技術回吐還是價值回歸？黃金股集體跳水
uSMART友信智投7月28日消息，AH股黃金板塊早市集體回吐，截止上午11點，港股山東黃金下跌達4%，而該股今天是以上升9.6%開市，振幅超過了13%。
此外，資金礦業下跌3.4%，招金礦業下跌達9.3%。
消息面上，相關統計資料可能給市場潑了冷水。中國黃金協會今日發佈報告，預計2020年中國白銀總需求量仍將下滑3%，至9.634億盎司(29967噸)；2020年白銀總供應量或將下降4%，至9.781億盎司(30424噸)，工業需求量將下降7%。預計2020年銀飾銷售將再下降9%。
中國黃金協會最新資料顯示， 今年上半年全國生產黃金217.80噸，與2019年同期相比同比下降7.30%；上半年，全國黃金消費量323.29噸，與2019年同期相比下降38.25%。
衍生品方面，山東黃金有7隻認購證跌幅超過15%，目前跌幅最大的是東金瑞信零甲購（11333），下跌超20%。
分析指出，美元疲軟、市場押注美聯儲將進一步放寬貨幣政策支撐了金銀價格的上升。此外，對國際關係的擔憂，迫使投資者轉向傳統的避險資產，美國經濟復蘇可能因為新冠肺炎病例再度激增而停滯，這也是不少分析人士猜測美聯儲會採取更多的刺激措施的原因之一。
分析師John Authers指出，黃金多頭如今有一個很強大的優勢是，雖然現貨金價屢創紀錄新高，但與此同時，幾乎沒有明顯跡象顯示出當前黃金出現1980年金價飆升時的投機過度狀況。
展望後市，黃金市場也不乏風險。財經網站Forexlive分析師 Justin Low分析稱，毫無疑問，金價在未來幾年將持續攀升。但在此過程中，預計將出現大幅回吐，但這也已成為投資者之間的共識，畢竟市場上沒有什麼東西是直線運動的。他表示：
“目前，在各國基準利率走低、美元走軟和波動性下降的背景下，金價突破2011年高點創下歷史新高。儘管如此，我認為黃金試圖突破並保持在2000美元上方波動可能很難實現，除非上述背景中其中一個因素出現大規模延伸。”
此外，也有跡象表明，期貨市場可能會出現投機過剩。更多的投資者選擇在合約結束時進行實物交割，這也給做空貴金屬的銀行自營掉期交易商帶來了問題。
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