2026/7/6

黃金新聞

各國央行5月淨購入41噸黃金，增持黃金儲備

世界黃金協會亞太區高級研究主管 Marissa Salim 的最新數據顯示，5 月份主權黃金需求大幅上升，各國央行購買量達到今年第二高水平，僅次於 2 月份的驚人表現。

薩利姆週四寫道：“各國央行在5月份重拾購金模式，而且步伐更加輕快。根據最新公佈的數據，官方黃金儲備當月淨增41噸，購買行為再次集中在一些熟悉的買家手中。”
最大的買家是波蘭，購入18噸，其次是中國，購入10噸。烏茲別克和哈薩克也延續了近期的黃金購買動能。薩利姆指出：「新加坡也重回買家行列，淨購入4噸黃金，這是自2025年9月以來首次實現月度淨購入。」他還表示：「同時，本月淨賣出出國為土耳其（3噸）和俄羅斯（6噸），年初至今的淨賣出量分別為81噸和34噸。」

波蘭在年度黃金購買量方面也領先所有主權買家，2026 年累計購入黃金 64 噸，其次是烏茲別克（33 噸）、中國（25 噸）和哈薩克（20 噸）。
薩利姆也指出，儘管自伊朗戰爭爆發以來金價暴跌，但各國央行總裁仍傾向於增加黃金儲備。她寫道：“正如我們在第九期《2026年央行黃金儲備調查》中所公佈的，89%的央行行長預計未來12個月全球黃金儲備將會增加。與此同時，創紀錄的45%的央行行長預計未來12個月本行的黃金儲備也將增加。”

美元新聞

日本表示將繼續威脅幹預日元，並與美國保持密切聯繫

日本財務大臣片山五月週五向外匯市場發出新的警告，稱東京正就外匯問題與華盛頓保持定期聯繫，並準備在日元從40年來的低點反彈後繼續支持日元。
週四疲軟的美國就業報告打擊了市場對聯準會即將升息的預期，美元整體走軟，日圓因此獲得一定程度的緩解。

片山在例行記者會上被問及日元持續疲軟時表示：“我們的立場絲毫沒有改變。我們將在任何時候根據需要做出適當回應。”
片山強調政府保持警惕，並表示日本和美國當局在外匯問題上保持密切聯繫，「即使美國放假期間也是如此」。
週四日圓兌美元匯率突然飆升，交易員們警惕政府可能進行幹預，並對官方可能採取的新購匯策略感到不安。交易員表示，此次波動幅度太小，不足以顯示政府會介入。
週五，日圓兌美元匯率為161.2，此前日圓兌美元匯率在周二觸及40年來的低點162.84。

該貨幣持續疲軟已成為政策制定者日益頭痛的問題，推高了進口原材料的成本，加劇了因伊朗戰爭而面臨能源價格上漲的家庭和企業的困境。
本週，日本企業界面臨壓力的新證據浮現。智庫東京商工研究所發布的報告顯示，今年上半年與日圓疲軟相關的破產企業總數達到 45 家，比去年同期成長了 32.3%。
報告稱，“日圓貶值導致原材料和商品進口成本上升，這對定價能力有限的批發商造成了沉重打擊”，並補充說，此類破產事件在可預見的未來可能會持續高企。
當被問及日圓引發的破產潮時，片山表示，政府打算徹底實施振興私部門活動的措施。

Market Commentary

Gold’s bull run is set to continue in 2026, and crypto’s weakness could boost silver higher

While Bitcoin, AI and the tech sector are likely to take a step back in 2026, gold’s bull run still has legs – and crypto’s weakness could add to silver’s strength, according to Charlie Morris, CIO and founder of ByteTree.
ByteTree created the BOLD Index, which blends Bitcoin and gold on a risk-weighted basis, and the 21Shares BOLD ETP (BOLD) which tracks the index is listed across Europe. The theory behind the BOLD index is that gold and Bitcoin are uncorrelated alternative assets, so balancing between them is very advantageous.

Morris is very bullish on both Bitcoin and gold over the long term. Five years ago – well before the current bull market had even begun – he predicted that the yellow metal would hit $7,000 per ounce by 2030. This was an extreme outlier at the time, but with gold prices gaining around $2,500 in the five years since, it looks less outlandish by the day.
“Generally speaking, I don't make projections, but I did in 2020 make that projection,” Morris told Kitco News. “It's not looking so stupid now.”
“It's all worked for the wrong reasons, which is hilarious,” he said. “And maybe the [original] reasons come true later, but my simple thesis was that long-term expectations for inflation rose in the Western world, from 2% to about 4%, and the money printing would see lasting inflation.”

Morris said markets have since seen monetary inflation, but not yet sustained consumer inflation. Still, he believes this will materialize eventually. “It just seems so inevitable with these persistent deficits that at some point it will come through,” he said. “I just don't see how you can come into this world full of money and for it not to feed through eventually, particularly with policymakers so focused these days on the real economy. As money finds its way into the real economy, then that's got to be inflationary sooner or later.”