彻底沸腾！涨疯了！创历史新高，50次！

Core Viewpoint - The precious metals market is experiencing a rare "collective frenzy," with significant price surges across various metals, particularly gold and silver, driven by macroeconomic factors and geopolitical tensions [1][2]. Price Surge in Precious Metals - On December 23, gold and silver prices surged, with spot gold reaching a high of $4,497 per ounce and COMEX gold futures breaking the $4,500 per ounce mark. This marks the 50th time this year that gold prices have set a new record [2][4]. - In the domestic market, Shanghai gold futures hit a peak of 1,018 yuan per gram, while several gold jewelry brands quoted prices above 1,400 yuan per gram [2]. - Silver futures also saw significant gains, with the main contract surpassing 16,500 yuan per kilogram, reaching a historical high [2]. Performance of Precious Metals - Year-to-date, gold has increased by approximately 65%, while silver has surged by 120%, significantly outperforming gold. Platinum and palladium have also seen substantial gains, with monthly increases of 42% and 46%, respectively [2][6]. - The A-share precious metals sector has mirrored the bullish trend, with stocks like Shandong Gold rising nearly 7% [2]. Macroeconomic Influences - The rise in gold prices is attributed to macroeconomic conditions, including a dovish stance from the Federal Reserve and weaker U.S. non-farm payroll and CPI data, which support further rate cuts [4][5]. - Global central banks are increasing their gold reserves, with the International Monetary Fund (IMF) reporting that central bank gold reserves are expected to rise to 36,200 tons by the end of 2024, increasing their share of official foreign exchange reserves from 15% to nearly 20% [6]. Supply and Demand Dynamics - Silver, platinum, and palladium are experiencing sharper price increases due to supply-demand imbalances and significant capital inflows. On December 23, spot silver reached $69.98 per ounce, while platinum and palladium futures hit their respective limits [8][9]. - The demand for silver is particularly strong, with a notable increase in COMEX silver delivery notices, indicating a tight supply situation [9]. Future Outlook - Institutions generally believe that precious metals will maintain strong support in the medium to long term, although short-term volatility risks are increasing. The Shanghai Gold Exchange has issued warnings about market instability and advised members to enhance risk awareness [11]. - Analysts suggest that while the current bullish trend is supported by macroeconomic factors, caution is advised against chasing prices in a rapidly rising market. It is recommended to wait for pullbacks before making new investments [11].