Silver futures surged to a historic $75 per ounce on December 26, capping off a breathtaking rally that has pushed the metal into uncharted territory. The move has been driven in large part by acute physical shortages in China, where a retail buying frenzy has collided with tight supply, sending prices sharply higher. Month to date, COMEX silver – as tracked by the iShares Silver Trust (NYSE:SLV) – is up roughly 30%, putting it on pace for its best monthly performance since December 1979. On a year-to-date ...

Core Viewpoint - The precious metals market continues its fervent trend, with both gold and silver prices reaching historical highs on December 26, 2025, driven by strong investment demand and structural supply issues in the silver market [1][3][8]. Group 1: Market Performance - As of the report, spot gold in London rose by 0.93% to approximately $4,520 per ounce, with an intraday high of $4,531.284, marking a historical first [1][2]. - Spot silver surged nearly 5% to $75.389 per ounce, with an intraday peak of $75.515, reflecting a year-to-date increase of nearly 150% [1][2]. - COMEX gold futures increased by 1.05% to $4,550.3 per ounce, reaching a record high of $4,561.6 during the day [3][4]. - COMEX silver futures reported at $75.05 per ounce, with a maximum of $75.495, showing a year-to-date rise close to 160% [3][4]. Group 2: Market Drivers - The primary driving force behind gold's rise has shifted from central bank purchases to investment demand, while the silver market faces structural squeezes due to tight global inventories and increased industrial demand [7][8]. - The macroeconomic environment, including a 10% decline in the US dollar index and the Federal Reserve's resumption of rate cuts, has provided core support for the rise in precious metals [8]. - The outlook for 2026 suggests that precious metals will maintain a challenging upward trend due to the politicalization of the Federal Reserve, declining dollar credit, and a crisis in the silver spot market [8][9]. Group 3: Market Sentiment and Risks - The overall sentiment in the precious metals market remains bullish, with strong performance exceeding most institutional expectations [9]. - Factors contributing to this global precious metals rally include concerns over dollar credit, ongoing central bank gold purchases, geopolitical risk premiums, and structural supply-demand imbalances [9]. - Future upward trends may face challenges from unexpected improvements in the US economy or significant adjustments in monetary policy [9].

Core Viewpoint - Gold and platinum prices are experiencing an upward trend, indicating potential investment opportunities in precious metals [1] Group 1 - The rise in gold prices suggests increased demand and market confidence in the asset class [1] - Platinum prices are also on the rise, which may reflect broader trends in industrial demand and investment interest [1]

市场环境层面，年末交易流动性收紧，投机性资金活跃度提升，加剧价格波动。市场对货币政策宽松的预期升温， 美元走弱降低贵金属持有机会成本，推动资金涌入。白银、铂金等工业金属则受供需结构支撑：白银广泛应用于电 子、光伏等工业领域，需求持续增长叠加供应端压力；铂金受汽车行业政策调整及主产地区供应受限影响，面临阶 段性短缺，均对价格形成有力支撑。 近期贵金属市场走势强劲，黄金、白银、铂金等主要品种价格均触及历史高位。 最新数据显示，现货黄金突破每盎司4500美元，现货白银升至每盎司74美元以上，铂金价格同步显著上行。此轮涨 势由多重市场因素共同驱动。 程，将进一步影响其价格走向。 当前贵金属价格上涨，是市场交易结构、宏观预期与部分品种基本面共振的结果。投资者参与相关市场需综合考量 多维度变量，理性评估波动风险。后续价格走势仍取决于货币政策动向、经济增长趋势及供需格局演变。 黄金长期具备避险属性，宏观经济不确定性上升时，易吸引资金流入。年内黄金累计涨幅明显，白银表现更为突 出，涨幅显著超越黄金，核心源于工业属性与投资需求的双重拉动。 展望后市，货币政策预期仍是影响贵金属走势的关键变量。若流动性维持宽松、利率处于相对低位， ...

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].

Group 1 - The A-share market saw a collective surge in precious metal concept stocks, with Cuihua Jewelry rising over 5%, Hunan Silver, Silver Nonferrous, and Guocheng Mining increasing over 4%, and Jiangxi Copper and Western Mining up over 3% [1] - Luoyang Molybdenum achieved a historical high, indicating strong performance in the sector [1] - Geopolitical tensions have led to a significant increase in the precious metals market, with spot gold rising over 1% to surpass $4530 per ounce, marking a year-to-date increase of over 72%, potentially the best annual performance since 1979 [1] Group 2 - Spot silver broke through $75 per ounce, reaching a new historical high, with a year-to-date increase of 160% [1] - The table of stock performance shows Cuihua Jewelry with a market cap of 3.514 billion and a year-to-date increase of 47.05%, while Hunan Silver has a market cap of 19.2 billion and a year-to-date increase of 100.59% [2] - Other notable performances include Silver Nonferrous with a market cap of 43.5 billion and a year-to-date increase of 111.51%, and Guocheng Mining with a market cap of 32.6 billion and a year-to-date increase of 131.62% [2]

近期，深圳的智能黄金回收机显得格外清冷，机器虽然光亮如新，却鲜有人问津，前些日子，我堂姐经过南京东路的一家商场时，发现那台回收机前空无一 人，管理员正趴在柜台上小憩，目前的回收价格相当诱人，每克高达1010元，比许多金店还要高，似乎仍提不起人们的兴趣。 在今日的贵金属市场上，不同品牌的金条和银条价格呈现出一定的差异，高赛尔品牌提供的金条价格为每克1022元，银条定价为每克17.18元，千禧之星的 黄金价格稍高，达到每克1406元，铂金价格为每克880元。 在吉盟珠宝和东祥金店，黄金的价格均为每克1411元，铂金的价格分别标为每克932元，萃华金店的黄金价格略低，为每克1410元，铂金为每克364元，百泰 黄金的黄金价格为每克1288元，金条价格稍低，为每克1152元。 金象珠宝的黄金价格为每克1398元，常州金店的黄金价格与扬州金店相近，分别为每克1368元和1250元，铂金价格分别为每克720元和540元，嘉华珠宝的黄 金价格与部分店铺持平，为每克1410元。 回溯四个月前，情况大不相同，智能黄金回收机刚问世不久，商场里排队的人络绎不绝，队伍甚至排到了大街上。 黄金饰品：994元/克（纯度99.9%） 铂金 ...

金价冲上4400美元，全球央行一年狂扫超1000吨黄金，美联储坐不住了。但你可能不知道，这背后最让西方紧张的，不是波兰，也不是土耳其，是中国。一 个在国际金融圈流传甚广却未被官方证实的推测是：中国真实的黄金储备，可能早已突破5000吨。 这个数字如果属实，意味着什么？意味着中国正在下一盘大棋。它不是简单的投资，而是一场关乎未来几十年金融安全的战略布局。当其他国家还在为眼前 的金价涨跌争论不休时，中国已经悄悄构建起一道"黄金防线"。 你可能会想，金价都这么高了，矿主们开足马力多挖点，价格不就能压下来了吗？现实远没这么简单。黄金不是工业品，它的开采是一门"超长周期"的生 意。目前全球黄金的平均开采综合成本大约在每盎司1600美元，面对4400美元的金价，利润看似丰厚。但从发现一个可能的矿藏，到完成勘探、环评、建设 基础设施，最终产出黄金，露天矿需要3到5年，地下富矿甚至需要10到15年。等这些新产能出来，市场的局面可能早已天翻地覆。更关键的是，全球已探明 且经济上可开采的黄金储量大约只有6万到7万吨，按照现在的开采速度，可能只够维持到2032年左右。新发现的金矿储量已经连续5年低于开采量。供给的 瓶颈是刚性的，这 ...

Group 1: Gold and Silver Market - International gold prices stabilized above $4500 per ounce and reached a historical high, but experienced a slight decline as some investors took profits [1][6] - Silver prices continued to rise strongly, marking a historical high for the fourth consecutive trading day, closing at $71.685 per ounce with a gain of 0.77% [8] - Analysts noted that the rapid increase in silver prices is driven by factors such as anticipated Fed rate cuts, increased industrial demand, and investment demand, but warned of the risk of a significant short-term correction due to speculative positions [8] Group 2: Stock Market Performance - On the 24th, all three major U.S. stock indices closed higher, with the Dow Jones and S&P 500 reaching record closing highs [2][4] - The VIX, which reflects market expectations for future volatility of the S&P 500, fell to a one-year low, indicating reduced investor concern about short-term risk events [3][4] - The market anticipates at least two rate cuts by the Federal Reserve next year, which has led to a general rise in cyclical stocks such as real estate and finance [4] Group 3: Oil Market - Despite the U.S. economy's third-quarter growth exceeding expectations, consumer spending growth has slowed, leading to cautious outlooks on U.S. oil consumption demand [9] - International oil prices experienced a slight decline, with light crude oil futures closing at $58.35 per barrel, down 0.05%, and Brent crude oil futures at $62.24 per barrel, down 0.22% [9][10]

Group 1: Market Overview - The market is experiencing light volume trading, with the S&P near all-time highs, but the recent price action should not be over-interpreted [2][3] - Tesla is highlighted as a significant player in the current market, coming off its all-time highs, driven by favorable news and sentiment surrounding Elon Musk [3][4] Group 2: Tesla Analysis - Tesla has shown a bullish trend throughout the year, with a notable increase in stock price from around $300, attributed to changing sentiment towards Elon Musk [5][6] - The stock is currently at all-time highs, with a 41% increase over the last six months, despite previous bearish sentiments earlier in the year [7][13] - Technical analysis indicates that Tesla is approaching critical resistance levels, with potential for further upside if it breaches these levels [11][12] Group 3: Lululemon Analysis - Lululemon has faced significant competition in the athleisure market, leading to a bearish outlook, with the stock down approximately 45% year-to-date [14][23] - The brand is losing market share to competitors like Aloe, which is impacting its performance despite busy store traffic during the holiday season [16][17] - Technical indicators suggest a challenging environment for Lululemon, with key support levels identified around $159 and $200 [18][22] Group 4: Silver Market Analysis - The silver market has seen a sharp rally, with the SLV ETF experiencing record-breaking implied volatility, indicating heightened market activity [24][25] - Despite a strong performance earlier in the year, the outlook for silver is currently bearish, with concerns about potential sell-side activity as retail trading increases [26][27] - Silver prices have reached consecutive all-time highs, with a 143% increase year-to-date, but technical indicators suggest caution as the market shows signs of potential pullback [32]