【美股周评】2025年迎来收官，美股连续第三年实现两位数涨幅

Group 1 - Precious metals showed strong performance in 2025, with international spot gold and silver experiencing a significant annual performance, marking the best year since 1979, despite a recent pullback at year-end [1] - The S&P 500 achieved a double-digit gain for the third consecutive year, while the MSCI global index rose over 20%, exceeding most analysts' expectations [1] - The US dollar index fell over 9% for the year, marking its largest annual decline in eight years, and maintained fluctuations above the 98 mark at the beginning of 2026 [1] Group 2 - Commodity benchmark index rebalancing is imminent, leading to short-term selling pressure on gold and silver, although long-term outlook remains positive [2] - Traders are closely monitoring the upcoming commodity benchmark index weight adjustment, which may impact short-term prices, with passive tracking funds likely to sell off some contracts to match new weight configurations [2] - Silver futures currently account for 9% of the Bloomberg Commodity Index (BCOM), with a target weight of just below 4% for 2026, indicating a forced sell-off of over $5 billion in silver-related holdings [2] Group 3 - The Federal Reserve's December meeting minutes revealed cautious attitudes among policymakers regarding further rate cuts, with a low likelihood of a cut at the January meeting but nearly a 50% chance of a 25 basis point cut in March [3] - The focus this week will be on the US non-farm payroll data for December, marking the resumption of normal data collection after a government shutdown [3]