贵金属早报-20251110

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report - Gold and silver prices are both in a state of oscillation. The hope of the end of the US government shutdown has stabilized risk appetite, and the prices of both precious metals are expected to be slightly bearish in the medium - to - long term [4][5]. - For gold, although US consumer confidence is near a record low, the hope of the end of the government shutdown affects its price. The premium of Shanghai gold has expanded to - 0.4 yuan/gram [4]. - For silver, being included in the US critical minerals list may bring tariff concerns and provide some support. The silver premium remains at 320 yuan/gram [5]. 3. Summary According to the Directory 3.1. Previous Day's Review - Gold: US consumer confidence is near a record low, but the hope of the end of the government shutdown causes gold price oscillation. US stock indices show mixed performance, European stock indices fall, US bond yields rise (10 - year yield up 1.54 basis points to 4.097%), the US dollar index falls 0.16% to 99.55, and COMEX gold futures rise 0.42% to $4007.8 per ounce. The basis shows that the spot is at a discount to the futures, the inventory increases, the k - line is below the 20 - day moving average, the main position is net long but with a reduction in long positions [4]. - Silver: Similar to gold, affected by the situation in the US, silver price oscillates. It is included in the US critical minerals list, and tariff concerns may support the price. COMEX silver futures rise 0.57% to $48.225 per ounce. The basis shows the spot is at a discount to the futures, the inventory decreases, the k - line is below the 20 - day moving average, and the main position is net long with an increase in long positions [5][6]. 3.2. Daily Tips - Today, pay attention to the release of the summary of the opinions of the Japanese central bank's deliberation committee members, the euro - zone investor confidence index, the preliminary value of Japan's September coincident index, and the possible release of Buffett's Thanksgiving letter to shareholders [4][17]. 3.3. Today's Focus - 07:50: The Japanese central bank publishes the summary of the opinions of its deliberation committee members. - 13:00: The preliminary value of Japan's September coincident index is released. - 17:30: The euro - zone November Sentix investor confidence index is announced. - Indefinite: Buffett's Thanksgiving letter to shareholders may be released [17]. 3.4. Fundamental Data - Gold: The futures price is 921.26, the spot price is 918, with a basis of - 3.26 (spot at a discount to futures). The futures warehouse receipt is 89,616 kg, an increase of 1,800 kg [4]. - Silver: The futures price is 11,484, the spot price is 11,481, with a basis of - 3 (spot at a discount to futures). The Shanghai silver futures warehouse receipt is 623,052 kg, a daily decrease of 16,888 kg [6]. 3.5. Position Data - Gold: The net long position of the main players is decreasing. For example, on November 7, 2025, the long - order volume is 165,261, an increase of 2,283 (1.40%) compared to November 6; the short - order volume is 67,608, an increase of 934 (1.40%); the net position is 97,653, an increase of 1,349 (1.40%) [33]. - Silver: The net long position of the main players is increasing. On November 7, 2025, the long - order volume is 354,598, an increase of 14,183 (4.17%) compared to November 6; the short - order volume is 255,979, an increase of 4,872 (1.94%); the net position is 98,619, an increase of 9,311 (10.43%) [35].