贵金属早报-20250520

Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Moody's downgrade impact was short - lived, with US stocks opening lower and closing higher, and gold and silver prices rebounding. The dollar index fell 0.60% to 100.37, and the offshore RMB depreciated slightly. COMEX gold futures rose 1.41% to $3232.20 per ounce, and COMEX silver futures rose 0.44% to $32.50 per ounce. Gold and silver prices are expected to fluctuate due to factors such as trade negotiation threats and optimistic tariff negotiation expectations [4][6] - After Trump took office, the world entered a period of extreme turmoil and change. The inflation expectation has shifted to an economic recession expectation. Gold prices are difficult to fall, and silver prices mainly follow gold prices. However, there are risks such as Trump's new policies, improved US economic expectations, significant interest rate hikes by the Bank of Japan, the end of the Russia - Ukraine conflict, and black - swan events [10][13] 3. Summary According to the Table of Contents 3.1 Previous Day's Review - Gold: Moody's downgrade impact was short - lived, US stocks opened lower and closed higher, and the dollar index fell 0.60% to 100.37. COMEX gold futures rose 1.41% to $3232.20 per ounce. The basis was - 2.9, with the spot price at a discount to the futures price. Gold futures warehouse receipts remained unchanged at 15,648 kilograms. The 20 - day moving average was downward, and the K - line was below it. The main net position was long, but the long positions of the main players decreased [4][5] - Silver: Similar to gold, Moody's downgrade impact was short - lived. COMEX silver futures rose 0.44% to $32.50 per ounce. The basis was - 29, with the spot price at a discount to the futures price. The warehouse receipts of Shanghai silver futures increased by 14,414 kilograms to 901,432 kilograms. The 20 - day moving average was downward, and the K - line was below it. The main net position was long, but the long positions of the main players decreased [6] 3.2 Daily Tips - Today, pay attention to China's May LPR, intensive speeches by ECB and Fed members, and the opening of the G7 finance ministers and central bank governors' meeting in Canada [4] 3.3 Today's Focus - Time - to - be - determined: The 2025 Taipei International Computer Show (COMPUTEX) will be held from May 20th to May 23rd, and NVIDIA CEO Jensen Huang will attend - 09:00: China's May one - year/five - year loan prime rate - 12:30: The Reserve Bank of Australia announces the interest rate decision, and RBA Governor Michele Bullock holds a monetary policy press conference - 14:55: ECB Governing Council member Pierre Wunsch delivers a keynote speech at the AFME's 5th Annual European Financial Integration Conference - 16:00: Bank of England Chief Economist Huw Pill speaks - 18:00: ECB Executive Board member Piero Cipollone speaks, and ECB Governing Council member Klaas Knot submits a financial stability assessment report - 20:30: Canada's April CPI - Time - to - be - determined: The G7 finance ministers and central bank governors' meeting opens in Canada and will last until May 22nd - 21:00: Atlanta Fed President Raphael Bostic and Richmond Fed President Thomas Barkin (2027 FOMC voter) speak - 21:30: Boston Fed President Susan Collins speaks - Next day 01:00: St. Louis Fed President Kathleen O'Neill Paese talks about the economy and policy - Next day 05:00: Fed Governor Philip Jefferson speaks - Next day 07:00: Atlanta Fed President Raphael Bostic hosts a discussion on "Financial Intermediation in the Transformation Process", with Cleveland Fed President Loretta Mester and San Francisco Fed President Mary Daly (2027 FOMC voter) participating [15] 3.4 Fundamental Data - Gold: The basis was - 2.9, with the spot price at a discount to the futures price. Gold futures warehouse receipts remained unchanged at 15,648 kilograms [5] - Silver: The basis was - 29, with the spot price at a discount to the futures price. The warehouse receipts of Shanghai silver futures increased by 14,414 kilograms to 901,432 kilograms [6] 3.5 Position Data - Gold: The main net position was long, but the long positions of the main players decreased. The long positions of the top 20 holders in Shanghai gold decreased by 1,828 to 180,934, a decrease of 1.00%. The short positions decreased by 796 to 76,107, a decrease of 1.04%. The net position decreased by 1,032 to 104,827, a decrease of 0.97% [5][30] - Silver: The main net position was long, but the long positions of the main players decreased. The long positions of the top 20 holders in Shanghai silver increased by 1,268 to 440,495, an increase of 0.29%. The short positions decreased by 3,291 to 303,523, a decrease of 1.07%. The net position increased by 4,559 to 136,972, an increase of 3.44% [6][32]