Sou Hu Cai Jing·2025-12-26 00:38Group 1 - The core viewpoint of the report is that gold prices may experience a correction in early 2026 due to a potential tapering of the Federal Reserve's easing expectations, which could pose a risk [1] - The report suggests that if gold prices decline significantly in early 2026, it may present a buying opportunity for investors to increase their allocation to commodities [1] - Following a strong rise in gold prices, other commodities like copper and silver have also performed well, indicating a liquidity spillover effect from gold [1] Group 2 - The report recommends increasing commodity allocation to a neutral level, particularly favoring non-ferrous metals, as they can hedge against geopolitical risks and overheating in the U.S. economy [1] - It is noted that metals like silver have a smaller market size and lower liquidity compared to gold, which may lead to greater risks if gold prices fluctuate [1] - The report emphasizes the importance of risk management to avoid blindly chasing price increases in the commodities market [1]