白银：金银计量美元内在价值流失

Report Summary Core View - The long - term upward trend of gold and silver prices is due to the continuous and historical loss of the US dollar's intrinsic value, which is manifested in the decline of its internal and external purchasing power and the weakening of its global mandatory power [3][6][7] Key Points Market Performance - As of November 12, 2025, the spot and futures prices of silver reached new historical highs, with the domestic price standing at 12,500 yuan per kilogram and Comex silver approaching $54 per ounce. Silver outperformed gold, and there are new underlying logics emerging [2] Traditional Gold Analysis Framework Breakdown - Before 2024, gold price discussions mainly revolved around the US dollar and US Treasury yields. However, since 2022, the Fed's interest - rate hikes and rising US inflation have led to a situation where gold prices and US Treasury yields have risen simultaneously, breaking the traditional inverse relationship [2][3] US Dollar's Intrinsic Value Analysis - Purchasing Power: The US dollar's internal and external purchasing power has been in an irreversible decline. Domestically, inflation has eroded its internal purchasing power, and externally, the process of de - globalization since 2016 has weakened its external purchasing power, including factors such as resource protectionism in South America and the decline of US influence on energy prices [4][6] - Compulsory Power: The US dollar's global compulsory power has been declining since 2018, which is an important background for the loss of its intrinsic value [7] US Dollar Index and Gold - Silver Price Relationship - The US dollar index is a relative indicator and does not reflect the loss of the US dollar's intrinsic value. Gold and silver can mark the loss of the US dollar's intrinsic value, and the long - term upward trend of gold and silver prices has an inherent logical sustainability [6][7]