再创新高：现货黄金收复4500美元，现货白银突破75美元

Core Viewpoint - The prices of gold and silver have reached historical highs, driven by multiple factors including monetary policy changes and geopolitical risks [1][3]. Gold Market Summary - On December 26, spot gold prices peaked at $4,531.284 per ounce before settling at $4,502.44, reflecting a 0.51% increase [1]. - The recent surge in gold prices is attributed to three main factors: the Federal Reserve's resumption of a loose monetary policy, a decline in the credibility of the US dollar, and escalating global geopolitical risks [3]. - Despite the current high prices, there are concerns about potential market bubbles as gold prices exceed short-term valuation models [3]. - The bullish trend in gold is expected to continue as the Federal Reserve's policies and the US economy have not yet shown signs of a turning point [3]. Silver Market Summary - Spot silver prices reached a high of $75.142 per ounce, currently trading at $74.584, marking a 3.86% increase [1][2]. - The silver market is characterized by its smaller scale and sensitivity to industrial demand, making it more reactive to investment and speculative activities [4]. - A significant indicator of physical silver shortages is the one-year silver swap rate, which has dropped to -7.18%, indicating a premium for immediate physical delivery over future contracts [4]. - This inversion suggests that investors are prioritizing physical silver over paper contracts, leading to a potential "run" on the physical silver market [4][5]. - As long as the shortage persists, the upward trend in silver prices is likely to continue [5].