全球贵金属市场波澜壮阔 2025年金银铂齐创新高

Group 1 - The global precious metals market experienced a historic bull market in 2025, with silver and platinum showing annual gains exceeding 170% [1][21][28] - Gold, silver, and platinum prices all broke historical peaks, driven by strong upward momentum and a combination of supply-demand fundamentals and capital rotation [1][21][28] - The report suggests that investors should be cautious as precious metal prices have reached historic highs, recommending gradual participation after significant price corrections in January 2026 [1][21][28] Group 2 - In 2025, the overall precious metals market exhibited a broad upward trend, with silver and platinum significantly outperforming gold, reflecting dual drivers of supply-demand fundamentals and capital rotation [21][28] - The price statistics for precious metals at the end of 2025 show substantial increases, with SHFE gold rising by 58.27%, COMEX gold by 65.57%, SHFE silver by 125.85%, and COMEX silver by 142.44% [22][23][24] - December 2025 saw an acceleration in precious metal prices, particularly for silver and platinum, which experienced explosive growth, highlighting the resonance of market sentiment and supply-demand gaps [25][28] Group 3 - The core reasons for the significant price increases in precious metals in 2025 include global liquidity easing, tight supply-demand dynamics, rising geopolitical risks, and market sentiment [28][29][30] - The expectation of a shift in the Federal Reserve's monetary policy, with anticipated interest rate cuts, has increased the attractiveness of non-yielding assets like gold, silver, and platinum [28][29] - Structural supply shortages in platinum and silver, driven by production constraints and high demand in industrial applications, have led to price elasticities that exceed those of gold [30][31] Group 4 - The trend of central banks accumulating gold and the move towards de-dollarization have provided structural support for gold prices, with global central banks purchasing over 1,000 tons of gold annually [30][31] - Geopolitical tensions, including conflicts in Venezuela and the Middle East, have fueled safe-haven demand for precious metals, further driving prices upward [31][32] - Market sentiment has shifted towards a "buy the rise" mentality, exacerbating price volatility and leading to speculative inflows that have amplified price increases for silver and platinum [32][33] Group 5 - The outlook for January 2026 indicates a likely continuation of high volatility in the precious metals market, with potential for differentiated performance among various metals [33][34] - Gold is expected to experience high volatility around the $4,500 per ounce mark, with potential upward movement if economic data supports further rate cuts [34] - Silver is anticipated to maintain high elasticity but faces increased risk of correction due to prior significant price increases, with expected trading in the $60-$85 per ounce range [35][36]