智通财经网·2026-01-06 23:51Group 1 - The best-performing asset globally last year was precious metals, particularly silver, with significant fluctuations at year-end due to forced liquidation trading behavior [1][2] - The market is beginning to rethink and discuss the trends of precious metals for 2026, with expectations that gold prices may be weaker than in 2025, while copper is anticipated to perform well [1][2] Group 2 - The surge in gold prices in 2025 is fundamentally linked to the pricing of a significant geopolitical event, specifically the U.S. overturning WTO rules, which has started to undermine the credibility of the dollar [2] - The ongoing geopolitical tensions and tariff disputes are seen as a means rather than an end, with the real focus shifting towards technological sovereignty and supply security [2][3] Group 3 - In 2026, the expectation is for a capital expenditure expansion driven by AI, which is crucial for U.S. growth, asset stability, and liquidity, potentially stabilizing the dollar above 90 [3] - There are two scenarios for 2026 regarding AI capital expenditure: one where it continues, leading to adjustments in gold prices, and another where it fails, potentially triggering another surge in gold prices [3]