{"id":8889,"date":"2025-10-28T15:44:00","date_gmt":"2025-10-28T04:44:00","guid":{"rendered":"https:\/\/www.ad-fx.com\/why-gold-spreads-widen-under-market-stress-gold-swaps-efps-and-dislocations\/"},"modified":"2026-01-14T14:11:39","modified_gmt":"2026-01-14T03:11:39","slug":"why-gold-spreads-widen-under-market-stress-gold-swaps-efps-and-dislocations","status":"publish","type":"post","link":"https:\/\/www.adfxzh.com\/zh-hant\/blog\/why-gold-spreads-widen-under-market-stress-gold-swaps-efps-and-dislocations\/","title":{"rendered":"\u70ba\u4ec0\u9ebc\u9ec3\u91d1\u9ede\u5dee\u6703\u5728\u5e02\u5834\u58d3\u529b\u4e0b\u7a81\u7136\u8b8a\u5bec\uff1a\u9ec3\u91d1\u6389\u671f\u3001\u671f\u73fe\u4e92\u63db\u8207\u5e02\u5834\u932f\u4f4d"},"content":{"rendered":"\n

\u7576\u5e02\u5834\u52d5\u76ea\u4f86\u8972\u6642\uff0c\u9ec3\u91d1\u4ea4\u6613\u6709\u6642\u6703\u8b8a\u5f97\u6709\u9ede\u201c\u53cd\u5e38\u201d\u2014\u2014\u5373\u4fbf\u662f\u898b\u6163\u5927\u98a8\u5927\u6d6a\u7684\u8001\u624b\uff0c\u4e5f\u6703\u88ab\u9019\u7a2e\u60c5\u6cc1\u641e\u5f97\u4e00\u982d\u9727\u6c34\u3002\u5f88\u591a\u96f6\u552e\u4ea4\u6613\u8005\u5e38\u898b\u7684\u7591\u554f\u662f\uff1a\u70ba\u4ec0\u9ebc XAU\/USD\uff08\u73fe\u8ca8\u9ec3\u91d1\u514c\u7f8e\u5143\uff09\u7684\u9ede\u5dee\u6703\u7a81\u7136\u5728\u6240\u6709\u5e73\u81fa\u4e0a\u540c\u6642\u8b8a\u5bec\uff1f\u5f88\u5bb9\u6613\u8b93\u4eba\u61f7\u7591\uff1a\u201c\u662f\u4e0d\u662f\u7d93\u7d00\u5546\u6545\u610f\u628a\u9ede\u5dee\u8abf\u9ad8\u4e86\uff1f\u201d \u3002\u5176\u5be6\uff0c\u9019\u985e\u60c5\u6cc1\u591a\u534a\u662f\u9ec3\u91d1\u5e02\u5834\u672c\u8eab\u51fa\u73fe\u4e86\u771f\u5be6\u7684\u7d50\u69cb\u6027\u932f\u4f4d\uff0c\u7279\u5225\u662f\u6d89\u53ca\u9ec3\u91d1\u6389\u671f\uff08gold swaps\uff09\u548c EFP\uff08Exchange for Physical\uff0c\u671f\u73fe\u4e92\u63db\uff09\u3002\u9019\u7bc7\u6587\u7ae0\u6703\u5e36\u4f60\u62c6\u89e3\u70ba\u4ec0\u9ebc\u58d3\u529b\u74b0\u5883\u4e0b\u9ede\u5dee\u6703\u8b8a\u5927\u3001EFP \u548c\u9ec3\u91d1\u6389\u671f\u5230\u5e95\u626e\u6f14\u4ec0\u9ebc\u89d2\u8272\u3001\u4ee5\u53ca\u70ba\u4ec0\u9ebc\u6240\u6709\u7d93\u7d00\u5546\u6703\u540c\u6642\u51fa\u73fe\u9019\u7a2e\u60c5\u6cc1\uff08\u4e26\u4e0d\u662f\u8ab0\u5728\u80cc\u5f8c\u52d5\u624b\u8173\uff09\u3002\u6587\u4e2d\u4e5f\u6703\u63d0\u5230 2020 \u5e74 3 \u6708\u548c 2024 \u5e74 3 \u6708\u7684\u771f\u5be6\u6848\u4f8b\uff0c\u770b\u770b\u9019\u4e9b\u5e02\u5834\u932f\u4f4d\u662f\u5982\u4f55\u767c\u751f\u7684\u3002\u770b\u5b8c\u4f60\u6703\u767c\u73fe\uff0c\u9019\u985e \u201c\u7570\u5e38\u201d\u5176\u5be6\u662f\u9ec3\u91d1\u9019\u500b\u5168\u7403\u5e02\u5834\u5728\u58d3\u529b\u4e0b\u7684\u6b63\u5e38\u8868\u73fe\uff0c\u800c\u50cf ADFX \u9019\u6a23\u7684\u7d93\u7d00\u5546\u53ea\u662f\u628a\u771f\u5be6\u5e02\u5834\u60c5\u6cc1\u50b3\u905e\u7d66\u4f60\uff0c\u800c\u4e0d\u662f\u6191\u7a7a\u88fd\u9020\u9ede\u5dee\u3002 <\/p>\n\n\n\n

\u4ec0\u9ebc\u662fEFP\uff1f\u5b83\u5982\u4f55\u9023\u63a5COMEX\u671f\u8ca8\u8207\u502b\u6566\u73fe\u8ca8 <\/strong> <\/h2>\n\n\n\n

\u9ec3\u91d1\u7684\u4e3b\u8981\u4ea4\u6613\u5834\u666f\u6709\u5169\u500b\uff1a\u502b\u6566\u5834\u5916OTC\u73fe\u8ca8\u5e02\u5834\uff08\u7528\u65bc\u7acb\u5373\u4ea4\u5272\u7684\u5be6\u7269\u9ec3\u91d1\uff09\u4ee5\u53ca\u7d10\u7d04COMEX\u671f\u8ca8\u5e02\u5834\uff08\u7528\u65bc\u672a\u4f86\u4ea4\u5272\uff09\u3002EFP\uff0c\u4e5f\u5c31\u662f\u671f\u73fe\u4e92\u63db\uff0c\u662f\u9019\u5169\u8005\u4e4b\u9593\u7684\u6a4b\u6a11\u3002\u5b83\u672c\u8cea\u4e0a\u662fCOMEX\u9ec3\u91d1\u671f\u8ca8\u50f9\u683c\u8207\u502b\u6566\u73fe\u8ca8\u50f9\u683c\u4e4b\u9593\u7684\u50f9\u5dee\u3002\u5728\u6b63\u5e38\u6642\u671f\uff0cEFP\u901a\u5e38\u975e\u5e38\u5c0f\u2014\u2014\u53ef\u80fd\u53ea\u6709\u5e7e\u7f8e\u5143\u751a\u81f3\u66f4\u5c11\uff0c\u53cd\u6620\u7684\u5c31\u662f\u5009\u5132\u8cbb\u3001\u5229\u7387\u4ee5\u53ca\u4e00\u4e9b\u5957\u5229\u6210\u672c\u3002\u56e0\u70ba\u6301\u6709\u5be6\u8ca8\u9ec3\u91d1\u9700\u8981\u6210\u672c\uff0c\u800c\u6301\u6709\u73fe\u91d1\u9084\u80fd\u8cfa\u5229\u606f\uff0c\u6240\u4ee5\u671f\u8ca8\u50f9\u683c\u901a\u5e38\u6703\u7565\u9ad8\u65bc\u73fe\u8ca8\u3002\u4ea4\u6613\u8005\u53ef\u4ee5\u901a\u904eEFP\u628a\u671f\u8ca8\u982d\u5bf8\u63db\u6210\u5be6\u7269\uff0c\u6216\u53cd\u904e\u4f86\uff0c\u6bd4\u5982\u8aaa\u4e00\u5bb6\u9280\u884c\u6301\u6709\u8ce3\u51fa\u7684\u671f\u8ca8\uff0c\u5b83\u53ef\u80fd\u901a\u904eEFP\u5f9e\u502b\u6566\u62ff\u5230\u5be6\u8ca8\u7528\u65bc\u4ea4\u5272\u3002 <\/p>\n\n\n\n

\u5728\u6b63\u5e38\u5e02\u5834\u4e0b\uff0c\u73fe\u8ca8\u548c\u671f\u8ca8\u4e4b\u9593\u7684\u5957\u5229\u6703\u8b93\u50f9\u683c\u4fdd\u6301\u7dca\u5bc6\u806f\u52d5\u3002\u5982\u679c\u5169\u8005\u5dee\u5f97\u592a\u9060\uff0c\u8070\u660e\u7684\u4ea4\u6613\u8005\u5c31\u6703\u8cb7\u4fbf\u5b9c\u8ce3\u8cb4\uff0c\u50f9\u5dee\uff08\u4e5f\u5c31\u662f basis\uff09\u81ea\u7136\u6703\u88ab\u58d3\u56de\u5408\u7406\u6c34\u6e96\u3002\u9019\u4e5f\u662f\u70ba\u4ec0\u9ebc\u4f60\u5728\u4e0d\u540c\u5e73\u81fa\u4e0a\u770b\u5230\u7684\u9ec3\u91d1\u50f9\u683c\u901a\u5e38\u6bd4\u8f03\u4e00\u81f4\u3002 <\/p>\n\n\n\n

\u7136\u800c\uff0c\u7576\u5e02\u5834\u9762\u81e8\u58d3\u529b\u6642\uff0cEFP\u5229\u5dee\u53ef\u80fd\u6703\u5927\u5e45\u201c\u4e95\u5674\u201d\u3002\u9019\u610f\u5473\u8457\u671f\u8ca8\u50f9\u683c\u548c\u73fe\u8ca8\u50f9\u683c\u76f8\u5dee\u7570\u5e38\u5927\u3002\u6b63\u7684EFP\uff08\u671f\u8ca8>\u73fe\u8ca8\uff09\u53ef\u80fd\u6703\u7a81\u7136\u5f9e\u5e7e\u7f8e\u5143\u8e8d\u5347\u81f3\u6578\u5341\u7f8e\u5143\u3002\u63db\u53e5\u8a71\u8aaa\uff0c\u201c\u7d19\u9ec3\u91d1\u201d\uff08\u671f\u8ca8\uff09\u548c\u201c\u5be6\u7269\u9ec3\u91d1\u201d\uff08\u73fe\u8ca8\uff09\u4e4b\u9593\u7684\u57fa\u790e\u64f4\u5927\u3002\u9019\u662f\u4e00\u500b\u4fe1\u865f\uff0c\u8868\u660e\u901a\u5e38\u7684\u5957\u5229\u6a5f\u5236\u51fa\u73fe\u4e86\u554f\u984c–\u901a\u5e38\u662f\u56e0\u70ba\u5be6\u969b\u4e0a\u5f88\u96e3\u57f7\u884c\u4ea4\u6613\u7684\u5be6\u7269\u65b9\u9762\u3002\u4ea4\u5272\u7269\u6d41\u6216\u53ef\u4ea4\u5272\u9ec3\u91d1\u77ed\u7f3a\u7b49\u60c5\u6cc1\u53ef\u80fd\u6703\u963b\u6b62\u5957\u5229\uff0c\u5f9e\u800c\u5c0e\u81f4\u50f9\u5dee\u98c6\u5347\u3002 <\/p>\n\n\n\n

\u9ec3\u91d1\u6389\u671f\u8207\u79df\u501f\u5229\u7387\uff1a\u8861\u91cf\u9ec3\u91d1\u6d41\u52d5\u6027\u58d3\u529b\u7684\u91cd\u8981\u4fe1\u865f<\/strong> <\/h2>\n\n\n\n

\u9ec3\u91d1\u5e02\u5834\u4e2d\u53e6\u4e00\u500b\u975e\u5e38\u95dc\u9375\u7684\u90e8\u5206\uff0c\u5c31\u662f\u9ec3\u91d1\u6389\u671f\uff08swap\/forward\uff09\u4ee5\u53ca\u9ec3\u91d1\u79df\u501f\u5229\u7387\u3002\u5728\u5834\u5916 OTC \u5e02\u5834\u88cf\uff0c\u9ec3\u91d1\u6389\u671f\u672c\u8cea\u4e0a\u662f\u4e00\u7a2e\u201c\u4eca\u5929\u628a\u9ec3\u91d1\u63db\u6210\u7f8e\u5143\u3001\u672a\u4f86\u518d\u63db\u56de\u4f86\u201d\u7684\u77ed\u671f\u4ea4\u63db\u6a5f\u5236\uff0c\u6709\u9ede\u50cf\u7528\u9ec3\u91d1\u4f5c\u70ba\u8ca8\u5e63\u7684\u77ed\u671f\u8cb8\u6b3e\u3002\u800c\u9ec3\u91d1\u79df\u501f\u5229\u7387\u5247\u662f\u201c\u501f\u9ec3\u91d1\u9700\u8981\u4ed8\u591a\u5c11\u5229\u606f\u201d\u7684\u96b1\u542b\u5229\u7387\uff0c\u6982\u5ff5\u4e0a\u548c\u501f\u73fe\u91d1\u8981\u4ed8\u5229\u606f\u985e\u4f3c\u3002 <\/p>\n\n\n\n

\u7576\u5e02\u5834\u9ec3\u91d1\u4f9b\u61c9\u5145\u8db3\u6642\uff0c\u9ec3\u91d1\u79df\u8cc3\u7387\u5c31\u6703\u4fdd\u6301\u5728\u8f03\u4f4e\u6c34\u6e96\uff08\u751a\u81f3\u63a5\u8fd1\u96f6\u6216\u8ca0\u503c\uff09\uff0c\u4e00\u5207\u90fd\u4e95\u7136\u6709\u5e8f\u3002\u4f46\u5728\u5be6\u7269\u9ec3\u91d1\u6d41\u52d5\u6027\u7dca\u7e2e\u7684\u60c5\u6cc1\u4e0b\uff0c\u9019\u7a2e\u95dc\u4fc2\u5c31\u6703\u767c\u751f\u8f49\u8b8a\u3002\u5982\u679c\u624b\u982d\u7684\u9ec3\u91d1\u7a00\u7f3a\uff0c\u800c\u4e14\u6bcf\u500b\u4eba\u90fd\u8feb\u5207\u60f3\u8981\u5f97\u5230\u5b83\uff0c\u90a3\u9ebc\u9ec3\u91d1\u8cb8\u65b9\u53ef\u4ee5\u6536\u53d6\u66f4\u9ad8\u7684\u8cbb\u7528\u3002\u9ec3\u91d1\u79df\u8cc3\u5229\u7387\u98c6\u5347\uff0c\u751a\u81f3\u53ef\u80fd\u8d85\u904e\u7f8e\u5143\u5229\u7387\uff0c\u9019\u610f\u5473\u8457\u9ec3\u91d1\u6301\u6709\u8005\u9700\u8981\u6ea2\u50f9\u624d\u80fd\u501f\u51fa\u3002\u9019\u5c0e\u81f4\u9ec3\u91d1\u9060\u671f\u50f9\u683c\u4f4e\u65bc\u73fe\u8ca8\u50f9\u683c\uff08\u9019\u7a2e\u60c5\u6cc1\u7a31\u70ba\u73fe\u8ca8\u6ea2\u50f9\uff09\u3002\u8ca0\u6389\u671f\u5229\u7387\u662f\u4e00\u500b\u660e\u78ba\u7684\u4fe1\u865f\uff0c\u8868\u660e\u4ea4\u6613\u54e1\u6b63\u5728\u70ba\u77ed\u671f\u501f\u5165\u9ec3\u91d1\u652f\u4ed8\u5229\u606f\u3002\u7c21\u55ae\u5730\u8aaa\uff0c\u4eca\u5929\u4ea4\u5272\u7684\u9ec3\u91d1\u6bd4\u4e0b\u5468\u6216\u4e0b\u500b\u6708\u4ea4\u5272\u7684\u9ec3\u91d1\u66f4\u6709\u50f9\u503c\u3002\u9019\u7a2e\u60c5\u6cc1\u53ea\u6703\u767c\u751f\u5728\u73fe\u8ca8\u9ec3\u91d1\u9700\u6c42\u65fa\u76db\u6216\u4f9b\u61c9\u77ed\u7f3a\u7684\u6642\u5019–\u9019\u662f\u9ec3\u91d1\u5e02\u5834\u58d3\u529b\u7684\u5178\u578b\u6a19\u8a8c\u3002 <\/p>\n\n\n\n

\u7c21\u55ae\u4f86\u8aaa\uff0c\u5982\u679c\u4f60\u628a\u9ec3\u91d1\u79df\u501f\u5229\u7387\u60f3\u50cf\u6210\u9ec3\u91d1\u7684\u201c\u5229\u7387\u201d\uff0c\u7576\u5b83\u7a81\u7136\u98c6\u5347\u6642\uff0c\u5c31\u50cf\u5e02\u5834\u51fa\u73fe\u4e86\u201c\u9ec3\u91d1\u7248\u7684\u6d41\u52d5\u6027\u7dca\u7e2e\u201d\u3002\u5728\u9019\u7a2e\u58d3\u529b\u4e4b\u4e0b\uff0c\u4f60\u6703\u807d\u5230\u5e02\u5834\u4e0a\u51fa\u73fe \u201c\u77ed\u671f\u9ec3\u91d1\u8cb7\u76e4\u5f37\u52c1\u201d \u6216\u8005 \u201c\u9ec3\u91d1\u9060\u671f\u66f2\u7dda\u51fa\u73fe\u5012\u639b\u201d \u4e4b\u985e\u7684\u8aaa\u6cd5\uff0c\u90fd\u5728\u8aaa\u660e\u505a\u5e02\u5546\u548c\u9280\u884c\u6b63\u5728\u5230\u8655\u627e\u77ed\u671f\u53ef\u4ea4\u5272\u7684\u9ec3\u91d1\uff0c\u77ed\u671f\u501f\u9ec3\u91d1\u7684\u6210\u672c\u88ab\u63a8\u5f97\u5f88\u9ad8\u3002\u9019\u4e9b\u73fe\u8c61\u5f80\u5f80\u6703\u548cEFP\u64f4\u5927\u3001\u50f9\u5dee\u64f4\u5927\u540c\u6642\u51fa\u73fe\u2014\u2014\u5176\u5be6\u5b83\u5011\u53cd\u6620\u7684\u662f\u540c\u4e00\u985e\u554f\u984c\uff1a\u77ed\u671f\u5be6\u7269\u9ec3\u91d1\u8b8a\u5f97\u96e3\u627e\u4e86\u3002\u7576\u79df\u501f\u5229\u7387\u5feb\u901f\u4e0a\u5347\u3001\u6389\u671f\u5229\u7387\u5927\u5e45\u8f49\u8ca0\u6642\uff0c\u5c31\u8aaa\u660e\u5be6\u7269\u7aef\u51fa\u4e86\u554f\u984c\uff0c\u5e02\u5834\u4e5f\u5f88\u81ea\u7136\u6703\u5728\u671f\u8ca8\u2014\u73fe\u8ca8\u4e4b\u9593\u7684\u5b9a\u50f9\u95dc\u4fc2\u4e0a\u51fa\u73fe\u932f\u4f4d\u3002 <\/p>\n\n\n\n

\u7576\u50f9\u5dee\u201c\u7206\u8868\u201d\uff1a\u7406\u89e3 EFP \u64f4\u5927\u7684\u771f\u6b63\u542b\u7fa9<\/strong> <\/h2>\n\n\n\n

\u6240\u8b02\u50f9\u5dee \u201c\u7206\u8868\u201d\uff0c\u5c31\u662f COMEX \u671f\u8ca8\u50f9\u683c\u7a81\u7136\u9060\u9060\u9ad8\u65bc\u502b\u6566\u73fe\u8ca8\uff0c\u51fa\u73fe\u660e\u986f\u812b\u7bc0\u3002\u5982\u679c\u4f60\u76ef\u8457 XAU\/USD \u5831\u50f9\uff0c\u53ef\u80fd\u6703\u767c\u73fe\u50f9\u683c\u201c\u5c0d\u4e0d\u4e0a\u7bc0\u594f\u201d\uff0c\u6216\u67d0\u4e9b\u5730\u5340\u7684\u5831\u50f9\u6bd4\u53e6\u4e00\u4e9b\u5730\u5340\u9ad8\u5f88\u591a\u3002\u8868\u9762\u4e0a\uff0c\u9019\u807d\u8d77\u4f86\u50cf\u5957\u5229\u6a5f\u6703\u2014\u2014\u8cb7\u73fe\u8ca8\u3001\u8ce3\u671f\u8ca8\u3001\u7b49\u4ea4\u5272\u3002\u4f46\u554f\u984c\u662f\uff1a\u4f60\u5f97\u771f\u7684\u6709\u80fd\u529b\u5728\u90a3\u6bb5\u6642\u9593\u88cf\u62ff\u5230\u5be6\u7269\u9ec3\u91d1\uff0c\u4e26\u4e14\u628a\u5b83\u9001\u5230\u8a72\u9001\u7684\u5730\u65b9\u3002\u5728\u58d3\u529b\u5927\u7684\u6642\u5019\uff0c\u9019\u5f80\u5f80\u8fa6\u4e0d\u5230\u3002 <\/p>\n\n\n\n

\u9ec3\u91d1\u5728\u502b\u6566\u901a\u5e38\u4ee5 400 \u76ce\u53f8\u5927\u91d1\u78da\u5f62\u5f0f\u5b58\u5728\uff0c\u800c COMEX \u901a\u5e38\u9700\u8981 100 \u76ce\u53f8\u6216\u516c\u65a4\u689d\u3002\u5982\u679c\u6240\u6709\u4eba\u90fd\u5728\u7d10\u7d04\u6436\u9ec3\u91d1\uff0c\u800c\u9ec3\u91d1\u90fd\u5728\u502b\u6566\uff0c\u90a3\u5c31\u8981\u904b\u53bb\u745e\u58eb\u91cd\u65b0\u9444\u6210\u5c0f\u689d\uff0c\u518d\u904b\u5230\u7d10\u7d04\u3002\u5728\u6b63\u5e38\u6642\u671f\u9019\u90fd\u4e0d\u662f\u554f\u984c\uff0c\u4f46\u4e00\u65e6\u822a\u73ed\u6e1b\u5c11\u3001\u7149\u5ee0\u6eff\u8ca0\u8377\u751a\u81f3\u505c\u5de5\uff0c\u9019\u689d\u4f9b\u61c9\u93c8\u5c31\u6703\u5361\u4f4f\u3002\u65bc\u662f\uff0c\u7d10\u7d04\u671f\u8ca8\u50f9\u683c\u6703\u56e0\u70ba\u4ea4\u5272\u7126\u616e\u800c\u88ab\u63a8\u9ad8\uff0c\u800c\u502b\u6566\u73fe\u8ca8\u56e0\u70ba\u66ab\u6642\u7121\u6cd5\u904b\u904e\u53bb\u800c\u6eef\u5f8c\u3002\u9019\u5c31\u662f EFP \u64f4\u5927\u7684\u672c\u8cea\uff1a\u7d10\u7d04\u8207\u502b\u6566\u7684\u50f9\u683c\u66ab\u6642\u201c\u5931\u806f\u201d\u3002 <\/p>\n\n\n\n

\u5728\u9019\u4e9b\u60c5\u6cc1\u4e0b\uff0c\u671f\u8ca8\u50f9\u683c\u53ef\u80fd\u6703\u98c6\u5347\u81f3\u73fe\u8ca8\u4e0a\u65b9\uff0c\u56e0\u70ba\u7d10\u7d04\u7684\u4ea4\u6613\u54e1\u760b\u72c2\u5730\u7af6\u8cfc\u4efb\u4f55\u9ec3\u91d1\u4ea4\u5272\u4fdd\u8b49\uff0c\u800c\u502b\u6566\u7684\u73fe\u8ca8\u50f9\u683c\u5247\u6eef\u5f8c\uff0c\u56e0\u70ba\u9ec3\u91d1\u7121\u6cd5\u7acb\u5373\u8f49\u79fb\u5230\u7d10\u7d04\u3002\u9019\u6b63\u662fEFP\u64f4\u5927\u6240\u4ee3\u8868\u7684–\u7d10\u7d04\u8207\u502b\u6566\u7684\u50f9\u683c\u5dee\u7570\u3002\u64f4\u5927\u7684EFP\uff08\u9ad8\u57fa\u5dee\uff09\u901a\u5e38\u88ab\u63cf\u8ff0\u70ba\u5e02\u5834\u7684\u58d3\u529b\u6674\u96e8\u9336\u3002\u5b83\u544a\u8a34\u6211\u5011\u7d19\u548c\u91d1\u5c6c\u4e4b\u9593\u901a\u5e38\u7684\u806f\u7e6b\u662f\u7dca\u5f35\u7684\u3002\u901a\u5e38\u5c0d\u5169\u8005\u9032\u884c\u5957\u5229\u7684\u505a\u5e02\u5546\u53ef\u80fd\u6703\u9000\u7e2e\uff0c\u56e0\u70ba\u4ed6\u5011\u4e0d\u78ba\u5b9a\u81ea\u5df1\u80fd\u5426\u6309\u6642\u4ea4\u5272\u3002\u56e0\u6b64\uff0c\u5dee\u8ddd\u4e0d\u6703\u7acb\u5373\u7e2e\u5c0f\uff0c\u96a8\u8457\u6050\u614c\u7684\u52a0\u5287\uff0c\u751a\u81f3\u53ef\u80fd\u9032\u4e00\u6b65\u64f4\u5927\u3002 <\/p>\n\n\n\n

2020 \u5e74\u75ab\u60c5\u7206\u767c\u6642\u5c31\u662f\u4e00\u500b\u6975\u7aef\u4f8b\u5b50\u3002\u822a\u73ed\u505c\u98db\u3001\u7149\u5ee0\u95dc\u9589\uff0cCOMEX \u671f\u8ca8\u6bd4\u502b\u6566\u73fe\u8ca8\u4e00\u5ea6\u9ad8\u51fa 100 \u7f8e\u5143\u4ee5\u4e0a\u3002\u5230\u4e86\u7d10\u7d04\uff0c\u5be6\u8ca8\u7684\u6ea2\u50f9\u751a\u81f3\u8d85\u904e\u73fe\u8ca8\u50f9\u683c\u7684 10%\u3002\u9019\u7a2e\u6975\u7aef\u7684 basis \u64f4\u5927\u5728\u9ec3\u91d1\u5e02\u5834\u6b77\u53f2\u4e0a\u90fd\u5f88\u7f55\u898b\u30022024 \u5e74 3 \u6708\u4e5f\u51fa\u73fe\u4e86\u8f03\u8f15\u7684\u7248\u672c\uff0c\u7531\u65bc\u91d1\u50f9\u66b4\u6f32\u3001\u9700\u6c42\u7a81\u7136\u4e0a\u5347\uff0c\u77ed\u671f\u4ea4\u5272\u58d3\u529b\u8b93\u671f\u8ca8\u50f9\u683c\u518d\u6b21\u660e\u986f\u9ad8\u65bc\u73fe\u8ca8\u3002\u9019\u985e\u60c5\u6cc1\u544a\u8a34\u6211\u5011\uff1a\u7576\u4f60\u770b\u5230 EFP \u6216 basis \u6025\u5287\u64f4\u5927\uff0c\u8aaa\u660e\u5e02\u5834\u5728\u7d66\u201c\u7acb\u5373\u53ef\u7528\u7684\u9ec3\u91d1\u201d\u5b9a\u66f4\u9ad8\u7684\u50f9\u683c\u3002 <\/p>\n\n\n\n

\u70ba\u4ec0\u9ebc\u6240\u6709\u7d93\u7d00\u5546\u7684\u9ec3\u91d1\u9ede\u5dee\u90fd\u6703\u5728\u58d3\u529b\u6642\u671f\u8b8a\u5bec<\/strong> <\/h2>\n\n\n\n

\u90a3\u9ebc\u9019\u4e00\u5207\u5982\u4f55\u6620\u5c04\u5230\u4f60\u770b\u5230\u7684\u9ec3\u91d1\u9ede\u5dee\u4e0a\uff1f\u5176\u5be6\u5f88\u76f4\u63a5\uff1a\u7576\u4e0a\u6e38\u5e02\u5834\u672c\u8eab\u51fa\u73fe\u932f\u4f4d\uff0c\u5f9e\u505a\u5e02\u9280\u884c\u5230 LP \u90fd\u6703\u88ab\u8feb\u62c9\u5bec\u5831\u50f9\uff0c\u56e0\u70ba\u4ed6\u5011\u9700\u8981\u5c0d\u6c96\u98a8\u96aa\u3002\u5982\u679c COMEX \u6bd4\u73fe\u8ca8\u9ad8\u5e7e\u5341\u7f8e\u5143\uff0c\u6216\u8005\u6389\u671f\u7387\u56b4\u91cd\u5012\u639b\uff0c\u90a3\u9ebc\u505a\u5e02\u5546\u7684\u5c0d\u6c96\u6210\u672c\u5c31\u6703\u4e0a\u5347\u3002 <\/p>\n\n\n\n

\u56e0\u6b64\u6bcf\u4e00\u5bb6\u6a5f\u69cb\u3001\u6bcf\u4e00\u5c64\u6d41\u52d5\u6027\u4f9b\u61c9\uff0c\u90fd\u6703\u4e00\u8d77\u628a\u50f9\u683c\u8b8a\u5bec\u3002\u7d93\u7d00\u5546\u5f9e LP \u63a5\u6536\u7684\u5c31\u662f\u9019\u6a23\u7684\u5e02\u5834\u689d\u4ef6\uff0c\u81ea\u7136\u4e5f\u5c31\u540c\u6b65\u53cd\u6620\u5230\u524d\u7aef\u5831\u50f9\u88cf\u3002\u9019\u4e0d\u662f\u7d93\u7d00\u5546\u5077\u5077\u52a0\u9ede\u5dee\uff0c\u800c\u662f\u6574\u500b\u5e02\u5834\u7684\u98a8\u96aa\u5b9a\u50f9\u5728\u8b8a\u3002\u5982\u679c\u6d41\u52d5\u6027\u6e1b\u5c11\u3001\u4ea4\u5272\u6210\u672c\u4e0a\u5347\uff0c\u5927\u9280\u884c\u7d66\u5f7c\u6b64\u7684\u5831\u50f9\u4e5f\u6703\u8b8a\u5bec\u3002\u7d93\u7d00\u5546\u53ea\u662f\u628a\u5be6\u969b\u5e02\u5834\u50f9\u683c\u50b3\u905e\u7d66\u4f60\u3002 <\/p>\n\n\n\n

\u4f60\u751a\u81f3\u53ef\u4ee5\u8aaa\uff0c\u9019\u624d\u662f\u4e00\u500b\u5065\u5eb7\u5e02\u5834\u7684\u8868\u73fe\uff1a\u884c\u60c5\u8d8a\u4e0d\u7a69\uff0c\u9ede\u5dee\u8d8a\u5bec\uff1b\u884c\u60c5\u6062\u5fa9\u6b63\u5e38\uff0c\u9ede\u5dee\u81ea\u7136\u53c8\u6536\u7a84\u3002\u5982\u679c\u4f60\u767c\u73fe\u67d0\u5bb6\u5e73\u81fa\u5728\u5927\u5bb6\u90fd\u8b8a\u5bec\u7684\u6642\u5019\u4ecd\u7136\u4fdd\u6301\u6975\u7a84\u7684\u9ede\u5dee\uff0c\u90a3\u4f60\u53ef\u80fd\u8981\u554f\u554f\u81ea\u5df1\uff1a\u5b83\u5230\u5e95\u662f\u771f\u9023\u8457\u5e02\u5834\uff0c\u9084\u662f\u7d66\u4f60\u770b\u4e00\u500b\u597d\u770b\u7684\u6578\u5b57\uff1f <\/p>\n\n\n\n

\u5be6\u4f8b\uff1a2020\u5e74\u82072024\u5e74\u7684\u9ec3\u91d1\u5e02\u5834\u58d3\u529b<\/strong> <\/h2>\n\n\n\n

\u70ba\u4e86\u628a\u524d\u9762\u7684\u6982\u5ff5\u548c\u5be6\u969b\u60c5\u6cc1\u4e32\u5728\u4e00\u8d77\uff0c\u6211\u5011\u4f86\u770b\u5169\u500b\u771f\u5be6\u800c\u5178\u578b\u7684\u4f8b\u5b50\uff1a2020 \u5e74 3 \u6708\u548c 2024 \u5e74 3 \u6708\u3002\u9019\u5169\u6bb5\u6642\u671f\u90fd\u51fa\u73fe\u4e86\u9ec3\u91d1\u5e02\u5834\u7684\u201c\u932f\u4f4d\u201d\uff0c\u5f9e\u800c\u5f15\u767c\u9ede\u5dee\u7684\u7570\u5e38\u6ce2\u52d5\u3002 <\/p>\n\n\n\n

2020 \u5e74 3 \u6708\u75ab\u60c5\u5168\u9762\u7206\u767c\u6642\uff0c\u570b\u969b\u822a\u73ed\u5e7e\u4e4e\u5168\u90e8\u505c\u98db\uff0c\u745e\u58eb\u7b49\u4e3b\u8981\u7684\u9ec3\u91d1\u7149\u5ee0\u4e5f\u56e0\u70ba\u5c01\u9396\u800c\u66ab\u6642\u95dc\u9589\u3002\u7d50\u679c\u662f\uff0cCOMEX \u9ec3\u91d1\u671f\u8ca8\u50f9\u683c\u76f8\u5c0d\u65bc\u502b\u6566\u73fe\u8ca8\u51fa\u73fe\u4e86\u975e\u5e38\u9661\u5ced\u7684\u5012\u50f9\u5dee\u2014\u2014\u5e02\u5834\u5c0d\u201c\u7acb\u5373\u80fd\u62ff\u5230\u7684\u5be6\u8ca8\u9ec3\u91d1\u201d\u7684\u9700\u6c42\u7a81\u7136\u6fc0\u589e\u3002\u5e73\u6642\u53ea\u6709 2 \u7f8e\u5143\u5de6\u53f3\u7684 EFP \u50f9\u5dee\uff0c\u4e00\u8def\u98c6\u5230 50 \u7f8e\u5143\u300170 \u7f8e\u5143\uff0c\u6050\u614c\u6700\u56b4\u91cd\u7684\u6642\u5019\u751a\u81f3\u7a81\u7834 100 \u7f8e\u5143\u3002\u5982\u679c\u502b\u6566\u73fe\u8ca8\u5728 1600 \u7f8e\u5143\u9644\u8fd1\uff0c\u7d10\u7d04 COMEX \u671f\u8ca8\u50f9\u683c\u53ef\u80fd\u76f4\u63a5\u98c6\u5230 1700 \u591a\u7f8e\u5143\u3002\u505a\u502b\u6566\u2014\u7d10\u7d04\u5957\u5229\u7684\u4ea4\u6613\u54e1\u7576\u5834\u50bb\u773c\u4e86\uff1a\u6c92\u6709\u822a\u73ed\u3001\u6c92\u6709\u7149\u5ee0\uff0c\u6839\u672c\u6c92\u4eba\u80fd\u628a 400 \u76ce\u53f8\u5927\u91d1\u78da\u904b\u5230\u7d10\u7d04\u5b8c\u6210\u4ea4\u5272\u3002\u7d50\u679c\u5c31\u662f\uff0c\u6574\u500b\u5b9a\u50f9\u9ad4\u7cfb\u4e00\u5ea6\u51fa\u73fe\u6df7\u4e82\u3002\u5c0d\u65bc\u96f6\u552e\u4ea4\u6613\u8005\u4f86\u8aaa\uff0c\u9ec3\u91d1\u9ede\u5dee\u5728\u5e7e\u4e4e\u6240\u6709\u5e73\u81fa\u4e0a\u90fd\u4e00\u4e0b\u5b50\u8b8a\u5f97\u975e\u5e38\u5bec\uff0c\u6709\u4e9b\u751a\u81f3\u5bec\u5230\u5e73\u6642\u7684\u597d\u5e7e\u500d\u3002\u9019\u4e0d\u662f\u4f60\u7684\u5e73\u81fa\u51fa\u554f\u984c\u4e86\uff0c\u800c\u662f\u6574\u500b\u4e16\u754c\u90fd\u5728\u70ba\u201c\u628a\u9ec3\u91d1\u5f9e A \u9ede\u904b\u5230 B \u9ede\u201d\u9019\u4ef6\u4e8b\u4ed8\u51fa\u5de8\u984d\u6ea2\u50f9\u3002\u96a8\u8457\u75ab\u60c5\u5f8c\u671f\u7269\u6d41\u6162\u6162\u6062\u5fa9\u3001\u7149\u5ee0\u91cd\u65b0\u958b\u5de5\uff0c\u5957\u5229\u93c8\u689d\u624d\u9010\u6f38\u4fee\u5fa9\uff0cbasis \u624d\u6162\u6162\u56de\u5230\u6b63\u5e38\u6c34\u6e96\u30022020 \u5e74 3 \u6708\u81f3\u4eca\u4f9d\u820a\u88ab\u8996\u70ba\u9ec3\u91d1\u5e02\u5834\u6b77\u53f2\u4e0a\u6700\u8a87\u5f35\u7684\u4e00\u6b21\u932f\u4f4d\u4e8b\u4ef6\u4e4b\u4e00\u3002 <\/p>\n\n\n\n

\u518d\u770b 2024 \u5e74 3 \u6708\uff0c\u96d6\u7136\u6c92\u6709\u50cf 2020 \u5e74\u90a3\u6a23\u906d\u9047\u7269\u6d41\u505c\u64fa\uff0c\u4f46\u91d1\u50f9\u4e00\u8def\u885d\u7834\u6b77\u53f2\u65b0\u9ad8\uff0c\u9700\u6c42\u7aef\u7684\u58d3\u529b\u537b\u5e36\u4f86\u4e86\u53e6\u4e00\u7a2e\u932f\u4f4d\u3002\u7576\u6642\u8cc7\u91d1\u5927\u91cf\u6e67\u5165\u9ec3\u91d1\u671f\u8ca8\u5e02\u5834\uff0c\u91d1\u50f9\u5728\u6708\u521d\u5347\u7834 2200 \u7f8e\u5143\u3002\u96a8\u8457\u8cc7\u91d1\u63a8\u9ad8\u50f9\u683c\uff0c\u77ed\u671f\u6ce2\u52d5\u7387\u6025\u5287\u4e0a\u5347\uff0c\u9ec3\u91d1\u9060\u671f\u66f2\u7dda\u958b\u59cb\u51fa\u73fe\u201c\u5012\u639b\u8de1\u8c61\u201d\uff0c\u8aaa\u660e\u5e02\u5834\u5c0d\u77ed\u671f\u53ef\u4ea4\u5272\u9ec3\u91d1\u7684\u9700\u6c42\u518d\u6b21\u8b8a\u5f97\u7dca\u7e43\u3002\u96d6\u7136\u7a0b\u5ea6\u6c92\u6709 2020 \u5e74\u90a3\u9ebc\u6975\u7aef\uff0c\u4f46\u8fd1\u6708 COMEX \u671f\u8ca8\u53c8\u4e00\u6b21\u660e\u986f\u6ea2\u50f9\u65bc\u502b\u6566\u73fe\u8ca8\uff0c\u53cd\u6620\u51fa\u5957\u671f\u4fdd\u503c\u58d3\u529b\u589e\u5f37\u3002\u5728\u9019\u6bb5\u6642\u9593\u88cf\uff0c\u5be6\u7269\u4ea4\u5272\u5b89\u6392\u51fa\u73fe\u5ef6\u9072\uff0c\u5e02\u5834\u201c\u7ba1\u9053\u201d\u518d\u6b21\u8b8a\u5f97\u64c1\u5835\u3002\u591a\u6578\u7d93\u7d00\u5546\u7684 XAU\/USD \u9ede\u5dee\u5728\u6ce2\u52d5\u5287\u70c8\u7684\u6642\u6bb5\u6703\u660e\u986f\u8b8a\u5bec\uff0c\u5b8c\u5168\u4e0d\u662f\u67d0\u4e00\u5bb6\u5e73\u81fa\u7684\u7368\u7279\u73fe\u8c61\uff0c\u800c\u662f\u6574\u500b\u9ec3\u91d1\u5e02\u5834\u5728\u9700\u6c42\u6975\u7aef\u96c6\u4e2d\u7684\u60c5\u6cc1\u4e0b\u96c6\u9ad4\u8e29\u4e86\u201c\u5239\u8eca\u201d\u3002\u7b49\u5230 3 \u6708\u5e95\u6ce2\u52d5\u56de\u843d\u3001\u5e02\u5834\u51b7\u975c\u4e0b\u4f86\u5f8c\uff0cbasis \u8207\u9ede\u5dee\u624d\u6162\u6162\u6062\u5fa9\u6b63\u5e38\u3002\u9019\u5169\u500b\u6642\u9593\u9ede\u90fd\u63d0\u9192\u6211\u5011\uff1a\u4e0d\u7ba1\u662f\u56e0\u70ba\u4f9b\u61c9\u93c8\u505c\u64fa\uff0c\u9084\u662f\u56e0\u70ba\u8cc7\u91d1\u760b\u72c2\u6e67\u5165\uff0c\u9ec3\u91d1\u9019\u500b\u5e02\u5834\u5728\u58d3\u529b\u4e4b\u4e0b\u6703\u51fa\u73fe\u975e\u5e38\u771f\u5be6\u7684\u201c\u7ba1\u9053\u7dca\u5f35\u201d\u3002\u800c\u9019\u4e9b\u7dca\u5f35\u611f\uff0c\u6b63\u662f\u901a\u904e basis\u3001EFP \u548c\u4f60\u5728\u5e73\u81fa\u4e0a\u770b\u5230\u7684\u9ede\u5dee\u8b8a\u5316\u9ad4\u73fe\u51fa\u4f86\u7684\u3002 <\/p>\n\n\n\n

\u7d50\u8a9e\uff1a\u5e02\u5834\u932f\u4f4d\u662f\u6b63\u5e38\u73fe\u8c61\uff0c\u800c\u900f\u660e\u5ea6\u540c\u6a23\u91cd\u8981<\/strong> <\/h2>\n\n\n\n

\u9ec3\u91d1\u662f\u4e00\u7a2e\u975e\u5e38\u7368\u7279\u7684\u8cc7\u7522\uff0c\u5b83\u7684\u5e02\u5834\u662f\u5fb9\u5e95\u5168\u7403\u5316\u7684\u2014\u2014\u8de8\u6d32\u4ea4\u6613\u3001\u591a\u7a2e\u7522\u54c1\u5f62\u614b\u3001\u5168\u5929\u5019\u904b\u8f49\u3002\u6b63\u56e0\u70ba\u9ad4\u7cfb\u9f90\u5927\u53c8\u8907\u96dc\uff0c\u50f9\u683c\u93c8\u689d\u6709\u6642\u5019\u96e3\u514d\u6703\u51fa\u73fe\u9b06\u52d5\uff0c\u67d0\u4e9b\u50f9\u683c\u95dc\u4fc2\u7a81\u7136\u4e0d\u5c0d\u52c1\u3002\u9019\u4e9b\u201c\u932f\u4f4d\u201d\u73fe\u8c61\u2014\u2014\u4f8b\u5982\u9ec3\u91d1\u6389\u671f\u5229\u7387\u8f49\u8ca0\u3001EFP \u6025\u5287\u62c9\u5927\u2014\u2014\u5176\u5be6\u90fd\u662f\u5168\u7403\u5e02\u5834\u5728\u58d3\u529b\u4e0b\u7684\u81ea\u7136\u53cd\u61c9\u3002\u63db\u53e5\u8a71\u8aaa\uff0c\u9019\u662f\u5e02\u5834\u5728\u5438\u6536\u77ed\u671f\u885d\u64ca\u3001\u91cd\u65b0\u5c0b\u627e\u5e73\u8861\u7684\u65b9\u5f0f\uff1b\u7121\u8ad6\u662f\u7d10\u7d04\u7a81\u7136\u7f3a\u8ca8\uff0c\u9084\u662f\u6295\u8cc7\u9700\u6c42\u77ed\u671f\u98c6\u5347\uff0c\u5e02\u5834\u90fd\u6703\u901a\u904e\u9019\u4e9b\u50f9\u5dee\u548c\u6a5f\u5236\u4f86\u91cd\u65b0\u8abf\u6574\u3002\u6240\u4ee5\uff0c\u7576\u4f60\u770b\u5230 XAU\/USD \u9ede\u5dee\u7a81\u7136\u8b8a\u5bec\u6642\uff0c\u5e7e\u4e4e\u53ef\u4ee5\u80af\u5b9a\u4e26\u4e0d\u662f\u67d0\u5bb6\u7d93\u7d00\u5546\u201c\u76ef\u4e0a\u4f60\u4e86\u201d\uff0c\u800c\u662f\u6574\u500b\u5e02\u5834\u7d50\u69cb\u6b63\u5728\u91cd\u65b0\u5b9a\u50f9\u98a8\u96aa\u3002 <\/p>\n\n\n\n

\u5f9e\u66f4\u5b8f\u89c0\u7684\u89d2\u5ea6\u770b\uff0c\u9019\u4e9b\u58d3\u529b\u968e\u6bb5\u5176\u5be6\u4e0d\u6703\u6c38\u9060\u6301\u7e8c\u4e0b\u53bb\u3002\u96a8\u8457\u7269\u6d41\u6062\u5fa9\u3001\u4f9b\u9700\u7de9\u548c\u3001\u5957\u5229\u91cd\u65b0\u8b8a\u5f97\u53ef\u884c\uff0c\u9ec3\u91d1\u50f9\u683c\u93c8\u689d\u901a\u5e38\u6703\u81ea\u7136\u56de\u5230\u6b63\u5e38\u72c0\u614b\u3002\u5e02\u5834\u5e73\u7a69\u7684\u6642\u5019\u9ede\u5dee\u81ea\u7136\u7dca\u6e4a\uff1b\u5e02\u5834\u7dca\u5f35\u7684\u6642\u5019\u9ede\u5dee\u81ea\u7136\u8b8a\u5bec\u2014\u2014\u9019\u4e26\u4e0d\u662f\u4eba\u70ba\u9078\u64c7\uff0c\u800c\u662f\u5168\u7403\u5e02\u5834\u6a5f\u5236\u5728\u767c\u63ee\u4f5c\u7528\u3002 <\/p>\n\n\n\n

\u5728\u58d3\u529b\u6642\u671f\u9ede\u5dee\u8b8a\u5bec\uff0c\u4e5f\u4e0d\u662f\u5e02\u5834\u64cd\u7e31\u7684\u8de1\u8c61\uff0c\u800c\u662f\u4e00\u7a2e\u81ea\u6211\u4fdd\u8b77\u6a5f\u5236\u3002\u5b83\u8b93\u505a\u5e02\u5546\u3001LP\u3001\u4ea4\u6613\u5e73\u81fa\u90fd\u80fd\u5728\u9ad8\u5ea6\u4e0d\u78ba\u5b9a\u7684\u74b0\u5883\u4e0b\u7e7c\u7e8c\u904b\u4f5c\uff0c\u78ba\u4fdd\u4ea4\u6613\u4ecd\u7136\u53ef\u4ee5\u9032\u884c\uff0c\u800c\u4e0d\u662f\u5fb9\u5e95\u505c\u64fa\u3002\u4e0b\u4e00\u6b21\u7576\u4f60\u770b\u5230\u5404\u5bb6\u5e73\u81fa\u7684\u9ec3\u91d1\u9ede\u5dee\u4e00\u8d77\u8df3\u52d5\u6642\uff0c\u4f60\u5c31\u6703\u660e\u767d\uff0c\u9019\u4e0d\u662f\u6709\u4eba\u5728\u201c\u52d5\u624b\u8173\u201d\uff0c\u53ea\u662f\u5e02\u5834\u5728\u6df1\u547c\u5438\u3002 <\/p>\n\n\n\n

\u5c0d\u65bcADFX\u4f86\u8aaa\uff0c\u6211\u5011\u7684\u89d2\u8272\u662f\u59cb\u7d42\u8207\u771f\u5be6\u5e02\u5834\u4fdd\u6301\u4e00\u81f4\u2014\u2014\u63d0\u4f9b\u96a8\u8457\u5168\u7403\u6d41\u52d5\u6027\u540c\u6b65\u8b8a\u5316\u7684\u5b9a\u50f9\uff0c\u800c\u4e0d\u662f\u8207\u5e02\u5834\u812b\u7bc0\u3002\u5373\u4fbf\u884c\u60c5\u7a81\u7136\u8b8a\u5f97\u6709\u9ede\u760b\u72c2\uff0c\u6211\u5011\u4e5f\u6703\u78ba\u4fdd\u4f60\u770b\u5230\u7684\u50f9\u683c\u4f9d\u7136\u662f\u771f\u5be6\u3001\u53ef\u9760\uff0c\u5fe0\u5be6\u53cd\u6620\u5168\u7403\u9ec3\u91d1\u5e02\u5834\u7684\u672c\u4f86\u9762\u8c8c\u3002 <\/p>\n","protected":false},"excerpt":{"rendered":"

\u7576\u5e02\u5834\u52d5\u76ea\u4f86\u8972\u6642\uff0c\u9ec3\u91d1\u4ea4\u6613\u6709\u6642\u6703\u8b8a\u5f97\u6709\u9ede\u201c\u53cd\u5e38\u201d\u2014\u2014\u5373\u4fbf\u662f\u898b\u6163\u5927\u98a8\u5927\u6d6a\u7684\u8001\u624b\uff0c\u4e5f\u6703\u88ab\u9019\u7a2e\u60c5\u6cc1\u641e\u5f97\u4e00\u982d\u9727\u6c34\u3002\u5f88\u591a\u96f6\u552e\u4ea4\u6613\u8005\u5e38\u898b\u7684\u7591\u554f\u662f\uff1a\u70ba\u4ec0\u9ebc XAU\/USD\uff08\u73fe\u8ca8\u9ec3\u91d1\u514c\u7f8e\u5143\uff09\u7684\u9ede\u5dee\u6703\u7a81\u7136\u5728\u6240\u6709\u5e73\u81fa\u4e0a\u540c\u6642\u8b8a\u5bec\uff1f\u5f88\u5bb9\u6613\u8b93\u4eba\u61f7\u7591\uff1a\u201c\u662f\u4e0d\u662f\u7d93\u7d00\u5546\u6545\u610f\u628a\u9ede\u5dee\u8abf\u9ad8\u4e86\uff1f\u201d \u3002\u5176\u5be6\uff0c\u9019\u985e\u60c5\u6cc1\u591a\u534a\u662f\u9ec3\u91d1\u5e02\u5834\u672c\u8eab\u51fa\u73fe\u4e86\u771f\u5be6\u7684\u7d50\u69cb\u6027\u932f\u4f4d\uff0c\u7279\u5225\u662f\u6d89\u53ca\u9ec3\u91d1\u6389\u671f\uff08gold swaps\uff09\u548c EFP\uff08Exchange for P […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[304],"tags":[],"class_list":["post-8889","post","type-post","status-publish","format-standard","hentry","category-macro-theme"],"acf":[],"yoast_head":"\n\u70ba\u4ec0\u9ebc\u9ec3\u91d1\u9ede\u5dee\u6703\u5728\u5e02\u5834\u58d3\u529b\u4e0b\u7a81\u7136\u8b8a\u5bec\uff1a\u9ec3\u91d1\u6389\u671f\u3001\u671f\u73fe\u4e92\u63db\u8207\u5e02\u5834\u932f\u4f4d - ADFX<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.adfxzh.com\/zh-hant\/blog\/why-gold-spreads-widen-under-market-stress-gold-swaps-efps-and-dislocations\/\" \/>\n<meta property=\"og:locale\" content=\"zh_TW\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u70ba\u4ec0\u9ebc\u9ec3\u91d1\u9ede\u5dee\u6703\u5728\u5e02\u5834\u58d3\u529b\u4e0b\u7a81\u7136\u8b8a\u5bec\uff1a\u9ec3\u91d1\u6389\u671f\u3001\u671f\u73fe\u4e92\u63db\u8207\u5e02\u5834\u932f\u4f4d\" \/>\n<meta property=\"og:description\" content=\"\u7576\u5e02\u5834\u52d5\u76ea\u4f86\u8972\u6642\uff0c\u9ec3\u91d1\u4ea4\u6613\u6709\u6642\u6703\u8b8a\u5f97\u6709\u9ede\u201c\u53cd\u5e38\u201d\u2014\u2014\u5373\u4fbf\u662f\u898b\u6163\u5927\u98a8\u5927\u6d6a\u7684\u8001\u624b\uff0c\u4e5f\u6703\u88ab\u9019\u7a2e\u60c5\u6cc1\u641e\u5f97\u4e00\u982d\u9727\u6c34\u3002\u5f88\u591a\u96f6\u552e\u4ea4\u6613\u8005\u5e38\u898b\u7684\u7591\u554f\u662f\uff1a\u70ba\u4ec0\u9ebc XAU\/USD\uff08\u73fe\u8ca8\u9ec3\u91d1\u514c\u7f8e\u5143\uff09\u7684\u9ede\u5dee\u6703\u7a81\u7136\u5728\u6240\u6709\u5e73\u81fa\u4e0a\u540c\u6642\u8b8a\u5bec\uff1f\u5f88\u5bb9\u6613\u8b93\u4eba\u61f7\u7591\uff1a\u201c\u662f\u4e0d\u662f\u7d93\u7d00\u5546\u6545\u610f\u628a\u9ede\u5dee\u8abf\u9ad8\u4e86\uff1f\u201d \u3002\u5176\u5be6\uff0c\u9019\u985e\u60c5\u6cc1\u591a\u534a\u662f\u9ec3\u91d1\u5e02\u5834\u672c\u8eab\u51fa\u73fe\u4e86\u771f\u5be6\u7684\u7d50\u69cb\u6027\u932f\u4f4d\uff0c\u7279\u5225\u662f\u6d89\u53ca\u9ec3\u91d1\u6389\u671f\uff08gold swaps\uff09\u548c EFP\uff08Exchange for P […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.adfxzh.com\/zh-hant\/blog\/why-gold-spreads-widen-under-market-stress-gold-swaps-efps-and-dislocations\/\" \/>\n<meta property=\"og:site_name\" content=\"ADFX\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-28T04:44:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-01-14T03:11:39+00:00\" \/>\n<meta name=\"author\" content=\"Adfx Admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u4f5c\u8005:\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adfx Admin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.adfxzh.com\/zh-hant\/blog\/why-gold-spreads-widen-under-market-stress-gold-swaps-efps-and-dislocations\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.adfxzh.com\/zh-hant\/blog\/why-gold-spreads-widen-under-market-stress-gold-swaps-efps-and-dislocations\/\"},\"author\":{\"name\":\"Adfx Admin\",\"@id\":\"https:\/\/www.adfxzh.com\/zh-hant\/#\/schema\/person\/7292b4189e7340c2b30e2b70ec9dc05f\"},\"headline\":\"\u70ba\u4ec0\u9ebc\u9ec3\u91d1\u9ede\u5dee\u6703\u5728\u5e02\u5834\u58d3\u529b\u4e0b\u7a81\u7136\u8b8a\u5bec\uff1a\u9ec3\u91d1\u6389\u671f\u3001\u671f\u73fe\u4e92\u63db\u8207\u5e02\u5834\u932f\u4f4d\",\"datePublished\":\"2025-10-28T04:44:00+00:00\",\"dateModified\":\"2026-01-14T03:11:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.adfxzh.com\/zh-hant\/blog\/why-gold-spreads-widen-under-market-stress-gold-swaps-efps-and-dislocations\/\"},\"wordCount\":62,\"articleSection\":[\"\u5b8f\u89c0\u4e3b\u984c\"],\"inLanguage\":\"zh-TW\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.adfxzh.com\/zh-hant\/blog\/why-gold-spreads-widen-under-market-stress-gold-swaps-efps-and-dislocations\/\",\"url\":\"https:\/\/www.adfxzh.com\/zh-hant\/blog\/why-gold-spreads-widen-under-market-stress-gold-swaps-efps-and-dislocations\/\",\"name\":\"\u70ba\u4ec0\u9ebc\u9ec3\u91d1\u9ede\u5dee\u6703\u5728\u5e02\u5834\u58d3\u529b\u4e0b\u7a81\u7136\u8b8a\u5bec\uff1a\u9ec3\u91d1\u6389\u671f\u3001\u671f\u73fe\u4e92\u63db\u8207\u5e02\u5834\u932f\u4f4d - ADFX\",\"isPartOf\":{\"@id\":\"https:\/\/www.adfxzh.com\/zh-hant\/#website\"},\"datePublished\":\"2025-10-28T04:44:00+00:00\",\"dateModified\":\"2026-01-14T03:11:39+00:00\",\"author\":{\"@id\":\"https:\/\/www.adfxzh.com\/zh-hant\/#\/schema\/person\/7292b4189e7340c2b30e2b70ec9dc05f\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.adfxzh.com\/zh-hant\/blog\/why-gold-spreads-widen-under-market-stress-gold-swaps-efps-and-dislocations\/#breadcrumb\"},\"inLanguage\":\"zh-TW\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.adfxzh.com\/zh-hant\/blog\/why-gold-spreads-widen-under-market-stress-gold-swaps-efps-and-dislocations\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.adfxzh.com\/zh-hant\/blog\/why-gold-spreads-widen-under-market-stress-gold-swaps-efps-and-dislocations\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.ad-fx.com\/zh-hant\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"\u70ba\u4ec0\u9ebc\u9ec3\u91d1\u9ede\u5dee\u6703\u5728\u5e02\u5834\u58d3\u529b\u4e0b\u7a81\u7136\u8b8a\u5bec\uff1a\u9ec3\u91d1\u6389\u671f\u3001\u671f\u73fe\u4e92\u63db\u8207\u5e02\u5834\u932f\u4f4d\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.adfxzh.com\/zh-hant\/#website\",\"url\":\"https:\/\/www.adfxzh.com\/zh-hant\/\",\"name\":\"ADFX\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.adfxzh.com\/zh-hant\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"zh-TW\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.adfxzh.com\/zh-hant\/#\/schema\/person\/7292b4189e7340c2b30e2b70ec9dc05f\",\"name\":\"Adfx Admin\",\"url\":\"https:\/\/www.adfxzh.com\/zh-hant\/author\/site-admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"\u70ba\u4ec0\u9ebc\u9ec3\u91d1\u9ede\u5dee\u6703\u5728\u5e02\u5834\u58d3\u529b\u4e0b\u7a81\u7136\u8b8a\u5bec\uff1a\u9ec3\u91d1\u6389\u671f\u3001\u671f\u73fe\u4e92\u63db\u8207\u5e02\u5834\u932f\u4f4d - ADFX","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.adfxzh.com\/zh-hant\/blog\/why-gold-spreads-widen-under-market-stress-gold-swaps-efps-and-dislocations\/","og_locale":"zh_TW","og_type":"article","og_title":"\u70ba\u4ec0\u9ebc\u9ec3\u91d1\u9ede\u5dee\u6703\u5728\u5e02\u5834\u58d3\u529b\u4e0b\u7a81\u7136\u8b8a\u5bec\uff1a\u9ec3\u91d1\u6389\u671f\u3001\u671f\u73fe\u4e92\u63db\u8207\u5e02\u5834\u932f\u4f4d","og_description":"\u7576\u5e02\u5834\u52d5\u76ea\u4f86\u8972\u6642\uff0c\u9ec3\u91d1\u4ea4\u6613\u6709\u6642\u6703\u8b8a\u5f97\u6709\u9ede\u201c\u53cd\u5e38\u201d\u2014\u2014\u5373\u4fbf\u662f\u898b\u6163\u5927\u98a8\u5927\u6d6a\u7684\u8001\u624b\uff0c\u4e5f\u6703\u88ab\u9019\u7a2e\u60c5\u6cc1\u641e\u5f97\u4e00\u982d\u9727\u6c34\u3002\u5f88\u591a\u96f6\u552e\u4ea4\u6613\u8005\u5e38\u898b\u7684\u7591\u554f\u662f\uff1a\u70ba\u4ec0\u9ebc XAU\/USD\uff08\u73fe\u8ca8\u9ec3\u91d1\u514c\u7f8e\u5143\uff09\u7684\u9ede\u5dee\u6703\u7a81\u7136\u5728\u6240\u6709\u5e73\u81fa\u4e0a\u540c\u6642\u8b8a\u5bec\uff1f\u5f88\u5bb9\u6613\u8b93\u4eba\u61f7\u7591\uff1a\u201c\u662f\u4e0d\u662f\u7d93\u7d00\u5546\u6545\u610f\u628a\u9ede\u5dee\u8abf\u9ad8\u4e86\uff1f\u201d \u3002\u5176\u5be6\uff0c\u9019\u985e\u60c5\u6cc1\u591a\u534a\u662f\u9ec3\u91d1\u5e02\u5834\u672c\u8eab\u51fa\u73fe\u4e86\u771f\u5be6\u7684\u7d50\u69cb\u6027\u932f\u4f4d\uff0c\u7279\u5225\u662f\u6d89\u53ca\u9ec3\u91d1\u6389\u671f\uff08gold swaps\uff09\u548c EFP\uff08Exchange for P […]","og_url":"https:\/\/www.adfxzh.com\/zh-hant\/blog\/why-gold-spreads-widen-under-market-stress-gold-swaps-efps-and-dislocations\/","og_site_name":"ADFX","article_published_time":"2025-10-28T04:44:00+00:00","article_modified_time":"2026-01-14T03:11:39+00:00","author":"Adfx Admin","twitter_card":"summary_large_image","twitter_misc":{"\u4f5c\u8005:":"Adfx Admin"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.adfxzh.com\/zh-hant\/blog\/why-gold-spreads-widen-under-market-stress-gold-swaps-efps-and-dislocations\/#article","isPartOf":{"@id":"https:\/\/www.adfxzh.com\/zh-hant\/blog\/why-gold-spreads-widen-under-market-stress-gold-swaps-efps-and-dislocations\/"},"author":{"name":"Adfx Admin","@id":"https:\/\/www.adfxzh.com\/zh-hant\/#\/schema\/person\/7292b4189e7340c2b30e2b70ec9dc05f"},"headline":"\u70ba\u4ec0\u9ebc\u9ec3\u91d1\u9ede\u5dee\u6703\u5728\u5e02\u5834\u58d3\u529b\u4e0b\u7a81\u7136\u8b8a\u5bec\uff1a\u9ec3\u91d1\u6389\u671f\u3001\u671f\u73fe\u4e92\u63db\u8207\u5e02\u5834\u932f\u4f4d","datePublished":"2025-10-28T04:44:00+00:00","dateModified":"2026-01-14T03:11:39+00:00","mainEntityOfPage":{"@id":"https:\/\/www.adfxzh.com\/zh-hant\/blog\/why-gold-spreads-widen-under-market-stress-gold-swaps-efps-and-dislocations\/"},"wordCount":62,"articleSection":["\u5b8f\u89c0\u4e3b\u984c"],"inLanguage":"zh-TW"},{"@type":"WebPage","@id":"https:\/\/www.adfxzh.com\/zh-hant\/blog\/why-gold-spreads-widen-under-market-stress-gold-swaps-efps-and-dislocations\/","url":"https:\/\/www.adfxzh.com\/zh-hant\/blog\/why-gold-spreads-widen-under-market-stress-gold-swaps-efps-and-dislocations\/","name":"\u70ba\u4ec0\u9ebc\u9ec3\u91d1\u9ede\u5dee\u6703\u5728\u5e02\u5834\u58d3\u529b\u4e0b\u7a81\u7136\u8b8a\u5bec\uff1a\u9ec3\u91d1\u6389\u671f\u3001\u671f\u73fe\u4e92\u63db\u8207\u5e02\u5834\u932f\u4f4d - ADFX","isPartOf":{"@id":"https:\/\/www.adfxzh.com\/zh-hant\/#website"},"datePublished":"2025-10-28T04:44:00+00:00","dateModified":"2026-01-14T03:11:39+00:00","author":{"@id":"https:\/\/www.adfxzh.com\/zh-hant\/#\/schema\/person\/7292b4189e7340c2b30e2b70ec9dc05f"},"breadcrumb":{"@id":"https:\/\/www.adfxzh.com\/zh-hant\/blog\/why-gold-spreads-widen-under-market-stress-gold-swaps-efps-and-dislocations\/#breadcrumb"},"inLanguage":"zh-TW","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.adfxzh.com\/zh-hant\/blog\/why-gold-spreads-widen-under-market-stress-gold-swaps-efps-and-dislocations\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.adfxzh.com\/zh-hant\/blog\/why-gold-spreads-widen-under-market-stress-gold-swaps-efps-and-dislocations\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.ad-fx.com\/zh-hant\/"},{"@type":"ListItem","position":2,"name":"\u70ba\u4ec0\u9ebc\u9ec3\u91d1\u9ede\u5dee\u6703\u5728\u5e02\u5834\u58d3\u529b\u4e0b\u7a81\u7136\u8b8a\u5bec\uff1a\u9ec3\u91d1\u6389\u671f\u3001\u671f\u73fe\u4e92\u63db\u8207\u5e02\u5834\u932f\u4f4d"}]},{"@type":"WebSite","@id":"https:\/\/www.adfxzh.com\/zh-hant\/#website","url":"https:\/\/www.adfxzh.com\/zh-hant\/","name":"ADFX","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.adfxzh.com\/zh-hant\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"zh-TW"},{"@type":"Person","@id":"https:\/\/www.adfxzh.com\/zh-hant\/#\/schema\/person\/7292b4189e7340c2b30e2b70ec9dc05f","name":"Adfx Admin","url":"https:\/\/www.adfxzh.com\/zh-hant\/author\/site-admin\/"}]}},"_links":{"self":[{"href":"https:\/\/www.adfxzh.com\/zh-hant\/wp-json\/wp\/v2\/posts\/8889","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.adfxzh.com\/zh-hant\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.adfxzh.com\/zh-hant\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.adfxzh.com\/zh-hant\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.adfxzh.com\/zh-hant\/wp-json\/wp\/v2\/comments?post=8889"}],"version-history":[{"count":4,"href":"https:\/\/www.adfxzh.com\/zh-hant\/wp-json\/wp\/v2\/posts\/8889\/revisions"}],"predecessor-version":[{"id":12989,"href":"https:\/\/www.adfxzh.com\/zh-hant\/wp-json\/wp\/v2\/posts\/8889\/revisions\/12989"}],"wp:attachment":[{"href":"https:\/\/www.adfxzh.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=8889"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.adfxzh.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=8889"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.adfxzh.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=8889"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}