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\u6e25\u592a\u534e\u5c06\u53e6\u591612\u79cd\u77ff\u7269\u7eb3\u5165\u5173\u952e\u77ff\u4ea7\u7a0e\u6536\u62b5\u514d\u540d\u5355\uff0c\u8fd9\u4e00\u4e3e\u63aa\u628a\u8fd1\u671f\u52d8\u63a2\u9884\u7b97\u7684\u5929\u5e73\u503e\u5411\u4e8e\u5177\u5907\u5730\u8d28\u57fa\u7840\u3001\u57fa\u7840\u8bbe\u65bd\u548c\u4f34\u751f\u54c1\u6760\u6746\u7684\u76ee\u6807\u3002\u8be5\u6fc0\u52b1\u672c\u8eab\u4e0d\u4f1a\u5efa\u77ff\uff0c\u4f46\u964d\u4f4e\u4e86\u521d\u7ea7\u516c\u53f8\u627f\u62c5\u98ce\u9669\u7684\u6210\u672c\uff0c\u5e76\u628a\u8d44\u672c\u63a8\u5411\u88ab\u5ffd\u89c6\u7684\u533a\u5757\u3002\u77ed\u671f\u5185\u53ef\u671b\u5728\u4e0d\u5217\u98a0\u54e5\u4f26\u6bd4\u4e9a\u7701\u51fa\u73b0\u5bf9\u94bc\u7684\u65e9\u671f\u5174\u8da3\uff0c\u5728\u5927\u897f\u6d0b\u52a0\u62ff\u5927\u548c\u5317\u90e8\u51fa\u73b0\u5bf9\u94a8\u548c\u9530\u7684\u5173\u6ce8\uff0c\u4ee5\u53ca\u5728\u80b2\u7a7a\u3001B.C. \u548c\u9b41\u5317\u514b\u4e0e\u5bcc\u950c\u5e26\u76f8\u5173\u7684\u9517\u663e\u77ff\u3002B.C. \u4e00\u5904\u4f11\u7720\u7684\u94cc\u8d44\u4ea7\u4e5f\u5c06\u91cd\u56de\u89c6\u91ce\u3002\u65f6\u673a\u6070\u9022\u94dc\u91d1\u9886\u57df\u5e76\u8d2d\u589e\u52a0\u3001\u65b0\u7684\u521d\u7ea7\u77ff\u4f01 ETF \u63a8\u51fa\u4ee5\u53ca\u884c\u4e1a\u8303\u56f4\u5185\u7684\u4eba\u529b\u77ed\u7f3a\u3002\u5b9e\u9645\u7ed3\u8bba\uff1a\u8be5\u7a0e\u6536\u62b5\u514d\u62d3\u5bbd\u4e86\u52d8\u63a2\u5730\u56fe\uff0c\u4f46\u7ecf\u6d4e\u6027\u3001\u51b6\u91d1\u4e0e\u8bb8\u53ef\u4ecd\u51b3\u5b9a\u8c01\u80fd\u524d\u8fdb\u3002<\/p>\n

\u7a0e\u6536\u62b5\u514d\u53d8\u5316\u7684\u5b9e\u9645\u4f5c\u7528<\/h3>\n

\u52a0\u62ff\u5927\u7684\u5173\u952e\u77ff\u4ea7\u52d8\u63a2\u6fc0\u52b1\u662f\u5bf9\u5408\u8d44\u683c\u6d41\u901a\u80a1\u652f\u51fa\u768430%\u7a0e\u6536\u62b5\u514d\u3002\u6269\u5927\u540d\u5355\u589e\u52a0\u4e86\u5408\u683c\u9879\u76ee\u7684\u6c60\u5b50\uff0c\u964d\u4f4e\u4e86\u4e3a\u57fa\u5c42\u548c\u65e9\u671f\u754c\u5b9a\u94bb\u63a2\u7b79\u8d44\u7684\u7a0e\u540e\u6210\u672c\u3002\u5bf9\u521d\u7ea7\u516c\u53f8\u800c\u8a00\uff0c\u8fd9\u53ef\u80fd\u51b3\u5b9a\u662f\u8fd0\u884c\u4e00\u53f0\u94bb\u673a\u516d\u5468\u8fd8\u662f\u4e24\u53f0\u94bb\u673a\u4e00\u4e2a\u5b8c\u6574\u5b63\u8282\u3002\u5bf9\u6295\u8d44\u8005\u800c\u8a00\uff0c\u6d41\u901a\u80a1\u7ed3\u6784\u5c06\u7a0e\u6536\u5229\u76ca\u56de\u4f20\uff0c\u80fd\u8bc1\u660e\u66f4\u9ad8\u7684\u914d\u552e\u4ef7\u683c\u548c\u66f4\u7a84\u7684\u6298\u4ef7\u662f\u5408\u7406\u7684\u3002\u8be5\u62b5\u514d\u9488\u5bf9\u52d8\u63a2\u800c\u975e\u5efa\u8bbe\u3002\u5b83\u4f1a\u63d0\u524d\u63a8\u52a8\u5730\u7403\u7269\u7406\u3001\u6d4b\u7ed8\u3001\u5ca9\u5fc3\u91cd\u5f55\u548c\u9996\u8f6e\u94bb\u63a2\uff0c\u7279\u522b\u662f\u5728\u4e0e\u7701\u7ea7\u8d85\u7ea7\u6d41\u901a\u80a1\uff08\u5982 B.C.\u3001\u9b41\u5317\u514b\u548c\u5b89\u5927\u7565\uff09\u914d\u5957\u65f6\u3002\u8be5\u653f\u7b56\u6548\u679c\u6309\u8bbe\u8ba1\u662f\u5206\u6563\u7684\uff1a\u5728\u57ab\u5b50\u4e0a\u63d2\u66f4\u591a\u56fe\u9489\uff0c\u628a\u98ce\u9669\u5206\u6563\u5230\u66f4\u591a\u76ee\u6807\uff0c\u800c\u4e0d\u662f\u628a\u5f00\u652f\u96c6\u4e2d\u5728\u5c11\u6570\u5934\u6761\u91d1\u5c5e\u4e0a\u3002<\/p>\n

\u5730\u8d28\u51b3\u5b9a\u8d44\u672c\u9996\u5148\u6d41\u5411\u4f55\u5904<\/h3>\n

\u5728 B.C.\uff0c\u5df2\u77e5\u7684\u6591\u5ca9\u4f53\u7cfb\u62e5\u6709\u5df2\u786e\u7acb\u7684\u5206\u5e03\u548c\u9053\u8def\u901a\u8fbe\u6027\uff0c\u4f7f\u94bc\u683c\u5916\u5f15\u4eba\u6ce8\u76ee\u3002\u50cf Endako \u8fd9\u6837\u7684\u5386\u53f2\u77ff\u5c71\u548c Kitsault \u7b49\u9879\u76ee\u63cf\u7ed8\u4e86\u6210\u77ff\u80cc\u666f\uff0c\u4e14\u94bc\u5728\u82e5\u5e72\u94dc\u6591\u5ca9\u4e2d\u5df2\u662f\u4f34\u751f\u54c1\uff0c\u8fd9\u7f29\u77ed\u4e86\u8d44\u6e90\u589e\u957f\u7684\u8def\u5f84\u3002\u94a8\u548c\u9530\u5219\u628a\u65b0\u4e0d\u4f26\u745e\u514b\u3001\u66fc\u5c3c\u6258\u5df4\u548c\u897f\u5317\u5730\u533a\u91cd\u65b0\u5e26\u56de\u7126\u70b9\u3002\u65b0\u4e0d\u4f26\u745e\u514b\u7684 Sisson \u94a8-\u94bc\u9879\u76ee\u4ee5\u53ca\u9ea6\u80af\u9f50\u5c71\u8109\u4e2d\u7684\u9ad8\u54c1\u4f4d\u83f1\u9541\u77ff\u5316\u548c\u8109\u4f53\u7cfb\u7edf\u51f8\u663e\u4e86\u4e3a\u4ec0\u4e48\u52d8\u63a2\u961f\u4f1a\u91cd\u8fd4\u73b0\u573a\u3002\u65b0\u4e0d\u4f26\u745e\u514b Woodstock \u5730\u533a\u7684\u9530\u524d\u666f\u662f\u56fd\u5185\u4e3a\u6570\u4e0d\u591a\u7684\u7535\u6c60\u7ea7\u539f\u6599\u673a\u4f1a\u4e4b\u4e00\u3002\u9517\u901a\u5e38\u4f5c\u4e3a\u950c\u548c\u67d0\u4e9b\u94dc\u7cbe\u77ff\u7684\u4f34\u751f\u56de\u6536\uff1b\u8fd9\u628a\u52d8\u63a2\u8005\u6307\u5411\u80b2\u7a7a\u3001B.C. \u548c\u9b41\u5317\u514b\u7684\u5bcc\u950c\u533a\u5e26\uff0c\u90a3\u4e9b\u5730\u65b9\u5df2\u6709\u663e\u77ff\u3002B.C. \u4e00\u5904\u505c\u4ea7\u7684\u94cc\u4f5c\u4e1a\u5f3a\u8c03\u4e86\u5728\u4e00\u4e2a\u5c0f\u800c\u96c6\u4e2d\u7684\u5e02\u573a\u4e2d\u7684\u53ef\u9009\u6027\u3002<\/p>\n

\u6709\u524d\u666f\u7684\u65e9\u671f\u76ee\u6807\u4e0e\u4f34\u751f\u54c1\u6760\u6746<\/h3>\n

\u6700\u5feb\u7684\u6536\u83b7\u5c06\u6765\u81ea\u8910\u5730\u5de5\u4f5c\u4e0e\u4f34\u751f\u54c1\u77ff\u6d41\u3002\u5728 B.C.\uff0c\u628a\u94bc\u7eb3\u5165\u62b5\u514d\u4f1a\u9f13\u52b1\u56f4\u7ed5\u94dc\u6591\u5ca9\u7684\u52d8\u63a2\u8005\u53bb\u6d4b\u8bd5\u5bcc\u94bc\u5916\u58f3\u548c\u66f4\u6df1\u7684\u4f9b\u7ed9\u8109\uff0c\u8fd9\u53ef\u4ee5\u4e3a\u94dc\u9879\u76ee\u589e\u52a0\u53ef\u8ba1\u4ed8\u7684\u4f34\u751f\u6536\u5165\uff0c\u5728\u504f\u597d\u591a\u54c1\u79cd\u6d41\u7a0b\u8868\u7684\u6210\u672c\u73af\u5883\u4e0b\u6539\u5584\u672a\u6765\u9879\u76ee\u524d\u666f\u3002\u9517\u53d7\u76ca\u4e8e\u73b0\u6709\u57fa\u7840\u8bbe\u65bd\u3002\u52a0\u62ff\u5927\u5df2\u6709\u542b\u6709\u4e13\u7528\u56de\u6536\u5c0f\u91d1\u5c5e\u56de\u8def\u7684\u950c\u51b6\u70bc\u80fd\u529b\uff0c\u8fd9\u964d\u4f4e\u4e86\u6700\u7ec8\u4ee3\u9500\u95e8\u69db\u3002\u7cbe\u77ff\u4e2d\u7684\u9517\u54c1\u4f4d\u4f1a\u5b9e\u8d28\u6027\u5f71\u54cd\u51b6\u70bc\u6761\u6b3e\uff0c\u56e0\u6b64\u94bb\u63a2\u8ba1\u5212\u4f1a\u8ffd\u9010\u5df2\u77e5\u5bbf\u4e3b\u8fd9\u4e9b\u5143\u7d20\u7684\u950c-\u94c5\u5730\u5c42\u3002\u94a8\u5728\u5e8f\u5316\u77ff\uff08skarn\uff09\u7cfb\u7edf\u4e2d\u7684\u9ad8\u5bc6\u5ea6\u548c\u51b6\u91d1\u7279\u6027\u4e3a\u4eba\u6240\u719f\u77e5\uff0c\u6709\u5229\u4e8e\u5177\u6709\u660e\u786e\u9ec4\u94a8\u77ff\u6216\u767d\u94a8\u77ff\u77ff\u7269\u5b66\u4e14\u9760\u8fd1\u6c34\u7535\u4e0e\u9053\u8def\u7684\u76ee\u6807\u3002\u5728\u8fd9\u4e9b\u57fa\u672c\u9762\u4e0b\uff0c\u7a0e\u6536\u6fc0\u52b1\u53ef\u4ee5\u8f6c\u5316\u4e3a\u53ef\u6d4b\u91cf\u7684\u8d44\u6e90\u589e\u91cf\u3002<\/p>\n

\u6295\u8d44\u8005\u5e94\u627f\u53d7\u7684\u98ce\u9669\u4fe1\u53f7<\/h3>\n

\u62b5\u514d\u4e0d\u80fd\u6d88\u9664\u5546\u54c1\u98ce\u9669\u3002\u94bc\u4ef7\u6ce2\u52a8\u5927\uff0c\u53d7\u94a2\u6750\u9700\u6c42\u548c\u80fd\u6e90\u57fa\u7840\u8bbe\u65bd\u63a8\u52a8\uff0c\u4e14\u53ef\u56e0\u5c0f\u89c4\u6a21\u4f9b\u5e94\u53d8\u5316\u800c\u5927\u5e45\u6446\u52a8\u3002\u94a8\u662f\u4e00\u4e2a\u6218\u7565\u91d1\u5c5e\uff0c\u5b9a\u4ef7\u4e0d\u900f\u660e\u4e14\u4e2d\u56fd\u4f9b\u5e94\u5360\u6bd4\u5927\uff1b\u9879\u76ee\u5fc5\u987b\u8bc1\u660e\u4f4e\u8fd0\u8425\u6210\u672c\u4ee5\u62b5\u5fa1\u4ef7\u683c\u5468\u671f\u3002\u9517\u5e02\u573a\u6781\u5c0f\uff0c\u4e0e\u534a\u5bfc\u4f53\u548c\u5149\u7ea4\u9700\u6c42\u76f8\u5173\uff0c\u4e3b\u8981\u4f5c\u4e3a\u51b6\u70bc\u526f\u4ea7\u54c1\u751f\u4ea7\uff1b\u5982\u679c\u6ca1\u6709\u5bf9\u63a5\u7684\u51b6\u70bc\u80fd\u529b\uff0c\u65b0\u5efa\u7684\u539f\u751f\u4f9b\u5e94\u5b58\u5728\u6401\u6d45\u98ce\u9669\u3002\u94cc\u7531\u5df4\u897f\u7684 CBMM \u4e3b\u5bfc\u7684\u5be1\u5934\u5e02\u573a\u4e3b\u5bb0\uff1b\u5e02\u573a\u53ef\u4ee5\u5438\u6536\u65b0\u589e\u5428\u4f4d\uff0c\u4f46\u4fdd\u8bc1\u6536\u8d2d\uff08off-take\uff09\u81f3\u5173\u91cd\u8981\u3002\u7535\u6c60\u7ea7\u786b\u9178\u9530\u9700\u8981\u5316\u5b66\u52a0\u5de5\u80fd\u529b\uff0c\u800c\u52a0\u62ff\u5927\u4ec5\u5728\u8d77\u6b65\u5efa\u8bbe\u3002\u8bb8\u53ef\u4ecd\u662f\u654f\u611f\u7ba1\u8f96\u533a\u7684\u95e8\u63a7\u8981\u7d20\uff0c\u6f2b\u957f\u7684 Sisson \u8bb8\u53ef\u6848\u5c31\u8bf4\u660e\u4e86\u8fd9\u4e00\u70b9\u3002\u897f\u5317\u5730\u533a\u548c\u80b2\u7a7a\u7684\u7269\u6d41\u63d0\u9ad8\u4e86\u8d44\u672c\u652f\u51fa\u548c\u8425\u8fd0\u8d44\u91d1\u3002\u518d\u52a0\u4e0a\u77ff\u4e1a\u5de5\u7a0b\u5e08\u548c\u5730\u8d28\u5e08\u77ed\u7f3a\uff0c\u65f6\u95f4\u8868\u88ab\u62c9\u957f\u3002<\/p>\n

\u8d44\u672c\u8f6e\u52a8\u9047\u4e0a\u57fa\u672c\u91d1\u5c5e\u6574\u5408<\/h3>\n

\u62b5\u514d\u6269\u5c55\u4e4b\u9645\uff0c\u8d44\u672c\u6b63\u8fc1\u79fb\u81f3\u53bb\u98ce\u9669\u5316\u7684\u94dc\u548c\u91d1\u7ba1\u7ebf\u3002Teck \u91c7\u53d6\u884c\u52a8\u5de9\u56fa\u5176\u5728\u79d8\u9c81 Zafranal \u94dc\u91d1\u9879\u76ee\u7684\u5730\u4f4d\uff0cHudbay \u5219\u901a\u8fc7\u6536\u8d2d\u8fdb\u5165\u5185\u534e\u8fbe\u7684 Ann Mason \u94dc\u9879\u76ee\u3002\u8fd9\u4e24\u8005\u90fd\u7b26\u5408\u5728\u91c7\u77ff\u53cb\u597d\u7ba1\u8f96\u533a\u589e\u52a0\u5927\u578b\u94dc\u8d44\u6e90\u7684\u7b56\u7565\u3002\u5728\u6b27\u6d32\uff0cBHP \u4e0e Kingsrose \u5728\u632a\u5a01\u548c\u82ac\u5170\u7684\u954d\u4e0e\u94dc\u6743\u76ca\u5206\u9636\u6bb5\u5165\u80a1\uff0c\u51f8\u663e\u4e86\u5bf9\u5177\u7535\u7f51\u4f9b\u7535\u4e14\u6709\u7ecf\u9a8c\u52b3\u52a8\u529b\u7684\u4e00\u7ea7\u7535\u6c60\u91d1\u5c5e\u533a\u5757\u7684\u8ffd\u9010\u3002\u5728\u963f\u62c9\u65af\u52a0\uff0cContango \u7528\u5168\u80a1\u6536\u8d2d HighGold\uff0c\u610f\u5728\u901a\u8fc7\u533a\u5757\u63a7\u5236\u5c06\u89c4\u6a21\u6269\u5927\u5230\u5e74\u4ea7 150,000 \u76ce\u53f8\u7ea7\u522b\u3002\u5728\u5c0f\u578b\u751f\u4ea7\u7aef\u4f4d\uff0c\u6d25\u5df4\u5e03\u97e6\u4e00\u5904\u76c8\u5229\u9996\u91d1\u7684\u6848\u4f8b\u663e\u793a\uff0c\u4ee5\u9002\u5f53\u7684\u6210\u672c\u57fa\u7840\u6574\u5408\u4e1a\u7ee9\u6b20\u4f73\u7684\u8d44\u4ea7\u4ecd\u53ef\u594f\u6548\u3002\u8fd9\u4e9b\u4e3e\u52a8\u5e76\u4e0d\u76f4\u63a5\u4e0e\u52a0\u62ff\u5927\u7684\u52d8\u63a2\u62b5\u514d\u7ade\u4e89\uff0c\u4f46\u5b83\u4eec\u786e\u5b9e\u63d0\u9ad8\u4e86\u521d\u7ea7\u516c\u53f8\u5728\u4e89\u53d6\u7eff\u5730\u8d44\u672c\u65f6\u7684\u95e8\u69db\u3002<\/p>\n

\u6d41\u52a8\u6027\u4e0e\u65b0\u7684\u521d\u7ea7\u77ff\u4f01 ETF<\/h3>\n

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2025 \u5e74\u53ef\u80fd\u6539\u53d8\u8ba1\u7b97\u65b9\u5f0f\u7684\u56e0\u7d20<\/h3>\n

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