黄金白银铜连番上涨，底层逻辑与未来前景如何？｜资本市场

Group 1: Gold Market Analysis - The current market is characterized by a "golden age of chaos" and an "industrial revolution," with gold remaining the core choice for de-dollarization and risk aversion [2][13] - As of September 29, 2025, gold prices reached historical highs, with London gold at $3827.37 per ounce and New York gold at $3856.38 per ounce, driven by increased demand for safe-haven assets, shifts in monetary policy, and changes in supply-demand dynamics [3][5] - The significant rise in gold prices, over 42% year-to-date, is attributed to heightened market risk aversion, expectations of Federal Reserve rate cuts, and geopolitical tensions [5][6] Group 2: Silver Market Analysis - Silver prices have surged, with London silver nearing $44 per ounce, marking a 40% increase year-to-date, driven by a recovery in the gold-silver ratio and strong industrial demand [8][9] - The dual nature of silver as both an industrial and financial asset has contributed to its price increase, particularly in sectors like photovoltaics and renewable energy [8][9] - The silver market is smaller than gold, making it more susceptible to speculative trading, which can lead to significant price volatility [10] Group 3: Copper Market Analysis - Copper prices have recently surpassed $10,000 per ton, with a nearly 20% increase this year, influenced by an expanding supply gap and surging demand from emerging sectors [12][13] - The supply gap is expected to reach 53,000 tons in 2025 and 87,000 tons in 2026, exacerbated by mining disruptions and limited production growth [12] - The structural bull market for copper is driven by long-term demand from green technologies and AI, while supply growth remains constrained [12]