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进入2014年以来,贵金属求场与之前相比发生了巨大的变化。这里所说的变化并不是指价格的涨跌,而是指不同市场间黄金的价差开始令专业的投资者及投资机构捉摸不透。主要则是表现在境内外价差开始缩窄,甚至倒挂(一般情况下,由于中国实物黄金需求量较大,境内金价会高于境外黄金价格,但春节以来这种现象已经出现了转变),以及国内两个交易所的期现价差出现异常。这种现象的持续也引发了我们的思考。
Since entering 2014, there has been a tremendous change in the demand for precious metals. The change mentioned here does not refer to price fluctuations but refers to the fact that the spread between gold in different markets has begun to elusive professional investors and investment institutions. This is mainly reflected in the narrowing and even upside-down of domestic and international spreads (in general, this phenomenon has changed since the Spring Festival due to the greater demand for physical gold in China and higher domestic gold prices than overseas gold prices), and The current price difference between the two domestic exchanges is abnormal. The persistence of this phenomenon has also triggered our thinking.