<p>[新加坡] 在周一（2 月 2 日）经历了高达 10% 的剧烈回调后，新加坡交易所（SGX）上的典当商和其他黄金相关股票受到拖累。此次回落发生在一个波动的周末，现货黄金价格跌破每盎司 5000 美元，创下十年来最糟糕的反转。CMC Markets 亚太及中东负责人 Christopher Forbes 将这一走势形容为 “在非凡表现后的经典空气口袋”。</p>
<p>他表示，获利了结、美元走强以及华盛顿的新地缘政治头条 “冲击了拥挤交易的泡沫”。</p>
<p>上周五抛售的触发因素是关于美国联邦储备委员会主席提名人 Kevin Warsh 的头条新闻。Saxo Markets 首席投资策略师 Charu Chanana 在周一的一份报告中表示，Warsh 对美联储领导层的潜在影响与美元走强相吻合，这可能在短期内加大对金属的压力。Klay Group 的联合首席投资官 Uday Vikram 指出，市场已经定价了一个更受政治压力和鸽派的美联储的叙事，强化了对美元贬值和对硬资产作为法定货币替代品的强劲需求的主题。“这次抛售是一次直面现实的检验，” Uday 说。他指出，投资者现在正在重新评估市场是否即将转向更严格的货币政策——一个优先考虑信誉、纪律和独立性的美联储领导层，超出了市场的假设。</p>
<p>Chanana 补充说，美联储即将进行领导层过渡的头条新闻与 CME 集团提高保证金要求的消息相叠加，这一举措迫使杠杆投资者迅速平仓。</p>
<p>价格下跌进一步加速，原因是有报道称中国暂停了对多个与商品相关的基金的交易——尤其是白银。这增加了不确定性，并迫使一些持有者进行抛售，她指出。</p>
<h2>本地股票失去动力</h2>
<p>黄金生产商中色金矿在抛售中受到的打击最大，截至周一下午 2:28 下跌 12.6%。尽管受到打击，该股票年同比仍上涨超过 337%。</p>
<p>与现货价格直接相关的黄金零售商和典当商的库存价值也有所回落。</p>
<p>截至下午 2:28，ValueMax 下跌 10.3%，但年初至今仍保持超过 11% 的涨幅。过去一年上涨约 130%。</p>
<p>与此同时，金融和奢侈品零售商 MoneyMax Financial Services 下跌 2.8%，尽管其股价仍接近一年前的两倍。该典当商在周一的交易所公告中表示，预计 2025 年下半年和全年净利润将显著改善，与 2024 年同期相比。</p>
<p>这主要得益于两个关键领域：公司的典当业务受益于更高的利息收入，以及其黄金和奢侈品零售部门受益于高企的黄金价格和销售量激增，MoneyMax 表示。</p>
<p>在 1 月份，MoneyMax 获得了 SGX 的原则性批准，允许其从 Catalist 转至主板。这一转变反映了集团的快速扩张，并使公司在更大的同行中更好地释放股东价值。</p>
<p>Aspial Lifestyle，拥有 Lee Hwa 和 Goldheart 珠宝连锁店以及典当商 Maxi-Cash，截至下午 2:28 下跌 5.4%。自年初以来，该公司股价已上涨超过 23%。</p>
<p>与此同时，整体市场表现谨慎，截至下午 2:28，SPDR 黄金股票交易所交易基金下跌 11.9%，而过去一年上涨 48.5%。</p>
<h2>前方波动</h2>
<p>在短期内，CMC Markets 的 Forbes 认为，黄金更可能在一个高位平台内 “剧烈” 交易，而不是崩溃，关键区间为每盎司 4800 至 5000 美元。</p>
<p>他补充说，从长远来看，推动此次反弹的力量——负实际利率、宽松的财政政策和地缘政治风险——仍然支持结构性更高的价格。然而，他指出，黄金的走势将更加波动。</p>
<p>同样，Klay Group 的 Uday 表示：“在短期内，由于获利了结、杠杆和弱势投资者被迫退出，我们可能会看到持续的下行压力……</p>
<p>“但从长远来看，推动黄金和部分商品的结构性因素仍然存在，为长期投资者提供了重新参与的明确机会。”</p>

银丰当

中色金矿

方圆集团

<p>在新加坡交易所上市的黄金相关股票在 2 月 2 日黄金价格下跌 10% 后大幅下跌，创下十年来的最低点。主要参与者如中色金矿和方圆集团均出现显著下滑，其中中色金矿下跌了 12.6%。此次抛售是由于地缘政治新闻和美元走强所引发，导致投资者获利了结和保证金要求增加。尽管出现下滑，一些公司如银丰当预计由于利息收入和销售量的增加，利润将有所改善。分析师预测黄金价格将继续波动，并可能在长期内形成更高价值的结构性支撑</p>

<p>[SINGAPORE] After a sharp correction that saw gold shed as much as 10 per cent on Monday (Feb 2), shares of pawnbrokers and other gold players on the Singapore Exchange (SGX) were dragged lower. The retreat follows a volatile weekend where spot gold dipped below the US$5,000 an ounce mark and logged its decade-worst reversal. Christopher Forbes, head of Asia and the Middle East at CMC Markets, described the move as a “classic air-pocket after an extraordinary run”.</p>
<div class="lb-trans"><p>[新加坡] 在周一（2 月 2 日）经历了高达 10% 的剧烈回调后，新加坡交易所（SGX）上的典当商和其他黄金相关股票受到拖累。此次回落发生在一个波动的周末，现货黄金价格跌破每盎司 5000 美元，创下十年来最糟糕的反转。CMC Markets 亚太及中东负责人 Christopher Forbes 将这一走势形容为 “在非凡表现后的经典空气口袋”。</p>
</div><p>He remarked that profit-taking, a firmer US dollar and fresh geopolitical headlines from Washington have “knocked froth off a crowded trade”.</p>
<div class="lb-trans"><p>他表示，获利了结、美元走强以及华盛顿的新地缘政治头条 “冲击了拥挤交易的泡沫”。</p>
</div><p>The trigger for last Friday’s sell-off was the headlines surrounding US Federal Reserve chair nominee Kevin Warsh. Warsh’s potential impact on the Fed’s leadership coincided with a firmer US dollar which can amplify pressure on metals in the short run, said Charu Chanana, chief investment strategist at Saxo Markets, in a note on Monday. Uday Vikram, co-chief investment officer at Klay Group, remarked that markets had priced in a narrative of a more politically pressured and dovish Fed, reinforcing themes of dollar debasement and strong demand for hard assets as alternatives to fiat. “This sell-off is a gut check,” said Uday. He noted that investors are now reassessing whether the market is on the cusp of a turn towards harder money –a Fed leadership that prioritises credibility, discipline and independence more than markets had assumed.</p>
<div class="lb-trans"><p>上周五抛售的触发因素是关于美国联邦储备委员会主席提名人 Kevin Warsh 的头条新闻。Saxo Markets 首席投资策略师 Charu Chanana 在周一的一份报告中表示，Warsh 对美联储领导层的潜在影响与美元走强相吻合，这可能在短期内加大对金属的压力。Klay Group 的联合首席投资官 Uday Vikram 指出，市场已经定价了一个更受政治压力和鸽派的美联储的叙事，强化了对美元贬值和对硬资产作为法定货币替代品的强劲需求的主题。“这次抛售是一次直面现实的检验，” Uday 说。他指出，投资者现在正在重新评估市场是否即将转向更严格的货币政策——一个优先考虑信誉、纪律和独立性的美联储领导层，超出了市场的假设。</p>
</div><p>Chanana added that headlines over the Fed’s looming leadership transition were compounded by CME Group raising margin requirements, a move that forced leveraged investors to liquidate positions rapidly.</p>
<div class="lb-trans"><p>Chanana 补充说，美联储即将进行领导层过渡的头条新闻与 CME 集团提高保证金要求的消息相叠加，这一举措迫使杠杆投资者迅速平仓。</p>
</div><p>The price decline was further accelerated by reports that China halted trading in several commodity-linked funds – notably silver. This increased uncertainty and forced selling dynamics for some holders, she noted.</p>
<div class="lb-trans"><p>价格下跌进一步加速，原因是有报道称中国暂停了对多个与商品相关的基金的交易——尤其是白银。这增加了不确定性，并迫使一些持有者进行抛售，她指出。</p>
</div><h2>Local counters lose steam</h2>
<div class="lb-trans"><h2>本地股票失去动力</h2>
</div><p>Gold producer CNMC Goldmine bore the greatest hit from the sell-off, declining 12.6 per cent as at 2.28 pm on Monday. Despite the hit, the counter remained up more than 337 per cent year on year.</p>
<div class="lb-trans"><p>黄金生产商中色金矿在抛售中受到的打击最大，截至周一下午 2:28 下跌 12.6%。尽管受到打击，该股票年同比仍上涨超过 337%。</p>
</div><p>Bullion retailers and pawnbrokers whose inventory values are directly tied to spot prices also retreated.</p>
<div class="lb-trans"><p>与现货价格直接相关的黄金零售商和典当商的库存价值也有所回落。</p>
</div><p>ValueMax dropped 10.3 per cent as at 2.28 pm, while maintaining gains of more than 11 per cent year to date. It climbed around 130 per cent in the past year.</p>
<div class="lb-trans"><p>截至下午 2:28，ValueMax 下跌 10.3%，但年初至今仍保持超过 11% 的涨幅。过去一年上涨约 130%。</p>
</div><p>Meanwhile, financial and luxury retailer MoneyMax Financial Services was down 2.8 per cent, though its shares remain at nearly double its value from a year earlier. The pawnbroker said in a bourse filing on Monday that it anticipates a “significant improvement” in net profit for both the second half and full year of 2025 compared with the same periods in 2024.</p>
<div class="lb-trans"><p>与此同时，金融和奢侈品零售商 MoneyMax Financial Services 下跌 2.8%，尽管其股价仍接近一年前的两倍。该典当商在周一的交易所公告中表示，预计 2025 年下半年和全年净利润将显著改善，与 2024 年同期相比。</p>
</div><p>This is primarily driven by two key areas: the company’s pawnbroking division, which benefited from higher interest income, and its gold and luxury retail segment, which got a boost from elevated bullion prices and a surge in sales volume, said MoneyMax.</p>
<div class="lb-trans"><p>这主要得益于两个关键领域：公司的典当业务受益于更高的利息收入，以及其黄金和奢侈品零售部门受益于高企的黄金价格和销售量激增，MoneyMax 表示。</p>
</div><p>In January, MoneyMax received in-principle approval from SGX to move from the Catalist to the mainboard. This transition reflects the group’s rapid expansion and positions the company among larger peers to better unlock shareholder value.</p>
<div class="lb-trans"><p>在 1 月份，MoneyMax 获得了 SGX 的原则性批准，允许其从 Catalist 转至主板。这一转变反映了集团的快速扩张，并使公司在更大的同行中更好地释放股东价值。</p>
</div><p>Aspial Lifestyle , owner of jewellery chains Lee Hwa and Goldheart and pawnbroker Maxi-Cash, shed 5.4 per cent as at 2.28 pm. It has advanced more than 23 per cent year since the start of the year.</p>
<div class="lb-trans"><p>Aspial Lifestyle，拥有 Lee Hwa 和 Goldheart 珠宝连锁店以及典当商 Maxi-Cash，截至下午 2:28 下跌 5.4%。自年初以来，该公司股价已上涨超过 23%。</p>
</div><p>Meanwhile, the broader market reflected caution as the SPDR Gold Shares exchange-traded fund retreated 11.9 per cent as at 2.28 pm, having risen 48.5 per cent over the past year.</p>
<div class="lb-trans"><p>与此同时，整体市场表现谨慎，截至下午 2:28，SPDR 黄金股票交易所交易基金下跌 11.9%，而过去一年上涨 48.5%。</p>
</div><h2>Volatility ahead</h2>
<div class="lb-trans"><h2>前方波动</h2>
</div><p>In the near term, CMC Markets’ Forbes believes that gold is more likely to trade “violently” within a high plateau than collapse, with a key range of US$4,800 to US$5,000 an ounce.</p>
<div class="lb-trans"><p>在短期内，CMC Markets 的 Forbes 认为，黄金更可能在一个高位平台内 “剧烈” 交易，而不是崩溃，关键区间为每盎司 4800 至 5000 美元。</p>
</div><p>He added that in the longer term, the forces behind this rally – negative real rates, loose fiscal policy and geopolitical risk – still support structurally higher prices. However, he noted that gold’s path will be choppier.</p>
<div class="lb-trans"><p>他补充说，从长远来看，推动此次反弹的力量——负实际利率、宽松的财政政策和地缘政治风险——仍然支持结构性更高的价格。然而，他指出，黄金的走势将更加波动。</p>
</div><p>Similarly, Klay Group’s Uday said: “In the near term, we could see continued downward pressure as positions unwind due to profit-taking, leverage and weaker hands being forced out…</p>
<div class="lb-trans"><p>同样，Klay Group 的 Uday 表示：“在短期内，由于获利了结、杠杆和弱势投资者被迫退出，我们可能会看到持续的下行压力……</p>
</div><p>“But over the longer term, the structural drivers behind gold and select commodities remain intact, offering long-term investors a clear opportunity to re-engage.”</p>
<div class="lb-trans"><p>“但从长远来看，推动黄金和部分商品的结构性因素仍然存在，为长期投资者提供了重新参与的明确机会。”</p>
</div>

在新加坡交易所上市的与黄金挂钩的股票因黄金十年来最严重的下跌而失去动力