During the Christmas holiday period, the market entered a dormant mode, but the precious metals market was unusually hot—gold, silver, and platinum prices all hit record highs, continuing the strong upward momentum since the end of this year.

The logic behind this rally is actually not complicated. Holiday periods lead to severe liquidity shortages in global financial markets, with trading volumes far below normal levels. Safe-haven funds flock into traditional safe assets, making precious metals the main recipients.

Looking ahead to next week, the situation is unlikely to improve in the short term. With the New Year’s Day holiday approaching, market liquidity is expected to remain low, and the real market trend may not start until the second week of January. For traders, this window is more about observation than action. The release of the Federal Reserve minutes will undoubtedly be the focus of next week’s market, and the policy signals contained within will directly influence the subsequent asset allocation directions.