金银再创新高，资金涌入！

Core Viewpoint - The prices of gold and silver continue to soar, reaching new historical highs, driven by multiple factors including geopolitical risks, U.S. fiscal concerns, and ongoing monetary easing by the Federal Reserve [1][4][5]. Group 1: Price Movements - On January 12, the main silver contract in Shanghai opened significantly higher at 20,881 yuan per kilogram, with a peak of 20,950 yuan, marking a 14.07% increase [1]. - COMEX silver rose over 6%, reaching 84.52 USD per ounce, while London spot silver hit a high of 84.589 USD per ounce, with a gain exceeding 5% [1]. - COMEX gold reached 4,612.7 USD per ounce, and the Shanghai gold main contract saw a 3.07% increase, both setting new historical highs [1]. Group 2: Investment Trends - Following the surge in gold prices, there has been a notable increase in investment enthusiasm for related assets, with over 5.5 billion shares of gold ETFs net subscribed in 2025, and an additional 400 million shares in the first seven trading days of 2026 [1][8]. - The largest gold ETF in China, Huaan Gold ETF, grew from under 30 billion yuan at the beginning of 2025 to over 90 billion yuan [7]. - The People's Bank of China reported that its gold reserves reached 74.15 million ounces by December 2025, marking 14 consecutive months of increases [8]. Group 3: Factors Driving Gold and Silver Prices - Geopolitical risks are high, enhancing market risk aversion and supporting precious metal prices [4]. - U.S. fiscal risks are rising due to the economic and fiscal policies of the Trump administration, leading to increased skepticism about the sustainability of U.S. fiscal health [4][5]. - Global central banks continue to show strong interest in gold as a strategic reserve asset amid economic uncertainties [4]. Group 4: Long-term Outlook - Analysts predict that the long-term upward trend for gold will persist, driven by a shift towards "de-dollarization" and "debt reduction" policies in major economies [5][10]. - UBS Wealth Management has raised its price targets for gold, forecasting a rise to 5,000 USD per ounce by mid-2026, with potential peaks of 5,400 USD if political or financial risks escalate [8]. - Investment strategies are shifting from short-term economic indicators to long-term structural risk hedging, indicating a fundamental change in commodity investment logic [10].