Precious metals start new year strongly, where they left off in 2025. ...

Group 1 - Jim Wyckoff has over 25 years of experience in stock, financial, and commodity markets, including roles as a financial journalist and reporter on commodity futures trading floors in Chicago and New York [1] - He has covered every futures market traded in the U.S. at various times during his career [1] - Jim is the owner of "Jim Wyckoff on the Markets," which provides analytical, educational, and trading advisory services [2] Group 2 - He has worked as a technical analyst for Dow Jones Newswires and as a senior market analyst with TraderPlanet.com [2] - Jim is also a consultant for the "Pro Farmer" agricultural advisory service and was the head equities analyst at CapitalistEdge.com [2] - He holds a degree in journalism and economics from Iowa State University [2]

1974年1月1日，《禁止黄金进出口条例》被取消之后，香港黄金市场进入快速发展阶段。 转自：新华财经 香港特别行政区（简称香港）打造国际黄金交易中心的步伐到了一个关键节点。2025年12月22日由香港 财经事务及库务局（简称财库局）举办的黄金市场发展简介会上，财库局局长许正宇介绍，香港黄金市 场的全产业链已初步形成，政府正积极以打造香港成为黄金交易、储存、清算及风险管理中心为目标。 在黄金交易清算方面，由政府全资拥有的公司所管理的香港黄金中央清算系统计划于2026年内开展试运 营。 如今，2026年已经拉开序幕，即将试运营的香港黄金中央清算系统可能成为香港打造国际黄金交易中心 的关键节点。 自1900年设立金银业贸易场至今，香港黄金市场已有100多年的历史。 由于香港黄金市场在时差上刚好填补了纽约、芝加哥收市和伦敦开市前的真空，方便国际投资者继续在 香港买卖，香港由此成为连贯亚、欧、美市场的枢纽。 在天时与地利两大有利因素推动下，香港黄金市场在二十世纪七八十年代进入全盛期，成为纽约、伦敦 之外的全球第三大黄金市场。 之后随着东京、新加坡、迪拜等黄金市场的崛起，香港黄金市场受到一定的影响，部分黄金业务被分 流。 ...

Group 1 - Nvidia has commenced full production of its next major AI chip, indicating a significant advancement in its technology and potential market impact [1] - Gold and silver prices have experienced an increase, reflecting shifts in market dynamics and investor sentiment [1] - Novo Nordisk is expanding its efforts in the weight-loss drug market, suggesting a competitive landscape in the pharmaceutical industry [1]

Core Viewpoint - Silver and gold futures have continued to rise, indicating a strong demand for precious metals amid economic uncertainties [1] Group 1: Market Performance - Silver futures have increased by 1.5% to reach $24.50 per ounce, reflecting a growing interest from investors [1] - Gold futures have gained 0.8%, trading at $1,800 per ounce, as market participants seek safe-haven assets [1] Group 2: Economic Context - The rise in precious metal prices is attributed to ongoing inflation concerns and geopolitical tensions, which drive investors towards gold and silver as protective investments [1] - Analysts suggest that the current economic climate, characterized by rising interest rates and market volatility, is likely to sustain the upward trend in precious metal prices [1]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Metals Market - **Outlook for 2026**: Positive outlook driven by rate cuts and demand for real assets, with tight supply-demand balances and low inventories supporting prices [1][3] Precious Metals - **Geopolitical Risks**: Recent events in Venezuela are expected to drive safe haven inflows, supporting precious metals prices [4] - **Gold Forecast**: Projected to reach $4,800/oz by 4Q26, supported by falling interest rates and strong physical demand from central banks and ETFs [4][23] - **Silver Dynamics**: - 2025 marked the peak deficit for silver, but prices continue to rise due to its precious metal characteristics and tight physical markets [4][30] - China's new export license requirements may further support silver prices [4][30] - Index rebalancing may bring short-term downside risks, with an estimated $5 billion of silver futures needing to be sold [4][13] Base Metals - **Preferred Metals**: Aluminium and copper are favored due to supply challenges and new demand sources [5] - **Aluminium Supply**: Constrained globally, with production growth expected to be just 1.4% in 2026 [65] - **Copper Market**: - US copper imports are surging, keeping ex-US markets tight [45] - Elevated supply disruptions from 2025 are expected to spill over into 2026, with a forecasted market deficit of ~600 kt for 2026 [64] - Demand from China has softened, but there are signs of potential growth in 2026 due to government support for renewables [54][55] Demand and Supply Dynamics - **Gold Demand**: Central banks added approximately 630 tonnes of gold in the first nine months of 2025, but demand is expected to slow due to higher prices [14] - **Jewelry Demand**: Mixed signals with a rebound in Q3, but notable softening in November, particularly in China [22] - **Solar Demand for Silver**: Likely peaked, with expected declines in installations due to price pressures [31] Market Risks and Opportunities - **Investment Demand**: Likely to remain a key driver for both precious and industrial metals, with potential physical squeezes due to low inventories [42] - **Tariff Implications**: US tariffs on refined copper could significantly impact market dynamics, with recommendations for phased tariffs starting in 2027 [46] - **Nickel Supply Concerns**: Fears of supply cuts from Indonesia have driven prices higher, but elevated inventories may moderate impacts [74][82] Conclusion - The metals market is poised for a strong performance in 2026, with both precious and base metals showing potential for price increases driven by macroeconomic factors and geopolitical risks. However, there are also significant risks related to demand sensitivity, supply disruptions, and regulatory changes that could impact market dynamics.

【1月5日纽约尾盘多金属期货与现货价格上涨】1月5日周一纽约尾盘，现货白银涨势明显，涨幅达 5.13%，报76.5495美元/盎司，日内多时段稳于76美元附近。 COMEX白银期货涨7.63%，报76.430美元/ 盎司；COMEX铜期货涨5.16%，报5.9850美元/磅。 此外，现货铂金涨6.32%，报2277.67美元/盎司；现 货钯金涨4.92%，报1716.85美元/盎司。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 ...

Silver has closed 2025 as the best-performing asset after a historic 26% surge in December. Yet market participants warn that this rally is not a replay of the Hunt brothers' blow‑off in 1980 or the QE panic in 2011. Back then, with leverage removed, the price could fall back because the metal was available. Today, silver is in a persistent deficit, experiencing surging industrial demand and a tightening geopolitical grip on physical flows. Deficits Make It Different In 1980, the Hunts used leverage to ...

Market Performance - The Dow Jones Industrial Average rose 0.7% in December, marking its eighth consecutive winning month, the longest streak since 2018 [1] - The S&P 500 slipped about 0.06% for the month, while the Nasdaq Composite finished down about 1% [1] - The final five trading sessions of December were downbeat, with the Nasdaq losing 1.6%, the S&P 500 retreating 1.3%, and the Dow Jones falling 1.4% [2] Seasonal Trends - Historically, stocks tend to rise during the final five trading days of the year and the first two sessions of the new year, a pattern now under threat [3] S&P 500 Performance - The S&P 500 rallied 24% in 2023, 23% in 2024, and 16% in 2025, resulting in an almost 80% gain over three years, marking the strongest return over a three-year win streak since 2019-2021 [4] - The S&P 500 has not posted four consecutive annual gains since the five-year run from 2003 to 2007 [5] Economic Indicators - The Federal Reserve has issued hawkish guidance for 2026, with a cooling U.S. labor market and persistent inflation [5] - Developed-market central banks are unlikely to cut rates at the beginning of 2026 [5] Sector Highlights - Overvaluation and payoff concerns are prevalent in the artificial intelligence sector, which has driven the market over the past three years [6] Notable ETFs and Stocks - Defiance Daily Target 2X Long RKLB ETF (RKLX) rose 115.4%, with Rocket Lab Corp (RKLB) gaining about 73% in December due to increased investor interest in the space economy [7] - ProShares Ultra Silver (AGQ) increased by 44.5%, driven by strong industrial demand and tight supply dynamics [8] - AST SpaceMobile Inc (ASTS) stock gained 27.7% in December, benefiting from the space investing boom [11] - Micron Technology Inc (MU) stock rose 19.2% after reporting better-than-expected fiscal results [12] - Coinbase Global Inc (COIN) shares fell 14.1% due to increased regulatory scrutiny and skepticism towards stablecoin revenue [13] Currency Impact - The U.S. dollar slumped about 4.2% in December, which is favorable for commodity prices as they are priced in U.S. dollars [10]

By making the Critical Minerals list, silver is now regarded as a strategic US asset. Therefore, policies to incentivize and protect domestic production and supply chain inviolability are given top priority on the federal level. As a result, companies engaged with tracking silver prices and production should benefit greatly by this elevated status and focus. The US Geological Survey (USGS) is issued by the Department of the Interior, and the Interior Secretary is Doug Burhum, former governor of North Dakota ...