Core Viewpoint - Citi Research warns that gold valuations have reached extreme levels, with global gold spending as a percentage of GDP soaring to 0.7%, the highest in 55 years. If the gold allocation ratio returns to the historical norm of 0.35%-0.4%, gold prices could face a "halving" risk [1][2][8]. Group 1: Current Valuation and Market Dynamics - The current annual global spending on gold as a percentage of GDP has reached 0.7%, significantly exceeding levels during the 1980 oil crisis [2]. - Gold prices have decoupled from mining production costs, with high-cost gold miners experiencing profit margins at a 50-year high [4]. - The ratio of gold to global broad money supply has risen to 16%, surpassing the peak during the early 1970s oil crisis [4]. Group 2: Future Price Predictions - Citi maintains a 0-3 month target price of $5,000 per ounce but expresses caution for the second half of 2026, predicting a decline to $4,000 per ounce by 2027 [1][14]. - The baseline scenario anticipates gold prices to average $4,600 per ounce in 2026, with quarterly predictions of $5,000 in Q1, $4,800 in Q2, $4,400 in Q3, and $4,200 in Q4 [14]. Group 3: Risks and Market Sentiment - A mere 5% exit of profit-taking could negate global physical demand, posing a significant risk to the market [12]. - Factors supporting current high gold prices, such as geopolitical tensions and economic conditions, are expected to diminish by late 2026, potentially leading to a decrease in gold's investment appeal [9]. - The potential for a return to a balanced pricing based on savings distribution could see gold prices drop to between $2,500 and $3,000 per ounce if the allocation ratio normalizes [8].

2月3日早盘，现货黄金开盘反弹，重回4800美元。 受金价上涨影响，商品黄金相关ETF早盘涨约4%。 | 代码 | 家 | 名称 | 现价 | 涨跌 | 7 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 159980 | 商 | 有色ETF大成 T+0 | 2.083 | 0.094 | 4.73% | | 518660 | 商 | 黄金ETF工银 T+0 | 10.327 | 0.409 | 4.12% | | 518860 | 歴 | 上海金ETF建信 T+0 | 10.370 | 0.418 | 4.20% | | 518880 | 南 | 黄金ETF T+0 | 10.317 | 0.409 | 4.13% | | 518800 | 商 | 黄金ETF国泰 T+0 | 10.201 | 0.399 | 4.07% | | 159934 | 商 | 黄金ETF易方达 T+O | 10.774 | 0.412 | 3.98% | | 159937 | 南 | 黄金ETF博时 T+0 | 10.292 | 0.394 | 3.98% | | 518680 | 商 ...

全球贵金属市场在上周五经历了一场历史性的暴跌，白银单日重挫近30%，黄金也大幅回撤。 尽管跌幅惊人，但多家华尔街投行分析师认为，这是一场由过度拥挤的持仓和保证金上调引发的技术性 出清，而非基本面逻辑的根本性逆转。 市场数据显示，iShares Silver Trust上周五下跌28.5%至75.44美元，创下有史以来最大单日跌幅；SPDR Gold Shares下跌10.3%至444.95美元。 据高盛交易部门观察，白银的波动率飙升至仅在全球金融危机最严重时期和新冠疫情封锁期间才出现过 的极端水平，其ETF名义交易量超过320亿美元。 该行在周日的研究报告中写道，黄金仍是一个动态的、多层面的投资组合对冲工具，央行和投资者的需 求依然强于预期。摩根大通预测，在央行购金和投资者需求的推动下，金价将在2026年年底达到每盎司 6,300美元。尽管金价越高"空气越稀薄"，但结构性反弹并未面临崩盘风险。 摩根大通目前预测，2026年各国央行的黄金购买量将达到800吨，理由是外汇储备多元化的趋势正在持 续不断。 相比之下，摩根大通对白银持"更加谨慎"的态度。分析师指出，白银近期上涨的驱动因素难以量化，且 缺乏像央行那样明 ...

Core Viewpoint - The spot gold price has rebounded, surpassing $4800 per ounce, indicating a strong upward trend in precious metals [1][7]. Price Movements - On February 3, spot gold opened with a nearly 2% increase, reaching $4802.115 per ounce, while spot silver rose over 5% to $83.594 per ounce [1][7]. - The latest data shows that the London gold price is at $4803.714, reflecting a 3.10% increase, and COMEX silver futures are reported at $83.24, up over 8% [3][8]. Market Analysis - Analysts from JPMorgan predict that the upward momentum in gold prices will continue, with expectations for gold to reach $6300 per ounce by the end of 2026 due to strong demand from central banks and investors [5][10]. - Citigroup maintains a target price of $5000 per ounce for the next 0-3 months but expresses caution for the second half of 2026, forecasting a potential drop to $4000 per ounce by 2027 [5][10]. - The current bull market in gold is driven more by significant capital allocation from investors rather than central bank purchases, with an estimated $1 trillion inflow contributing to the price increase [5][10].

Group 1 - The market is expected to enter a medium to long-term consolidation phase after a short-term momentum decline [10] - The Shanghai government has initiated a program to purchase second-hand housing for affordable rental housing projects, targeting new citizens, young people, and graduates [5] - The Ministry of Industry and Information Technology has approved a new national standard for automotive door handles, set to be implemented in 2027, addressing safety and usability issues [5] Group 2 - The National Development and Reform Commission and other departments have released guidelines for the construction of a low-altitude economy standard system, aiming for over 300 standards by 2030 [3] - The Ministry of Finance has introduced a temporary method for long-term asset input tax deduction, allowing full deduction for mixed-use assets upon purchase [4] - The stock of Guokai Military Industry has experienced significant price fluctuations, with a recent announcement clarifying that its commercial aerospace projects are still in the R&D phase and have minimal impact on revenue [7]

格隆汇2月3日｜摩根大通数据显示，由于收益率稳定且对冲成本下降提升了美国信用资产的吸引力，外 国投资者在今年1月以近三年来最快的速度买入美国公司债券。摩根大通策略师Nathaniel Rosenbaum和 Silvi Mantri等在报告中指出，当月最后一周的买盘有所放缓，日均净流入降至2.4亿美元，较前一周下 降59%。但1月份日均净买入额仍达到3.32亿美元，创下自2023年2月以来的最高水平。华尔街一直密切 关注美元走弱是否可能引发外资更广泛撤离美国资产的迹象。然而截至目前，外资对公司债券的配置仍 保持韧性，表明美元疲软尚未导致大规模资金轮动。 ...

Core Insights - The majority of global family offices do not invest in cryptocurrency, with 89% having no exposure to it, as per JPMorgan Private Bank's 2026 Global Family Office Report [1][3] - Traditional hedges like gold are also largely avoided, with 72% of family offices reporting no gold exposure [1] - Despite the current geopolitical risks, family offices are opting for other investment strategies to hedge their portfolios [2] Investment Trends - A small percentage, 17%, of wealthy families indicated that they would prioritize cryptocurrency and digital assets in the future, but this is significantly overshadowed by the 65% who plan to invest in AI [3] - On average, family offices allocate about 75% of their assets to public equities and alternative investments, with a focus on U.S. large-cap equities and drawdown funds in private investments [4] Research Methodology - The report is based on interviews with 333 family offices across 30 countries, with an average net worth of participants being $1.6 billion [4] - The findings reflect a collaboration with sophisticated family offices, emphasizing the depth of the research conducted [5]

JPMorgan expects gold prices to hit $6,300 per ounce by the end of 2026 – despite bullion suffering its sharpest one-day drop since 1983 on Friday.Gold futures fell 0.9% Monday, continuing its descent following news that President Trump plans to nominate former Fed governor Kevin Warsh to lead the Federal Reserve – an expected pick that calmed investor nerves.But JPMorgan expects gold prices to hit $6,300 per ounce by the end of 2026 as investors and central banks continue to buy up the safe-haven asset. JP ...

JPMorgan Chase & Co. (NYSE:JPM) is among the Ken Fisher Stock Portfolio: 12 Best Stocks to Buy. JPMorgan Chase and Bank of America Will Match $1,000 US Contributions to Employee 'Trump Accounts' JPMorgan Chase & Co. (NYSE:JPM), Bank of America, and Wells Fargo stated on January 28, 2026, that they would match the $1,000 one-time contribution made by the US government to children’s retirement savings accounts for qualified employees, as reported by CNBC. As part of a pilot initiative, eligible children bo ...

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Quick Summary ChatGPT thinks JPMorgan stock could trade lower over the next 60 days, projecting an average price around $295 by mid-April. Investors looking to express a view can build exposure incrementally using commission-free fractional shares on SoFi, starting with as little as $5, and new users can receive up to $1,000 in free stock. Rather than slowly scaling position size through a retail accou ...