“金属风暴” 席卷全球：从避险狂欢到工业命脉，一场关于资源定价之战

Core Viewpoint - The prices of gold and silver have reached historic highs, with spot gold surpassing $4960 per ounce and silver nearing the $100 mark, driven by a combination of geopolitical risks, monetary policy changes, and supply-demand dynamics [1][4][5]. Group 1: Price Movements and Drivers - Gold and silver prices have surged by 64% and 150% respectively, while copper prices have increased by over 41% in 2025, indicating a significant "growth storm" in the precious metals market [4]. - The recent price increases are attributed to global liquidity easing, geopolitical risk premiums, and persistent supply-demand gaps [5]. - The weakening of the US dollar and declining real interest rates have made commodities priced in dollars more attractive, contributing to the rise in precious metal prices [5]. Group 2: Industrial Metal Demand - Copper is increasingly recognized as essential for modern industries, particularly in AI and renewable energy sectors, with projected demand from AI data centers alone expected to add 47,500 tons by 2026 [7]. - China, as the largest copper consumer, accounted for 79% of its total copper consumption in 2023, highlighting the critical demand for copper in various industries [8]. - Silver's industrial demand is also on the rise, particularly in electric vehicles and solar panels, with a projected supply-demand gap of approximately 110 million ounces by 2025 [8]. Group 3: Market Dynamics and Strategies - The Shanghai Action Plan aims to enhance the resource allocation and global pricing influence of China's non-ferrous metal commodities through 18 specific measures [3][11]. - The plan focuses on optimizing pricing mechanisms, improving market ecology, and enhancing support for the real economy, which could help stabilize prices and reduce costs for enterprises [12]. - To strengthen its position in the global market, China must consolidate its demand power and improve its ability to respond to international price fluctuations [13][14].