8月11日白银早评：地缘政策危机尚存 白银行情在38关口整理

Core Viewpoint - The current market conditions indicate fluctuations in precious metals, particularly silver, with a focus on the impact of U.S. economic data and geopolitical events on prices and investor sentiment [1][3]. Market Overview - The U.S. dollar index is trading around 98.23, while spot silver opened at $38.34/oz and is currently around $38.04/oz. The silver T+D is trading at approximately 9179 yuan/kg, and the main Shanghai silver contract is at 9214 yuan/kg [1]. - Last week, the dollar index rose by 0.18% to close at 98.27, while spot silver increased by 0.09% to $38.33/oz. The rise in silver prices was attributed to higher U.S. Treasury yields, with spot gold fluctuating around the $3400 mark [1]. ETF Holdings - The SLV silver ETF holdings stand at 14,990.8 tons, reflecting a decrease of 121.48 tons from the previous trading day [2]. Economic Indicators - Federal Reserve Governor Bowman highlighted a significant downward revision in recent employment growth data, suggesting a strong case for interest rate cuts. She anticipates supporting rate cuts in the remaining three Fed meetings of the year due to signs of economic slowdown and weakened labor market vitality [3]. Geopolitical Events - Israeli Prime Minister Netanyahu stated that Israel has no choice but to defeat Hamas, with military actions focusing on two locations still under Hamas control. This has drawn criticism from European members of the UN Security Council [3]. - Former President Trump and President Putin are scheduled to meet on August 15 in Alaska, discussing the Ukraine peace agreement, which involves territorial exchanges. Ukrainian President Zelensky has rejected any territorial concessions [3]. Silver Market Analysis - The silver market opened last week at $37.02, experienced a low of $36.633, and then saw a strong upward movement, reaching a high of $38.509 before closing at $38.312. The market is expected to continue a bullish trend, with targets set at $38.51, $38.8, and $39-39.5 [4].