Central banks worldwide have made gold purchases a regular practice, which has laid a solid floor for gold prices. As the Federal Reserve's rate cut window gradually approaches, the medium- to long-term bullish logic for gold has become increasingly clear—although short-term fluctuations are inevitable, the overall trend is indeed upward.

However, the main focus of this round may not be just gold. Silver has been somewhat different recently; industrial demand in industries such as photovoltaics, electronics, and chips is rapidly increasing, but global silver supply has remained tight, and the market is already showing a typical supply and demand imbalance. From a technical perspective, the upward momentum of silver prices is accumulating, and once triggered, the potential for gains could be even greater than that of gold. In this commodity cycle, it is definitely worth paying more attention to the movements of silver.