贵属策略报：“价”位盘整，银价震荡偏强运行

Report Industry Investment Rating - Not provided Core Viewpoints - Gold prices are consolidating at high levels, and silver prices are oscillating strongly. The short - term downside space of gold is temporarily limited, and the medium - to - long - term pattern of oscillating strongly remains unchanged. Silver may operate in a high - level oscillation in the short term, with amplified fluctuations, and one should be vigilant about the risk of the US changing its stance on the Greenland issue [1][2]. - The long - term upward trend of gold remains unchanged, and the long - term bullish support for silver is still strong [2][3]. Summary by Relevant Catalogs Gold - Logic: Gold prices at home and abroad are stabilizing at high levels. Trump's statement at the Davos Forum weakened the short - term market risk - aversion sentiment. The US Q3 economic data is resilient. The risk on the Greenland issue is not completely eliminated, and the market remains cautious, limiting the short - term downside space of gold [2]. - Outlook: The medium - to - long - term pattern of gold oscillating strongly remains unchanged [2]. Silver - Logic: COMEX silver prices are oscillating after a surge, and Shanghai silver is slightly oscillating strongly. Trump's softened stance on the Greenland issue weakens the risk - aversion demand. The global industrial demand for silver will continue to grow in the next five years, and the silver market has a structural deficit, with rapid consumption of physical inventory and strong ETF investment demand, supporting the short - term silver price. The high volatility of silver, stable short - term lease interest rates, and the impact of the suspension of key mineral tariffs are also evident [2]. - Outlook: The long - term bullish support for silver is still strong. The key silver mineral tariffs are not completely cancelled, and the problem of spot structural tightness caused by hoarding demand has not been fundamentally solved [3]. Commodity Index - Composite Index: The commodity index is 2444.59, up 0.69%; the commodity 20 index is 2803.19, up 0.45%; the industrial products index is 2334.69, up 0.78%; the PPI commodity index is 1442.08, up 0.33% [47]. Precious Metals Index - On January 22, 2026, the precious metals index was 4529.44, with a daily decline of 0.04%, a 5 - day increase of 4.66%, a 1 - month increase of 16.94%, and a year - to - date increase of 18.44% [48].