贵金属的通用性比较好，认可度高，更容易给人一种安全感。再加上走势确实一路凌厉向 上，挡都挡不住，势能一旦形成，就是凭惯性也要飚很久。 作者：今纶 一大早起来，发现白银又暴涨了，我心里咯噔一下：完了，我的某资产配置又要狂飙了。今天怎么有心 思上班？ 还有美联储降息25个基点，钻石跌成了鹅卵石，这么多事，必须说说。 先说白银，9日，伦敦银史上首次站上60美元/盎司重要整数关口，10日早盘，伦敦银再度刷新纪录，涨 至61美元/盎司。 今年以来，白银涨幅已接近110%，表现远超黄金和铂金。 我刚去看了一下，已经63了，真夸张。 为啥疯成这样？ 美联储降息意味着市场上的钱很多，而且美联储早就打开了降息通道，老川还嫌25个基点太少，那意思 是明年美联储换人之后会继续加大降息力度，懂的就懂。 此前，下任美联储主席热门人选、白宫经济顾问哈赛特就表示，他认为美联储"有充足空间"大幅降息。 如果他上台了，肯定继续放水。 ▲哈赛特 钱多了干啥？ 买买买，买贵金属是其中的一个选项，多少要配一些，白银至少是其中一个选项。 再就是白银本来就有工业用途，以下是科普时间： 白银的工业用途主要集中在光伏发电、电子制造、新能源汽车、医疗抗菌和化 ...

Core Viewpoint - The current monetary policy has not led to inflation despite significant increases in the money supply, indicating a disconnect between monetary expansion and consumer price increases [1][3][6]. Group 1: Economic Indicators - In May, the Consumer Price Index (CPI) decreased by 0.2% month-on-month, while the Producer Price Index (PPI) fell by 0.4% month-on-month and 3.3% year-on-year, showing a lack of price increases in both consumer and producer levels [1][2]. - The broad money supply has increased from 200 trillion to 300 trillion over the past 4-5 years, indicating a substantial monetary expansion without corresponding inflation [1][2]. Group 2: Global Trade and Tariffs - The trade tensions between China and the U.S. have disrupted the traditional economic model where China produces goods and the U.S. consumes them, leading to a surplus of goods in China and downward pressure on prices [7][12][13]. - The ongoing tariff disputes are expected to maintain this pressure, preventing inflation from rising as goods remain unsold and prices continue to drop [15]. Group 3: Consumer Behavior - Current government subsidies and consumption incentives are merely shifting future demand forward rather than creating new demand, as consumers with existing purchasing power are not incentivized to spend more [16][20]. - The wealth distribution issue is significant, as a small number of wealthy individuals hold a disproportionate amount of wealth, limiting overall consumer spending from the broader population [22][24]. Group 4: Investment Opportunities - Companies should focus on catering to the wealthy consumer segment, as there is potential for new consumption patterns among affluent individuals, despite their overall limited spending capacity [27][30]. - Exploring international markets for growth opportunities is crucial, as domestic growth becomes increasingly challenging; companies are encouraged to seek expansion in developing countries [37][41]. - In a deflationary environment, maintaining cash reserves in interest-bearing assets is advisable, as money is expected to retain or increase its value over the coming years [43][44].

Core Viewpoint - The current monetary policy has not led to inflation despite significant increases in the money supply, indicating a disconnect between monetary expansion and consumer price increases [1][3][6]. Group 1: Economic Indicators - In May, the Consumer Price Index (CPI) decreased by 0.2% month-on-month, while the Producer Price Index (PPI) fell by 0.4% month-on-month and 3.3% year-on-year, showing a lack of price increases in both consumer and producer levels [1][2]. - The broad money supply has increased from 200 trillion to 300 trillion over the past 4-5 years, indicating a substantial monetary expansion without corresponding inflation [1][2]. Group 2: Global Economic Dynamics - The trade tensions between China and the U.S. have disrupted the traditional economic model where China produces goods and the U.S. consumes them, leading to a structural imbalance in supply and demand [7][9][12]. - The imposition of tariffs has resulted in a surplus of goods in China, causing prices to drop and further weakening consumer spending [13][15]. Group 3: Consumer Behavior - Current government subsidies and consumption incentives are merely shifting future demand forward rather than creating new demand, as consumers with existing purchasing power are not incentivized to spend more [16][20]. - The wealth distribution issue is significant, as a small number of wealthy individuals hold a disproportionate amount of wealth, limiting overall consumer spending power [22][24]. Group 4: Investment Opportunities - Companies should focus on catering to the affluent consumer market, as there is potential for growth in luxury and high-end products despite overall economic stagnation [27][36]. - Exploring international markets for growth opportunities is essential, as domestic growth becomes increasingly challenging; companies should consider expanding into developing countries [37][41]. - In a deflationary environment, maintaining cash and investing in interest-bearing assets can be a prudent strategy, as money is expected to retain its value [43][44].