黄金、白银火热，今年以来，白银LOF涨超127%,黄金股ETF涨超80%，黄金ETF、上海金ETF涨超50%

Group 1: Precious Metals Market Overview - This year, silver and gold have seen significant price increases, with silver LOF rising over 127%, gold stock ETFs increasing over 80%, and both gold ETFs and Shanghai gold ETFs up over 50% [1] - The current silver market surge is attributed to a combination of macroeconomic shifts, industrial demand, supply-demand gaps, capital inflows, and value reassessment, all working in concert [1] - The Federal Reserve's interest rate cuts have weakened the dollar and reduced holding costs, directly igniting precious metal pricing [1] Group 2: Supply and Demand Dynamics - Global exchange inventories are critically low, sufficient for only 1.2 months, marking a ten-year low and increasing demand for physical silver [2] - The ETF market has seen a significant increase in holdings, with an addition of 500 tons over six months, while the market capitalization of silver is only one-tenth that of gold, leading to amplified price volatility due to short covering [3] Group 3: Valuation and Future Projections - Gold prices have reached new highs, with the gold-silver ratio decreasing from over 100 in April to below 70, indicating that silver has outperformed gold by over 30% during this period [4] - Analysts predict that by December 10, 2025, silver prices may reach new historical highs, with Comex silver potentially breaking the $60 per ounce mark [4] - The current gold market is experiencing a correction after a significant rise, with historical patterns suggesting that after a 10% correction, gold typically stabilizes at new highs within approximately three months [5]