#数字资产动态追踪 End of 2025: Gold and Silver Surge, US Dollar Retraces Significantly—Will 2026 Be Even More Intense?

If at the beginning of the year someone predicted that gold would rise by 70%, silver would soar by 165%, and the US dollar would fall nearly 10%, they would probably be considered crazy. But now, the reality before us is—the true picture of the global capital markets over the past year.

The market has long anticipated changes, but no one truly expected them to be so fierce. Gold, as the ultimate safe-haven asset, achieved its most dazzling annual increase since the 1979 oil crisis, with oil dropping 17%, junk bonds suddenly taking off, and European defense stocks soaring 55%—the logic behind this is surprisingly clear and a bit frightening.

Emerging market currencies have experienced a 14-year downtrend and are now beginning to rebound. Three rate cuts by the Federal Reserve, pressure on central bank independence, and global debt concerns have stirred the entire bond ecosystem.

But this is just the beginning. In 2026, mid-term elections are approaching, the new chairperson is yet to be decided, and the uncertainties surrounding artificial intelligence remain huge. Policy stimulus and tax cut plans may continue to move the market, but no one can predict which direction they will take. The market is currently in a state of high uncertainty, with funds searching everywhere for signals.