<p>黄金的飞涨，创下自 1979 年以来的最佳百分比涨幅，甚至让最看好金属的专家感到惊讶，因为华尔街公司追逐这一上涨趋势。这种贵金属在去年 12 月的价格为 2606 美元，2025 年上涨超过 66%，创下了一系列新高，年末时价格稳定在 4325 美元左右。</p>
<p>展望未来，包括美国银行在内的公司预计，由于中央银行持续购买、与美国财政政策相关的赤字上升以及美元走弱，黄金将达到每盎司 5000 美元，结束了自 2017 年以来最糟糕的一年，华尔街日报美元指数下跌超过 6%。</p>
<p>“我认为目前仍然投资不足。黄金市场通常不会因为过度购买而结束，而是因为实际上启动牛市的基本动机减弱，而我们诚实地并没有看到这一点。我认为之前我所概述的一切，以及让我们看好黄金的原因，现在仍然非常存在，” 美国银行策略师迈克尔·维德纳在 12 月中旬主持的金属圆桌会议上表示。</p>
<p><img src="https://imageproxy.pbkrs.com/https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2020/08/931/523/gold-bars-iStock.jpg/query-dGw9MSZ2ZT0x?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2020/08/931/523/gold-bars-iStock.jpg/query-dGw9MSZ2ZT0x"/></p>
<p>2025 年黄金价格创下历史新高。(iStock / iStock)</p>
<p>虽然价格目标在当前水平上大约上涨 14%，但维德纳写道，“美联储的鹰派倾向是一个风险。”</p>
<p><strong>埃隆·马斯克对银价的上涨发出警告</strong></p>
<p>除了黄金，白银也创下了超过 142% 的历史新高，而铜价上涨超过 41%，是自 2009 年以来最大的一年净增和百分比增幅。</p>
<p>MacroMavens 总裁斯蒂芬妮·庞博甚至承认对贵金属上涨的速度感到惊讶，认为今年还有更多上涨空间。</p>
<p>“我想我对我们达到这些数字的速度感到惊讶，尽管我认为还有更多的上涨，因为我希望人们投资于实物资产而非纸面资产的理由几乎刚刚开始形成，而这个理由主要是我预测我们将看到量化宽松的恢复，而我们确实看到了。我知道他们不称之为量化宽松，非量化宽松或量化宽松轻型或其他什么。他们只是试探性地进入水中，我认为当我们翻开 2026 年这一页时，资产负债表将成为货币刺激的主要来源，” 庞博在接受 FOX Business 的查尔斯·佩恩采访时表示。“资产负债表的扩张实际上是货币贬值，而这对贵金属来说没有比这更好的了，” 她补充道。</p>
<p><strong>《当铺明星》主持人谈论黄金和白银的创纪录年份</strong></p>
<p>美联储在 12 月将利率下调了 25 个基点，这是 2025 年连续第三次降息。官员们还暗示将恢复国债购买。</p>
<p>“正如纽约联邦储备银行今天发布的声明中详细说明的，储备管理购买将在第一个月达到 400 亿美元，并可能在接下来的几个月内保持高位，以缓解预计的短期货币市场压力。此后，我们预计储备管理购买的规模将下降，但实际速度将取决于市场条件，” 鲍威尔主席在 12 月的新闻发布会上回顾道。</p>

<p>黄金和白银在 2025 年经历了显著的涨幅，黄金上涨超过 66%，达到每盎司约 4,325 美元，白银则上涨超过 142%。包括美国银行的迈克尔·维德纳在内的分析师预测，由于中央银行的购买和美元走弱，黄金可能达到 5,000 美元。尽管美联储的鹰派风险存在，但由于预期的货币刺激和资产负债表扩张，贵金属的前景依然乐观。美联储最近的降息和国债购买进一步支持了市场的积极情绪</p>

<p>Gold’s stratospheric rise, the best percentage gain since 1979, surprised even the most bullish metal mavens as Wall Street firms chased the run-up. The precious metal, which sat at $2,606 last December, rallied over 66% in 2025, hitting a series of new highs, settling around the $4,325 level at year-end.</p>
<div class="lb-trans"><p>黄金的飞涨，创下自 1979 年以来的最佳百分比涨幅，甚至让最看好金属的专家感到惊讶，因为华尔街公司追逐这一上涨趋势。这种贵金属在去年 12 月的价格为 2606 美元，2025 年上涨超过 66%，创下了一系列新高，年末时价格稳定在 4325 美元左右。</p>
</div><p>Looking ahead, firms, including Bank of America, see the yellow metal reaching $5,000 an ounce due to continued central bank buying, rising deficits tied to U.S. fiscal policy and a weaker U.S. dollar, wrapping its worst year since 2017 with the Wall Street Journal Dollar Index down over 6%.</p>
<div class="lb-trans"><p>展望未来，包括美国银行在内的公司预计，由于中央银行持续购买、与美国财政政策相关的赤字上升以及美元走弱，黄金将达到每盎司 5000 美元，结束了自 2017 年以来最糟糕的一年，华尔街日报美元指数下跌超过 6%。</p>
</div><p>&#34;It's still underinvested, I think at the at the moment. And gold markets don't normally come to an end because their overbought, gold markets come to and because the underlying motives that actually started the bull market have subsided and that honestly we don't see. I think everything that I outlined before and what made us bullish I think is still very much in place now,&#34; said Bank of America strategist Michael Widner during a metals roundtable hosted in mid-December.</p>
<div class="lb-trans"><p>“我认为目前仍然投资不足。黄金市场通常不会因为过度购买而结束，而是因为实际上启动牛市的基本动机减弱，而我们诚实地并没有看到这一点。我认为之前我所概述的一切，以及让我们看好黄金的原因，现在仍然非常存在，” 美国银行策略师迈克尔·维德纳在 12 月中旬主持的金属圆桌会议上表示。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2020/08/931/523/gold-bars-iStock.jpg/query-dGw9MSZ2ZT0x" alt="" original-src="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2020/08/931/523/gold-bars-iStock.jpg?ve=1&amp;tl=1"/></p>
<p>Gold prices hit record highs in 2025. (iStock / iStock)</p>
<div class="lb-trans"><p>2025 年黄金价格创下历史新高。(iStock / iStock)</p>
</div><p>While the price target bakes in around a 14% advance from current levels, &#34;a hawkish tilt by the Fed is a risk,&#34; Widner wrote.</p>
<div class="lb-trans"><p>虽然价格目标在当前水平上大约上涨 14%，但维德纳写道，“美联储的鹰派倾向是一个风险。”</p>
</div><p><strong>ELON MUSK SOUNDS ALARM ON SILVER'S WINNING STREAK</strong></p>
<div class="lb-trans"><p><strong>埃隆·马斯克对银价的上涨发出警告</strong></p>
</div><p>In addition to gold, silver saw its own record year with a gain of more than 142% while copper advanced over 41%, the largest one-year net and percentage gain since 2009.</p>
<div class="lb-trans"><p>除了黄金，白银也创下了超过 142% 的历史新高，而铜价上涨超过 41%，是自 2009 年以来最大的一年净增和百分比增幅。</p>
</div><p>MacroMavens president Stephanie Pomboy, even admittingly surprised by the pace of the rally in precious metals, sees more ahead this year.</p>
<div class="lb-trans"><p>MacroMavens 总裁斯蒂芬妮·庞博甚至承认对贵金属上涨的速度感到惊讶，认为今年还有更多上涨空间。</p>
</div><p>&#34;I guess I am surprised at the speed at which we got to these numbers although I think there is so much more to come because the rationale as to why I wanted people to go long hard assets over paper has barely started to fall into place and that rationale primarily was my forecast that we would see a resumption of QE (quantitative easing) and we did. I know they are not calling it QE, non-QE or QE light or whatever. They are dipping their toe in the water, and I think what’s going to happen as we turn the page to 2026 is that the balance sheet will become the main source of monetary stimulus,&#34; Pomboy told FOX Business’ Charles Payne. &#34;The balance sheet expansion is outright monetary debasement and there’s nothing better for precious metals than that&#34; she added.</p>
<div class="lb-trans"><p>“我想我对我们达到这些数字的速度感到惊讶，尽管我认为还有更多的上涨，因为我希望人们投资于实物资产而非纸面资产的理由几乎刚刚开始形成，而这个理由主要是我预测我们将看到量化宽松的恢复，而我们确实看到了。我知道他们不称之为量化宽松，非量化宽松或量化宽松轻型或其他什么。他们只是试探性地进入水中，我认为当我们翻开 2026 年这一页时，资产负债表将成为货币刺激的主要来源，” 庞博在接受 FOX Business 的查尔斯·佩恩采访时表示。“资产负债表的扩张实际上是货币贬值，而这对贵金属来说没有比这更好的了，” 她补充道。</p>
</div><p><strong>'PAWN STARS' HOST WEIGHS IN ON RECORD YEAR FOR GOLD, SILVER</strong></p>
<div class="lb-trans"><p><strong>《当铺明星》主持人谈论黄金和白银的创纪录年份</strong></p>
</div><p>The Federal Reserve cut interest rates a quarter point in December, the third consecutive cut in 2025. Officials also signaled the resumption of treasury buying.</p>
<div class="lb-trans"><p>美联储在 12 月将利率下调了 25 个基点，这是 2025 年连续第三次降息。官员们还暗示将恢复国债购买。</p>
</div><p>&#34;As detailed in a statement released today by the Federal Reserve Bank of New York, reserve management purchases will amount to $40 billion in the first month and may remain elevated for a few months to alleviate expected near-term pressures in money markets. Thereafter, we expect the size of reserve management purchases to decline, though the actual pace will depend on market conditions,&#34; Chairman Powell reviewed in his December press conference.</p>
<div class="lb-trans"><p>“正如纽约联邦储备银行今天发布的声明中详细说明的，储备管理购买将在第一个月达到 400 亿美元，并可能在接下来的几个月内保持高位，以缓解预计的短期货币市场压力。此后，我们预计储备管理购买的规模将下降，但实际速度将取决于市场条件，” 鲍威尔主席在 12 月的新闻发布会上回顾道。</p>
</div>

黄金和白银在 2025 年表现出色，2026 年能否继续保持其光芒？