中信证券：贵金属价格高位回落 延续长期看多思路

Core Viewpoint - Since August 2025, gold and silver prices have surged to historical highs, but experienced significant adjustments in mid-October due to profit-taking and other factors. The long-term bullish outlook for precious metals remains unchanged, supported by a liquidity easing environment and continued ETF inflows [1] Group 1 - Gold and silver prices have reached historical highs since August 2025 [1] - Mid-October saw a significant price adjustment due to profit-taking [1] - The long-term bullish outlook for precious metals is supported by factors such as liquidity easing and ongoing ETF inflows [1] Group 2 - The absence of major changes in risk aversion sentiment and de-dollarization trends continues to favor precious metals [1] - Gold and silver are expected to regain upward momentum after a phase of adjustment [1] - Precious metals are projected to be a key theme in the commodity market from Q4 2025 to 2026 [1]