黄金暴跌200美元，白银暴跌14%

Group 1 - Gold and silver prices have dropped significantly after reaching historical highs, with declines of 4.6% for gold and 14.3% for silver, as traders returned from the Christmas holiday [1] - The surge in speculative activity in China has contributed to the volatility in precious metal prices, with gold nearing $4550/oz and silver around $84/oz [1] - The solar energy sector is increasingly using copper instead of silver, leading to a decline in silver demand despite the growth in global photovoltaic installations [2][4] Group 2 - Despite the ongoing growth in solar installations, silver demand in the solar industry is expected to decline by 2025 due to rising silver prices prompting manufacturers to cut costs [2] - The silver market is experiencing a shortage, with projections indicating that global silver supply will lag behind demand for the sixth consecutive year, although the gap will be the smallest since 2021 [4] - The Chinese government's decision to implement silver export licenses starting January 1, 2026, has further fueled interest in silver, particularly in China and the U.S. [4] Group 3 - The spot price of silver reached a peak of $83.90/oz in London, while gold was just 65 cents shy of $4550/oz [5] - The borrowing costs for gold and silver remain high, with silver lending rates at 6.6%, indicating tight supply conditions [5] - As of December 29, the largest silver ETF, iShares Silver Trust, reported a decrease in holdings by 84.6 tons, while the largest gold ETF, SPDR Gold Trust, saw a minor reduction of 0.86 tons [8]