“贵金属狂潮”延续！白银首破100美元关口，黄金突破5000美元

Core Viewpoint - The spot gold price has historically surpassed $5000 per ounce for the first time, with spot silver also breaking the $100 per ounce mark, driven by geopolitical uncertainties and expectations of interest rate cuts by the Federal Reserve [1][2]. Group 1: Market Dynamics - Spot silver experienced a daily increase of 7.0%, closing at $102.89 per ounce, with a weekly gain of 14.6%, while COMEX silver futures rose over 16% [2]. - The price of silver has increased by over 200% in the past year, influenced by both its financial attributes and tight global supply due to limited refining capacity [2]. - High volatility in silver prices is expected, driven by low inventory levels in the London market and increased physical demand from China and India [1][2]. Group 2: Economic and Policy Factors - The rise in precious metals is attributed to multiple risk factors, including geopolitical tensions and uncertainties surrounding U.S. monetary policy [3][4]. - Central banks are continuously increasing their gold holdings, contributing to a long-term support for gold prices amid a trend of "de-dollarization" in global asset allocation [4]. - The Federal Reserve is anticipated to maintain interest rates during its upcoming meeting, with expectations of at least two rate cuts in the second half of 2026, enhancing the appeal of gold as a non-yielding asset [4]. Group 3: Strategic Asset Allocation - Gold is increasingly viewed not just as a short-term hedge but as a strategic asset in uncertain economic and political times, reflecting changes in the global financial order [5]. - Other precious metals, such as platinum and palladium, have also seen significant price increases, with platinum reaching a historical high of $2782.66 per ounce and palladium rising to $2024.61 per ounce [5].