Core Viewpoint - Silver has reached an all-time high of $83.645 per ounce, driven by a significant capital rotation from cryptocurrencies to precious metals, indicating the start of a major bull market in the precious metals sector [1][2]. Group 1: Market Dynamics - Global markets are experiencing a shift as capital moves from stagnating cryptocurrencies like Bitcoin to physical assets, with institutional investors focusing on tangible safe havens [2]. - Prominent economist Peter Schiff has declared the end of the crypto "mania," emphasizing the transition to precious metals as a safer investment [2]. - The current rally is characterized as geopolitical rather than merely cyclical, with China executing a "Reverse 1934" strategy to drain Western silver reserves [3]. Group 2: Supply and Demand Factors - China is tightening export licensing for silver, positioning itself as the world's "industrial central banker" and prioritizing control over physical inputs [4]. - A critical supply shock is occurring as silver production from Mexico, the top producer, has decreased by 20% from peak levels, coinciding with a structural deficit of approximately 150 million ounces due to high industrial demand [5]. Group 3: Future Projections - Sentiment in the silver market is highly optimistic, with predictions that silver could reach $100 per ounce, reflecting a significant mismatch between paper claims and physical supply [6]. - The treatment of silver is evolving, with policy now viewing it as strategic infrastructure rather than just a commodity [6]. Group 4: Investment Opportunities - Performance data for silver-linked ETFs shows substantial gains, with the iShares Silver Trust (SLV) up 96.68% over six months and 141.37% over one year, indicating strong investor interest [7]. - Other ETFs, such as the Global X Silver Miners ETF (SIL) and Amplify Junior Silver Miners ETF (SILJ), have also shown impressive performance, further highlighting the investment potential in the silver market [8].

贵金属超级大牛市，2025年线收官！ 国际现货黄金全年录得近1700美元的上涨，涨幅达65%； 元旦快乐，新年快乐！ 辞旧迎新，其实说的是农历年，几千年的传统；但在阳历年依然把最好的祝福送给您和家人，愿：在新的一年里身体健康，事业蒸蒸日上，投资收益芝麻开 花节节高！ 2025是不平凡的一年，国际局势风云变幻；我们见证了贵金属市场的超级大牛市，也多次见识了市场的冷酷、杀伐和无情。 沪金和黄金td年内两次冲击1000元每克大关； 白银虽年末最后两个交易日遭遇空头狙击，国际现货白银仍录得42美元上涨，涨幅达145%以上； 从多方面接收的信息告诉我们，2026国际局势依然不会太平。在国际地缘局势，美债高企，去美元化，美联储降息，全球央行购金等支撑下，贵金属牛市依 然有望持续。国际现货白银84美元阶段顶部歇歇脚，100美元目标不动摇；国际现货黄金4550美元不是多头终点，调整后依然会奔向更高；国内黄金1000元 大关的大门会再次叩响并最终站上。 但，我们需要正视的是，2026牛市继续的同时，会遭到空头比2025更疯狂的反扑；元旦前几个交易日贵金属四兄弟走势已经证明，尤其是白银，铂金和钯 金。机会和风险并存，正所谓"风浪 ...

贵金属市场延续狂热态势。 12月26日，金银现货与期货价格同步创下历史新高。 现货市场上，截至记者发稿，伦敦金现日内涨幅0.93%，交投于4520美元/盎司附近，盘中最高触及 4531.284美元/盎司，为历史首次；白银表现更为迅猛，伦敦银现报75.389美元/盎司，日内大涨近5%， 盘中最高触及75.515美元/盎司，年内涨幅已近150%。 | 伦敦金现 | | | SPTAUUSDOZ | | --- | --- | --- | --- | | 4520.880 | | | +41.490 +0.93% | | IDC USD 18:33:23 | | | 0 | | 三一 | 4522.130 | | | | 买- | 4520.880 | | | | 总量 | 0 | 现手 | 0 | | 结算价 | | 开盘 | 4473.747 | | 最高 | 4531.284 最低 | | 4470.050 | | 均价 | | 振幅 | 1.37% | | 外盘 | 0 | 内盘 | 0 | | 昨结 | 4479.390 | 昨收 | 4479.390 | | 涨停 | 0.000 | 跌停 | 0.00 ...

Core Viewpoint - The precious metals market is experiencing a strong upward trend, with silver reaching an all-time high and gold approaching its historical peak, driven by geopolitical tensions and expectations of future interest rate cuts by the Federal Reserve [1][2][5]. Group 1: Precious Metals Performance - Silver has surged to a historical high of $75 per ounce, marking a 150% increase this year, particularly accelerating since October due to a historic short squeeze [2][3][10]. - Gold is also performing well, trading above $4500 per ounce and reaching a peak of $4530 per ounce, driven by ongoing geopolitical risks, particularly in Venezuela [5][8]. Group 2: Economic Predictions - Economist Jim Rickards predicts that gold could reach $10,000 and silver could hit $200 by 2026, citing sustained demand from central banks and institutional investors as key drivers [2][9][10]. - The expectation of further interest rate cuts by the Federal Reserve in 2026 is providing additional support for precious metal prices, as a low-interest environment typically benefits non-yielding assets like gold and silver [8][9]. Group 3: Market Dynamics - The sharp rise in silver prices is attributed to a supply-demand imbalance in the physical delivery market, with a significant disparity between paper silver and physical silver [9][10]. - Institutional investor demand, including sovereign wealth funds and endowment funds, is expected to increase, further pushing up prices as countries diversify away from potentially confiscable assets [9][10].

本文黄金、白银等产品行情分析，以国际报价为基准；今日换算系数，国际金价/4.438≈国内金价。 贵金属四兄弟昨天集体大涨，铂金钯金涨停，黄金白银历史新高，贵金属上演集体逼空走势！今天周二，因圣诞节假期，明天西方市场将进入半休市状态， 周四全天休市，周五部分国家休市；下周全球将迎来元旦假期，全球市场陆续休市。在双旦假期前贵金属集体大涨逼空行情，20年来尚属首次；贵金属市场 是不断打破历史的市场，不断创造奇迹的市场，不断刷新认知的市场。 黄金昨天突破历史新高后继续大涨，创下近2个交易月以来最大单日涨幅。昨天全球最大的黄金ETF加仓12吨，助推黄金多头情绪。 昨天白银历史新高，最高一度逼近70美元大关；虽然上海期货交易所调整白银持仓手数，但市场丝毫不买账，多头继续控盘；调整手续费更是起不到作用， 本来调整手续费意义就不大。只有大幅度调整保证金才能产生实质性影响。 同样是在昨天，全球最大的白银ETF昨天增仓530余吨，力度罕见，市场情绪支撑白银多头。 | 能 | 20251222 | | | | --- | --- | --- | --- | | | 商品 | 日期 (美国时 | 总库存 | | | | 间) | ( ...

Core Viewpoint - The gold market is experiencing a significant bull run, with gold prices reaching new highs and gold mining stocks benefiting from this trend, presenting investment opportunities for those who can identify the right stocks [1]. Group 1: Gold Mining Companies - Triple Flag Precious Metals Corp. is a leading precious metals streaming and royalty company, providing exposure to gold and silver production with a lower risk profile than traditional miners, supported by stable cash flows and strong margins [4]. - Agnico Eagle Mines is recognized as a premier gold producer with high-quality mines in favorable jurisdictions, known for operational excellence and disciplined capital management, making it a strong performer in the sector [7]. - Newmont is the world's largest gold mining company, offering unmatched leverage to gold prices due to its scale and diversification, while also producing other metals that contribute to its revenue stability [13]. Group 2: Earnings Revisions and Analyst Outlook - Triple Flag Precious Metals has a Zacks Rank 1 (Strong Buy) with current year earnings estimates up by 8.5% and next year's estimates up by 12.4%, indicating strong analyst support [5]. - Agnico Eagle Mines also holds a Zacks Rank 1, with current year earnings estimates climbing 6.4% and next year's projections increasing by 7.7%, reflecting positive analyst sentiment [8]. - Newmont has received unanimous analyst upgrades, with current year earnings estimates revised 8.5% higher and next year's forecasts up by 12.4%, showcasing strong analyst confidence [14]. Group 3: Technical Analysis - Triple Flag Precious Metals is forming a bull flag pattern, with a potential breakout above the $29 level that could lead to new highs as gold prices continue to rise [6]. - Agnico Eagle Mines has completed a descending channel formation and has broken out to the upside, positioning the stock to challenge all-time highs [9]. - Newmont has also consolidated in a bull flag formation and has broken out decisively, indicating the next phase of its ongoing rally [14]. Group 4: Investment Considerations - Despite the strong performance in gold and mining stocks, valuations in the sector remain reasonable, with a combination of upward earnings revisions and strong technical setups making TFPM, AEM, and NEM attractive for investors [16]. - The favorable macro conditions and improving analyst outlooks position TFPM, AEM, and NEM as leaders in the precious metals market, appealing to investors seeking both momentum and long-term exposure [17].