<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>貴金屬今年大幅上漲，延續了去年底的強勁漲勢。當然，主要的催化劑是地緣政治。然而，在格林蘭危機於週三得到緩解後，黃金和白銀價格持續上漲。是什麼推動了貴金屬的這一非凡走勢，這種趨勢會持續嗎？</p>
<p>黃金價格在週四到週五早間非常接近每盎司 5,000 美元，最高超過 4,950 美元。白銀的漲幅更為驚人，接近每盎司 100 美元，自年初以來在不到一個月的時間內上漲超過 35%。交易者現在關注即將到來的事件，例如下週的 FOMC，以尋找趨勢是否會繼續的跡象。</p>
<h3><strong>不僅僅是地緣政治</strong></h3>
<p>上週，有跡象表明黃金接近天花板。它兩次創下新高，但在獲利回吐中迅速回落。然後，美國總統唐納德·特朗普因格林蘭問題威脅對歐洲盟友徵收關税，令製造商和外交界感到震驚。投資者紛紛尋求避險，推動整個貴金屬市場上漲。</p>
<p>但特朗普相對迅速地收回了他的威脅，週三表示他已就格林蘭達成框架協議。市場對這一消息的反應相對平淡，因為他們本就不相信他會付諸實施。避險需求並沒有明顯減弱。部分原因可能是格林蘭事件加深了世界兩大經濟體之間的貿易分歧，而和解並未消除造成的損害。<strong>歐盟議會同意推遲對去年簽署的美歐貿易協議的批准。</strong> 代表們在斯特拉斯堡表示對美國日益增長的不信任，該貿易協議面臨更大的通過障礙。</p>
<h3><strong>其他問題依然存在</strong></h3>
<p><strong>美元在過去一週大幅走弱</strong>，這自然支持了以美元計價的貴金屬。傳言稱，尚未得到證實的歐盟基金正在出售美國債務，以懲罰美國總統在格林蘭問題上的行為。儘管如此，美國收益率上升，而美元走弱，這表明全球儲備貨幣的信任度下降。</p>
<p>中國作為全球最大的黃金買家，被視為在這一形勢中獲利。例如，中國人民銀行設定了兩年來最低的人民幣日參考匯率，低於每美元 7 元。新興市場指數上漲，美國小型企業也上漲，都是交易者尋求收益的跡象。<strong>最強勢的貨幣是澳元和新西蘭元，它們依賴於對中國的出口，特別是價值儲存商品。</strong> 所有這些都表明，儘管大西洋兩岸的地緣政治緊張局勢有所緩解，去美元化的交易仍在繼續。</p>
<h3><strong>接下來會如何？</strong></h3>
<p>雖然黃金仍然是尋求保護資產的交易者的首選，但 <strong>白銀的表現引起了許多分析師的關注。</strong> 大多數白銀用於工業應用，包括太陽能電池板，這是一個在能源轉型中不斷增長的行業。實際上，供應並未跟上需求，開發新的銀礦需要數年時間。事實上，大多數白銀是作為其他礦業操作的副產品生產的，例如銅礦開採。</p>
<p>隨着委內瑞拉、伊朗以及現在關於烏克蘭戰爭的重新討論，市場的地緣政治風險依然很高。在這種情況下，更加鴿派的美聯儲或美國經濟表現不佳可能進一步支持貴金屬。</p>
<hr/>
<p><em>更多來自此作者的內容：</em></p>
<p>日內分析 - 1 月 23 日，星期五</p>
<p>特朗普的格林蘭交易推動美元上漲</p>
<p>日內分析 - 1 月 22 日，星期四</p>

<p>黃金和白銀價格飆升，黃金接近每盎司 5000 美元，白銀接近 100 美元。地緣政治緊張局勢，特別是圍繞格林蘭的局勢，最初推動了對避險資產的需求。然而，在特朗普總統緩和威脅後，市場反應平淡。美元走弱和美國收益率上升表明對全球儲備貨幣的信任度下降。分析師指出，白銀的工業需求超過了供應，而地緣政治風險依然高企。即將舉行的事件，包括 FOMC 會議，可能會影響貴金屬趨勢的延續</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>貴金屬今年大幅上漲，延續了去年底的強勁漲勢。當然，主要的催化劑是地緣政治。然而，在格林蘭危機於週三得到緩解後，黃金和白銀價格持續上漲。是什麼推動了貴金屬的這一非凡走勢，這種趨勢會持續嗎？</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>黃金價格在週四到週五早間非常接近每盎司 5,000 美元，最高超過 4,950 美元。白銀的漲幅更為驚人，接近每盎司 100 美元，自年初以來在不到一個月的時間內上漲超過 35%。交易者現在關注即將到來的事件，例如下週的 FOMC，以尋找趨勢是否會繼續的跡象。</p>
</div><h3><strong>More than Just Geopolitics</strong></h3>
<div class="lb-trans"><h3><strong>不僅僅是地緣政治</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>上週，有跡象表明黃金接近天花板。它兩次創下新高，但在獲利回吐中迅速回落。然後，美國總統唐納德·特朗普因格林蘭問題威脅對歐洲盟友徵收關税，令製造商和外交界感到震驚。投資者紛紛尋求避險，推動整個貴金屬市場上漲。</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>但特朗普相對迅速地收回了他的威脅，週三表示他已就格林蘭達成框架協議。市場對這一消息的反應相對平淡，因為他們本就不相信他會付諸實施。避險需求並沒有明顯減弱。部分原因可能是格林蘭事件加深了世界兩大經濟體之間的貿易分歧，而和解並未消除造成的損害。<strong>歐盟議會同意推遲對去年簽署的美歐貿易協議的批准。</strong> 代表們在斯特拉斯堡表示對美國日益增長的不信任，該貿易協議面臨更大的通過障礙。</p>
</div><h3><strong>Other Issues Remain</strong></h3>
<div class="lb-trans"><h3><strong>其他問題依然存在</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>美元在過去一週大幅走弱</strong>，這自然支持了以美元計價的貴金屬。傳言稱，尚未得到證實的歐盟基金正在出售美國債務，以懲罰美國總統在格林蘭問題上的行為。儘管如此，美國收益率上升，而美元走弱，這表明全球儲備貨幣的信任度下降。</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>中國作為全球最大的黃金買家，被視為在這一形勢中獲利。例如，中國人民銀行設定了兩年來最低的人民幣日參考匯率，低於每美元 7 元。新興市場指數上漲，美國小型企業也上漲，都是交易者尋求收益的跡象。<strong>最強勢的貨幣是澳元和新西蘭元，它們依賴於對中國的出口，特別是價值儲存商品。</strong> 所有這些都表明，儘管大西洋兩岸的地緣政治緊張局勢有所緩解，去美元化的交易仍在繼續。</p>
</div><h3><strong>Where To From Here?</strong></h3>
<div class="lb-trans"><h3><strong>接下來會如何？</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>雖然黃金仍然是尋求保護資產的交易者的首選，但 <strong>白銀的表現引起了許多分析師的關注。</strong> 大多數白銀用於工業應用，包括太陽能電池板，這是一個在能源轉型中不斷增長的行業。實際上，供應並未跟上需求，開發新的銀礦需要數年時間。事實上，大多數白銀是作為其他礦業操作的副產品生產的，例如銅礦開採。</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>隨着委內瑞拉、伊朗以及現在關於烏克蘭戰爭的重新討論，市場的地緣政治風險依然很高。在這種情況下，更加鴿派的美聯儲或美國經濟表現不佳可能進一步支持貴金屬。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多來自此作者的內容：</em></p>
</div><p>Intraday Analysis - Friday, Jan. 23</p>
<div class="lb-trans"><p>日內分析 - 1 月 23 日，星期五</p>
</div><p>Trump’s Greenland Deal Propels The Dollar</p>
<div class="lb-trans"><p>特朗普的格林蘭交易推動美元上漲</p>
</div><p>Intraday Analysis - Thursday, Jan. 22</p>
<div class="lb-trans"><p>日內分析 - 1 月 22 日，星期四</p>
</div>

When Will Gold Crack $5,000/oz?

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黃金何時能突破每盎司 5000 美元？