8月25日，特朗普宣布解除美联储理事库克职务，称库克涉嫌抵押贷款欺诈，并表示司法部已迅速启动 刑事调查，这构成了将其免职的"正当理由"。 然而，经济学家们在公开信中反驳称，1913年国会通过的《联邦储备法》明确将美联储设计为独立于日 常政治运作的机构。 事实上，特朗普数月来一直公开向美联储施压，要求其降低借贷成本，并指责美联储阻碍了美国经济增 长。在指控库克之前，特朗普还曾以美联储主席鲍威尔涉嫌在美联储总部大楼翻修项目中存在管理不当 为由，暗示要将其免职。 当地时间周二，近600位经济学家联合发表公开信，警告特朗普试图解除美联储理事丽莎·库克职务的举 动，正在动摇美国金融体系核心支柱的独立性，并侵蚀公众对美联储的信任。 公开信中写道："良好的经济政策离不开可信的货币当局，而可信的货币当局又离不开美联储的独立 性。我们坚决支持库克理事，也坚决支持那些长期以来支撑美国经济实力的制度保障。" 此次联名信的593位签署人中，包括诺贝尔奖得主约瑟夫·斯蒂格利茨、克劳迪娅·戈尔丁、埃尔文·罗 斯、保罗·米尔格罗姆和保罗·罗默，以及多位前美联储经济学家。 此外，曾分别在奥巴马和拜登政府时期担任白宫经济顾问委员会主席的克里斯 ...

Core Viewpoint - The gold market is at a critical stage of potential upward movement, with current price fluctuations not indicating the end of an upward trend but rather the beginning of a new rising cycle, highlighting its strategic allocation value [1] Group 1: Economic and Political Factors - Gold prices reflect a combination of economic, political, and financial uncertainties, serving as an important tool for investors to restructure risk margins when traditional assets face systemic pressures [1] - Global monetary policy uncertainty remains a significant driver of gold demand, with low or negative real interest rates providing ongoing support for gold prices amid persistent inflation pressures [3] - Concerns over debt sustainability due to fiscal expansion are influencing asset allocation preferences, with gold typically gaining favor when debt levels rise without clear economic growth prospects [3] Group 2: Geopolitical and Currency Trust Issues - The current global governance environment, characterized by weakened multilateral mechanisms and frequent geopolitical events, enhances market vigilance regarding systemic stability, making gold more attractive [3] - Trust in the currency system is being tested, leading to a potential shift of funds into assets with value anchoring properties, with gold emerging as a key vehicle for hedging against currency devaluation and loss of trust [3] Group 3: Investment Perspective - Gold's cross-cycle adaptability allows it to perform well in various economic conditions, including high inflation, high volatility, and economic slowdowns, reinforcing its role as a long-term stabilizer in asset portfolios [4] - Investors are encouraged to reassess gold's role in their portfolios from a risk management and asset structure optimization perspective, moving away from viewing it solely as a short-term trading tool [4] - The long-term value of gold is supported by both real driving forces and logical foundations, with short-term adjustments providing a window for rational investors to enter the market [4]

Market Overview - The US stock market closed lower on July 31, with all three major indices declining despite strong performances from Microsoft and Meta [1][2] - The Dow Jones Industrial Average fell by 0.74% to 44,130.98 points, the S&P 500 decreased by 0.37% to 6,339.39 points, and the Nasdaq Composite slightly dropped by 0.03% to 21,122.45 points [2][3] - Both the S&P 500 and Nasdaq reached historical highs during the trading session but retreated, indicating cautious investor sentiment [2] Company Performance - Microsoft and Meta reported quarterly earnings that exceeded expectations, with Microsoft shares rising approximately 3.95% and Meta's shares increasing by 11.25% [4][5] - Microsoft's cloud service Azure achieved annual revenue exceeding $75 billion, while Meta provided an optimistic revenue forecast for Q3, surpassing Wall Street expectations [4] - Other major tech stocks showed mixed results, with Apple down 0.71%, Nvidia down 0.78%, and Google down 2.36%, while Amazon rose by 1.70% and Tesla fell by 3.38% [4][5] Chinese Stocks - The Nasdaq Golden Dragon China Index rose by 0.66%, with notable performances from Alibaba (up 2.77%) and NIO (up 7.98%), while JD.com fell by 0.82% [5][6] Earnings Reports - Apple reported Q3 revenue of $94.04 billion, a year-over-year increase of 9.6%, and a net profit of $23.43 billion, also up by 9% [8] - Amazon's Q2 revenue reached $167.7 billion, a 13% increase year-over-year, with a net profit of $18.16 billion, up 34.7% [8] Trade Policy Impact - President Trump's new tariff measures, including a 90-day extension of tariffs on Mexico and an increase in tariffs on Canada from 25% to 35%, have raised concerns about global trade tensions [9]

Core Viewpoint - The Federal Reserve has removed language indicating that uncertainty has diminished, signaling a cautious approach to future monetary policy decisions [1] Group 1 - The Federal Reserve's decision reflects ongoing economic uncertainties that may impact future interest rate adjustments [1] - The removal of specific wording suggests a more cautious stance in the Fed's communication strategy [1]

Core Viewpoint - The yen carry trade, which had previously collapsed, is now regaining popularity among investors due to political uncertainties in Japan and potential changes in monetary policy [1][4]. Group 1: Yen Carry Trade Dynamics - The yen carry trade involves borrowing low-yielding yen to invest in higher-yielding currencies, and it is seeing renewed interest as political changes may lead to increased fiscal spending and a slower pace of interest rate hikes by the Bank of Japan [1][4]. - Recent elections resulted in Prime Minister Shigeru Ishiba's ruling coalition losing its majority in the House of Councillors, which may compel the government to seek support from opposition parties, further benefiting the yen carry trade [1][4]. - The yen carry trade has recently yielded significant returns, with a 13% return from borrowing yen to invest in the New Taiwan Dollar and around 10% returns from investments in the South African Rand and Mexican Peso over the past three months [4]. Group 2: Political and Economic Context - Speculation about Prime Minister Ishiba's potential resignation is increasing, which could delay interest rate hikes by the Bank of Japan, thus favoring the yen carry trade [4][5]. - The current benchmark interest rate in Japan is only 0.5%, significantly lower than the Federal Reserve's rate of 4.25%-4.50%, providing a favorable environment for the carry trade [5]. - The political instability surrounding Ishiba's position makes it less likely for the Bank of Japan to raise rates in the near term, which supports the continuation of the yen carry trade [5]. Group 3: Market Sentiment and Future Outlook - Hedge funds have recently turned bearish on the yen for the first time in four months, indicating a shift in market sentiment towards the yen carry trade [5]. - Analysts predict that the yen may depreciate further, potentially reaching 153 yen per dollar, which would further support the carry trade [5]. - While some analysts see the carry trade as a viable short-term strategy, concerns about U.S. monetary policy and political pressures may pose risks to this strategy in the long run [5].

Core Viewpoint - Silver prices are influenced by rising geopolitical risks and mixed signals from the Federal Reserve, with recent trading showing profit-taking near multi-year highs [1][3] Group 1: Silver Market Performance - On July 21, London silver closed at $38.92 per ounce, up $0.75 or 1.97%, with a daily high of $39.05 and a low of $38.06 [1] - The silver ETF holdings increased to 15,005.79 tons as of July 21, up 347.58 tons from the previous trading day, indicating a bullish sentiment in the market [2] - Last week, silver prices closed around $38.16, down 0.62% from the 14-year high of $39.13, reflecting a balance between geopolitical risks and mixed signals from the Fed [2] Group 2: Economic Indicators and Federal Reserve Outlook - The U.S. 10-year Treasury yield remains stable around 4.42%, indicating market confidence in a dovish policy shift later this year [3] - The market anticipates a 45 basis point rate cut by the Federal Reserve by the end of the year, with September seen as a likely starting point for rate cuts [3] - Political pressures on the Federal Reserve's independence may support demand for precious metals, including silver [3] Group 3: Industrial Demand and Future Outlook - Strong industrial demand, particularly from the solar and electronics sectors, is supporting physical silver consumption [3] - The fundamental outlook for silver remains strong, driven by expectations of Fed rate cuts and limited upside for the dollar [3] - Silver prices may benefit from policy-driven support and favorable conditions in the real economy, especially if U.S. economic data remains weak [3]

Core Viewpoint - The global precious metals market is experiencing significant volatility driven by geopolitical risks in Washington and the Middle East, as well as escalating trade tensions between the US and Europe [1] Geopolitical Risks - The turmoil in the Middle East, particularly the Houthi attacks on Iraqi oil fields, has led to a daily drop in oil production by 140,000 to 150,000 barrels, impacting the global energy market [4] - The issuance of missile safety alerts by the US Embassy in Israel has heightened risk-averse sentiment among investors [4] Federal Reserve Policy Divergence - Internal disagreements within the Federal Reserve are causing market fluctuations, with hawkish member Kugler opposing rate cuts while dovish member Waller advocates for a 25 basis point cut in July [2][5] - Market expectations for a July rate cut have risen from 28% to 30%, while the probability of a September cut remains at 54% [2] Trade Tensions - The escalation of the US-EU trade war, including a 40% tariff on EU steel starting August 1, has begun to impact the precious metals supply chain [6] - A factory owner in Dongguan reported a 50% drop in orders for 18K gold necklaces destined for the US, resulting in significant inventory losses [6] Market Volatility - A rumor regarding former President Trump's consideration to fire Fed Chair Powell caused gold prices to spike by $50 to a three-week high of $3,377 before dropping back down, illustrating the extreme volatility in the gold market [8] - Gold has experienced nine instances of daily fluctuations exceeding $35 since July [8] Precious Metals Price Movements - Platinum prices have surged to a two-month high of $1,408, driven by miner strikes in South Africa and the booming hydrogen vehicle market, while silver prices have declined due to weak global factory orders [8] - Domestic gold prices in Shanghai opened at 771.2 yuan per gram, slightly down from the previous day, while retail prices for gold jewelry are significantly higher due to additional costs [9] Central Bank Gold Purchases - Central banks globally are increasing their gold reserves, purchasing between 37 to 39 tons monthly, with China's central bank being the most aggressive, raising its reserves to 2,298 tons over the past eight months [9] - Some Nordic pension funds have increased their gold allocations to 14%, indicating a shift towards gold as a hedge against currency devaluation [9]

Group 1 - The impact of U.S. tariffs on inflation has become a focal point in the market, with significant increases in tariffs since the beginning of the year, but the transmission effect on inflation has not been immediate [1] - The delayed transmission of tariffs to inflation is attributed to several factors, including phased implementation and transportation time lags, which typically require months to significantly affect prices [1] - Companies have adopted strategies such as restructuring trade and increasing domestic procurement to mitigate the actual tariff burden, while some industries have stockpiled inventory to temporarily avoid passing on tariff costs to consumers [1] Group 2 - Economists suggest that the transmission of tariffs to inflation is merely delayed and not eliminated, with expectations that tariffs will gradually raise U.S. inflation levels starting in the third quarter [1] - The Federal Reserve's decision-making is significantly influenced by concerns over tariffs pushing inflation, leading to a postponement of interest rate cuts [3] - The uncertainty surrounding tariffs, along with the potential impacts of immigration policy and the "Big Beautiful" Act, may contribute to increased inflation levels in the fourth quarter [3][7] Group 3 - Market participants express concern that while the magnitude of tariff transmission to inflation may be less than expected, its persistence could exceed expectations, leading to increased volatility in U.S. Treasury yields [5] - Analysts note that the uncertainty of Trump's tariff policy and the time lag in its inflation impact create uncertainty regarding the timing of these effects [5] - The overall uncertainty in monetary policy is expected to rise by 2026 due to the delayed effects of tariffs and other economic factors, potentially slowing the pace of interest rate cuts [7]

Group 1 - Federal Reserve Chairman Jerome Powell emphasized a cautious approach to adjusting interest rate policy during congressional hearings, suggesting that waiting for more economic data is prudent [1][4][6] - President Trump criticized Powell, stating he made a significant error and expressed a desire for Powell to resign, indicating he would only appoint those willing to lower interest rates [1][4][8] - Trump is reportedly considering breaking tradition by announcing his nominee for the next Federal Reserve Chair as early as September, which could influence market expectations regarding future interest rate paths [4][11][12] Group 2 - Powell noted that the impact of tariffs on inflation remains uncertain, with potential short-term and long-term effects on prices and economic activity [4][14] - Recent data showed that the core personal consumption expenditures price index rose by 2.7% year-over-year in May, surpassing expectations and marking the highest increase since February [5][6] - Market expectations indicate an 81.4% probability that the Federal Reserve will maintain interest rates in July, with an 18.6% chance of a 25 basis point cut [6][7] Group 3 - Concerns have been raised about the quality of economic data collected by the U.S. government, which may affect the Federal Reserve's ability to make informed policy decisions [14][15][16] - Powell expressed the need for improved measurement of economic activity data, highlighting the importance of reliable indicators for effective policy-making [16]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The precious metals market is driven by factors such as the escalation of geopolitical risks in the Middle East, inflation concerns, and the uncertainty of monetary policy, but the intraday risk - aversion sentiment has declined [3]. - Copper prices are likely to oscillate around 78,000 yuan per ton in the short - term, with greater upward pressure and relatively weaker downward support due to the possible weakening of demand [14]. - Aluminum's fundamentals show sufficient supply and gradually weakening demand. Low inventory and continuous de - stocking are the core factors supporting aluminum prices in the short - term, and it may maintain high - level oscillations in the short - term and be bearish in the medium - to - long - term [30]. - Zinc's supply is gradually becoming looser, but the transmission from ore to ingot needs time. Demand remains stable, and short - term focus is on macro data and market sentiment [59]. - For nickel, potential audits in Indonesia may affect production. Nickel ore is expected to stabilize, nickel - iron prices are down, stainless - steel demand is weak in the off - season, and sulfuric acid nickel prices are low and stable [72]. - Tin prices are expected to remain stable in the next week, with support from low inventory and under - recovery of upstream mines, and pressure from weakening downstream demand [89]. - Lithium carbonate's mid - term fundamentals are bearish, with high inventory suppressing price increases, and it is expected to be in a weakly oscillating state recently [104]. - The silicon industry chain has a relatively loose supply and slightly improved demand. The southwest region's industrial silicon enterprises'复产 expectations are being realized, and downstream demand varies [114]. Summary by Related Catalogs Precious Metals - **Price Factors**: Geopolitical risks in the Middle East, inflation concerns, and monetary policy uncertainty drive funds into the gold market [3]. - **Price Data**: Various price charts of SHFE and COMEX gold and silver, and their relationships with factors like the US dollar index and US Treasury real interest rates are presented [4][9] Copper - **Price Outlook**: Short - term oscillation around 78,000 yuan per ton, with upward pressure and weak downward support [14]. - **Futures Data**: The latest prices, daily changes, and daily change rates of Shanghai and London copper futures are provided [15]. - **Spot Data**: The latest prices, daily changes, and daily change rates of copper spot in different regions, as well as import profit and loss and other data are given [19][23] - **Inventory Data**: The latest inventory data of SHFE and LME copper, and their changes are presented [27][28] Aluminum - **Aluminum**: Supply is close to the industry ceiling, demand is gradually weakening, low inventory and continuous de - stocking support prices in the short - term, and it is bearish in the medium - to - long - term [30]. - **Alumina**: Guinea's Axis mine may have short - term production suspension, and the market is in a state of inventory accumulation and price oscillation [31]. - **Cast Aluminum Alloy**: Cost is strongly supported, supply is excessive, demand growth may slow down, and it may oscillate strongly in the short - term with a BACK structure [32]. - **Price and Inventory Data**: The latest prices, price differences, and inventory data of aluminum and alumina futures and spot are provided [34][52] Zinc - **Fundamentals**: Supply is gradually loosening, but the transmission to the ingot end is not complete. Demand is stable, and short - term focus is on macro data and inventory [59]. - **Price and Inventory Data**: The latest prices, price differences, and inventory data of zinc futures and spot are provided [60][68] Nickel - **Industry Impact**: Indonesian audits may affect nickel intermediate products and stainless - steel production. Nickel ore is stable, nickel - iron prices are down, stainless - steel demand is weak, and sulfuric acid nickel prices are low and stable [72]. - **Price and Inventory Data**: The latest prices, price differences, and inventory data of nickel and stainless - steel futures and related raw materials are provided [73][79] Tin - **Price Outlook**: Prices are expected to remain stable, with support from inventory and mine supply, and pressure from weakening demand [89]. - **Price and Inventory Data**: The latest prices, price differences, and inventory data of tin futures and spot are provided [90][98] Lithium Carbonate - **Market Situation**: Mid - term fundamentals are bearish, with high inventory suppressing price increases, and it is expected to be weakly oscillating recently [104]. - **Price and Inventory Data**: The latest prices, price differences, and inventory data of lithium carbonate futures and spot are provided [105][111] Silicon Industry Chain - **Industry Conditions**: Supply is relatively loose, and demand is slightly improved. The southwest region's industrial silicon enterprises'复产 expectations are being realized, and downstream demand varies [114]. - **Price and Production Data**: The latest prices of industrial silicon spot and futures, and production - related data such as output and capacity utilization rate are provided [117][138]