金银年末狂奔！白银“疯牛”碾压黄金，全金属盛宴引爆？

Core Viewpoint - Precious metals, particularly gold and silver, are expected to be the biggest winners among global asset classes this year, with both reaching historical highs and showing significant year-to-date gains [2][9]. Price Performance - Spot silver surpassed $70 per ounce, while spot gold reached $4,490.88 per ounce, both setting new historical records [2]. - Year-to-date, gold has achieved its 50th new high with an increase of over 71%, while silver has surged by 140% [2]. - COMEX gold and silver futures also saw gains exceeding 2%, reaching historical highs [4]. Market Dynamics - The secondary market for gold and precious metal stocks in Hong Kong and A-shares has seen collective upward movement [5]. - Other precious metals like platinum and palladium are also experiencing significant price increases, with platinum hitting a 17-year high and palladium reaching a three-year peak [6][7]. Supporting Factors - Geopolitical tensions have enhanced the safe-haven appeal of gold and silver [10]. - Increased expectations for interest rate cuts have provided support for precious metals, with recent comments from Federal Reserve officials highlighting potential economic risks if rates are not lowered [12]. - Central bank purchases and speculative inflows into silver are also contributing to the price increases, with global central banks accelerating "de-dollarization" and net gold purchases reaching 634 tons in the first three quarters of 2025 [13][14]. Future Outlook - Market expectations suggest that gold and silver prices have not yet peaked, with forecasts indicating potential further increases [18]. - The World Gold Council anticipates a 5%-15% rise in gold prices next year, while major financial institutions like Goldman Sachs and UBS project significant price targets for gold by 2026 [19][20]. - Analysts believe that the foundation for a gold bull market remains intact, with silver potentially having greater upside due to its market dynamics and technical factors [21][23].