Core Viewpoint - The recent surge in precious metals is primarily driven by cyclical demand for gold, with silver prices outpacing gold [1] Group 1: Price Projections - By 2026, COMEX gold prices are expected to reach $4,500 per ounce, while silver prices are projected to rise to $55 per ounce, indicating further upside potential from current levels [1] Group 2: Investment Demand - The cyclical investment demand for precious metals has not peaked, as the U.S. monetary policy may shift towards easing in the short term, and long-term inflation expectations could remain unanchored [1] Group 3: Structural Support - The unique value of physical gold and the strategic nature of silver are expected to provide structural support for global central bank gold purchases, private physical investments, and regional stockpiling [1]
中金：料明年金价升至每盎司4,500美元 周期性需求尚未见顶
Zhi Tong Cai Jing·2025-11-24 06:33