The global capital markets in 2025 witnessed an epic wealth transfer. Spot gold achieved an annual increase of 66%, the most疯狂 single-year performance since 1979. Although gold prices retreated from the historical high of $4549.71, this actually reflects a deeper market logic undergoing change.

Why did precious metals suddenly explode? Understanding three core drivers will make it clear. First, global central banks entered a loosening cycle, significantly reducing the opportunity cost of holding gold, leading to a flood of capital like a tide. Second, ongoing geopolitical tensions activated gold’s safe-haven properties, making it a necessity for asset allocation. Third, central banks worldwide increased their holdings of physical gold simultaneously, and institutional investors significantly increased their positions through gold ETFs. All these factors provide a solid demand foundation for gold prices.

Even more interesting is the performance of silver. An annual increase of 168% directly outperformed gold, and the reason is simple—silver has been included in the strategic critical mineral list, with industrial demand surging. It has upgraded from a traditional precious metal supporting role to a true strategic resource.

The current high-level fluctuations are actually normal technical adjustments. Think of it as the market shaking off those trend-following speculative positions, laying a solid foundation for the next rally. In the current context where global structural contradictions remain unresolved, the super cycle of precious metals is far from over.

Looking ahead from the starting point of 2026, will gold break through $5000? The answer to this question may be more complex than you imagine.