Zijin Mining(SH:601899) 2 1 Shi Ji Jing Ji Bao Dao·2025-09-28 07:21Core Viewpoint - The precious metals market is experiencing unprecedented strength due to factors such as interest rate cuts by the Federal Reserve and escalating geopolitical risks [1][4][6]. Precious Metals Performance - As of September 28, silver prices surged past $46 per ounce, marking a 1.91% increase and reaching a 14-year high. Platinum rose by 15.4% over the week, surpassing $1500 per ounce, a 12-year high [1]. - Gold has set new historical highs 36 times this year, with a cumulative increase of 43%. The largest gold ETF, SPDR, has seen its holdings rise to 1005.72 tons, the highest since August 2022 [4][6]. Market Dynamics - The increase in gold prices is attributed to lower opportunity costs for holding gold due to interest rate cuts, a weaker dollar, and heightened geopolitical tensions in the Middle East, which have boosted market risk aversion [6]. - Analysts predict that gold prices will continue to trend upwards, supported by expectations of further interest rate cuts and ongoing geopolitical tensions [6][7]. Gold ETF Activity - SPDR significantly increased its holdings in September, adding 18.9 tons on September 19, 6.01 tons on September 22, and 8.87 tons on September 26, pushing its total holdings above 1000 tons [6]. - The overall increase in gold ETFs this year has exceeded 37%, with Shanghai gold ETFs rising over 45% and gold stock ETFs increasing by more than 77% [9]. Gold Mining Stocks - The gold sector has seen a remarkable increase of 67.5% this year, with some stocks like Western Gold, Chao Hong Ji, and China Gold rising over 150% [13]. - Several gold companies, including Zijin Mining and Chao Hong Ji, are planning to go public or have recently listed, indicating strong market interest [10][11]. Shareholder Activity - Despite the rising stock prices, some shareholders are taking profits, as evidenced by recent share reductions by Schroders PLC and other stakeholders in various gold companies [13][14].