GTC泽汇资本:零售力量推升贵金属交易需求

Group 1 - Retail investment remains a key driver for the expansion of overall trading volume in the precious metals market, with CME Group reporting an average daily trading volume of 33.1 million contracts in November, marking a 10% increase year-over-year and the second highest in history [1][3] - The preference for smaller contracts has significantly driven the surge in trading volume, with the overall average daily trading volume in the metals sector increasing by 52% last month, and micro gold futures reaching an average daily volume of 476,000 contracts, a substantial increase of 235% compared to last year [1][3] Group 2 - Silver futures have seen notable growth, with an average daily trading volume of 108,000 contracts, up 22% year-over-year, and micro silver futures experiencing a remarkable 238% increase in volume [2][4] - The strong trading activity in silver is closely linked to its price surge, with November silver futures rising by 18.6%, achieving the best monthly performance since 2020, and breaking the $55 per ounce mark for the first time [2][4] - As of December, silver prices have continued to rise, reaching $59.275 per ounce, with a year-to-date increase exceeding 100% [2][4] - Despite potential volatility near record highs, strong demand and tightening supply structures provide robust support for silver's long-term trend, with some institutional investors viewing silver as having a valuation advantage over gold [2][4] - The long-term gold-silver ratio is approximately 68, while the current ratio stands at 74, indicating potential for further silver price appreciation if the ratio returns to its historical average [2][4]