12 月 27 日，国际现货白银日内涨幅突破 10%，首次站上 79 美元 / 盎司关口，年内涨幅超 173%；纽约钯金同步大涨 14.1%，报 2061.65 美元 / 盎 司。现货黄金也逼近 4525 美元 / 盎司的历史高位。更值得关注的是，"银比油贵" 这一罕见现象时隔 45 年再度出现 ， 美油主力合约收跌2.43%， 报56.93美元/桶，周涨0.73%，布伦特原油主力合约跌2.15%，报60.47美元/桶，周涨0.70%，较白银价格已明显滞后。 挤兑！贵金属又又又上演了一场资本"狂欢"，于此同时，居然美元也没跌，这个市场的价格关系之乱，可以说完全颠覆了人类80年代开始至今所有 的金融市场理论常识，金银比已经-32了，有几个见过？ 实际上大家不用再看财经媒体的解释了，因为2025年对于贵金属市场的解释永远是：全球主要经济体货币政策转向宽松，地缘局势紧张加剧，央行 加强资本流动监管，美元持续走弱，美国经济不稳定性加剧，各国协同应对通胀、汇率与金融稳定挑战，强化了贵金属作为非主权资产的制度性吸 引力。 不过，市场里有几个人在真的剖析市场缺口和价格关系，有几个人测算过市场预期增速和现实之间商业利润之间的 ...

Group 1 - The global asset market is experiencing a significant rally, with various stock markets, including A-shares and others, reaching historical highs, while gold has also seen substantial fluctuations [4][11][12] - The current market environment suggests a potential bubble, drawing comparisons to past financial crises, but the underlying dynamics indicate a shift in asset valuation rather than a straightforward bubble [4][11] - The volatility in gold prices highlights the importance of a long-term allocation strategy rather than short-term trading, as recent fluctuations have exceeded expectations [5][6][9] Group 2 - The A-share market's approach to the 4000-point mark is significant, reflecting a complex interplay of bullish and bearish sentiments, influenced by macroeconomic factors and easing tensions in US-China relations [10][21] - Global asset prices are diverging from macroeconomic fundamentals, raising concerns about a potential crisis of trust in currencies, which is a core issue driving current market dynamics [11][12] - The long-term bullish trend in US equities is linked to a reliance on asset appreciation and the implications of AI advancements, creating a unique economic environment characterized by "no employment prosperity" [14][15] Group 3 - The "Fifteen Five" plan emphasizes high-quality development, aiming to reduce reliance on real estate and finance while fostering new productive capacities in key sectors such as renewable energy and biotechnology [17][18] - The plan indicates a shift in focus towards service industries and innovation, with a clear intention to address structural economic challenges rather than resorting to aggressive stimulus measures [17][20] - The geopolitical landscape, particularly US-China relations and cross-strait dynamics, is expected to influence market sentiment and asset prices, particularly in the context of gold [21]