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Group 1: Report Industry Investment Rating - The report does not explicitly mention the industry investment rating. Group 2: Report's Core View - Precious metals are in a long - term bull market and have strategic allocation value, with the decline of the US dollar credit as the core cornerstone [3]. - The long - term upward drivers of precious metals are composed of "interest rate cut pricing + policy uncertainty + geopolitical risks" [1][3]. - In the next 1 - 2 quarters, there is still room for trading Fed rate cuts, and the risks related to independence remain, so the interest rate - end drivers persist [3]. Group 3: Summary by Related Catalogs Key Information - Trump threatened to impose a 100% tariff on Chinese imports starting from November 1st and consider expanding key software export restrictions, and then his stance eased, but the market still focuses on the negotiation uncertainty around APEC [2]. - The US government shutdown has entered the third week, affecting fiscal implementation and economic data release [2]. - Powell said the economy is struggling among growth, employment, and price risks, and the market tends to price in 25bp rate cuts in October and December [2]. - The Russia - Ukraine conflict continues, maintaining geopolitical risk aversion [2]. Price Logic - On October 14th, gold and silver prices rose significantly and then fell. The volatility of precious metals has increased this week, showing characteristics of the end of a phased rise. Short - term volatility risks should be watched out for [3]. - Gold's decline today was due to the strengthening of the US dollar, the easing of tariff uncertainty, and capital de - leveraging and profit - taking [3]. - Silver's decline was larger than gold's, due to basis convergence, cooling of squeeze - out trading, and the self - strengthening of high volatility [3]. Outlook - This week, attention should be paid to the government shutdown, tariff path guidance, and geopolitical events. The price range for London gold is [4020 - 4200] US dollars per ounce, and for London silver is [50 - 55] US dollars per ounce [4]. Commodity Index - On October 14, 2025, the comprehensive index, commodity 20 index, and industrial product index all declined, with decreases of 0.43%, 0.25%, and 0.93% respectively [45]. Precious Metals Index - On October 14, 2025, the precious metals index rose 0.86% today, 6.86% in the past 5 days, 14.73% in the past month, and 49.14% since the beginning of the year [47].