美联储委员接连放鹰，金银价格高位震荡

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The prices of gold and silver are oscillating at high levels due to the hawkish remarks from Federal Reserve members [1] - The Federal Reserve's decision to cut interest rates again in December is uncertain, with significant differences in opinions among FOMC members [43] Summary by Directory 1. Market Review - Not explicitly described in the provided text 2. Logical Analysis - Macroeconomic Indicators: GDP growth shows fluctuations, exports and imports have different growth rates, and trade deficits vary. Manufacturing and non - manufacturing PMIs are in a state of change, and consumer confidence is on an upward trend. Industrial production and real estate data also have their own trends [28] - Federal Reserve's Stance: There are differences in the hawkish and dovish stances among Federal Reserve members. The probability of interest rate cuts is changing, and there are uncertainties about future interest - rate policies [33][35][43] - Inflation: Inflation has short - term upward pressure. The 9 - month CPI is more moderate than expected, and non - tariff inflation is close to the 2% target [43] - Employment: The employment market is cooling due to restrictive policies, but there is no significant increase in weakness, and labor supply has decreased [43] 3. Fundamental Data - Price and Ratio: The yield of the 10 - year US Treasury bond has rebounded to over 4.1%. There are fluctuations in the gold - silver ratio in the London and Shanghai spot markets [20][21] - Exchange Rate: The US dollar index and the USD/CNH spot exchange rate are in a state of change [18] - Inflation Indicators: CPI, core CPI, PCE, and core PCE show different trends over time [28] 4. Position Data - Futures Positions: In the top 20 positions of Shanghai gold and silver futures, there are changes in long positions, short positions, and net positions [49][52] - ETF Positions: Gold ETF positions are falling, and silver ETF positions are oscillating [55] - Inventory: Shanghai gold inventory is increasing, COMEX gold inventory is oscillating at a high level. Shanghai silver inventory has decreased significantly, and COMEX silver inventory has been continuously decreasing [57][58] 5. Summary - Not provided in the document