国际银价26日再创新高。现货白银价格日内涨幅超10%，首次突破每盎司79美元，年内涨幅超170%。 市场分析认为，强劲的工业和投资需求、白银供应短缺、对美国持续降息的预期、美元走软、地缘政治 风险升级以及部分交易者的推动，共同导致贵金属价格大幅上涨。 来源：央视新闻客户端 ...

Core Viewpoint - The article highlights significant increases in precious metal prices, with gold and silver reaching historical highs, indicating strong market demand and potential investment opportunities in the commodities sector [1]. Gold Market - Spot gold rose by 1.20% to $4,532.96 per ounce, reaching $4,549.92 and setting a new historical high [1] - COMEX gold futures increased by 1.33% to $4,563.00 per ounce, hitting an intraday high of $4,584 [1] - Gold prices saw a weekly increase of 4.50% for spot gold and 4.06% for COMEX futures [1] Silver Market - Spot silver surged by 10.07% to $79.1075 per ounce, climbing to $79.3136 and achieving a historical high [1] - COMEX silver futures rose by 10.84% to $79.455 per ounce, reaching a new high of $79.665 [1] - Silver experienced a weekly increase of 17.92% for spot prices and 17.72% for futures [1] Platinum and Palladium Markets - Spot platinum reached a peak of $2,480 per ounce, marking a new high [1] - Spot palladium hit $2,010 per ounce, the highest level since November 2022 [1]

Group 1: Silver and Precious Metals - Spot silver prices reached a new high, surpassing $79 per ounce, with a daily increase of over 10% and a year-to-date increase of over 170% [1][3] - The price of spot gold rose to $4532.505 per ounce, with a daily increase of 1.19% and a weekly increase of 4.41% [2][3] - The price of palladium increased by 15%, driven by strong industrial and investment demand, supply shortages, expectations of continued interest rate cuts in the U.S., a weakening dollar, and escalating geopolitical risks [3] Group 2: Oil Prices - International oil prices fell on the 26th, with light crude oil futures for February 2026 dropping by $1.61 to $56.74 per barrel, a decrease of 2.76% [4] Group 3: U.S. Stock Market - The three major U.S. stock indices closed lower, with the Dow Jones Industrial Average down 0.04% at 48710.97 points, the S&P 500 down 0.03% at 6929.94 points, and the Nasdaq Composite down 0.09% at 23593.1 points [5] - Despite the daily decline, all three indices showed weekly gains, with the Nasdaq up 1.22%, the Dow up 1.2%, and the S&P 500 up 1.4% [5] Group 4: Chinese Stocks - The Nasdaq Golden Dragon China Index rose by 0.71%, with notable gains in Chinese stocks such as Xpeng Motors up over 6%, Dingdong Maicai up over 5%, and NIO up over 4% [7] - Alibaba's stock increased by 1.46% year-to-date, while JD's stock saw a decline of 12.75% [6][7]

Group 1: Precious Metals Performance - Silver, platinum, and palladium prices surged over 10% recently, with COMEX silver futures rising by 11.15% and spot silver increasing by 10.24%, reaching new historical highs [1][4] - NYMEX platinum rose by 11.84%, also achieving a historical high, while NYMEX palladium increased by 14.04% [1][8][6] - COMEX gold futures and spot gold prices rose by 1.31% and 1.12% respectively, marking new historical highs as well [1][4] Group 2: Market Trends and Influences - The recent surge in precious metals is attributed to escalating geopolitical tensions, a weakening dollar, and low market liquidity [10] - The U.S. has imposed sanctions affecting oil tankers in Venezuela, contributing to market instability [10] - The trend is further supported by a shift in investor behavior, with concerns over rising national debt leading to increased demand for gold as a hedge against currency devaluation [10] Group 3: M&A Activity - Global M&A activity reached $4.5 trillion in 2025, a nearly 50% increase from 2024, marking the second-highest level in over 40 years [2] - The year saw 68 transactions exceeding $10 billion, spanning various sectors, driven by favorable market conditions and a relatively lenient regulatory environment in the U.S. [2] - The largest transactions included competitive bids for Warner Bros. Discovery and a major merger between Union Pacific and Norfolk Southern, creating a $250 billion railroad giant [2]

国际金银续创新高。COMEX黄金期货涨1.31%，报4562美元/盎司，本周累涨3.98%；现货黄金涨 1.12%，报4531.1美元/盎司，本周累涨4.44%。COMEX白银期货涨11.15%，报79.68美元/盎司，本周累 涨18.06%；现货白银涨10.24%，报79.196美元/盎司，本周累涨17.87%。现货钯金收涨14.24%，报 1923.4美元/盎司，本周累涨12.63%；现货铂金收涨10.31%，报2450.91美元/盎司，本周累涨24.31%。 ...

"纸黄金的规模——白银也是如此——相对于实物供应，可能是100比1。只要大家不断把合约滚动展期、不要求交割，市场就能正常运转。不过，一旦实物 需求上升，局面就会立刻发生变化，只要市场中有一部分人说，'把白银给我，我要实物交割，'那么商品交易所和托管机构就会突然说，'等等，我们根本没 有那么多白银。'" 里卡兹表示，他长期以来一直预测黄金价格将走高，此前曾预计到2026年底金价将升至5000美元/盎司。然而，近期的价格走势迫使他重新审视这一目 标。"在2026年底之前看到黄金到1万美元，我一点也不会感到惊讶。我在书面预测中喜欢更保守一些，因为做到准确很重要。但没错，5000美元触手可及， 而对黄金来说，1万美元也不会是什么意外。" 格隆汇12月25日｜随着黄金不断刷新历史新高，白银突破70美元/盎司关口，"传奇"货币专家吉姆·里卡兹(Jim Rickards)表示，贵金属这轮上涨的下一阶段， 可能会比许多投资者预期的更为猛烈。他称，纸面金属市场与实物金属市场之间的结构性失衡，正在为价格大幅上行创造条件——尤其是一旦投资者开始要 求实物交割，行情或将更具爆发力。 （责任编辑：宋政 HN002） 【免责声明】本文仅 ...

Group 1: Platinum Price Surge - Platinum prices have recently surged, reaching a historic high of $2,355.61 per ounce, marking a 2.6% increase and the first time surpassing $2,300 per ounce [1] - This marks the tenth consecutive trading day of price increases, setting a record for the longest streak since 2017, with a weekly increase of over 23% and a monthly increase of over 52%, resulting in a year-to-date increase of nearly 150% [1] Group 2: Supply Constraints - South Africa, the main producer of platinum, faces structural constraints such as power shortages and aging infrastructure, leading to a 13% year-on-year decline in platinum group metal production in Q1 [3] - The World Platinum Investment Council (WPIC) predicts a supply shortage in the global platinum market for the third consecutive year in 2025, with a potential shortfall of 30 tons [3] Group 3: Demand Drivers - Demand for platinum is supported by the growth of traditional automotive catalysts and the hydrogen energy sector, with stricter emission regulations increasing the per-vehicle platinum usage [3] - The hydrogen energy industry is opening new applications for platinum, recognized for its strategic value in fuel cells and water electrolysis, with significant growth potential in the medium to long term [3] - WPIC forecasts a 7% year-on-year increase in platinum jewelry demand in 2025, reaching 67 tons, the highest level since 2018, and a 6% increase in investment demand, reaching 23 tons [3] Group 4: Market Dynamics - The spot market shows signs of tightness, with one-month leasing rates for platinum rising, indicating limited availability of the metal, leading industrial users to prefer direct purchases [5] - Other precious metals have also shown strong performance, with gold rising over 8%, silver surpassing $70 per ounce, and palladium reaching $1,883 per ounce, reflecting a broader trend in precious metal prices [5] - Analysts attribute the current rise in precious metals to liquidity expectations, tight spot supply, resilient demand, and inter-market correlations, with a weaker dollar and changing interest rate expectations lowering holding costs [5] Group 5: Future Outlook - In the medium to long term, platinum prices are expected to have further upside potential due to ongoing supply tightness and the development of the hydrogen energy sector, which may widen the supply-demand gap [5] - However, the sustainability of high prices is subject to variables such as leasing rates, spot premiums, market trends in precious metals, and the speed of mineral supply recovery [5] - Global above-ground inventories can cover approximately 14 months of demand, with South African mineral supply expected to recover in the latter half of next year, limiting the annual supply decline to an estimated 6% [5]

近段时间以来，全球市场上贵金属价格越涨越快，不少金属的现货或期货价格涨势令人咋舌。比如伦敦 现货白银价格近期连续上涨，今年12月以来累计涨幅已接近三成，同期国内白银期货主力合约价格累计 涨幅更已超过四成，较此前几个月的涨幅明显增加；铂和钯的涨势更为惊人，今年12月以来，国内铂期 货和钯期货主力合约价格均累计上涨了逾五成；相较之下，黄金价格近期涨势已算相对"温和"，但在连 续买盘涌入之后，其现货和期货价格均强势突破，创出历史新高。 对于贵金属的投资者而言，由于价格快速上涨，导致较短的时间内投机资金快速涌入，如果交易过于拥 挤形成"超买"，往往容易造成潜在的回调风险，投资者或需对此潜在风险密切留意。对于一些将贵金属 作为生产原材料的企业而言，需要加强存货管理，应对原材料价格波动风险，一些有条件的企业或还可 利用期货套期保值等工具，作好风险对冲。对于监管者而言，也需加强风险提示和投资者教育，及时提 示价格波动风险。 （文章来源：证券时报网） 平心而论，由于影响贵金属价格的因素广泛且复杂，本轮贵金属价格的凌厉涨势究竟会持续到何时、以 及达到何种价位，均存在很大不确定性，难以准确预测，但各类相关主体仍需保持清醒的头脑， ...

12月24日，现货黄金史上首次站上4510美元/盎司，今年累计上涨超71%。 | W | 伦敦金现 | | | | | | | Q | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | SPTAUUSDOZ.IDC | | | | | | | | | | 4511.130 | 昨结 | | | 4483.980 | | 总量 | | 0 | | | +27.150 | +0.61% 开盘 | | | 4484.700 | | 现手 | | 0 | | | 最高价 | 4512.740 博 | | 世 | | 0 | 外 盘 | | 0 | | | 最低价 | 4482.970 博 ਦੇ | | | | 0 | 内 盘 | | 0 | | | सेने में बाद | 王目 目K | | | 周Ｋ | | 月K | 車名 | (0) | | | 量加 | | | | | | 均价:0.000 | | | | | 4512 740- | | | | | | ---0.64% 卖一 4511.290 | | | | | | | ...

Core Viewpoint - The article discusses the significant rise in precious metal prices, particularly gold and silver, driven by macroeconomic concerns and policy expectations, with forecasts suggesting further increases in the coming years [3][11]. Group 1: Precious Metal Price Trends - On December 24, spot gold reached an all-time high of $4,510 per ounce, marking a year-to-date increase of over 71% [3]. - International precious metal futures saw widespread increases, with spot silver surpassing $70 per ounce. COMEX gold futures rose by 0.68% to $4,536.3 per ounce, while COMEX silver futures increased by 1.07% to $71.9 per ounce, both hitting historical highs [5]. - Additionally, spot palladium broke through $1,900 per ounce, reaching its highest level since the end of 2022 [7]. Group 2: Economic Commentary and Forecasts - The Director of the National Economic Council, Hassett, stated that the surge in precious metal prices is justified, attributing it to the U.S. lagging behind global trends in interest rate cuts [8]. - President Trump expressed his views on the Federal Reserve, indicating that he hopes the new chair will lower rates in favorable market conditions, rather than disrupt the market without cause [9]. - Goldman Sachs projected that gold prices could rise to $4,900 per ounce by the end of 2026 [10]. - Yardeni Research significantly raised its gold price forecast, now expecting it to reach $6,000 per ounce by the end of 2026, up from a previous estimate of $5,000 per ounce, and reiterated a long-term view of $10,000 per ounce by the end of the decade [11].