贵金属：贵金属日报2025-11-14-20251114

1. Report Industry Investment Rating - No relevant content found. 2. Core Viewpoints of the Report - The overall stance of Fed officials on November 14 was hawkish, but it couldn't change the trend of further monetary - policy easing. After the retirement of Atlanta Fed President Bostic, Trump is expected to appoint a dovish voting member, bringing a "dovish tilt" to the Fed and undermining its independence. In the early stage of the Fed's current easing cycle, it is advisable to buy silver on dips. The gold - silver ratio still has room for further downward correction. The reference operating range for the main contract of Shanghai gold is 937 - 1001 yuan/gram, and that for the main contract of Shanghai silver is 11734 - 13000 yuan/kilogram [2][3]. 3. Summary by Related Catalogs 3.1 Market Quotes - On November 14, Shanghai gold rose 0.11% to 956.96 yuan/gram, and Shanghai silver rose 0.40% to 12405.00 yuan/kilogram. COMEX gold was reported at 4174.50 dollars/ounce, and COMEX silver at 52.23 dollars/ounce. The yield of the 10 - year US Treasury bond was 4.11%, and the US dollar index was 99.16 [2]. 3.2 Fed Officials' Stances - Cleveland Fed President Hammack believed that a certain degree of tightening was needed to continue to put pressure on inflation. Minneapolis Fed President Kashkari, known as the "hawk king", thought the Fed should not have kept interest rates unchanged at the previous meeting. St. Louis Fed President Musalem was slightly neutral, supporting rate cuts to protect the labor market but advocating caution [2]. 3.3 Policy Expectations - Atlanta Fed President Bostic will retire in February next year. After his retirement, Trump is expected to appoint a dovish voting member, which will bring a "dovish tilt" to the Fed's policy decisions until 2027 [3]. 3.4 Investment Strategies - In the early stage of the Fed's easing cycle, it is recommended to buy silver on dips. The gold - silver ratio has room for further downward correction. The reference operating range for the main contract of Shanghai gold is 937 - 1001 yuan/gram, and that for the main contract of Shanghai silver is 11734 - 13000 yuan/kilogram [3]. 3.5 Key Data of Gold and Silver - Gold: COMEX gold's closing price (active contract) on November 13 was 4174.50 dollars/ounce, down 0.64% from the previous day; trading volume was 30.25 million lots, up 8.80%; inventory was 1168 tons, down 0.01%. SHFE gold's closing price (active contract) was 961.22 yuan/gram, up 1.63%; trading volume was 52.98 million lots, up 26.50%; inventory was 90.43 tons, up 0.90% [5]. - Silver: COMEX silver's closing price (active contract) on November 13 was 52.23 dollars/ounce, down 1.88% from the previous day; trading volume was 251.01 million lots, up 69.49%; inventory was 14815 tons, down 0.39%. SHFE silver's closing price (active contract) was 12588.00 yuan/kilogram, up 4.27%; trading volume was 78.30 million lots, up 4.23%; inventory was 584.01 tons, up 0.16% [5].