Group 1 - The international gold and silver prices reached new highs on the 26th, with gold futures for February 2026 hitting $4581.30 per ounce and silver futures surpassing $79 per ounce, approaching $80 [2] - The relative strength index (RSI) for silver is at 93.86, the highest since January 1980, indicating potential market overextension, as readings above 70 suggest a possible correction [2] - Gold's RSI also reached a historical high of 95.94, with the second-highest value recorded in January 1980 at 94.69 [2] Group 2 - Gold prices have surged over 70% this year, potentially marking the largest annual increase since 1979, while silver prices have risen more than 170% [3] - Platinum futures recently soared to a historical high, breaking the $2300 per ounce mark due to supply constraints and geopolitical tensions, alongside a weakening dollar [3] - Copper prices continue to rise, with a nearly 4% increase on the 26th, reaching $5.7855 per pound, as investors anticipate tighter global copper supply by 2026 [3]

摘要今日周六，市场休市。周五(12月26日)受美联储降息预期以及加剧避险需求的地缘政治紧张局势提 振，现货黄金站上4540美元/盎司，创历史新高，尾盘最终报收4533.34美元/盎司，涨幅1.19%，周线上 涨4.49%。 今日周六，市场休市。周五(12月26日)受美联储降息预期以及加剧避险需求的地缘政治紧张局势提振， 现货黄金站上4540美元/盎司，创历史新高，尾盘最终报收4533.34美元/盎司，涨幅1.19%，周线上涨 4.49%。 【黄金价格展望与机构预测】 展望2026年，黄金市场面临着从急速上涨向稳定高原过渡的可能性，主要机构预测显示出一定的分散 性。 高盛在其基准情景中预计黄金价格将升至每盎司4900美元，强调央行需求和联储降息的双重驱动，并指 出如果私人投资者多元化进一步扩大，价格上行空间将更大。 摩根大通则持更乐观态度，预测2026年第四季度平均价格可达5055美元，并维持到2028年6000美元的长 期目标，该行假设投资者和央行需求将保持季度566吨的平均水平。 其他机构如美国银行和Metals Focus也认为5000美元关口在2026年可及，尽管涨幅可能较2025年放缓。 更保守的观点 ...

Core Viewpoint - Precious metals experienced a historic surge on December 26, with silver, gold, platinum, and palladium all rising significantly, marking new record highs for silver, gold, and platinum [1]. Group 1: Price Movements - Spot silver rose over 10% to $79.16 per ounce, reaching a peak of $79.33 per ounce, with a weekly increase of 17.86% and an annual increase of 169.5% [1]. - Spot gold increased by 1.18% to $4,532.63 per ounce, hitting a high of $4,550.11 per ounce, with a weekly rise of 4.47% and a yearly gain of 73% [1]. - Spot platinum surged by 8.7% to $2,411.46 per ounce, reaching a record high of $2,470.19 per ounce, with a weekly increase of 24.31%, the largest single-week gain ever [1]. - Palladium rose nearly 10% to $1,930.81 per ounce, achieving its highest level in over three years [1]. Group 2: Market Drivers - Expectations of further easing policies from the Federal Reserve in 2026, a weakening dollar, and escalating geopolitical tensions are driving greater volatility in precious metals [5]. - The ongoing geopolitical tensions, particularly regarding Venezuela and U.S. military actions in Nigeria, are increasing the appeal of precious metals as safe-haven assets [5]. - The combination of the Federal Reserve's easing policies, continued central bank purchases, ETF inflows, and a trend towards de-dollarization is expected to support gold's strongest annual gain since 1979 [5][6]. Group 3: Expert Insights - Peter Grant, a senior metal strategist, predicts silver could reach $80 per ounce by year-end, while gold's next target is $4,686.61 per ounce, potentially reaching $5,000 in the first half of next year [5]. - Daniel Takieddine, CEO of Sky Links Capital Group, emphasizes that the increasing geopolitical tensions are sustaining demand for safe-haven assets like gold and silver [5].

Core Viewpoint - The international prices of gold and silver have reached new highs due to increased safe-haven demand, with gold futures hitting $4,581.30 per ounce and silver futures surpassing $79 per ounce, nearing $80 [1]. Group 1: Gold and Silver Market - The February 2026 gold futures price reached $4,581.30 per ounce, marking a significant increase [1]. - The March silver futures price broke the $79 per ounce mark, approaching $80 [1]. - Gold prices have surged over 70% this year, potentially marking the largest annual increase since 1979 [1]. - Silver prices have increased by more than 170% year-to-date [1]. Group 2: Market Indicators - The Relative Strength Index (RSI) for silver is at 93.86, the highest since January 1980, indicating potential overbought conditions [1]. - The RSI for gold futures reached a historical high of 95.94, with the second-highest value recorded at 94.69 in January 1980 [1]. Group 3: Other Precious Metals - Platinum futures have also surged to a historical high, breaking the $2,300 per ounce mark due to supply tightness and geopolitical tensions [1]. Group 4: Copper Market - Copper prices continue to rise, with a nearly 4% increase on December 26, reaching $5.7855 per pound, as investors anticipate tighter global copper supply in 2026 [1].

Core Viewpoint - Precious metals have experienced a historic surge, with gold, silver, platinum, and palladium all seeing significant increases, driven by geopolitical tensions, a weakening dollar, and low market liquidity [2][3][6]. Group 1: Precious Metals Performance - On December 26, during the New York trading session, gold futures rose by 1.31% to $4,562 per ounce, with a weekly increase of 3.98%. Spot gold increased by 1.12% to $4,531.1 per ounce, with a weekly rise of 4.44% [4]. - Silver futures surged by 11.15% to $79.68 per ounce, marking an 18.06% increase for the week, while spot silver rose by 10.24% to $79.196 per ounce, with a weekly gain of 17.87% and an annual increase of 175% [4]. - Palladium and platinum also saw significant gains, with palladium rising by 14.24% to $1,923.4 per ounce (weekly increase of 12.63%) and platinum increasing by 10.31% to $2,450.91 per ounce (weekly rise of 24.31%) [4]. Group 2: Market Drivers - Analysts attribute the strength in precious metals to escalating geopolitical tensions, a weakening dollar, and low market liquidity. Recent actions by the U.S. to block sanctioned oil tankers from Venezuela and military actions in Yemen have contributed to this environment [6]. - The demand for safe-haven assets like gold and silver is being supported by these geopolitical developments, alongside the low liquidity in the market at year-end, which amplifies price volatility [6]. Group 3: Silver Market Dynamics - Since the October short squeeze, most of the globally available silver has remained in New York, with traders concerned about potential tariff risks as silver has been listed as a critical mineral by the U.S. [7]. - The market is experiencing a significant increase in speculative trading, with the trading volume of options for the largest silver ETF, iShares Silver Trust, reaching its highest level since the Reddit trading frenzy in 2021 [7]. - Experts warn of an extreme shortage of physical silver in the London market, as indicated by the negative spread between silver swap rates and U.S. rates, suggesting a supply crunch [8][9]. Group 4: Implications of Supply Shortage - The negative silver swap rate indicates that traders are willing to pay a premium to obtain physical silver, reflecting a potential panic situation in the market [10]. - The widening gap between the silver swap rate and U.S. rates signals a deteriorating situation in the London silver market, with signs of a potential run on physical silver as investors demand delivery of the metal [10][11].

Market Performance - The US stock market closed lower on December 26, with all three major indices declining. The Dow Jones Industrial Average fell by 0.04% to 48,710.97 points, the S&P 500 dropped by 0.03% to 6,929.94 points, and the Nasdaq Composite decreased by 0.09% to 23,593.1 points [2] - Weekly performance showed all three indices increased, with the Nasdaq gaining 1.22%, the Dow rising 1.2%, and the S&P 500 up by 1.4% [2] Sector Performance - Major technology stocks mostly declined, with the US Technology Seven Giants Index falling by 0.06%. Notable individual stock movements included Tesla down over 2%, Facebook down 0.65%, Google down 0.23%, Apple down 0.15%, and Microsoft down 0.03%. Amazon increased by 0.06%, while Nvidia rose by over 1% [2][3] Chinese Stocks - The Nasdaq Golden Dragon China Index rose by 0.71%, with significant gains in Chinese stocks such as Xpeng Motors up over 6%, Dingdong Maicai up over 5%, NIO up over 4%, and Li Auto up nearly 4%. However, Pony.ai fell over 4%, and Bawang Tea fell over 2% [3] Precious Metals - Spot silver prices surpassed $79 per ounce, experiencing a daily increase of over 10% and a weekly rise of 18.06% [4][6] - COMEX silver futures rose over 11% to $79.675 per ounce, with a similar weekly increase of 18.06% [6] - Spot gold was reported at $4,532.505 per ounce, with a daily increase of 1.19% and a weekly rise of 4.41% [7] - COMEX gold futures increased by 1.31% to $4,562 per ounce, with a near 4% cumulative increase for the week [8] Market Outlook - Factors such as expectations for further easing by the Federal Reserve in 2026, a weakening dollar, and escalating geopolitical tensions are driving price volatility in a thin market. Despite potential profit-taking risks before year-end, the upward trend remains strong. Silver is projected to reach $77 per ounce by year-end, with a possibility of hitting $80. For gold, the next target is $4,686.81 per ounce, potentially reaching $5,000 in the first half of next year [10]

Market Overview - US stock markets closed lower with all three major indices declining, including the Dow Jones Industrial Average down 0.04% to 4870.97 points, S&P 500 down 0.03% to 6929.94 points, and Nasdaq Composite down 0.09% to 23593.1 points [3] - Despite the daily decline, all three indices showed weekly gains, with Nasdaq up 1.22%, Dow up 1.2%, and S&P 500 up 1.4% [3] Technology Sector Performance - Major technology stocks experienced a downturn, with the US Tech Giants Index falling 0.06%. Notable declines included Tesla down over 2%, Facebook down 0.65%, Google down 0.23%, Apple down 0.15%, and Microsoft down 0.03%. However, Amazon rose 0.06% and Nvidia increased by over 1% [3][4] Chinese Stocks Performance - Chinese stocks listed in the US saw a majority increase, with the Nasdaq Golden Dragon China Index rising 0.71%. Key performers included Xpeng Motors up over 6%, Dingdong Maicai up over 5%, NIO up over 4%, and Li Auto up nearly 4%. Conversely, Pony.ai fell over 4% and Bawang Tea fell over 2% [4] Precious Metals Market - The international precious metals market saw significant gains, with spot silver surpassing $79 per ounce, marking a daily increase of over 10% and a weekly increase of 18.06%. COMEX silver futures rose over 11% to $79.675 per ounce [5][6] - Spot gold was reported at $4532.505 per ounce, with a daily increase of 1.19% and a weekly increase of 4.41%. COMEX gold futures rose 1.31% to $4562 per ounce, accumulating nearly a 4% increase for the week [5] Market Outlook - Analysts suggest that expectations of further easing by the Federal Reserve in 2026, a weakening dollar, and escalating geopolitical tensions are driving price volatility in the precious metals market. Despite potential profit-taking risks before year-end, the upward trend remains strong, with silver expected to reach $77 per ounce by year-end and possibly $80. Gold's next target is projected at $4686.81 per ounce, with a possibility of reaching $5000 in the first half of next year [6]

Market Performance - The US stock market closed lower with all three major indices declining: Dow Jones down 0.04% to 48,710.97 points, S&P 500 down 0.03% to 6,929.94 points, and Nasdaq down 0.09% to 23,593.1 points [1] - Weekly performance showed all three indices increased: Nasdaq up 1.22%, Dow up 1.2%, and S&P 500 up 1.4% [2] Technology Sector - Major tech stocks mostly fell, with the US Tech Giants Index down 0.06%. Notable declines included Tesla down over 2%, Facebook down 0.65%, Google down 0.23%, Apple down 0.15%, and Microsoft down 0.03%. Amazon rose 0.06% and Nvidia increased over 1% [2][3] Chinese Stocks - The Nasdaq Golden Dragon China Index rose 0.71%, with significant gains in Chinese stocks: Xpeng Motors up over 6%, Dingdong Maicai up over 5%, NIO up over 4%, and Li Auto up nearly 4%. However, Pony.ai fell over 4% and Bawang Tea fell over 2% [3][4] Precious Metals - Spot silver surpassed $79 per ounce, increasing over 10% in a single day and up 18.06% for the week. COMEX silver futures rose over 11% to $79.675 per ounce [5][6] - Spot gold was reported at $4,532.505 per ounce, with a daily increase of 1.19% and a weekly rise of 4.41%. COMEX gold futures rose 1.31% to $4,562 per ounce, with a nearly 4% increase for the week [7][8] Market Outlook - Factors such as expectations for further easing by the Federal Reserve in 2026, a weakening dollar, and escalating geopolitical tensions are driving price volatility in a thin market. Despite potential profit-taking risks before year-end, the upward trend remains strong. Silver is expected to reach $77 per ounce by year-end, possibly hitting $80, while gold's next target is $4,686.81 per ounce, with a potential to reach $5,000 in the first half of next year [10]

【导读】美股集体收跌，科技股普跌，中概股多数上涨； 现货白银突破 79 美元 / 盎司 中国基金报记者 张舟 大家好，今天是周六，近期美股处于假日清淡交易期，一起聚焦海外市场最新收盘表现与本 周整体走势。 美东时间 12 月 26 日周五收盘，美国股市集体收跌。热门科技股普跌，中概股多数上涨。 来看具体市场情况 —— 美国三大股指全线收跌 昨夜今晨，美股三大股指全线收跌。截至收盘，道琼斯工业平均指数跌 0.04% ，报 48710.97 点；标普 500 指数跌 0.03% ，报 6929.94 点；纳斯达克综合指数跌 0.09% ， 报 23593.1 点。 | 序号 | 代码 | 名称 | 现价 | 涨跌幅 | 年初至今 | 总市值1 ▼ | | --- | --- | --- | --- | --- | --- | --- | | 1 | BABA | 阿里巴巴 | 152.250 | 1.46% | 82.60% | 3633亿 | | 2 | NTES | 网易 | 138.050 | 0.65% | 58.77% | 875亿 | | 3 | JD | 京东集团 | 29.385 | 0.74% ...

Group 1: Market Performance - Precious metals, including gold, silver, platinum, and palladium, experienced significant price increases, with gold and silver reaching historical highs. COMEX silver futures surged over 11%, while spot silver rose over 10% [1][2] - On December 26, COMEX gold futures increased by 1.31% to $4,562 per ounce, with a weekly gain of 3.98%. Spot gold rose by 1.12% to $4,531.1 per ounce, accumulating a weekly increase of 4.44% [2] - COMEX silver futures skyrocketed by 11.15% to $79.68 per ounce, with a weekly increase of 18.06%. Spot silver surged by 10.24% to $79.196 per ounce, accumulating a weekly gain of 17.87% and a year-to-date increase of 175% [2] Group 2: Market Drivers - The rise in precious metals is attributed to escalating geopolitical tensions, a weakening dollar, and low market liquidity [1][2][3] - Recent geopolitical events include the U.S. blocking all sanctioned oil tankers entering and exiting Venezuela and Nigeria's collaboration with the U.S. on security operations against terrorist targets [2] Group 3: Silver Market Dynamics - Silver's recent performance has been driven by speculative investments and ongoing supply mismatches following an October "short squeeze" event [3] - The global supply of freely tradable silver has largely remained in New York, with traders concerned about potential tariff risks as the U.S. has listed silver as a critical mineral [3] Group 4: Supply Shortages - Experts warn that the physical shortage of silver in the London market has reached extreme levels, with the one-year silver swap rate minus U.S. rates currently at -7.18% [4] - A negative swap rate indicates a physical supply shortage, leading traders to pay premiums for immediate silver access [5] - The significant price disparity between silver futures on the Shanghai Futures Exchange and the New York Commodity Exchange is causing silver to flow from London to Shanghai [5] Group 5: Market Risks - The demand for physical silver delivery is increasing among holders of unallocated silver ownership and delivery tickets, posing a risk of a rapid collapse of the London silver market [6]