At the start of the new year, traditional safe-haven assets have experienced a strong rally. Shanghai silver's single-day increase exceeded 7%, setting a new historical high, Shanghai gold has regained the 1,000 yuan mark, and international spot gold is approaching the historic peak of $4,500 per ounce. Domestic gold jewelry prices have also surged to nearly 1,400 yuan per gram.

Behind this rally, dual factors are at play. On one hand, the global geopolitical situation is heating up—U.S. military actions against Venezuela, ongoing tensions in Eastern Europe and South America have intensified, and investors' risk concerns have clearly increased. On the other hand, expectations of Federal Reserve rate cuts are rising, coupled with signals of contraction in U.S. manufacturing data, prompting large-scale capital inflows into precious metals seeking refuge.

Silver is particularly worth noting. In addition to the safe-haven demand boost, tight spot supply and strong demand from the photovoltaic industry for silver provide dual support. Data shows that silver has already gained over 160% this year, becoming a dark horse in this round of market.

From an allocation perspective, although the medium- and long-term value logic of precious metals remains valid—since the trend of U.S. dollar credit contraction continues—short-term risks should not be ignored. Institutions recommend closely monitoring geopolitical developments and non-farm payroll data changes, while also guarding against profit-taking adjustments. For cryptocurrency investors, this period calls for more consideration of balancing traditional safe-haven assets and digital assets.