On December 9, the core trigger point of this wave of gold market is Russia's "gold hand-holding" policy — starting in 2026, it will officially restrict the export of gold bars, and previously extended the ban on the export of precious metal scrap to May 2026, which is equivalent to a double tightening of gold outflow.

Russia's logic behind this operation is very clear: it aims to combat money laundering and capital flight in the shadow economy using gold, while also relying on this hard currency to support the domestic economy and the ruble exchange rate, paving the way for de-dollarization. Whether trading with friendly countries or building a new payment system, having gold provides confidence. The global market has long been eager for gold, with central banks around the world buying gold wildly in recent years, pushing the gold price from $2,000/ounce to around $3,400. Now, with this restriction from Russia, it adds a tightening constraint on global gold supply, which in the long run strengthens gold's value as a safe haven.

Many workers share the same feeling: wanting to save some gold to hedge against risks, but the premium on jewelry in gold stores is too high, with processing fees adding up to a difference of 200 yuan per gram, and the buyback can result in a loss of nearly 20%, which is really hard to bear. In fact, ordinary people have more cost-effective options — gold ETFs have the lowest cost, with an annual fee rate as low as 0.2%, and the handling fee for holding 1 gram of gold for a year is only a few yuan, and it can be traded at any time through a securities account; bank accumulation gold is also suitable for small fixed investments, avoiding the need to pay a large amount at once, and can later be exchanged for physical gold. #黄金