Minsheng Securities·2025-06-24 11:23Group 1 - The report highlights a pessimistic outlook for the US economy, indicating a likely interest rate cut cycle that will benefit gold prices as economic pressures increase and consumer confidence declines [1][7][22] - Central banks are becoming significant buyers of gold due to declining sovereign currency credibility, with global central bank gold purchases exceeding 1,000 tons for three consecutive years, supporting a rising gold price trend [2][51][65] - Geopolitical tensions and trade policies are driving safe-haven investments, with increasing influence from Asian and Chinese ETFs in the global gold market [2][3][66] Group 2 - Silver is identified as a dual-attribute asset with significant industrial demand, particularly in solar energy, leading to a widening supply-demand gap and potential price increases [3][4][65] - Investment recommendations include maintaining a "buy" rating for key companies in the precious metals sector, such as 万国黄金集团, 中金黄金, and 山东黄金, among others, due to favorable market conditions [3][4][5] - The report emphasizes the importance of monitoring the gold-silver ratio and PMI data, as a decline in the gold-silver ratio could lead to a price surge in silver [3][4][28]