2025收官日美国股债双杀，期银盘中跌超10%、仍携手黄金创1979年来最大年涨

Group 1 - The U.S. stock market experienced a failure to rebound, with major indices affected by downward pressure from technology stocks, particularly the "Big Seven" tech companies, except for Nvidia, which increased orders from TSMC due to rising demand [1] - The labor market showed resilience as initial jobless claims fell to 199,000, the lowest level since late November, suggesting a potential improvement in employment conditions for December, which may lead to the Federal Reserve pausing interest rate cuts for a longer period [2] - The U.S. dollar index has declined over 9% for the year, with expectations that the next Federal Reserve chair may implement significant rate cuts, further weakening the dollar [2] Group 2 - Precious metals experienced significant declines following the CME's announcement of a second margin increase within a week, with silver dropping over 7% and gold falling more than 1% to a two-week low, despite strong annual performance [2] - In 2025, precious metals are projected to achieve their best annual performance since 1979, with silver and platinum prices more than doubling, palladium rising over 70%, and gold increasing over 60% [2] - The overall market dynamics are influenced by profit-taking and portfolio adjustments as fund managers approach year-end, with high overall positions leading to reduced risk appetite [1]