贵金属日评：特朗普可以任命更多美联储官员支撑贵金属价格-20251114

1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - Trump's government can appoint more Fed officials, which may raise expectations of future interest rate cuts by the Fed. The possible end of the US federal government shutdown and the Fed's provision of liquidity, along with the expansion of fiscal policies globally and central banks' continuous gold - buying, as well as geopolitical risks, may support precious metal prices [1]. 3. Summary by Relevant Catalogs 3.1 Market Data 3.1.1 Gold - Shanghai Gold: The closing price was 944.31 yuan/gram, with a change of - 2.19 compared to the previous day and 26.80 compared to last week. The trading volume was 51666.00, down 11382.00 from the previous day. The inventory (in ten - gram units) was 89616.00, with no change from the previous day but an increase of 1800.00 compared to last week [1]. - COMEX Gold Futures: The closing price was 4133.20 dollars/ounce, with a change of 68.20 compared to the previous day and 260.10 compared to last week. The trading volume was 278020.00, up 33400.00 from the previous day. The inventory (in troy ounces) was 37575139.58, down 338082.64 from the previous day [1]. - London Gold Spot: The price was 4136.75 dollars/ounce, with a change of 13.45 compared to the previous day and 185.65 compared to last week. SPDR Gold ETF holdings were 1046.36 tons, with a change of 0.28 compared to the previous day [1]. 3.1.2 Silver - Shanghai Silver: The closing price was 12092.00 yuan/ten - gram, with a change of 227.00 compared to the previous day and 671.00 compared to last week. The trading volume was 870430.00, up 145316.00 from the previous day. The inventory (in ten - gram units) was 583060.00, down 56880.00 from the previous day [1]. - COMEX Silver Futures: The closing price was 53.23 dollars/ounce, with a change of 2.15 compared to the previous day and 6.33 compared to last week. The trading volume was 69857.00, up 41384.00 from the previous day. The inventory (in troy ounces) was 478191872.10, down 366186.53 from the previous day [1]. - London Silver Spot: The price was 51.54 dollars/ounce, with a change of 3.78 compared to the previous day and 0.29 compared to last week. iShare Silver ETF holdings were 482.31 tons, with a change of 1.29 compared to the previous day [1]. 3.1.3 Price Ratios - The ratio of Shanghai gold futures to Shanghai silver futures was 78.34, with a change of - 1.54 compared to the previous day and - 1.98 compared to last week. The ratio of New York gold futures to New York silver futures was 80.92, with a change of - 5.12 compared to the previous day and - 1.99 compared to last week [1]. 3.2 Important Information - The Atlanta Fed President who advocates "no rate cut in December" will retire in February next year. The "third - in - command of the Fed" said the Fed may soon restart bond purchases to manage liquidity. US Treasury Secretary mentioned Trump's plan to issue $2000 tax refunds to families with annual incomes below $100,000 and "gradual" adjustment of US debt issuance [1]. 3.3 Trading Strategy - For silver, it is advisable to lay out long positions when prices fall. For London gold, pay attention to the support level around 3850 - 3950 and the resistance level around 4180 - 4384. For Shanghai gold, the support level is around 870 - 890 and the resistance level is around 960 - 1000. For London silver, the support level is around 38 - 45 and the resistance level is around 55 - 60. For Shanghai silver, the support level is around 9500 - 10500 and the resistance level is around 12400 - 13000 [1].