花旗 Research 表示,其认为贵金属的上行交易仍未结束,白银将继续跟随黄金方向,并因波动弹性更高成为更激进的上涨表

智通财经
Aug 12
花旗 Research 表示,其认为贵金属的上行交易仍未结束,白银将继续跟随黄金方向,并因波动弹性更高成为更激进的上涨表达。若霍尔木兹海峡局势最终降温,叠加美联储立场不再那么鹰派,贵金属投资需求将继续恢复。近期行情已经给这一判断提供背景。COMEX 8 月黄金期货结算价上涨 0.49%,报 4383 美元/盎司;白银期货当日回落 0.5% 至 64.769 美元/盎司,结束两日连涨。花旗认为,短线回调并不改变白银作为黄金高 beta 资产的定位,若地缘风险缓和推动资金重新进入贵金属,白银将有机会在 2027 年升至 95 美元/盎司。不过,花旗也保留了风险情景。该行认为,白银仍有约 20% 概率跌至 50 美元/盎司,说明当前贵金属交易仍高度依赖利率预期、美元走势和地缘风险。对市场来说,黄金仍是防御与降息预期的核心资产,白银则更适合表达风险偏好回升后的弹性行情。

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