而从实物供需层面，近年来，白银产量下降导致供应不足的缺口一直存在。全球交易所白银库存已降至 近十年来低位，而光伏、电动汽车等工业领域需求持续增长，进一步加剧现货市场紧张。在租赁市场， 白银短期租赁利率飙升，凸显了市场上白银供应的短缺。有分析认为，目前黄金与白银价格比约为 75∶1，显著高于过去二十年约60∶1的平均水平，这表明白银在贵金属板块中相对被低估，美国银行日前 已将2026年白银目标价上调至每盎司65美元。 12月1日亚洲交易时段，伦敦现货白银价格再创历史新高，盘中首次突破每盎司57美元，截至北京时间 上午10点，伦敦现货银价报每盎司57.7美元，涨幅约2.3％。今年以来，国际银价已上涨超90％，大幅跑 赢黄金。 分析指出，近期市场对美联储降息预期升高，这为白银及整个贵金属市场提供了坚实支撑。芝商所美联 储观察工具的最新数据显示，市场预计美联储在12月降息25个基点的概率为87.4％，且被认为持鸽派立 场的哈西特成为下任美联储主席热门人选，进一步增强了市场对未来低利率环境的信心。 （来源：经济日报） 转自：经济日报 ...

2025.11. 30 本文字数：1594，阅读时长大约2.5分钟 作者 | 第一财经 齐琦 贵金属板块再次成为焦点。 上周五，COMEX白银期货价格冲高至每盎司57.245美元，刷新历史纪录，周涨幅达13%。伦敦现 货白银同步突破56.5美元/盎司。 黄金、铜价亦同步走强，COMEX黄金重回4263美元/盎司上方，LME铜价则逼近历史高位。这一轮 贵金属的集体爆发，是短期情绪驱动还是长期趋势的延续？ 白银强势领涨，市场热情高涨 11月以来，COMEX白银期货累计涨幅达到16%。沪银主力合约夜盘最高触及13239元/千克，内外 盘联动创出新高。 沪上一位贵金属分析师对记者分析称，白银价格的大幅上涨并非偶然。近期，全球经济形势的不确定 性以及市场对通胀预期的上升，为白银等贵金属提供了有力的支撑。 据芝商所"美联储观察"最新数据，美联储12月降息25个基点的概率已达85.4%。约一周前，这一概 率预计约40%。 中长期看，瑞银(UBS)上调了白银价格预测，预计2026年白银价格将达到60美元/盎司。瑞银还称， 银价有可能飙升至65美元/盎司，但预计这种水平不会持续下去。在强劲的投资需求下，未来一年价 格仍有进一步 ...

Core Viewpoint - Goldman Sachs remains bullish on gold, citing its enduring structural support rather than return rate considerations [1] Group 1: Precious Metals Market Dynamics - The precious metals sector has regained focus, with COMEX silver futures reaching a record high of $57.245 per ounce, marking a weekly increase of 13% [2] - Gold and copper prices have also surged, with COMEX gold surpassing $4263 per ounce and LME copper nearing historical highs, raising questions about whether this rally is driven by short-term sentiment or a continuation of long-term trends [2] - Silver has led the rally, with a cumulative increase of 16% since November, driven by global economic uncertainty and rising inflation expectations [2][3] Group 2: Investment Trends and Market Sentiment - The iShares Silver Trust currently holds 15,610.54 tons of silver, indicating strong investment interest [3] - Speculative net long positions in silver have increased, reflecting heightened market activity, although liquidity risks may amplify short-term volatility [3] - UBS has raised its silver price forecast, predicting it could reach $60 per ounce by 2026, with potential spikes to $65 per ounce [4] Group 3: Supply and Demand Factors - The World Silver Association forecasts a decline in global silver demand to 1.12 billion ounces by 2025, a 4% year-on-year decrease, while supply deficits are expected to continue for the fifth consecutive year, estimated at 9.5 million ounces [3] - Gold prices have also seen significant gains, with a year-to-date increase exceeding 50%, supported by high U.S. debt levels, geopolitical uncertainties, and central bank gold purchases [5] - Copper prices have risen sharply, reflecting optimistic expectations for global economic growth, with a year-to-date increase of over 27% [6]

Group 1 - Gold prices rose to a one-week high as expectations for a Federal Reserve rate cut increased, with silver prices following suit, up 1% near $52 per ounce [1][2] - The likelihood of a 25 basis point rate cut by the Federal Reserve next month has surged to 83%, significantly higher than the previous week's 30% [2] - Economic signals are mixed, with a resilient labor market indicated by a decrease in initial jobless claims, but consumer confidence has declined due to increased concerns about job and financial prospects [2] Group 2 - Technical analysis shows that gold is experiencing a volatile trading pattern, with key support at $4136 and resistance at $4173, indicating a potential for further fluctuations [3] - Silver prices are showing bullish tendencies, with a current price of $52.63 and support at $51.87, while a breakthrough above $52.78 could lead to further gains [4] - Platinum prices have recently surpassed $1610 per ounce, reflecting a strong upward trend, with support levels between $1260 and $1460 per ounce and resistance between $1800 and $2000 per ounce [4]

ab 20 November 2025 Global Research Global Precious Metals Comment Gold & precious metals to keep shining in 2026 New highs still to come as gold nears the last innings of the current bull cycle While no bull run lasts forever, the foundations of gold's ascent - particularly the structural shift in private and official sector demand - suggest that price risks remain skewed to the upside over the next 12 months in the face of ongoing global uncertainty. Gold's strong performance, in our view, is a reflection ...

Group 1 - The core viewpoint is that gold is under pressure due to a strong dollar and uncertainty regarding the timing of the next Federal Reserve interest rate cut, although safe-haven demand is limiting its decline [1] Group 2 - The World Platinum Investment Council predicts a significant shortage in the platinum market for the third consecutive year, with a shortfall of 22 tons, revised down by 5 tons from previous forecasts [3] - Total platinum supply is expected to decrease by 2% year-on-year to 222 tons in 2025, marking a five-year low, while total demand is projected to decline by 13 tons [3] - Platinum's supply is highly concentrated in South Africa and Russia, with South Africa holding nearly 90% of global platinum group metal reserves [3] - Platinum is essential in various industries, including jewelry, automotive, glass, aerospace, and chemicals, and its demand may significantly increase with advancements in hydrogen energy technology [3] - Platinum prices are expected to break through the 400 yuan per gram mark in 2025, with an annual increase exceeding 80% driven by rising prices of gold, silver, and other minor metals [3]

Core Viewpoint - Gold prices experienced a slight rebound after a two-day decline driven by diminishing optimism regarding a potential interest rate cut by the Federal Reserve [1] Group 1: Gold Market - Current gold prices are trading around $4,100 per ounce [1] - Gold prices fell over 2% in the previous trading session due to Federal Reserve officials showing little confidence in lowering borrowing costs [1] Group 2: Silver Market - Silver prices followed gold's upward trend, with spot silver reaching above $51 per ounce at the beginning of trading [1] Group 3: Other Precious Metals - Palladium and platinum prices remained stable during the same period [1]

Core Views - The report emphasizes that the metal industry is expected to see a rise in prices and profitability due to supply-demand dynamics and interest rate cuts, with a focus on industrial metals like copper and aluminum [5][6][10]. Industrial Metals - Copper prices are projected to rise as the global copper market faces a supply shortage of approximately 1% in 2026 and 0.5% in 2027, primarily due to the anticipated recovery of the Grasberg and Panama copper mines [5][23]. - The report notes that the Grasberg copper mine's production cut has led to a significant upward adjustment in copper price expectations, with a potential price increase from 79,000 CNY/ton to 82,000-83,000 CNY/ton [21][24]. - Aluminum profitability is expected to increase further, with China's electrolytic aluminum capacity utilization reaching 98%, indicating a tight supply-demand balance that could lead to price surges if demand exceeds expectations [5][30]. Precious Metals - The long-term outlook for gold remains positive, driven by factors such as weakening U.S. non-farm data, manageable inflation, and a dovish stance from the Federal Reserve, which is expected to lower interest rates further [6][10]. Energy Metals - Cobalt prices are anticipated to rise due to policy changes in the Democratic Republic of Congo, which has implemented an export quota system that could create a supply-demand gap of over 10% in the global cobalt market [7]. - The lithium industry is expected to enter a new growth cycle, with demand for energy storage batteries significantly exceeding previous forecasts, leading to a potential supply shortage if production does not keep pace [8]. Minor Metals - The strategic importance of rare earth metals is highlighted, with China maintaining a dominant position in global production and supply, which is expected to strengthen prices further [10]. - Tungsten prices may rise due to recovering overseas demand and relaxed export controls, while antimony prices are also expected to increase following recent export policy adjustments [11][12]. Uranium - The demand for uranium is projected to increase alongside the growth of nuclear power generation in China, with expectations of a significant rise in nuclear capacity by 2035 [13]. Recommended Stocks - The report suggests a selection of stocks across various metal sectors, including copper, aluminum, precious metals, energy metals, and minor metals, indicating a diversified investment strategy [14].

Financial Data and Key Metrics Changes - The meeting confirmed that a quorum was present with approximately 71.32% of shares entitled to vote represented [4][5]. - Preliminary voting results indicated that all nominees for the Board of Directors were elected, and the fiscal 2025 compensation of named executive officers was approved on an advisory basis [8]. Business Line Data and Key Metrics Changes - No specific data regarding individual business lines was provided during the meeting [12]. Market Data and Key Metrics Changes - No specific market data or key metrics changes were discussed during the meeting [12]. Company Strategy and Development Direction and Industry Competition - The meeting did not provide detailed insights into the company's strategic direction or competitive landscape [12]. Management's Comments on Operating Environment and Future Outlook - Management did not offer specific comments regarding the operating environment or future outlook during the meeting [12]. Other Important Information - The appointment of Grant Thornton as the company's independent registered public accounting firm for fiscal 2026 was ratified [8]. Q&A Session All Questions and Answers Question: Are there any questions from the attendees? - There were no questions submitted during the Q&A session [12].

Core Viewpoint - The global precious metals market has seen a significant surge, particularly in silver, which has returned to above $50 per ounce after a notable increase of over 4.5% on November 10, 2023 [1] Price Movement - Since early April 2023, the price of silver has risen from just above $28 per ounce to over $54 per ounce by October 16, marking a maximum increase of over 90%, outperforming gold [3] - After a decline post-October 17, where silver prices fell to above $45 per ounce, the market has shown recovery, with prices stabilizing above $50 per ounce as of November 11 [5] Supply and Demand Dynamics - The U.S. government has classified silver as a strategic resource, elevating its status from an industrial commodity to one of national security and technological independence [4] - From 2016 to 2020, total silver supply was 5.087 billion ounces, while total demand was 4.902 billion ounces, indicating a relatively loose supply situation. However, since 2021, global silver demand has exceeded supply, leading to a projected supply-demand gap of 210.5 million ounces in 2024 and 187.6 million ounces in 2025 [5] - Silver's role as an industrial material, particularly in solar energy and electric vehicles, is driving demand. The global photovoltaic installation is expected to reach 655 GW by 2025, requiring 160 million ounces of silver [5] Market Influences - The rising price of gold, influenced by geopolitical conflicts, U.S. debt crises, and central bank purchases, has also positively impacted silver prices. The gold-silver ratio reached a historical high of 106, providing attractive investment opportunities [6] - The Federal Reserve's shift to a rate-cutting cycle has reduced the opportunity cost of holding silver, attracting more investment into the silver market [6] Future Outlook - Optimistic market views suggest that silver has broken through technical resistance levels, with potential for further increases, possibly reaching $100 per ounce, especially with a declining dollar [6] - Cautious perspectives highlight potential selling pressure above $40 per ounce and the risk of profit-taking if the gold-silver ratio falls below 70 [6][7] - The rising costs of silver may lead the photovoltaic industry to seek "de-silverization" technologies, potentially reducing future demand [6]