马年投资锦囊|贵金属投资2026年有望延续强势格局，但剧烈波动或将成常态

Group 1 - The core viewpoint of the articles highlights the recent volatility and upward trend in international gold and silver prices, driven by macroeconomic factors and geopolitical tensions [1][2] - International gold prices experienced significant fluctuations, dropping to approximately $4714.75 per ounce in early February, then rebounding to over $5107.10 per ounce by February 22, marking an increase of over 8.3% since early February [1] - Silver prices also saw dramatic changes, with a notable increase of about 11.6% from $75.80 per ounce on February 2 to $84.63 per ounce on February 20, including a single-day surge of 8.19% [1] Group 2 - The surge in gold and silver prices is attributed to heightened geopolitical risks, particularly the escalating tensions between the U.S. and Iran, which have ignited market risk aversion [2] - Structural supply-demand imbalances in the silver market, characterized by years of supply shortages and tightening inventories, have contributed to the sharp rise in silver prices [2] - The U.S. inflation data exceeding expectations, with the core PCE price index rising by 3.0% year-on-year, has increased the appeal of gold as an inflation hedge, alongside concerns about fiscal deficits and credit risks in U.S. debt [2] Group 3 - The outlook for precious metal investments in 2023 suggests a continuation of strong performance, albeit with increased volatility, as factors such as central bank gold purchases and ongoing geopolitical risks provide long-term support [2][3] - Investors are advised to adopt a strategy of "wave trading" rather than "buy and hold," as gold prices are supported by central bank purchases and geopolitical uncertainties, while silver's pricing is increasingly influenced by industrial demand [3] - Key investment recommendations include maintaining market presence while controlling positions, utilizing pullbacks for gradual investment rather than chasing prices, and recognizing the distinct characteristics of gold and silver in terms of volatility and risk [3]