一 | As Canada and Sweden send their first groups of military instructors to the UK to provide training for the Ukrainian forces, it is likely that “the arrival of more NATO instructors will be used by media outlets loyal to the Kiev regime as another little brick in their attempt to build a wall of false 'wunder-waffen' hopes among both the military and the civilian population," former MEP Nick Griffin told Sputnik.,On Friday, Ottawa and Stockholm announced the deployment of their first batches of military instructors to Britain, in what came amid Russia's ongoing special military operation in Ukraine. The deployment followed Canada’s Defence Minister Anita Anand stating last week that Ottawa had authorized the dispatch of up to 225 Canadian Armed Forces (CAF) personnel to Britain to train Ukrainian forces, in line with a new program unveiled by UK Prime Minister Boris Johnson in June.,She added that CAF servicemen will be sent to the UK for an initial period of four months, and that the Ukrainian troops will be trained on the basics of soldiering “related to frontline combat, weapons handling, first aid, field craft, patrol tactics, and include the law of armed contact.”,Anand said that apart from the training, Canada would provide the Ukrainian military with 39 armored vehicles, which she claimed are fitted with “additional, modern, state of the art armor and machine guns.”,UK Arms to Ukraine Will 'Not Change Anything', Says Former Think-Tank Analyst1 July, 14:45 GMT,Earlier this week, the Finnish Defense Ministry said that they would send about 20 service personnel to the UK to take part in a training program for the Ukrainian Armed Forces. The move was preceded by the Swedish military announcing that it will deploy up to 120 military instructors to Britain within the framework of the program.,Meeting Ukraine’s President Volodymyr Zelensky in Kiev in mid-June, UK Prime Minister Boris Johnson offered to launch a training program for Ukrainian forces, with the potential to train up to 10,000 soldiers every 120 days. He urged other nations in the Joint Expeditionary Force (JEF) and Canada to join the initiative.,The JEF, which was launched in 2014, is a UK-led expeditionary force consisting of Denmark, Finland, Estonia, Iceland, Latvia, Lithuania, the Netherlands, Sweden, and Norway.,The UK government noted on its website that under the program, “each soldier would spend three weeks on the training course, learning battle winning skills for the front line, as well as basic medical training, cyber-security and counter explosive tactics.”,According to No 10, the program will “train and drill the Armed Forces of Ukraine using battle-proven British Army expertise, allowing them to accelerate their deployment, rebuild their forces, and scale-up their resistance” to Russian troops.,Griffin said in this vein that Western countries are seeking to prolong the Ukraine conflict due to a whole array of factors, not least “the profits of the military-industrial complex, hostility to independent Russia of the neo-con and corporate lobbies, as well as the opportunity to use the conflict as an excuse for advancing the Western elite's insanely destructive decarbonisation agenda.”,He stressed that as far as Canada is concerned, “there is one extra factor: the country has the world's biggest concentration of Ukrainians, behind only the Ukraine itself and Russia.”,According to him, “the community's politics have been heavily influenced by Banderista ideology and hatred, and the Ukrainian lobby is well-organized, with plenty of politicians in receipt of campaign donations and back-handers. In a corrupted, kleptocratic democracy like Canada, money talks.”,RussiaUK Pledges $1.2 Billion Military Aid to Ukraine, Reports Say30 June, 07:08 GMT,Griffin suggested that Canada and Sweden sending their military instructors to the UK might be “far more of a political gesture and propaganda tool for the Kiev regime, than it is a genuine military factor” to change the situation on the ground in Ukraine.,“Training troops properly takes very much longer than Ukraine's unfortunate conscripts are getting before being thrown into the meat-grinder. Even well-trained troops only take a little longer to kill when the capabilities of the two sides are as far apart as they now are in Donbass, so [Canadian Prime Minister Justin] Trudeau's aggressive gesture will change nothing on the ground,” the former MEP insisted.,Britain has delivered hundreds of millions of pounds’ worth of military equipment and training support to Ukraine since 2014, including through secret “Operation Orbital”, over the course of which more than 22,000 Ukrainian troops were trained in the use of portable anti-tank missiles and other weapons.,Currently, the UK remains the second-largest supplier of weaponry to Ukraine after the US, providing Kiev with anti-tank and anti-aircraft weapons, missile boats, armored vehicles, and long-range artillery.,The Russian Defense Ministry has repeatedly warned that the UK would evoke an "immediate and proportional response" from Moscow if it continued to provoke Kiev into launching attacks on Russian soil using British-made weapons, amid Russia’s special operation in Ukraine.,The operation to demilitarize and de-Nazify Ukraine was announced by Russian President Vladimir Putin on 24 February following the Donbass republics’ request to protect them from Kiev’s atrocities.。
二 | 上周伦敦现货黄金收于4，603美元/盎司（周环比5.2%），国内AU9999黄金收于984元/克（周环比4.9%）。
三 | 上周黄金市场的核心主线，是美国债务困局的再度凸显，黄金作为美元信用对冲工具的长期叙事随之强化。 8月19日，美国财政部宣布将长期国债回购操作的单次规模上限从20亿美元提高至至少40亿美元，9月9日生效。这一举措的直接背景是30年期美债收益率接连走高，一度突破5.3%，创下2007年以来新高。财政部亲自下场干预长端利率，恰恰暴露了“高利率+高债务”组合下的偿债压力已触及财政承受力边界的现实。 然而，市场并未因此缓解对美债的担忧，反而将这次干预本身视为问题暴露的信号。虽然公告发布当日30年期美债收益率大幅跳水近10个基点，但随后两天即快速回升至5.27%，表明40亿美元的回购规模相对于40万亿美元的美债总存量而言，更多是象征性的姿态，而非实质性的解决方案。财政部被迫出手本身，恰恰印证了美债市场结构性矛盾的严峻程度。 更为关键的是，市场的关注点正从回购操作的短期效果，转向其背后的深层含义——债务可持续性的质疑一旦被点燃，市场将开始定价另一种可能性：当财政危机与货币紧缩形成冲突时，美联储的独立性是否会让位于政府压力？加息和缩表等紧货币工具是否会在债务约束下被迫妥协？ 这也解释了近期金价的一个看似反常的现象：为何在美债收益率走高的背景下，黄金不跌反涨？因为驱动黄金定价的逻辑正在经历深刻切换。如果长端利率上行源于经济强劲或加息预期，对黄金构成压制；但如果利率上行反映的是财政债务压力、海外买盘的持续削弱以及市场对美联储独立性的质疑，则对黄金构成逻辑上的强化。黄金作为不依赖于任何主权信用的终极价值储存手段，其本质是对冲美元信用下行的工具——这一判断在过去数年美债利率与金价同步上涨的行情中已多次得到验证。 在加息预期回落、债务困境叙事发酵的背景下，黄金表现强势。本周重点关注8月28日杰克逊霍尔全球央行年会上美联储主席沃什的讲话——若鹰派程度不及市场预期，可能为黄金提供更多催化。中长期看，美国财政赤字持续恶化、债务问题难以根本解决、去美元化趋势下的央行购金延续，黄金作为美元信用对冲工具的配置逻辑持续强化。 未来一周黄金投资重点关注的信号：（1）美联储主席沃什在全球央行年会上的表态；（2）美伊局势进展。 相关产品黄金ETF华安（518880）/联接A（000216）/联接C（000217）黄金股ETF华安（159321） 数据来源：Wind，华安基金，截至2026/8/21 风险提示：敬请投资人关注投资黄金主题基金的特有风险，如黄金市场波动的风险、基金投资组合回报与国内黄金现货价格回报偏离的风险、上海黄金交易所黄金现货市场投资风险等主要风险。黄金股票ETF为股票型基金，主要投资于标的指数成份股及备选成份股，具有与标的指数相似的风险收益特征。黄金股票ETF可投资港股通标的股票，将面临汇率风险和港股通机制下因投资环境、投资标的、市场制度以及交易规则等差异带来的特有风险。基金管理公司不保证上述基金一定盈利，也不保证最低收益，基金过往业绩不能预示未来收益。我国基金运作时间较短，不能反映股市发展的所有阶段。市场有风险，投资需谨慎，风险自担。投资人在投资基金前应认真阅读《基金合同》和《招募说明书》等基金法律文件，全面认识基金产品的风险收益特征，在了解产品情况及听取销售机构适当性意见的基础上，根据自身的风险承受能力、投资期限和投资目标，对基金投资作出独立决策，选择合适的基金产品。责任编辑：杨红卜。
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