In the past week, the precious metals market has迎来了 a rare "full bloom" moment.

Spot gold is once again approaching the $4400 mark, continually setting new historical highs; silver has surged more than 2%, pushing its historical high above $69; while platinum has set a new record since 2008, with a price breaking through the $2000/ounce barrier, and this year's cumulative increase has exceeded 120%—what exactly has happened behind these figures?

From a policy perspective, the market's expectations for the Federal Reserve to cut interest rates in 2026 are heating up. Traders generally expect the Fed to make two rate cuts next year. Although U.S. President Trump has been "cheering" for a more aggressive rate-cutting policy, the economic data released last week still appeared somewhat ambiguous. For non-interest-bearing gold and silver, this expectation of monetary easing is like a shot of adrenaline.

The deterioration of the geopolitical situation is adding fuel to the fire. The United States has intensified its oil blockade against Venezuela, the situation in the Middle East is also heating up, and Ukraine has launched direct strikes against Russia's "shadow fleet" tankers in the Mediterranean for the first time—each of these events is reinforcing investors' risk-averse mentality, making precious metals the natural safe haven of choice.

Looking back over the entire year, both gold and silver are set to achieve their largest annual gains since 1979. Silver prices have more than doubled, while gold has surged by nearly two-thirds. This is driven by increased purchasing power from central banks around the world, as well as sustained inflows into gold ETFs—recent data shows that gold ETFs have seen inflows for five consecutive weeks, and statistics from the World Gold Council indicate that, except for May, the total holdings of these funds have been increasing every month.

When expectations of easing are compounded by geopolitical risks, this wave of行情 in the precious metals market may just be beginning.