贵金属日报-20251225

Group 1: Report Industry Investment Ratings - Gold, silver, and palladium are rated ★☆☆, indicating a bullish bias but limited trading opportunities on the market [1] Group 2: Core Viewpoints - Recent Fed easing prospects and geopolitical risks in Venezuela, Israel, and other regions have supported the strength of precious metals, with each variety hitting new highs and forming a resonant breakthrough [1] - After the short - term sharp rise, market volatility will increase during the Christmas holiday when the overseas market is closed, so attention should be paid to position control [1] - In 2026, platinum is expected to remain in short supply, and the supply gap of palladium will narrow significantly. The supply side of both is fragile. With a long time until delivery, funds are actively bullish on the future price of platinum, and the price difference between platinum and palladium exceeds 130 yuan/gram [2] - In the bull market cycle of precious metals, funds have strong control, and the mid - line strategy is to increase positions on dips. The implied volatility (IV) of platinum and palladium options continues to rise, and attention should be paid to the opportunity of selling put options [2] Group 3: Summary by Related Information Geopolitical and Policy News - US officials suggest they prefer sanctions over military action against Venezuela [3] - Zelensky announced a 20 - point draft of the Russia - Ukraine "peace plan", but the territorial issue remains unresolved, and Russia wants to modify the US proposal [3] - Bank of Japan Governor Kazuo Ueda suggests a possible further interest rate hike next year and expresses increasing confidence in achieving the sustainable price target [3] Market Performance - The preparation for the delivery of the Guangzhou Futures Exchange is progressing smoothly. The overnight overseas palladium price plunged, and panic spread. The platinum and palladium contracts on the Guangzhou Futures Exchange opened lower with a gap. Palladium fluctuated weakly near the daily limit, while platinum opened low and closed higher, with strong long - short competition among funds [2]