白银正加速赶顶？金银比跌破50大关！

Core Viewpoint - The precious metals market is experiencing significant volatility, with gold and silver prices dropping sharply after reaching historical highs earlier in the year [1][3][4]. Group 1: Market Performance - On January 15, 2026, gold prices fell below $4600, while silver dropped below $90 per ounce, with silver experiencing a decline of over 6% [1]. - Earlier in the month, gold had reached a record price of over $4640, and silver had briefly surpassed $93 per ounce, marking their strongest annual performance since 1979, with gold up approximately 65% and silver nearly 150% year-over-year [3]. Group 2: Market Dynamics - The gold-silver ratio has fallen below 50 for the first time since March 2012, indicating that silver may no longer be considered cheap relative to gold [4]. - The recent surge in metal prices is attributed to concentrated buying in the Chinese market and rising geopolitical risks, which have heightened market demand for safe-haven assets like precious metals [4]. Group 3: Institutional Perspectives - Short-term price movements in precious metals are influenced by geopolitical disturbances and political changes, with a high risk premium present [5]. - Despite short-term fluctuations, the long-term outlook remains positive due to expectations of Federal Reserve interest rate cuts and uncertainties surrounding the U.S. midterm elections [5]. - The current global trade and financial environment, characterized by "de-globalization" and "de-dollarization," is seen as beneficial for gold's investment and hedging value [6].