Group 1: Precious Metals Market Overview - In 2025, precious metals such as gold, silver, and platinum experienced significant price increases, with gold reaching a historical high of $4500 per ounce and a year-to-date increase of approximately 4% in 2026 [1] - Silver peaked at $82 per ounce, with a year-to-date increase exceeding 12% in 2026, while platinum saw a rise of over 10% [1] - The strong performance of precious metals in early 2026 is driven by expectations of loose U.S. fiscal and monetary policies and concerns over trade and geopolitical risks, leading to increased investments in precious metals ETFs and derivatives [1] Group 2: Currency and Investment Shifts - Ray Dalio, founder of Bridgewater Associates, highlighted a significant paradigm shift in 2025 regarding currency value and global asset allocation, with gold emerging as a major reserve currency [2] - The depreciation of currency has diminished purchasing power, making holding U.S. dollars and bonds less attractive for investors who do not hedge against currency risks [2] - Historical analysis indicates that the current gold bull market has not yet reached excessive levels, with potential for long-term price increases supported by the expanding U.S. debt [2] Group 3: Silver Market Dynamics - Silver's price increase is significantly influenced by substantial investments through ETFs and physical deliveries, with tight inventory conditions persisting [3] - Analysts suggest that as short-term factors affecting market sentiment dissipate, attention should shift to potential passive reductions in global commodity indices [3] - The spillover effects of the gold bull market could benefit silver and copper, which are essential materials in the AI industry, indicating potential for price increases [3]