国金证券：白银具备阶段性更高的弹性

Core Viewpoint - The market environment for gold remains favorable due to the ongoing uncertainty surrounding AI pricing logic, with gold serving as a hedge against AI investments [1] Group 1: Gold Market Outlook - By 2026, the lack of order in the market is expected to continue benefiting gold as an asset [1] - Gold has reached a peak value as insurance for AI holdings during the current AI bubble [1] Group 2: Silver Market Dynamics - Silver is characterized by its dual nature as a "gold-like" asset and its connection to AI-related electricity narratives, providing it with higher elasticity in certain phases [1] - The narrative surrounding gold and silver may revert to rationality once the AI narrative becomes clearer [1]