Core Viewpoint - The simultaneous surge in gold and silver prices indicates potential instability in the dollar and the global monetary system, with predictions of significant price increases for both metals in the coming years [4]. Group 1: Price Movements - Spot silver prices surged over 3.5%, breaking through $81 per ounce, while spot gold also rose, surpassing $5040 per ounce [1][2]. - Palladium and platinum also saw increases of over 2%, with COMEX gold rising more than 1% and COMEX silver increasing over 2.7% [3]. Group 2: Economic Indicators - The upcoming release of the personal consumption expenditures price index and the revised annualized GDP growth rate for Q4 2025 will be critical for assessing the Federal Reserve's interest rate stance [3]. - A stable economic expansion alongside rising inflation could support the Fed's current position of maintaining interest rates [3]. Group 3: Geopolitical Factors - Recent geopolitical tensions, including the detection of Russian military aircraft near Alaska and threats from Iran regarding military actions, are contributing to market volatility [3]. - U.S. President Trump's warning to Iran regarding its nuclear program adds to the geopolitical risks that could influence precious metal prices [3]. Group 4: Investment Outlook - Robert Kiyosaki warns of a potential collapse of the dollar, suggesting that the simultaneous rise in precious metals serves as a warning signal for the fiat currency system [4]. - AuAg Funds predicts gold prices could exceed $6000 per ounce and silver could reach $133 per ounce by 2026, driven by factors such as rising global debt and currency devaluation [4]. - BMO's analysts forecast gold prices could approach $6500 per ounce by the end of 2026 and $8600 per ounce by the end of 2027, while noting increased volatility in silver due to its industrial metal characteristics [5].

几个月来，部分市场分析师一直警惕美元即将崩盘，主要依据是技术面因素。美元自2008年低点以来的 多年上涨行情已在2022年见顶，而2025年1月高点以来的大幅下跌是一波冲动性走势，使动能重新与 2022年高点以来的更广泛空头趋势保持一致。因此，6月低点以来的反弹被视为看跌修正，而价格现已 跌破该结构，使美元濒临多年低点。 今日周三(1月28日)亚盘时段，国际白银目前交投于113.19一线上方，今日开盘于112.14美元/盎司，截至 发稿，国际白银暂报113.53美元/盎司，上涨1.25%，最高触及114.34美元/盎司，最低下探110.65美元/盎 司，目前来看，国际白银盘内短线偏向震荡走势。 【要闻速递】 今年迄今，白银涨幅已超过55%，继去年146%的惊人表现后，继续领跑贵金属板块。花旗银行将短期 银价预测上调至150美元/盎司，这反映出投资者对工业金属需求的乐观预期，尤其在全球经济不确定性 中，白银作为黄金的"姊妹资产"也受益于避险资金流入。 另外，印度与欧盟共同敲定的"具有里程碑意义"自由贸易协定，作为全球贸易结算与储备货币的核心， 美元的影响力长期与美国主导的贸易体系深度绑定，而印欧此次绕开美国贸易 ...

1. Report Industry Investment Rating The report does not provide an overall industry investment rating. 2. Core Views - Gold: Inflation is moderately declining [2][4]. - Silver: Undergoing high - level adjustment [2][4]. - Copper: The external market is strong while the domestic market is weak, which restricts price increases [2][8]. - Zinc: Trading in a range [2][11]. - Lead: Reduced inventory supports the price [2][14]. - Tin: Supply is facing new disruptions [2][17]. - Aluminum: Trading in a range; Alumina is bottom - sideways; Cast aluminum alloy follows electrolytic aluminum [2][20]. - Platinum: The overseas market is closed, and a correction is to be watched out for [2][22]. - Palladium: Investment sentiment has shifted, and a large - scale decline is expected [2][23]. - Nickel: There is capital game on the market, and caution is needed when chasing high prices [2][27]. - Stainless steel: Both supply and demand in the fundamentals are weak, and there are disturbances from news about Indonesian nickel mines [2][28]. 3. Summary by Related Catalogs Gold - **Price and Trading Volume**: The closing prices of Shanghai Gold 2602, Gold T + D, and Comex Gold 2602 showed varying degrees of increase, with daily increases of 1.34%, 1.44%, and 0.77% respectively. The trading volume of Shanghai Gold 2602 decreased by 2,375, while that of Comex Gold 2602 increased by 42,965 [4]. - **Inventory**: Shanghai gold inventory increased by 1,995 kilograms, and Comex gold inventory (in troy ounces, the day before) increased by 114,168 [4]. - **Macro and Industry News**: The People's Bank of China will continue to implement a moderately loose monetary policy; the Beijing property market has new policies; the US employment market has warmed up [4]. Silver - **Price and Trading Volume**: The closing prices of Shanghai Silver 2602, Silver T + D, and Comex Silver 2602 all rose, with daily increases of 1.50%, 1.52%, and 3.65% respectively. The trading volume of Shanghai Silver 2602 decreased by 474,555 [4]. - **Inventory**: Shanghai silver inventory decreased by 1,805 kilograms, and Comex silver inventory (in troy ounces, the day before) decreased by 3,083,409 [4]. - **Macro and Industry News**: Similar to gold, and the Silver LOF hit the daily limit again during the session [4][7]. Copper - **Price and Trading Volume**: The closing price of the Shanghai Copper main contract increased by 2.31%, and the LME Copper 3M electronic disk increased by 0.65%. The trading volume of the Shanghai Copper index increased by 297,908, and the LME Copper 3M electronic disk decreased by 8,111 [8]. - **Inventory**: Shanghai copper inventory increased by 2,679 tons, and LME copper inventory decreased by 1,550 tons [8]. - **Macro and Industry News**: The People's Bank of China's policy, Beijing's property market policy, and the US employment market situation; Glencore acquired a copper project in Peru; Peru extended the temporary licenses of small - scale miners; Kazakhstan's refined copper production increased; China's copper ore imports increased [8][10]. Zinc - **Price and Trading Volume**: The closing price of the Shanghai Zinc main contract increased by 0.61%, and the LME Zinc 3M electronic disk increased by 0.60%. The trading volume of the Shanghai Zinc main contract increased by 37,673, and the LME Zinc trading volume increased by 2,888 [11]. - **Inventory**: Shanghai zinc inventory increased by 1,068 tons, and LME zinc inventory increased by 7,900 tons [11]. - **News**: The People's Bank of China's policy and hints from the US Treasury Secretary about the Fed's future direction [12]. Lead - **Price and Trading Volume**: The closing price of the Shanghai Lead main contract increased by 1.35%, and the LME Lead 3M electronic disk increased by 0.66%. The trading volume of the Shanghai Lead main contract increased by 23,412, and the LME Lead trading volume increased by 2,053 [14]. - **Inventory**: Shanghai lead inventory decreased by 152 tons, and LME lead inventory decreased by 4,200 tons [14]. - **News**: Similar to copper, including the People's Bank of China's policy, Beijing's property market policy, and the US employment market situation [15]. Tin - **Price and Trading Volume**: The closing price of the Shanghai Tin main contract increased by 1.27%, and the LME Tin 3M electronic disk increased by 0.25%. The trading volume of the Shanghai Tin main contract decreased by 11,222, and the LME Tin 3M electronic disk decreased by 9 [17]. - **Inventory**: Shanghai tin inventory increased by 655 tons, and LME tin inventory increased by 50 tons [17]. - **Macro and Industry News**: Similar to gold and silver, and France passed a short - term budget to avoid a government shutdown [17][18]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Trading Volume**: The closing price of the Shanghai Aluminum main contract was 22,330 yuan/ton, and the LME Aluminum 3M closing price was 2,957 US dollars/ton. The trading volume of the Shanghai Aluminum main contract increased by 85,119. The closing price of the Shanghai Alumina main contract was 2,554 yuan/ton [20]. - **Inventory and Cost**: The domestic aluminum ingot social inventory decreased, and the LME aluminum ingot inventory increased. The electrolytic aluminum enterprise profit was 5,823.24 yuan/ton [20]. - **News**: The US dollar may have its worst year since 2003, and the Japanese finance minister hinted at possible intervention in the yen [21]. Platinum and Palladium - **Price and Trading Volume**: The closing prices of platinum and palladium futures showed different trends, with some rising and some falling. The trading volume of Shanghai Platinum and NYMEX Platinum decreased, while the trading volume of NYMEX Palladium increased [23]. - **Inventory and ETF**: The platinum ETF inventory increased by 5,271 ounces, and the palladium ETF inventory decreased by 384 ounces [23]. - **Macro and Industry News**: News about international relations and China's central bank's policy [25][26]. Nickel and Stainless Steel - **Price and Trading Volume**: The closing price of the Shanghai Nickel main contract was 128,000 yuan/ton, and the stainless - steel main contract was 13,075 yuan/ton. The trading volume of the Shanghai Nickel main contract was 1,095,331 [28]. - **Industry News**: An Indonesian nickel mining area was taken over, China suspended a non - official subsidy for Russian copper and nickel imports, and Indonesia implemented sanctions on mining companies and adjusted policies related to nickel mines [28][29][31].