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总结
多家外媒在2025年收官阶段报道，黄金、白银与铜价全年大幅上涨并显著跑赢股票资产，但在年末交易中出现回落与震荡。MarketWatch指出，一处关键图表价位成为判断后续趋势的分水岭：若价格维持在该水平之上，2026年可能延续商品强势；若跌破则或引发更深回调。市场普遍将贵金属与铜的走强解读为对通胀与利率路径变化、避险与资产再配置需求的反映，同时也折射投资者对股市估值与经济前景的不确定性。
正文
Silver, gold and copper are trouncing stocks. Here's what a key chart level suggests could be ahead for 2026. MarketWatch Gold and Silver Stumble at the End of Best Year Since the 1970s Yahoo Finance Precious metals poised to finish 2025 strong with stellar annual gains Reuters Gold and silver see rollercoaster end to blockbuster year BBC Gold, silver head for biggest annual gains in over 40 years NBC News
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