数十亿美元抛压将至！指数再平衡引发巨震 金银价格连续两日走低

Core Viewpoint - Investors are preparing for the upcoming annual rebalancing of commodity indices, leading to significant sell-offs in gold and silver futures, causing prices to decline for the second consecutive day [1][2]. Group 1: Market Impact - Spot gold prices fell below $4,420 per ounce, with a nearly 1% drop in the previous trading day, while silver prices decreased over 3% to $76.11 per ounce [1]. - The rebalancing is expected to trigger approximately $6.8 billion in silver futures sell-offs, equivalent to 12% of the total open interest in COMEX silver futures [1][2]. - The scale of the fund flows during this rebalancing is unprecedented, according to Citigroup strategist Kenny Hu [2]. Group 2: Historical Context - Gold and silver prices have not shown significant corrections despite recording their best annual performance since 1979, supported by central bank purchases and inflows into gold ETFs [2]. - In November, global central banks added a net 45 tons of gold, with the People's Bank of China increasing its gold holdings for the 14th consecutive month, which has been a crucial support for gold prices [2]. Group 3: Future Outlook - Traders are focusing on the upcoming U.S. non-farm payroll report, as weak data could strengthen expectations for further interest rate cuts by the Federal Reserve, benefiting non-yielding precious metals [2]. - Despite short-term price pressures from the rebalancing, silver is expected to have stronger upward momentum in the long term [3].