Core Viewpoint - The spot gold price has rebounded, surpassing $4800 per ounce, indicating a strong upward trend in precious metals [1][7]. Price Movements - On February 3, spot gold opened with a nearly 2% increase, reaching $4802.115 per ounce, while spot silver rose over 5% to $83.594 per ounce [1][7]. - The latest data shows that the London gold price is at $4803.714, reflecting a 3.10% increase, and COMEX silver futures are reported at $83.24, up over 8% [3][8]. Market Analysis - Analysts from JPMorgan predict that the upward momentum in gold prices will continue, with expectations for gold to reach $6300 per ounce by the end of 2026 due to strong demand from central banks and investors [5][10]. - Citigroup maintains a target price of $5000 per ounce for the next 0-3 months but expresses caution for the second half of 2026, forecasting a potential drop to $4000 per ounce by 2027 [5][10]. - The current bull market in gold is driven more by significant capital allocation from investors rather than central bank purchases, with an estimated $1 trillion inflow contributing to the price increase [5][10].

Group 1 - The market is expected to enter a medium to long-term consolidation phase after a short-term momentum decline [10] - The Shanghai government has initiated a program to purchase second-hand housing for affordable rental housing projects, targeting new citizens, young people, and graduates [5] - The Ministry of Industry and Information Technology has approved a new national standard for automotive door handles, set to be implemented in 2027, addressing safety and usability issues [5] Group 2 - The National Development and Reform Commission and other departments have released guidelines for the construction of a low-altitude economy standard system, aiming for over 300 standards by 2030 [3] - The Ministry of Finance has introduced a temporary method for long-term asset input tax deduction, allowing full deduction for mixed-use assets upon purchase [4] - The stock of Guokai Military Industry has experienced significant price fluctuations, with a recent announcement clarifying that its commercial aerospace projects are still in the R&D phase and have minimal impact on revenue [7]

Core Viewpoint - Swiss mining company Glencore is set to hire Citigroup as its lead investment bank for a potential acquisition of Rio Tinto, which could create a value exceeding $200 billion, making it the largest mining company globally [1] Group 1: Company Actions - Citigroup submitted a disclosure document to the UK Takeover Panel in January, indicating its association with Glencore regarding the potential transaction with Rio Tinto [1] - Glencore has a long-standing partnership with Citigroup, having previously engaged the bank for several significant transactions, including its 2011 initial public offering and the recent acquisition of Teck Resources' coal business [1]

Silver has burst into 2026 as the defining story of the commodities market. In January, silver (SIH26) powered into triple‑digit territory, touching $121, more than tripling in value over the past year and turning a once sleepy hedge into one of the most aggressive risk expressions on traders' screens. Even after sliding back to about $79 per ounce as of Jan. 30, it still sits more than 7% higher year-to-date and roughly 120% above its level a year ago. www.barchart.com This kind of vertical move, with w ...

Core Viewpoint - Gold prices experienced significant volatility, with a historic drop following a period of irrational exuberance, raising questions about its status as a safe-haven asset [1][2][3] Group 1: Market Dynamics - Gold surged to historical highs at the beginning of the year but faced a drastic decline, with a drop of approximately 10% on February 2, nearing the $4400 mark [1] - The implied volatility of SPDR Gold Shares reached an all-time high relative to the S&P 500 index, indicating increased market uncertainty [1] - Analysts suggest that the recent sell-off may not be entirely negative, as it could represent a necessary correction after excessive speculation [1] Group 2: Influencing Factors - The nomination of Kevin Warsh as the new Federal Reserve Chair, perceived as more hawkish, contributed to a rebound in the dollar and subsequent sell-off in gold [2] - Geopolitical tensions and trade wars initially drove investors towards gold, but the rapid price increase led to significant profit-taking [1][2] - The current bull market in gold is primarily driven by massive capital inflows, estimated at around $1 trillion, rather than central bank purchases [2] Group 3: Future Outlook - Despite recent volatility, some analysts maintain a bullish outlook on gold, viewing it as a hedge against currency devaluation [3][4] - Geopolitical risks remain elevated, which could continue to support gold prices in the short term [3] - Morgan Stanley predicts that gold could reach $6300 per ounce by the end of 2026, driven by sustained demand from central banks and investors [4]

Group 1 - Citigroup raised the target price for SanDisk from $490 to $750 [1]

Group 1 - Citigroup raised the target price for KLA Corporation from $1450 to $1800 [1]

Group 1 - The core point of the article is that Citigroup's long position in Weichai Power Co., Ltd. - H shares has decreased from 5.41% to 5.35% as of January 27, 2026 [1]

Group 1 - The core point of the article is that Citigroup's long position in ZTE Corporation's H-shares has decreased from 7.24% to 6.61% as of January 27, 2026 [1]

Core Viewpoint - There is a significant divergence in the January non-farm payroll (NFP) employment forecasts between Barclays and Citigroup, but both firms agree that the U.S. employment figures for 2025 are systematically overestimated, and the annual benchmark revision will reveal this discrepancy, indicating that the market is underpricing the risks of employment decline [1][5][20]. Group 1: Employment Predictions - Barclays predicts only 50,000 new jobs in January, with a similar increase in the private sector, while the unemployment rate is expected to slightly decrease to 4.3% [2]. - Citigroup, on the other hand, forecasts an increase of 135,000 jobs, with approximately 140,000 in the private sector, significantly above the market consensus of around 70,000, and maintains the unemployment rate at 4.4% [3]. Group 2: Data Quality Concerns - Both firms emphasize that the information content of the January employment data is low. Barclays notes that the employment data for Q4 2025 is significantly affected by government "delayed resignation plans," and short-term fluctuations do not represent trends [4]. - Citigroup points out that January is one of the most favorable months for seasonal adjustments, historically showing a pattern of "initial strength followed by a decline" [4]. Group 3: Systematic Overestimation of Employment - Despite differing views on January's data, both Barclays and Citigroup agree that the core issue lies in the overestimation of cumulative employment over the past year. Barclays cites QCEW data, indicating a discrepancy of nearly 1 million jobs between the non-farm survey and QCEW data from March 2024 to March 2025 [6][7]. - This suggests that the official non-farm payroll figures have systematically overestimated job growth by an average of 80,000 to 90,000 jobs per month [7]. Group 4: Market Mispricing of Employment Risks - The market is currently focused on whether the January NFP will "beat/miss" expectations and if the unemployment rate will hold at 4.5%, while neglecting critical signals indicating employment market pressures [12][13]. - Key indicators include a declining JOLTS hiring rate around 3.2%, worsening consumer sentiment regarding job availability, and significant distortions in employment data for the latter half of 2025 [17]. Group 5: Implications of Employment Revisions - A downward revision of employment figures by 700,000 to 1 million will alter the historical narrative, indicating that the past year's growth was not as robust as reported [18]. - This will necessitate a reevaluation of frameworks for wages, consumption, and GDP, and may challenge the perceived "employment safety net" by the Federal Reserve [18][19]. - The current labor demand intensity corresponding to the unemployment rate will be reassessed, suggesting that the employment market is closer to a "turning point" than the market anticipates [19].