本报告为德意志银行大宗商品金属流量专题，聚焦贵金属。LBMA索伦托年会人气旺盛，但业内对黄金的情绪为多年来最不看多，整体氛围较年初更中性：中期具建设性、近期偏谨慎，多数人认为价格仍有下跌空间；市场讨论更多转向白银与铂金，其工业需求（含数据中心需求）保持韧性。行业正加大实物交易与精炼产能投资，市场仍在消化高价引发的废料及二级供应。德银的结论是信心更强：黄金被低估、低配且超卖，自主性资金仍多观望，但模型显示自主交易者期货持仓近期回升，或指向低价下兴趣重燃；白银供应紧张已不再是问题，数据中心建设对白银、铂金总需求拉动有限，但对小金属的潜在影响或被忽视。报告并提示精炼产能（尤其亚洲）扩张可能在原材料端形成类似铜市场的瓶颈与博弈。
This report is Deutsche Bank's commodities metals flow report, focused on precious metals. The LBMA conference in Sorrento attracted a substantial number of attendees, potentially reflecting a strong year for precious metals bullion traders. Yet conversations at the industry gathering were less optimistic: gold sentiment was the least bullish in years, contrasting with the nearly unanimous bullish sentiment at early-year gatherings. This time the vibes were more neutral — constructive on the medium term and cautious on the near term, with a wider range of forecasts and most seeing scope for further declines. Market talk focused more on silver and platinum, where industrial demand (including from data centres) remained resilient. Our takeaway from Sorrento is more conviction: gold is overlooked, under-owned and oversold, with discretionary capital still on the sidelines, though our model-based estimate of discretionary futures positioning has ticked higher recently. Silver availability