贵金属日报2025-11-11：贵金属-20251111

1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core View of the Report - The reopening of the US government creates fundamental bearish factors for precious metal prices, especially international gold prices, from the perspective of easing recession trading. However, the previous pressure on gold and silver prices was mainly due to liquidity tightening rather than strong overseas economic fundamentals. Therefore, in the context of the restoration of US dollar liquidity, the prices of gold and silver, as important major assets, will be boosted in the short term [3] - It is recommended to go long on silver at low prices. The reference operating range for the main contract of Shanghai gold is 927 - 968 yuan/gram, and the reference operating range for the main contract of Shanghai silver is 11,575 - 12,366 yuan/kilogram [3] 3. Summary by Relevant Content Market Quotes - On November 11, 2025, Shanghai gold rose 2.23% to 944.76 yuan/gram, Shanghai silver rose 3.09% to 11,868.00 yuan/kilogram; COMEX gold was reported at 4,123.40 US dollars/ounce, COMEX silver was reported at 50.41 US dollars/ounce; the yield of 10 - year US Treasury bonds was reported at 4.13%, and the US dollar index was reported at 99.62 [2] - As of November 11, the gold - silver ratio was 81.5, still significantly higher than the historical average of 62 since 1971 [3] Macroeconomic Situation in the US - Since the "Big and Beautiful" bill was officially passed in July 2025 and the debt ceiling issue was resolved, the balance of the US Treasury's cash (TGA account) on the Fed's liability side has continued to rise, from 311.1 billion US dollars on July 9 to 852 billion US dollars on October 15. Due to the government shutdown, the TGA account balance reached 942.7 billion US dollars on November 5, and the deposit reserve scale dropped from 29.8 million US dollars at the beginning of October to 28.5 million US dollars. The spread between the US Secured Overnight Financing Rate (SOFR) and the effective federal funds rate significantly widened, reaching a high of 0.36% on October 31. The US dollar index was strong, and precious metal prices and overseas equity markets were significantly under pressure [2] Market Charts and Data Tables - The report provides multiple charts and data tables, including the relationship between gold and silver prices, trading volume, open interest, and other data, as well as the relationship between precious metal prices and the US dollar index, real interest rates, and other factors, and the internal and external price differences of gold and silver [6][51]