Sou Hu Cai Jing·2025-09-02 00:34Group 1 - The core viewpoint of the report indicates that Powell's dovish speech at the Federal Reserve annual meeting signals a potential interest rate cut in September, leading the market to bet on this outcome [1] - Huatai Securities reiterates that a rate cut by the Federal Reserve is expected to drive down real interest rates in the U.S., which may lead to increased capital inflow into ETFs and is favorable for gold [1] - In the medium to long term, unless the U.S. economy returns to a scenario of high growth and low inflation while effectively reducing the deficit, central bank buyers are likely to continue their current gold purchasing strategy, suggesting a sustained upward trend in gold prices [1] Group 2 - Current valuations and chip structures of typical gold companies are favorable, and they are expected to benefit significantly from rising gold prices and increased production in the future [1] - The convergence of the gold-silver ratio typically occurs after a period of monetary easing when the economy begins to recover, triggering the industrial properties of silver; if subsequent rate cuts stabilize the economy, the gold-silver ratio is expected to converge, indicating potential investment opportunities in silver [1]