Group 1 - Precious metal prices surged significantly, with spot gold rising by 1.87% to surpass $4,593 per ounce, marking a historical high [1][3] - Spot silver increased by over 4.5%, reaching approximately $83 per ounce, nearing its historical peak [1][3] Group 2 - Domestic gold jewelry prices have also risen, with Chow Sang Sang's gold jewelry priced at ¥1,429 per gram, up by ¥19 from the previous day's ¥1,410 per gram [5] - Lao Miao's gold jewelry is now priced at ¥1,429 per gram, an increase of ¥22 from the previous day's ¥1,407 per gram [5]

Gold saw great growth in 2025. It’s not surprising, as investors often turn to gold during times of economic uncertainty. With the expectations of the U.S. dollar weakening and slower growth, more people turn to a safe-haven investment like gold, according to Morgan Stanley. Gold prices may be too steep for some investors, leaving them looking for other suitable investments for relative safety. For investors concerned about inflation or market volatility, stability and inflation hedges can be found elsewh ...

Core Viewpoint - 2026 is expected to be another significant year for precious metals, particularly gold, which has seen a substantial increase in demand due to economic uncertainties and political turmoil [1][2][3]. Group 1: Market Performance - The SPDR Gold Trust (GLD) experienced a remarkable 64% increase in 2025, outperforming all major U.S. stock market indices [2]. - The U.S. government faced a $1.8 trillion budget deficit in fiscal 2025, raising national debt to a record $38.5 trillion, with another trillion-dollar deficit anticipated in fiscal 2026 [8]. Group 2: Demand Factors - Gold's appeal as a store of value is partly due to its scarcity, with only 216,265 tons mined throughout history, compared to 1.7 million tons of silver [4]. - The depreciation of paper currencies, particularly the U.S. dollar, has driven investors towards gold as a hedge against inflation and currency devaluation [5][8]. Group 3: Historical Context and Expectations - Historically, gold has averaged an annual gain of 8% over the last 30 years, suggesting that while conditions are favorable for price increases, expectations should be tempered following the extraordinary 64% gain in 2025 [9][10]. - The S&P 500 index has outperformed gold, averaging an 11% annual gain over the same period, indicating that gold may not always be the best investment compared to income-generating assets [10]. Group 4: Investment Strategies - Gold can be a valuable component of a diversified portfolio, especially in the current economic climate, with recommendations from notable investors like Ray Dalio suggesting a 15% allocation to gold [12]. - The SPDR Gold ETF offers a convenient way for investors to gain exposure to gold without the storage and insurance costs associated with physical gold [13][14].

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投资需求方面，美联储宽松预期持续增强，美元走弱、美国国债收益率回落，将推动贵金属整体需求回 升。白银与黄金同属避险资产，在低利率环境下具有配置价值。 周五，白银概念上涨，Endeavour Silver(EXK.US)涨超8%，First Majestic Silver(AG.US)涨超4%， Silvercorp Metals(SVM.US)涨超2%。消息面上，现货白银大涨近3%，逼近80美元。展望2026年，市场 观点普遍认为白银具备较强的上涨逻辑支撑：工业领域对白银的需求，尤其是在太阳能电池板、电子产 品和电动汽车方面的需求，叠加当前白银库存短缺，短期内供需矛盾难以缓解，为价格提供有力支撑。 ...

Core Viewpoint - The global precious metals market is at a critical turning point, transitioning from cyclical momentum to structural evolution, with price movements in 2026 driven more by asset correlation restructuring and tightening physical fundamentals rather than solely inflation expectations [1][3]. Central Bank Activities - Central banks' ongoing strategic buying has become a solid foundation for the gold market, with over 95% of surveyed central banks expected to increase gold reserves in the coming year to replace some dollar assets, indicating a shift from sporadic actions to a trend of continuous accumulation [1][3]. Gold Pricing Dynamics - The traditional negative correlation between gold and real yields is undergoing a transformation, as gold reached new highs despite high real yields in 2025. The sensitivity of this traditional pricing indicator has significantly decreased, necessitating a market modeling approach that considers macro hedging demand rather than just interest rates [4]. Silver Market Insights - The volatility of the gold-silver ratio reflects asynchronous pricing logic between the two metals, with silver exhibiting higher volatility due to its dual role as both a currency and an industrial metal. The silver market is experiencing its fifth consecutive year of supply shortages, driven by steady demand from the photovoltaic and electrical sectors [2][4]. Platinum Group Metals (PGMs) - The value proposition of platinum group metals is diverging from that of gold and silver, with platinum and palladium increasingly influenced by industrial production cycles and supply risks rather than being viewed as monetary assets. The market will focus on whether the high levels of 2025 can establish a solid base for consolidation in 2026 [5].

1月8日，在经历了前期的强劲反弹后，贵金属市场于本周三美国交易时段午盘前后出现了明显的获利回 吐迹象。OEXN观察到，由于黄金与白银价格此前均运行至历史高点附近的极高水位，上方遭遇了极其 沉重的技术性阻力压制。这种技术性的"畏高"情绪使得多头在周中选择暂时观望或平仓了结。 针对白银市场的波动，OEXN表示，Comex 3月白银期货的日线图表释放出了一个潜在的风险信号。本 周的价格行为，尤其是今日的大阴线表现，暗示市场可能正在构筑一个看跌的"双顶反转"形态。在技术 分析的范畴内，这种形态的确认通常以价格跌破两个高点之间的槽部支撑位为准。对于目前的白银合约 而言，关键的分水岭位于69.255美元。如果价格跌破这一水平，可能会触发下方潜伏的大量预设卖出止 损订单，从而加剧市场的下行压力。OEXN倾向于认为，近期白银的日内价格走势在很大程度上扮演了 黄金先行指标的角色。 综合来看，虽然威科夫市场评级依然维持在7.5的相对高位，显示中期趋势尚未被彻底破坏，但短期内 市场必须通过时间或空间的震荡来消化上方阻力。OEXN认为，本周余下时段白银能否守住关键支撑， 将直接决定这波回调是否会演变成深度的趋势逆转。 从全球宏观视角 ...

Group 1 - The domestic metal sector experienced a significant pullback, particularly in precious metals, with declines of around 6% for platinum, nickel, and silver, and over 4% for industrial silicon and palladium [1][2] - Gold prices fell by more than 1% during the day but narrowed the decline to 0.72% by the end of trading [1] - The Bloomberg Commodity Index's annual rebalancing attracted selling pressure and profit-taking, negatively impacting the short-term metal market [5] Group 2 - The Shanghai Futures Exchange implemented a series of risk control measures for silver futures, including increased margin requirements and trading limits, which dampened market speculation [5][6] - Analysts noted that geopolitical risks and macroeconomic signals from the U.S. are influencing precious metal traders, with a cautious sentiment prevailing in the market [8] - Despite short-term volatility, the long-term outlook for precious metals remains optimistic, supported by factors such as the continuous increase in gold reserves by the People's Bank of China [9]

Group 1 - Gold prices declined to $4,453.85 an ounce, influenced by traders focusing on upcoming US economic data despite geopolitical tensions [8] - The geopolitical landscape remains fragile, with traders anticipating a busy lineup of US economic data, including the December jobs report [3] - Fed Governor Stephen Miran indicated that the central bank may need to cut rates by more than a percentage point in 2026, which could support precious metals [4] Group 2 - Gold posted its best annual performance since 1979, with significant support from central-bank buying and inflows into bullion-backed ETFs [5] - Silver prices surged nearly 150% last year due to a shortage of metal and potential US import tariffs, although it fell 3.8% recently [5][6] - Citigroup Inc. estimated $6.8 billion outflows from gold and silver futures contracts due to a rebalancing of commodity indexes [7]

Key Takeaways PAAS shares surged 163% in a year, lifted by higher precious metal prices and a transformative acquisition.PAAS boosted growth by acquiring MAG Silver, adding a 44% stake in the high-grade Juanicipio mine.PAAS posted record cash flow, raised its dividend and trades at a discount to key silver peers.Pan American Silver Corp. (PAAS) stock has appreciated 163% in a year compared with the industry’s upsurge of 174.8%. Meanwhile, the Basic Materials sector has risen 37.5%, and the S&P 500 has retur ...