Shanghai Yongjin Investment, a private equity agency, believes that gold has undergone a “structural transformation” since 2022, and the net purchase scale of the official sector has risen significantly, and sees this as an important support for this round of the bull market. The share of private sector allocation is also rising, and “there is still room for growth in gold as part of the total asset management scale.” However, silver has continued to have a physical gap since 2021, and supply growth is limited, so it is more likely to “increase price elasticity” when demand is marginally strong. Looking ahead to 2026, silver's opportunities are more “band and elasticity” rather than a “steady state allocation of assets” like gold.

Shanghai Yongjin Investment, a private equity agency, believes that gold has undergone a “structural transformation” since 2022, and the net purchase scale of the official sector has risen significantly, and sees this as an important support for this round of the bull market. The share of private sector allocation is also rising, and “there is still room for growth in gold as part of the total asset management scale.” However, silver has continued to have a physical gap since 2021, and supply growth is limited, so it is more likely to “increase price elasticity” when demand is marginally strong. Looking ahead to 2026, silver's opportunities are more “band and elasticity” rather than a “steady state allocation of assets” like gold.