任泽平：黄金白银史诗级牛市，还能涨多高？

Core Viewpoint - The article highlights a historic bull market for gold and silver, with significant price increases driven by geopolitical tensions, de-dollarization, and expansive monetary policies by the Federal Reserve [5][6]. Price Trends - Gold (Au9999) has increased by 47.78% over the past three months, with prices reaching $1,144.45, compared to $861.58 earlier in the year [3]. - In 2025, gold prices surged over 60%, while silver prices rose nearly 150%, marking the strongest annual performance in history [5]. Driving Factors - Geopolitical Tensions: The article notes that global instability, including events in Venezuela and trade wars, has heightened demand for gold and silver as safe-haven assets [6]. - De-dollarization: The decline in the dollar's share of global foreign exchange reserves from 71.2% to 56.9% over recent years indicates a shift away from the dollar, with central banks increasing their gold holdings [6]. - Monetary Policy: The Federal Reserve's extensive monetary easing, including quantitative easing measures, has led to a significant depreciation of the dollar, further boosting gold prices [6]. Silver's Unique Position - Silver is highlighted for its dual role as both an industrial metal and a precious metal, benefiting from increased demand in renewable energy sectors [7]. - The anticipated supply gap of over 100 million ounces in 2026 is expected to amplify silver's price elasticity due to its essential role in high-tech applications [7].