贵金属的风险在哪里？

Group 1 - The current price increase of white metals (silver, platinum group metals) is primarily driven by ongoing supply tightness and reduced market liquidity during the year-end holiday season, with increased trading activity in China also playing a significant role [1][2] - There is a growing belief that silver and platinum group metals have room for price appreciation, especially after breaking key technical levels and reaching new highs, attracting more investor interest [1] - The sustainability of this upward momentum into next year is uncertain, as excessive price increases could lead to reduced industrial demand, potentially alleviating market tightness and decreasing investor appeal [1] Group 2 - China's historically low interest rates have led investors to seek profitable assets, increasing the popularity of precious metals, with silver demand expected to rise in the coming years [2] - The trading volume of silver futures has rebounded, and new futures and options for platinum and palladium have been introduced, enhancing investment channels for precious metals [2] - Silver inventory has been declining since 2020, and if industrial demand improves alongside high investment enthusiasm, companies may replenish their inventories, further driving price increases [2] Group 3 - In the silver market, bullish funds are significantly increasing their holdings through ETFs and physical delivery, which is driving prices higher, although high prices may suppress industrial demand [4] - The potential for a "non-rational" price increase may end as exchanges like CME adjust margin requirements, leading to a possible reduction in volatility [4] - In a high volatility environment, it is advised to maintain a light long position above $70 [4]