On February 13, Jin10 reported that CICC Wealth Management released an analysis of the fundamentals of precious metals, highlighting a strong bullish sentiment towards gold among major global institutions. According to Jin10, the consensus is driven by factors such as the normalization of geopolitical conflict risks, the ongoing global de-dollarization of assets, central banks purchasing gold, geopolitical risks, and a shift in gold pricing from a real interest rate framework to a credit risk hedging framework.
From an investment perspective, a simple calculation suggests that the proportion of investable gold could exceed the 2011 peak of 3.6% between 2026 and 2028, with gold prices potentially rising to $5,100-$6,000 per ounce. Regarding silver, it is believed that after the gold-silver ratio is corrected to a range of 55-80, any excessive increase in silver prices may face policy suppression, reducing the risk of a squeeze. Silver is expected to primarily follow the trend of gold.