Spot silver experienced extreme fluctuations on December 29, 2025. It opened above $80 and then plunged to $76.5, with an amplitude of $9. Wmax identifies three major drivers: geopolitical upgrades, thin liquidity at the end of the year, and mismatch between paper and physical supply and demand. Expectations of interest rate cuts in 2026, supply and demand imbalances and geographical allocation needs support the strength of precious metals. It is recommended to open positions in batches at 4,480-4,490 US dollars for gold, and operate in the swing band for light positions in silver, with a stop loss of 73 US dollars and a target of 79-80 US dollars.

Silver hit a record high of $64, with a 120% increase during the year, far exceeding gold. The short-term dovishness of the Federal Reserve, ETF capital inflows, and tight inventories resonate to push up prices; long-term demand in the three major fields of photovoltaics, electric vehicles, and AI data centers provides solid support. It is recommended that speculators control their positions, and those who are stable will wait until the allocation is adjusted back to 50-55 US dollars, and long-term fixed investment accounts for 10%-15%.