贵金属日报-20251114

Report Summary 1) Report Industry Investment Rating - Gold and silver are both rated ★★★, indicating a clearer long - trend and relatively appropriate investment opportunities currently [1]. 2) Core Viewpoints - Overnight, precious metals fluctuated greatly with a rise and then a fall. With the end of the longest government shutdown in US history, the market is waiting for economic data to weigh the economic and monetary policy prospects. Most Fed officials' speeches are hawkish, showing significant differences. The White House warns that the October non - farm and inflation data may not be released. International gold and silver have limited short - term upward drivers, and attention should be paid to the resistance at the previous high [1]. - Trump said the government shutdown caused a loss of $15 trillion, and it will take weeks or months to truly calculate the overall impact of the loss. The US White House National Economic Council Director Hasset said the October employment report will be released soon without the unemployment rate, and the Q4 GDP is expected to decline by 1.5% due to the government shutdown. He sees few reasons not to cut interest rates [1]. - Fed hawks continue to send cautious signals. Daly said it's too early to say whether there will be an interest - rate cut in December; Musalem believes policy is approaching neutral with limited easing space; the most hawkish official Harker thinks the current interest rate is hardly restrictive and needs to remain so to curb inflation; Kashkari doesn't support the October interest - rate cut and there are reasons for both cutting and not cutting in December [2]. 3) Other Summaries - Red stars represent a predicted upward trend, green stars represent a predicted downward trend. One star means a bullish/bearish bias with limited trading operability; two stars mean holding long/short positions with a clear trend; three stars mean a clearer long/short trend and appropriate investment opportunities. White stars mean a short - term balanced state with poor trading operability and suggest waiting and seeing [4].