一场“不讲武德”的游戏:大宗商品的“逼仓”狂潮

华尔街见闻
Dec 13, 2025

01 当黄金被按住,白银开始“说话”当黄金“被管理”,白银接过“话筒”但如果只是短期消息刺激,行情走不了这么远。我觉得,更底层的逻辑在于,金银比交易的内涵今年发生了微妙变化。以前,金银比走低(白银涨得比黄金快),通常单纯意味着市场更乐观、更“risk on”。但今年多了两层新意思:黄金“戴上了缰绳”:大家注意到了吗?国内外对黄金这个“政治属性”极强的品种,时不时会有一些管理动作。比如上个月底,国内...

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