Gold Market Outlook - Goldman Sachs认为，由于各国央行（尤其是新兴市场央行）为实现储备多元化而持续购买黄金，且黄金供应无法快速响应需求，因此长期看好黄金，预计2026年金价将上涨[1][2] - 各国央行购买黄金，是为了对冲美元资产的风险，类似于一种金融对冲[5][6] - 中国央行的黄金储备占比约为10%，而发达国家央行的黄金储备占比超过70%，因此中国和其他新兴市场央行有理由继续增加黄金储备[4][5] - 随着美联储降息预期，ETF对黄金的配置也在增加，进一步加剧了对有限实物黄金的竞争[3] European Natural Gas Market - 欧洲已经逐渐摆脱对俄罗斯天然气的依赖，增加了液化天然气的进口[7] - 预计2025年将是全球液化天然气供应大幅增长的七年中的第一年，这将缓解欧洲的天然气供应压力，从而对欧洲天然气价格构成下行压力[7][8] - 俄罗斯和乌克兰之间的和平协议可能会加速并加剧欧洲天然气价格的下跌[9] Crude Oil Market - Goldman Sachs的基本假设是委内瑞拉石油产量维持现状，即日产约90万桶原油[9][10] - 市场对委内瑞拉局势变化（如政权更迭）可能导致石油供应增加的担忧，已经对远期石油价格产生了一定的影响[10][11] - 即使没有委内瑞拉额外的石油供应，预计明年WTI原油均价为每桶52美元，因为巴西和圭亚那等地的项目将增加石油供应[12]

Stablecoin Supply - Aptos 在过去 24 小时内增加了 3.862 亿美元的稳定币供应量，领先所有区块链 [1]

Supply Dynamics - Bitcoin supply on exchanges is falling to a new low [1] Market Outlook - The report prompts speculation about the future direction of Bitcoin [1]

Supply Update - Bitcoin's mined supply has surpassed 95% of its 21 million cap [1] - Only 1.05 million $BTC remains to be mined over the next century [1]

Cryptocurrency Market - Supply of PayPal's PYUSD on Solana blockchain exceeds $1 billion [1] - PYUSD supply on Solana has increased approximately 4x since the beginning of the year [1]

Copper Market Analysis - Copper supply concerns have been ongoing for years and are now coming to a head [1] - Mine supply has taken a hit this year, leading to insufficient supply for new smelters globally [2] - Expectations of US tariffs on refined copper are driving metal into the US, potentially leaving the rest of the world short [3] - A well-known copper trader predicts a significant copper price increase next year [3] - The combination of factors is pushing copper prices to record highs [4] Silver Market Analysis - A rush of silver into the US occurred in October due to a squeeze in the COMEX silver market [4] - This rush was related to tariff expectations and short supply in the rest of the world [5] - Warehouses in China have limited silver supplies [5] - The global silver market outside the US is stretched, making it vulnerable to price spikes [5]

Market Trends - Institutional Bitcoin demand significantly exceeds new supply, widening the imbalance through 2024 and into 2025 [1]

Supply Dynamics - Approximately 95% (1995 million BTC) of Bitcoin's total supply of 21 million BTC has already been mined [1] - Only about 205 million BTC remains to be mined [1]

Bitcoin Halving Overview - Bitcoin halving 对 supply, demand, and price 产生影响 [1] - Bitcoin halving 对 mining 产生影响 [1] Investor Implications - Bitcoin halving 对投资者很重要 [1] Key Events - 报告讨论了 next halving occurs 的时间 [1]

Stablecoin Market - Circle's EURC supply on Ethereum has increased by approximately 300% since the beginning of the year [1]