美元沉沦，金银齐飞

Core Viewpoint - The recent surge in gold and silver prices is driven by heightened geopolitical tensions and economic uncertainties, prompting investors to seek safe-haven assets [2][3]. Group 1: Gold Market Insights - Gold futures for February delivery have risen over 2%, surpassing the $5,100 mark, while silver futures have increased by over 6%, reaching $108 per ounce, potentially marking the largest monthly gain in history [2]. - HSBC's latest report links the rise in gold and silver prices to geopolitical issues, with a weaker dollar further boosting the commodity market [4]. - Goldman Sachs has raised its gold price forecast for December 2026 from $4,900 to $5,400 per ounce, citing a persistent demand for hedging against macroeconomic risks [4][5]. - Central banks are purchasing gold at an average monthly rate of 60 tons, significantly higher than the pre-2022 average of 17 tons, indicating a shift towards gold assets in foreign reserves [5]. Group 2: Silver Market Dynamics - Silver futures have seen a remarkable increase, with prices rising over 50% this month, potentially achieving the best monthly performance since December 1979 [7]. - The current supply shortage in the silver market is a key factor driving prices higher, with analysts suggesting that the upward trend may still be in its early stages [6][7]. - The World Silver Association has indicated that 2025 will mark the fifth consecutive year of global silver supply shortages, enhancing silver's appeal as a more accessible alternative to gold [7]. - Analysts predict that silver prices could reach $120 per ounce by 2026, driven by ongoing geopolitical tensions and increased demand [7].