#黄金白银再创新高 1. The “Powder Keg” of Safe-Haven Sentiment

The global geopolitical situation entered a state of high tension in early 2026, becoming the most direct catalyst for the rise in gold and silver:
• Greenland Dispute: Frictions between the US, NATO, and Denmark over Greenland have significantly escalated, raising concerns among investors about cracks in traditional alliances.
• Middle East and Latin America Situations: Ongoing turmoil in the Middle East, combined with sudden US actions against Venezuela, caused safe-haven demand to spike instantly.
• Ukraine Negotiation Deadlock: Despite rumors of new negotiations, no breakthroughs have been achieved, reducing market expectations for peace.
2. Silver’s “Dual Attribute” Explosive Growth
Silver’s performance in this round has even been more “crazy” than gold, with its logic undergoing a fundamental reversal:
• Rigid Industrial Demand: Silver is shifting from an investment asset to a core industrial material. The photovoltaic industry (especially high-silver-consuming HJT and TOPCon cell technologies) and AI servers’ demand for high-performance conductive materials have led to a structural shortage of silver lasting 5-7 years.
• Supply Rigidity: About 70% of global silver is a byproduct of copper, lead, and zinc mining. Its production does not fluctuate rapidly with silver prices. This “inelastic supply” causes severe short squeezes during demand surges.
3. Macroeconomic Environment and Credit Hedging
• Central Bank Gold Purchases: Central banks (such as Poland and Goldman Sachs’ predicted global monthly gold purchase volumes) continue to buy heavily to hedge geopolitical risks and optimize foreign exchange reserves, providing a solid floor for gold prices.
• US Dollar Credit Concerns: Post-US election policy uncertainties and market worries about the independence of the Federal Reserve weaken the appeal of US Treasuries and the US dollar, leading to large capital flows into physical assets.