金银疯涨，贵金属“赢麻了”！

Core Viewpoint - The precious metals market continues its fervent trend, with both gold and silver prices reaching historical highs on December 26, 2025, driven by strong investment demand and structural supply issues in the silver market [1][3][8]. Group 1: Market Performance - As of the report, spot gold in London rose by 0.93% to approximately $4,520 per ounce, with an intraday high of $4,531.284, marking a historical first [1][2]. - Spot silver surged nearly 5% to $75.389 per ounce, with an intraday peak of $75.515, reflecting a year-to-date increase of nearly 150% [1][2]. - COMEX gold futures increased by 1.05% to $4,550.3 per ounce, reaching a record high of $4,561.6 during the day [3][4]. - COMEX silver futures reported at $75.05 per ounce, with a maximum of $75.495, showing a year-to-date rise close to 160% [3][4]. Group 2: Market Drivers - The primary driving force behind gold's rise has shifted from central bank purchases to investment demand, while the silver market faces structural squeezes due to tight global inventories and increased industrial demand [7][8]. - The macroeconomic environment, including a 10% decline in the US dollar index and the Federal Reserve's resumption of rate cuts, has provided core support for the rise in precious metals [8]. - The outlook for 2026 suggests that precious metals will maintain a challenging upward trend due to the politicalization of the Federal Reserve, declining dollar credit, and a crisis in the silver spot market [8][9]. Group 3: Market Sentiment and Risks - The overall sentiment in the precious metals market remains bullish, with strong performance exceeding most institutional expectations [9]. - Factors contributing to this global precious metals rally include concerns over dollar credit, ongoing central bank gold purchases, geopolitical risk premiums, and structural supply-demand imbalances [9]. - Future upward trends may face challenges from unexpected improvements in the US economy or significant adjustments in monetary policy [9].