Report Summary Core View - The long - term upward trend of gold and silver prices is due to the continuous and historical loss of the US dollar's intrinsic value, which is manifested in the decline of its internal and external purchasing power and the weakening of its global mandatory power [3][6][7] Key Points Market Performance - As of November 12, 2025, the spot and futures prices of silver reached new historical highs, with the domestic price standing at 12,500 yuan per kilogram and Comex silver approaching $54 per ounce. Silver outperformed gold, and there are new underlying logics emerging [2] Traditional Gold Analysis Framework Breakdown - Before 2024, gold price discussions mainly revolved around the US dollar and US Treasury yields. However, since 2022, the Fed's interest - rate hikes and rising US inflation have led to a situation where gold prices and US Treasury yields have risen simultaneously, breaking the traditional inverse relationship [2][3] US Dollar's Intrinsic Value Analysis - **Purchasing Power**: The US dollar's internal and external purchasing power has been in an irreversible decline. Domestically, inflation has eroded its internal purchasing power, and externally, the process of de - globalization since 2016 has weakened its external purchasing power, including factors such as resource protectionism in South America and the decline of US influence on energy prices [4][6] - **Compulsory Power**: The US dollar's global compulsory power has been declining since 2018, which is an important background for the loss of its intrinsic value [7] US Dollar Index and Gold - Silver Price Relationship - The US dollar index is a relative indicator and does not reflect the loss of the US dollar's intrinsic value. Gold and silver can mark the loss of the US dollar's intrinsic value, and the long - term upward trend of gold and silver prices has an inherent logical sustainability [6][7]

刻踪 | 信号承诺 白银:金银计量美元内在价值流失 我们注意到上世纪80年代以来，以美国为主导的全球经济贸易体系和货币体系是其长期维持偏低通服水平的主要基础。这一体系以比较优势理 论为基础，在单极化政治格局主导下的自由贸易条件下，形成以美国为中心的国际分工格局，使得美元在这一体系中，在全球范围内以相对最低的价 格购买瓷源、产品和服务。相应的,2016年以来的逆全球化过程对这一体系的挫伤,无疑削弱了美元的对外购买力。其中,南美的资源保护主义导 致拉美地区的金属生产成本提升，美国从中东地区〈阿富汗〉撤军以及俄乌战争导致美对能源价格的影响力下降，广泛的贸易冲突提升了美国从海外 购买各类资源、产品(工业产成品价格洼地在中国)的成本。 本报告版权属于国投期货有限公司 不可作为投资依据，转载请注明出处 点有成金 行情简述: 截至2025年11月12日，自银期现货价格再创历史新高，国内站上12500元每公斤，Comex自银接近54美元每盎司。白银走势在taco方向下继续 跑赢黄金，新增逻辑隐隐浮现:由于黄金主要为政府行为，白银有成为欧美的"人民货币金属"的倾向。从短期触发因素看，当天夜里10点有关美 国政府将进行结束停摆的 ...