国投期货贵金属日报-20251203

Report Summary 1. Report Industry Investment Ratings - Gold: Not clearly defined in the given content - Silver: ★★★, representing a clearer upward trend and a relatively appropriate investment opportunity currently [1][4] 2. Core Viewpoints - Overnight, precious metals fluctuated with large intraday swings. Fed Chair Powell's speech at Stanford University did not cover the economic situation and monetary policy. After silver reached a new all - time high, its upward momentum slowed. Before gold breaks through the previous high resistance, precious metals as a whole should be treated as in a fluctuating state, and chasing high prices is not advisable. Platinum has a supply shortage this year, and its historical supply - demand is expected to be in a tight balance, with platinum performing stronger than palladium. Attention should be paid to tonight's US ADP employment and ISM non - manufacturing PMI data [1] 3. Other Information from Related News - Trump said the US will soon launch a land strike against drug - trafficking groups [2] - Putin threatened to cut off Ukraine's sea lanes, vowed to strengthen strikes on Ukrainian facilities and ships. He said Russia cannot accept the European "peace plan amendment" and is ready for war if Europe wants one. Putin held a nearly 5 - hour meeting with a US envoy, and the Russian side said the meeting was fruitful and both sides agreed not to disclose the essence of the negotiation [2] - The OECD maintained its global economic growth forecasts for this year and next, and expects the interest - rate cut cycle of major economies to end next year [2]