Nvidia(US:NVDA) Sou Hu Cai Jing·2026-01-20 17:19Group 1 - Silver prices have surged dramatically, breaking the $92 per ounce mark for the first time, with a daily increase of nearly 6% and an annual increase exceeding 28% [1][3] - Gold prices have also reached a historical high of $4641.853 per ounce, with an annual increase of over 7% [1][3] - The total market capitalization of silver has surpassed $5 trillion, making it the second-largest asset globally, only behind gold [1][5] Group 2 - The recent surge in precious metals is attributed to geopolitical tensions and economic uncertainties, with silver prices increasing by over 170% in 2025, despite a significant drop at year-end [3][7] - Central banks have significantly increased their gold purchases, with a record demand of 1313 tons in Q3 2025, driven by strong investment demand [5][9] - The rising silver prices are beginning to suppress industrial demand, with some companies considering alternatives to silver due to its high cost [11][15] Group 3 - Market expectations for gold prices are optimistic, with forecasts suggesting an average price of $5200 per ounce in 2026, driven by various factors including geopolitical risks and central bank purchases [7][13] - The silver market is experiencing a divergence in price and volume, with significant net outflows from major silver ETFs despite rising prices [15][17] - The valuation logic in financial markets is undergoing a transformation, as silver's market cap surpasses that of major tech companies, indicating a shift in investor sentiment [17]