#黄金白银反弹 1. Macroeconomic Logic (Core Drivers) ① The decline in U.S. Treasury yields = The most fundamental variable for the rebound of precious metals The essence of gold is: As a non-yielding asset: U.S. Treasury yields decrease Real interest rates fall 👉 The opportunity cost of holding gold decreases 👉 Funds flow back to precious metals 📌 Logic Chain: Expectations of economic slowdown → Expectations of interest rate cuts heat up → U.S. Treasury yields decline → Gold rises ② The weakening of the U.S. dollar Gold and the U.S. dollar are usually negatively correlated: The U.S. dollar index declines Expectations of global liquidity improve → Gold and silver gain buying interest Silver is more sensitive to the U.S. dollar because of its stronger industrial properties. ③ The rise in risk aversion When the market experiences: Geopolitical risks Financial risks Severe stock market fluctuations Banking risks Funds will: reduce stocks Buy gold Silver, on the other hand, is driven by both risk aversion and industrial demand.