十年三倍的黄金大牛市，还能有多大空间？深度梳理黄金市场的逻辑

Group 1 - Precious metals prices have rebounded in November, with London gold rising 5.51% to $4223.1 per ounce and London silver increasing 15.91% to $56.397 per ounce, setting new historical records [1] - The expectation of a Federal Reserve rate cut in December has significantly influenced the rise in precious metals prices, with the probability of a rate cut exceeding 80% [3] - The fluctuations in precious metals prices from mid-October to mid-November were primarily due to the Federal Reserve's hawkish stance, easing geopolitical tensions, and diverging market forces [1][2] Group 2 - The Federal Reserve's recent dovish signals have led to a reassessment of the likelihood of a rate cut, with key officials indicating that the labor market is cooling and inflation expectations are stable [2][3] - Historical analysis shows that gold has experienced prolonged bull and bear market cycles, with the current bull market lasting nearly ten years and characterized by significant price increases [5][6] - The current bull market in gold has been supported by various factors, including Federal Reserve monetary policy, geopolitical issues, and increased central bank gold purchases [6]