冲击三位数！白银或迎历史性涨幅

Core Viewpoint - Geopolitical risks have led to significant increases in gold and silver prices, with gold reaching a record high of $4639.39 per ounce and silver surpassing $90 per ounce for the first time, indicating strong market demand and investment interest [1][2]. Group 1: Price Movements - Gold prices have increased by over 7% since 2026, while silver has surged by more than 25% during the same period [1]. - Domestic gold jewelry prices have generally risen, with brands like Chow Tai Fook and Chow Sang Sang increasing prices by 10 CNY per gram to 1436 CNY per gram [2]. - Analysts predict that gold will average $4538 per ounce in 2026, with potential to challenge the $5000 mark [2]. Group 2: Market Predictions - Analysts expect silver's upward momentum to continue into 2026, with predictions of prices reaching unprecedented levels due to macroeconomic factors [1]. - The gold-silver ratio of approximately 59 suggests that silver has more room for price increases, with potential prices of $135 per ounce if the ratio returns to historical lows [2]. - Citigroup analysts forecast that gold prices will exceed $5000 per ounce in Q1, while silver could reach $100 per ounce [3]. Group 3: Supply and Demand Dynamics - Supply constraints in the silver market are exacerbating price volatility, with strong industrial demand providing additional support [3]. - The recent changes in margin requirements by the CME Group may impact trading costs and speculative interest in platinum and palladium, potentially leading to a divergence in their performance compared to gold and silver [4]. - Geopolitical tensions and concerns over U.S. fiscal discipline are expected to continue driving investment into gold, while silver remains supported by strong industrial demand [3][4].