全球贵金属狂潮持续！白银史上首破90美元

Core Viewpoint - The global precious metals market continues to surge, with silver prices surpassing $90 per ounce for the first time and gold prices hovering near historical highs, driven by geopolitical tensions and expectations of further interest rate cuts by the Federal Reserve [6][7][8]. Group 1: Precious Metals Performance - Silver prices soared by 5.3%, reaching a historical high of $91.5535 per ounce, while gold is just $10 away from its peak [7]. - Year-to-date, spot gold has increased by nearly 7%, and spot silver has surged by 23%, with platinum also rising by 15% [7]. - The price increases are built on last year's significant gains of 145% for gold and 65% for silver [7]. Group 2: Market Influences - The conflict between U.S. President Trump and Federal Reserve Chairman Powell has raised concerns about the independence of the Fed, contributing to the rise in precious metals [7][8]. - Geopolitical dynamics, including situations in Venezuela and Iran, have further fueled demand for safe-haven assets [8]. - Citi has raised its three-month price forecasts for gold and silver to $5,000 per ounce and $100 per ounce, respectively [8]. Group 3: Industrial Metals Trends - LME tin prices reached a historical high of $51,675 per ton, driven by increased demand from the electronics sector [11]. - Copper prices have also surged, hitting a record of $13,387.50 per ton, supported by global demand recovery and AI infrastructure needs [11]. - Goldman Sachs has significantly raised its copper price forecast for the first half of 2026 from $11,525 per ton to $12,750 per ton, citing a "scarcity premium" [12]. Group 4: Investment Strategies - Investors are advised to consider the cyclical nature of industrial metals compared to gold, which is primarily driven by safe-haven and investment demand [13]. - The relationship between these metals and equities is crucial; low correlation may encourage further investment in precious metals as a hedge against tail risks [13].