturally supported precious metals priced in dollars. There were rumors, none of which were confirmed, that EU-based funds were selling US debt to punish America for its president’s actions regarding Greenland. Nevertheless, US yields rose while the dollar weakened, a sign of growing distrust in the global reserve currency.</p>
<div class="lb-trans"><p><strong>美元在过去一周大幅走弱</strong>，这自然支持了以美元计价的贵金属。传言称，尚未得到证实的欧盟基金正在出售美国债务，以惩罚美国总统在格林兰问题上的行为。尽管如此，美国收益率上升，而美元走弱，这表明全球储备货币的信任度下降。</p>
</div><p>China, the world’s largest gold buyer, is seen capitalizing on the situation. The PBOC, for example, set the lowest daily reference rate for the yuan in two years, below 7-per dollar. Emerging-market indices rose, along with US small-cap companies, both signs that traders were seeking yields. <strong>The strongest currencies were the Aussie and Kiwi dollars, which rely on exports to China, particularly of value-storing commodities.</strong> All of this pointed to the de-dollarization trade remaining in effect despite easing geopolitical tensions across the Atlantic.</p>
<div class="lb-trans"><p>中国作为全球最大的黄金买家，被视为在这一形势中获利。例如，中国人民银行设定了两年来最低的人民币日参考汇率，低于每美元 7 元。新兴市场指数上涨，美国小型企业也上涨，都是交易者寻求收益的迹象。<strong>最强势的货币是澳元和新西兰元，它们依赖于对中国的出口，特别是价值储存商品。</strong> 所有这些都表明，尽管大西洋两岸的地缘政治紧张局势有所缓解，去美元化的交易仍在继续。</p>
</div><h3><strong>Where To From Here?</strong></h3>
<div class="lb-trans"><h3><strong>接下来会如何？</strong></h3>
</div><p>While gold remains the premier go-to for traders seeking to protect their assets amid market volatility, <strong>silver’s outperformance has caught the attention of many analysts.</strong> Most silver is used in industrial applications, including solar panels, a growing industry amid the energy transition. Supply, in fact, is not keeping up with demand, and it would take years to develop new silver mines. In fact, most silver is produced as a byproduct of other mining operations, such as copper mining.</p>
<div class="lb-trans"><p>虽然黄金仍然是寻求保护资产的交易者的首选，但 <strong>白银的表现引起了许多分析师的关注。</strong> 大多数白银用于工业应用，包括太阳能电池板，这是一个在能源转型中不断增长的行业。实际上，供应并未跟上需求，开发新的银矿需要数年时间。事实上，大多数白银是作为其他矿业操作的副产品生产的，例如铜矿开采。</p>
</div><p>With Venezuela, Iran, and now renewed discussions over the war in Ukraine, geopolitical risk remains high for the market. A more dovish Fed or US economic underperformance could additionally support precious metals in that scenario.</p>
<div class="lb-trans"><p>随着委内瑞拉、伊朗以及现在关于乌克兰战争的重新讨论，市场的地缘政治风险依然很高。在这种情况下，更加鸽派的美联储或美国经济表现不佳可能进一步支持贵金属。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的内容：</em></p>
</div><p>Intraday Analysis - Friday, Jan. 23</p>
<div class="lb-trans"><p>日内分析 - 1 月 23 日，星期五</p>
</div><p>Trump’s Greenland Deal Propels The Dollar</p>
<div class="lb-trans"><p>特朗普的格林兰交易推动美元上涨</p>
</div><p>Intraday Analysis - Thursday, Jan. 22</p>
<div class="lb-trans"><p>日内分析 - 1 月 22 日，星期四</p>
</div>

When Will Gold Crack $5,000/oz?

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黄金何时能突破每盎司 5000 美元？