贵金属日报-20251226

Report Industry Investment Rating - Gold, silver, and palladium are rated with one star (★☆☆), indicating a bullish or bearish bias, but with limited operability in the market [1]. Core Viewpoints - After the Christmas holiday, the international precious metals market continued its strong performance. The international gold price reached a new all - time high, and silver broke through $75 per ounce for the first time. The loose prospects of the Federal Reserve and geopolitical risks supported the performance of precious metals, leading to a resonance breakthrough in various varieties. Short - term market volatility has increased [1]. - Bullish funds continued to flow into platinum and palladium. The platinum contract hit the daily limit, and the price was revised upwards. The platinum market saw a capital inflow of over 3 billion yuan, with a total of over 9 billion yuan in settled funds. The palladium market had a capital inflow of 2 billion yuan, with over 4.2 billion yuan in settled funds. In 2026, the supply shortage of platinum and palladium is expected to continue, and the supply gap of palladium will significantly narrow. With the support of the prospects for large - scale application of hydrogen energy, funds are optimistic about the future price of platinum and palladium. The price difference between platinum and palladium exceeded 160 yuan per gram. Platinum and palladium are in a bull market cycle, and the market is still relatively small compared to gold and silver, so funds have strong control. The mid - term strategy is to continue with long - position allocation. The implied volatility of platinum and palladium options has been rising, and investors should pay attention to the opportunity of selling put options [2]. Summary by Related Content Precious Metals Market Performance - After the Christmas holiday, the international precious metals market continued to be strong, with gold reaching a new high and silver breaking through $75/ounce [1]. - Bullish funds flowed into platinum and palladium, with the platinum contract hitting the daily limit and price revisions [2]. Market Influencing Factors - The loose prospects of the Federal Reserve and geopolitical risks supported the performance of precious metals [1]. - The expected supply shortage in 2026 and the prospects for large - scale application of hydrogen energy boosted the confidence of funds in platinum and palladium [2]. Investment Strategies - Short - term investors should pay attention to position control due to increased market volatility [1]. - Mid - term investors should continue with long - position allocation for platinum and palladium, and pay attention to the opportunity of selling put options for platinum and palladium options [2].