华西证券：短期贵金属高波动或将持续

Core Viewpoint - Short-term volatility in precious metals is expected to persist, with silver, platinum, and palladium facing larger adjustments due to liquidity and market capacity constraints, while gold and base metals are anticipated to have a more controlled decline and may stabilize first [1] Group 1: Short-term Strategy - A defensive strategy is recommended in the short term, waiting for emotional market reactions to subside and for stabilization to occur [1] Group 2: Long-term Outlook - The macroeconomic logic of a "weak dollar" and the onset of the Federal Reserve's easing cycle remains unchanged, supporting a long-term bullish outlook for precious metals [1] - A significant adjustment, such as a decline of over 10% in gold prices, could present an excellent opportunity for low-cost positioning [1]