#美联储回购协议计划 Recently, gold and silver have been soaring all the way. Some say Bitcoin is virtual gold, but who is actually more worth paying attention to?

In simple terms, the simultaneous rise of gold and silver signals three things: increased risk aversion, market betting on rate cuts, and weakening US dollar confidence. Besides these, silver also benefits from industrial demand—solar panels, electric vehicles, and AI servers all have a big appetite for silver. The current supply shortage often causes silver's volatility to exceed that of gold.

**Macroeconomic Perspective**

Geopolitical risks and recession expectations naturally drive funds toward safe havens. If the Federal Reserve truly initiates rate cuts or liquidity injections, the opportunity cost of holding non-yielding assets decreases. The appeal of bonds and money market funds diminishes, and money flows into gold and silver. Additionally, with US debt high and de-dollarization progressing, gold and silver are seen by the market as a "thermometer" of US dollar confidence—rising gold prices often indicate waning trust in the dollar.

**Gold and Silver Are Different**

Gold is mainly driven by financial attributes—central bank purchases, safe-haven demand from investors, and store of value—these are the main drivers. Silver, however, is more complex; it has both financial safe-haven demand and genuine industrial demand—renewable energy, electronics manufacturing, and green technology upgrades are all boosting silver. With inventories at low levels, this structural supply-demand imbalance often causes silver to rise more sharply than gold, but with greater risk.

**Impact on Different Groups**

Individual investors see gold and silver appreciating, but buying jewelry or bars costs more. Institutional investors may increase their precious metals holdings to hedge against stock and bond risks. Major consumers like solar and electronics industries face cost pressures and need to hedge. Globally, a strengthening precious metals market accompanied by increased volatility in risk assets also reflects the accelerating pace of green transformation and technological upgrades.

**Investment Tips**

Gold and silver are highly volatile, especially silver, which has a smaller market and stronger industrial attributes—be cautious of pullbacks. Although medium-term factors support the rise, short-term movements can be easily reversed by policy statements or geopolitical surprises. Chasing highs is risky. It’s advisable to enter gradually, set stop-losses, and avoid betting everything at once.