年内涨幅近139%！白银刷新历史纪录，涨幅远超黄金

Group 1 - The core viewpoint is that gold and silver prices are rising significantly due to expectations of the Federal Reserve's interest rate cuts in 2026 and increased geopolitical uncertainty as the holiday season approaches [1] - Silver has outperformed gold, with a price increase of nearly 139% this year, while gold has risen approximately 68% [1] - The chief strategist at Galaxy Securities, Yang Chao, believes that the expectation of interest rate cuts is the main support for precious metal prices, although easing geopolitical tensions have limited the extent of the price increases [1] Group 2 - Citic Construction's chief analyst Wang Jiechao notes that the prices of precious metals like gold, silver, and platinum have surged, alongside strong performance in industrial metals such as tin, copper, and aluminum [2] - The combination of ample liquidity and strong supply constraints is driving commodity prices to challenge their peak levels [2] - The increasing importance of basic raw materials for economic development has led some countries to impose tariffs to secure these products, further exacerbating regional market shortages and pushing prices higher [2]