贵金属的商品属性接棒驱动，转折点或出现在明年年中

Core Viewpoint - The chief analyst of precious metals at Qisheng Futures, Liu Xufeng, believes that the commodity attributes of precious metals are likely to replace their financial and monetary attributes, becoming the main driving force behind price movements [1] Group 1: Market Trends - The widening supply-demand gap for silver may provide price support [1] - A key turning point in the precious metals market could occur around mid-2026 [1] Group 2: Macroeconomic Environment - The expected appointment of Kevin Hassett, who is perceived as dovish, to succeed Federal Reserve Chairman Jerome Powell in May 2026 may accelerate the pace of monetary policy easing [1] - The Federal Reserve has resumed balance sheet expansion in response to economic downturn pressures and the longest government shutdown in history, but there are potential risks of marginal tightening in liquidity [1]