黄金！黄金！央行，连续13个月增持！

Core Viewpoint - The article highlights the ongoing trend of central banks, particularly the People's Bank of China, increasing their gold reserves, indicating a strategic shift towards gold as a safe asset amid economic uncertainties and rising geopolitical risks [1][2][3]. Group 1: Central Bank Gold Purchases - The People's Bank of China reported an increase of 30,000 ounces (approximately 0.93 tons) in gold reserves for November, marking the 13th consecutive month of gold accumulation [1][2]. - In October, global central banks net purchased 53 tons of gold, a 36% month-on-month increase, representing the largest monthly net demand of the year [2]. - Year-to-date, global central banks have reported a total net purchase of 254 tons of gold, although the growth rate has slowed compared to the previous three years [2]. Group 2: Gold ETF Demand - Global physical gold ETFs have seen net inflows for six consecutive months, with total holdings reaching 3,932 tons by the end of November [4]. - In 2025, over 700 tons of new purchases are expected, potentially marking the largest annual increase in gold ETF holdings in history, with China being the largest single source of net inflows in November [4]. - The domestic commodity futures market for precious metals has seen a significant capital inflow, with gold futures trading volume reaching 8.62 trillion yuan, a year-on-year increase of 56.7% [4]. Group 3: Market Trends and Predictions - The price of silver has doubled this year, outpacing gold, driven by significant market dynamics and supply shortages [6]. - International gold prices have surged from approximately $2,650 per ounce at the beginning of 2025, breaking through key psychological levels, with predictions for 2026 suggesting potential further increases of 15% to 30% [7][8]. - Investment institutions forecast gold prices to reach between $4,500 and $5,000 per ounce in 2026, driven by expectations of monetary easing and a shift in the global credit landscape [8].