Group 1 - Silver's volatility is typically double that of gold, but during high-intensity bull markets, silver can rise up to four times that of gold, as seen from late July to early August 2020, where gold increased by 15% and silver surged by 58% [1] - Silver is approaching record quarterly closing prices, indicating the potential start of a price discovery phase, with a favorable macro environment for hard assets [3] - The long-term trend shows that gold remains extremely undervalued compared to the S&P 500, continuing to serve as a high-value diversification tool for investment portfolios [3] Group 2 - The U.S. stock market appears calm, but there is significant underlying volatility, with 72% of S&P 500 constituents declining, while major companies like Nvidia, Google, and Apple masked much of the weakness, contributing over 40% of the bullish momentum [4] - The outlook for the U.S. dollar remains bearish, not due to debates about its reserve currency status, but because it is significantly overvalued from a purchasing power parity perspective, with a potential decline of up to 30% in the coming years [6]
宏观必看图表：美元下跌至周期低点 谁是最大受益者？（2025/6/26）
Jin Shi Shu Ju·2025-06-26 12:01