Core Viewpoint - The metal market is experiencing a significant price surge, driven by risk aversion and monetary policy expectations, with potential for continued long-term price increases despite short-term volatility risks [1][2][3]. Group 1: Metal Price Trends - As of January 14, 2026, London spot silver reached a peak of $91.55 per ounce, while gold approached $4639.72 per ounce, marking year-to-date increases of 25.91% and 7.39% respectively [1]. - The London Metal Exchange (LME) saw three-month tin and copper prices surpass $52,000 per ton and $13,400 per ton, respectively, both setting historical highs [1]. - In the domestic market, Shanghai tin futures hit a limit-up price of 413,170 yuan per ton, with a year-to-date increase exceeding 27% [2]. Group 2: Driving Factors - The recent surge in precious and non-ferrous metals is attributed to a combination of heightened risk aversion and expectations surrounding monetary policy [2][3]. - The investigation of Federal Reserve Chairman Jerome Powell raised concerns about the Fed's independence, leading to a decline in the dollar index, which supported the rise in dollar-denominated metals [3]. - Global central banks, including the People's Bank of China, have been increasing their gold reserves, providing a solid foundation for precious metal prices [3]. Group 3: Supply and Demand Dynamics - The silver market is experiencing tight supply conditions, with a notable decrease in inventories and a shift in registered warehouse receipts, indicating increased market sentiment to hold [3]. - In the tin market, increased trading activity and price surges are linked to long-term supply disruptions and strategic investments in sectors like semiconductors [4]. Group 4: Market Outlook - Analysts predict that precious and non-ferrous metal prices will likely experience upward trends, supported by ongoing central bank purchases and macroeconomic factors [5]. - Short-term volatility is anticipated, with potential risks including uncertainties around the timing of Fed rate cuts and market positioning in gold [5].

Group 1: Precious Metals Performance - Silver reached an all-time high of $92 per ounce on January 14, 2026, with a daily increase of nearly 6% and a year-to-date gain exceeding 28% [1] - Gold also hit a historical peak of $4641.853 per ounce, with a year-to-date increase of over 7% [1] - The strong performance of precious metals is attributed to rising geopolitical risks, persistent shortages in the physical market, and concerns regarding the independence of the Federal Reserve [4][6] Group 2: Market Dynamics and Predictions - Citigroup raised its three-month price target for gold to $5000 per ounce and for silver to $100 per ounce, citing factors such as geopolitical risks and market shortages [1][6] - Silver's market capitalization surpassed $5.045 trillion, making it the second-largest asset globally, just 14 days after it became the third-largest [5] - The demand for silver is driven by industrial needs, particularly in solar energy and green technology sectors, alongside investment demand due to uncertainties in the geopolitical and economic landscape [5][6] Group 3: Industrial Metals Performance - Industrial metals like copper and tin also saw significant price increases, with copper reaching a historical high of $13407 per ton and tin surpassing $54000 per ton [7][11] - The ongoing "super copper cycle" is driven by advancements in AI technology and shifts in global order, suggesting further upward potential for copper prices [9] - Tin prices have surged nearly 34% year-to-date, influenced by active trading and strategic investments in semiconductor technologies [11]

Core Viewpoint - Silver prices surged to a new historical high of $92 per ounce, driven by geopolitical tensions and favorable U.S. economic data, with a year-to-date increase of 29% [2][3][8]. Group 1: Market Dynamics - The recent rise in silver prices is attributed to increased market demand for safe-haven assets due to geopolitical tensions, particularly regarding U.S. and Israeli threats against Iran [2]. - The U.S. Consumer Price Index (CPI) data released showed a year-on-year increase of 2.7%, which was in line with expectations, while core CPI rose by 2.6%, slightly below the anticipated 2.7% [3]. - The Federal Reserve's potential for further monetary easing is supported by stable core inflation data, which is favorable for silver prices [3]. Group 2: Inventory and Market Structure - Current silver inventory in London stands at 27,817.61 tons, with a portion held by funds, while the Chicago Mercantile Exchange (CME) silver inventory has decreased by approximately 500 tons over the past month [4][5]. - The silver-to-gold ratio is nearing 50, indicating that silver may still be undervalued compared to historical averages [4]. Group 3: Futures Market Adjustments - CME announced changes to margin requirements for silver futures, adjusting them to a percentage of the contract's nominal value, which could increase the financial burden on short positions [6][7]. - A new 100-ounce silver futures contract is set to be introduced in February 2026, aimed at increasing market participation and liquidity, with cash settlement instead of physical delivery [7]. Group 4: Future Price Predictions - Citigroup has raised its price forecast for silver to $100 per ounce, citing ongoing geopolitical risks and persistent shortages in the physical market [8]. - Despite the bullish outlook, the silver market is characterized by high volatility, with potential for significant price fluctuations [8][10]. - Investors are advised to monitor geopolitical developments and U.S. trade policies regarding silver, as these factors could lead to substantial price movements [9][10].

Market Analysis - The A-share market experienced significant volatility with a trading volume approaching 4 trillion, indicating sustained trading enthusiasm [2][3] - The Shanghai Composite Index rose by 1.2% to nearly 4200 points before closing down 0.31% at 4126.09 points, while the Shenzhen Component and ChiNext Index saw increases of 0.56% and 0.82% respectively [3] - The overall market saw 2742 stocks rise and 2591 stocks fall, reflecting a mixed performance across sectors [3] Policy and Structural Trends - The increase in the financing margin ratio from 80% to 100% for new financing contracts is a counter-cyclical adjustment aimed at reducing leverage, which may lead to profit-taking in high-leverage stocks [6][7] - The AI application sector remains strong, with significant gains in stocks related to Pinduoduo and Xiaohongshu, supported by government policies promoting innovation in e-commerce and AI [6][7] - The market is currently in a critical window for policy catalysis and industrial rotation, with a slow bull market expected to continue despite short-term adjustments [12] Bond Market Insights - The bond futures market showed mixed performance, with long-term contracts slightly declining while medium and short-term contracts increased [9] - The central bank maintained a net injection of liquidity, indicating a continued "moderately loose" monetary policy stance, which is expected to support long-term bond investments [9][12] Commodity Market Developments - The commodity index rose by 0.97%, with silver and tin prices increasing by approximately 8%, driven by supply disruptions and strong demand in the semiconductor industry [9][11] - The silver price reached a new high, with London silver surpassing $90 per ounce, benefiting from both financial and industrial demand [9][11] Investment Opportunities - Key sectors to watch include AI applications, commercial aerospace, nuclear fusion, quantum technology, brain-machine interfaces, and consumer goods, all supported by favorable policies and technological advancements [11][12] - The brokerage sector is also highlighted due to increased trading volumes in the A-share market, indicating potential growth opportunities [11]

SHMET 网讯：现货白银周三创出历史新高，在供应紧张和地缘政治不确定性推动下，贵金属市场迎来 新一轮上涨行情。与此同时，工业金属铜和锡同步走强，反映出大宗商品市场的广泛看涨情绪。 1月14日，现货白银史上首次站上90美元/盎司关口，截至发稿时涨4.26%，报90.63美元/盎司。今年以来 白银价格已累计上涨25%。推动贵金属走强的因素包括美国12月CPI数据公布后市场对美联储降息预期 升温，以及持续的实物供应短缺。 现货黄金也进一步走高，目前报4637美元/盎司。澳新银行预计2026年下半年黄金价格将高于5000美元/ 盎司。 此轮贵金属上涨也带动工业金属走强。LME铜价创历史新高，伦锡一度涨近6%至52495美元，超越2022 年创下的前高位。对人工智能和数据中心的强劲投资使得大量资金涌入锡市场。 美联储降息预期升温提振贵金属 1月13日美国劳工部公布的数据显示，2025年12月CPI同比上涨2.7%，核心CPI同比上涨2.6%。数据公布 后，交易员加大了对美联储较早降息的押注，预测显示美联储4月降息概率从38%升至42%，白银价格 随之飙升。 花旗近日大幅上调短期贵金属目标价，将未来0-3个月的白银价格 ...

贵金属狂欢盛宴，现货白银正迎来史诗级"完美风暴"。 今年以来，白银价格已上涨近25%。 赶超英伟达！ 受美联储降息预期、鲍威尔遭起诉以及地缘局势升温影响，市场避险需求显著提升。 其中，现货白银盘中大涨5%报91.31美元/盎司，纽约期银日内也涨超5%突破91美元/盎司。 周三，银价一度强势突破91美元大关，为历史上首次。 截至发稿，涨幅有所回落，现货白银现涨超3%，交投于90美元附近。 这增强了市场对美联储货币政策转向的押注。 与此同时，美联储主席鲍威尔遭起诉的消息，再次引发了投资者对美联储独立性的担忧。 地缘政治紧张局势加剧，加大了避险需求。 不久前，特朗普威胁对伊朗采取"非常强有力的行动"，美国敦促公民立即离开伊朗。 这也被视为美国可能很快采取行动的最新信号。 当前，白银总市值已经突破5万亿美元大关。 CompaniesMarketCap数据显示，受银价提振，白银已超越英伟达成为全球第二大资产。 黄金以32.162万亿美元的市值位居榜首，芯片巨头英伟达以4.523万亿美元的市值滑落至第三。 白银狂飙背后是多重因素的共振。 首先，昨日美国公布的通胀数据表现疲软，市场加大了对美联储降息的预期。 美国12月核心 ...

周三，A股高位盘整，早盘一路上扬收复昨日失地，但午后受突发消息影响，高位出现回调。根据交易所数据，1月14日收盘，上证指数跌0.31%报4126.09 点，深证成指涨0.56%，创业板指涨0.82%，沪深300跌0.4%，科创50涨2.13%。 沪深两市2562股上涨，2494股下跌，127股持平，合计成交额3.94万亿元，再创历史新高，逼近4万亿天量，较前一交易日放量约2904.18亿元。 徐小明提到，对于昨天的回落，当时说无法判定规模，今天上午就基本吃掉了昨天的调整。今天的回落，结论也一样，各周期都没有顶部结构，价格也距离 趋势比较远，无法判定高点，所以无法判定高点的级别，这个回落随时有可能结束。 徐小明认为，市场已经很强了，不能要求其更强了。知足者，常乐。 风险提示：此文章不构成投资建议。股市有风险，投资需谨慎。 股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：钟离 资金方面，大盘主力资金净流出889.40亿元，互联网服务主力资金净流入67.59亿元居首，其次是软件开发、化学原料、贵金属、综合行业；电网设备主力资 金净流出71.31亿元居首，其次是消费电子、半导体、银行、通用设备。 针对突发调整 ...

1月14日，步入2026年，全球贵金属市场正处于一个极端波动的转折点，黄金有望在第一季度迅速攀升 至每盎司5000美元的历史性高位。伴随这一趋势，白银预计将触及每盎司100美元的里程碑。 Mhmarkets迈汇表示，支撑这一轮强劲牛市的核心动力源于地缘政治风险的显著加剧、实物市场的供应 缺口，以及市场对美联储独立性产生的新一轮疑虑。这些因素共同推高了避险资产的溢价，使黄金和白 银在年初表现异常夺目。 在资产配置的优劣排序上，白银的表现预计将持续超越黄金，这一逻辑在实物市场的紧缺状况中得到了 印证。Mhmarkets迈汇表示，铂族金属及白银目前的物理市场紧缩程度正不断加深，而针对关键矿产 的"232条款"关税裁决所带来的不确定性，进一步放大了贸易流向中的价格博弈风险。Mhmarkets迈汇认 为，虽然关税壁垒可能在短期内诱发美国市场的供应短缺并触发价格极端飙升，但政策明朗化后的库存 回流，将对全球其他市场的物理紧缩起到缓解作用，从而为下半年的价格回调埋下伏笔。 基本金属在未来的市场周期中或将逐步取代贵金属，成为大宗商品舞台的主角。Mhmarkets迈汇表示， 随着第一季度后全球紧张局势出现阶段性缓和，黄金由于其 ...

2026.01.14 本文字数：2281，阅读时长大约4分钟 作者 |第一财经 后歆桐 赵耀庭补充称，尽管涨幅不太可能像2025年那样强劲，但今年对黄金和白银作为对冲通胀或金融不稳定 的需求应会持续。由于最近的地缘政治不确定性，黄金今年的表现可能会优于白银。 全球贵金属狂潮进入新一年后持续。今日亚太交易时段，白银价格史上首次突破90美元/盎司，金价也 在历史高位附近徘徊。LME锡价也突破51000美元/吨的重要关口。稍早，伦敦金属交易所（LME）期铜 价格也刚刚触及超过13000美元/吨的历史最高位。花旗集团再度调高了金价、银价未来三个月的价格预 期。高盛也调高了铜价今年上半年价格预测。 新华社图 白银史上首次突破90美元 今日亚太交易时段，白银价格飙升5.3%，触及91.5535美元/盎司的历史高位，金价距离历史高点也仅10 美元。美国总统特朗普与美联储主席鲍威尔的冲突升级，且鲍威尔多年来首次反击，再加上美联储降息 预期以及紧张的地缘政治背景，都为贵金属的强劲上涨增添了动力。 美国12月基础通胀率并未如市场此前预期那么高，但经济学家表示，创纪录的美国政府长期停摆可能人 为压低了数据。掉期市场定价显示，投资者 ...

Group 1 - The A-share market experienced fluctuations today, with the Shanghai Composite Index down by 0.31% to 4126.09 points, while the Shenzhen Component Index rose by 0.56%, the ChiNext Index by 0.82%, and the STAR Market Index by 1.63% [1] - The technology sector led the market gains, particularly in software, computing, artificial intelligence, and film industries, while stable sectors like finance, transportation, and infrastructure lagged behind [1] - The Ministry of Industry and Information Technology issued a plan to promote the high-quality development of industrial internet platforms from 2026 to 2028, which is expected to benefit the integration of industrial internet and AI [1] Group 2 - The bond market saw a slight rebound, with the 10-year government bond ETF rising by 0.04% and 0.39% over the past five days, indicating a stronger value proposition compared to long-term bonds [2] - The current bond market is characterized by narrow fluctuations, and the recent rebound does not yet provide sufficient entry conditions, suggesting a focus on earning certain coupon income rather than speculative trading [2] - Long-term trends indicate that the economy is emerging from a bottom structure, and the policy outlook is moderately optimistic, making the value proposition of bond allocation potentially higher than that of short-term trading [2]