ZFX山海证券：黄金大幅回调

Group 1 - The core viewpoint is that global gold and silver prices have experienced a significant decline after a historic rise, with gold dropping nearly 10% and silver falling 16%, erasing all gains made since the beginning of the year [1][4] - The recent sell-off was triggered by the nomination of Kevin Walsh as the new Federal Reserve Chair, which strengthened the dollar and reduced the appeal of dollar-denominated precious metals [7] - Despite the short-term price corrections, the fundamental support for gold remains strong, and the long-term investment theme for gold is still positive, indicating that the market has not entered a phase of sustained decline [7] Group 2 - The precious metals market has been driven by multiple factors since the beginning of the year, including geopolitical tensions, currency devaluation risks, and uncertainties regarding the independence of the Federal Reserve [4] - The active trading by Chinese investors in the domestic market provides some support for prices, with retail demand and physical purchases potentially being released during price corrections [8] - Investors are advised to remain rational and focus on global macroeconomic trends, monetary policy movements, and geopolitical risks to navigate market volatility and seek potential investment opportunities [8]