📈Risk aversion sentiment is at its peak! Gold and silver dominate the top of market capitalization, becoming safe havens for capital! After the New Year’s Day holiday, precious metals surged strongly: Shanghai silver main contract soared over 7% in a single day, hitting a new historical high, and Shanghai gold returned to the 1,000 yuan/gram mark; international spot gold approached the historical peak of $4,500 per ounce, and domestic gold jewelry prices are nearly 1,400 yuan/gram. Geopolitical tensions and monetary easing double the support: the US’s surprise attack on Venezuela, tense situations in Eastern Europe and South America have ignited safe-haven demand, and expectations of Fed rate cuts, combined with shrinking US manufacturing, have led to a frenzy of capital inflow into precious metals. Silver, due to tight spot supply and photovoltaic industrial demand gaps, has become a dark horse in gains, with a cumulative increase of over 160% this year. Institutions suggest: short-term adjustment with a bullish outlook, focus on geopolitical developments and non-farm payroll data; the long-term logic of US dollar credit contraction remains unchanged, and the value of precious metal allocation is highlighted, but caution is needed regarding short-term profit-taking and retracement risks.