欧洲天然资源基金：铂金估值处于历史最低水平 提防加息周期重启时间表

Group 1 - The core viewpoint of the article highlights the recovery of net long positions in various metals, particularly palladium, which has returned to a net long position after 164 weeks of net short positions since October 23, 2022 [1][5][22] - Silver prices have surged by 132% this year, with the gold-silver ratio dropping from 90.84 to 64.6, indicating strong physical demand for silver [1][22] - A survey of 352 retail investors revealed that 51% believe silver will outperform the market by 2026, while 29% favor gold, 11% prefer copper, and 10% are optimistic about platinum [1][22] Group 2 - Platinum has also seen a significant increase of 120% this year, but its current valuation relative to silver is at a historical low, with 1 ounce of platinum able to exchange for only 29 ounces of silver, compared to an average of over 60 ounces historically [1][22] - The article notes that the market is speculating on potential interest rate hikes by the Federal Reserve in 2027, despite current low probabilities [1][22] - The article emphasizes the importance of monitoring the Federal Reserve's actions, as the current commodity bull market may be impacted by the interest rate cycle [1][22] Group 3 - As of December 9, net long positions in COMEX gold increased by 4.0%, while COMEX silver saw a 31.6% rise in net long positions [2] - The net long position in platinum increased by 28.4%, while the net long position in copper turned positive after a period of negativity [8][10] - The gold price to North American gold mining stock ratio has decreased by 2.1% recently, indicating a potential divergence between gold prices and mining stocks [16]