机构看金市：11月14日

Core Viewpoint - The long-term logic of precious metals remains unchanged, but the market is entering a data-dependent phase, leading to increased volatility and caution in investment timing [1]. Group 1: Market Analysis - The precious metals market experienced significant volatility, with a notable rise during Asian trading hours followed by a decline in U.S. trading hours, influenced by the simultaneous drop in U.S. stocks, bonds, and the dollar [1]. - The end of the U.S. government shutdown has led to uncertainty regarding economic data, with concerns that the upcoming non-farm payroll and inflation data may never be released, impacting market sentiment [2]. - The recent government shutdown has raised fears about potential weaknesses in U.S. economic and employment data, contributing to instability in risk assets and a simultaneous decline in both the dollar and gold prices [2]. Group 2: Future Outlook - The unsustainable growth of U.S. government debt is becoming a focal point for the precious metals market, with expectations that this political environment will favor hard assets like gold and silver [3]. - The recent surge in gold prices is attributed to structural changes globally rather than speculative frenzy or inflation fears, indicating that the rise is just the beginning of a longer trend [4]. - Long-term supporting factors for gold, such as sovereign debt, currency devaluation, geopolitical tensions, and the weaponization of the monetary system, are intensifying and remain unresolved [4].