突然，中东央行“清仓”，资金爆买白银ETF！央行继续增持黄金

Core Viewpoint - The upcoming weeks are expected to be significant for domestic policy, with a focus on economic policy direction and macroeconomic strategies, particularly in terms of demand expansion and innovation promotion [2] Group 1: Central Bank Actions - The People's Bank of China continues to increase its gold reserves, reaching 7.412 million ounces (approximately 2305.39 tons) as of November 2025, marking a month-on-month increase of 30,000 ounces (approximately 0.93 tons) [4] - Global central banks showed strong demand for gold in October, with net purchases reaching 53 tons, a 36% month-on-month increase, the highest monthly net demand of the year [4] - The total holdings of global gold ETFs rose to 3932 tons by the end of November, marking the sixth consecutive month of growth, with China being the largest single source of net inflows [4] Group 2: Silver Market Dynamics - Silver prices have surged over 100% year-to-date, with the London silver spot price reaching a high of $59.33 per ounce [6][11] - Significant capital inflows into silver ETFs have been observed, with the total inflow in just four trading days reaching the highest weekly total since July [7] - The COMEX silver futures inventory has decreased significantly, dropping over 2300 tons in two months, with registered warehouse receipts at historical lows [12] Group 3: Market Analysis and Predictions - Analysts indicate that the current surge in silver prices is driven by tightening supply in the physical market, with expectations of further price increases supported by low inventory levels and industrial demand growth [11][12] - The silver-gold ratio has fallen to around 72, indicating a shift in market risk preference, with silver outperforming gold in the current bull market [12] - Short-term volatility in silver prices is anticipated, with strong support due to low inventory levels, making significant price declines less likely [13] - The long-term outlook for silver remains bullish, driven by its strategic importance in the energy transition and expected supply shortages in industrial applications [13][14]