Group 1 - The core viewpoint of the articles highlights the increase in gold and silver futures prices due to a weaker dollar and stronger oil prices, alongside positive trade negotiation news between China and Spain [1] - The most active gold futures for December 2025 rose by $33.1 to close at $3,719.5 per ounce, marking a 0.90% increase [1] - Silver futures for December delivery increased by $0.36 to close at $43.190 per ounce, reflecting a 0.84% rise [1] Group 2 - Fitch Ratings downgraded France's government credit rating from AA- to A+, citing rising public debt and political instability [1] - The market is anticipating the Federal Open Market Committee (FOMC) meeting, with expectations of a 25 basis point interest rate cut [1] - Some fund managers speculate that the Federal Reserve's actions may be more aggressive than market expectations, with a potential surprise cut of 50 basis points that could accelerate gold price increases [1] Group 3 - The ongoing criticism of the Federal Reserve's independence by the Trump administration, along with inflation driven by tariffs, is leading to signs of stagflation in financial markets [1] - Analysts believe this trend may result in gold replacing the dollar as the primary store of value [1]

尽管降息预期已在市场消化，但一些基金经理认为，美联储的行动可能比市场预期更为激进。如果美联 储意外降息50个基点，金价涨势可能会加速。 随着特朗普政府持续攻击美联储的独立性，以及关税驱动通胀在美国经济中蔓延，金融市场开始显示滞 胀威胁迹象。市场分析人士认为，这一趋势可能导致黄金取代美元成为首要的价值储存手段。 当天12月交割的白银期货价格上涨36.0美分，收于每盎司43.190美元，涨幅为0.84%。 （文章来源：新华财经） 新华财经纽约9月15日电（记者徐静）纽约商品交易所黄金期货市场交投最活跃的2025年12月黄金期价 15日上涨33.1美元，收于每盎司3719.5美元，涨幅为0.90%。 美元指数走弱，原油价格走强利好黄金、白银期价，中美西班牙贸易谈判传出一些利好消息也形成了提 振。 惠誉评级周末将法国政府信用评级从AA-下调至A+，理由是该国公共债务不断上升且政治不稳定。惠 誉警告称，2027年法国总统大选前的准备工作将进一步限制财政整顿的空间。 全球市场正在等待美联储公开市场委员会（FOMC）会议。会议16日开始，17日下午结束，届时美联储 主席杰罗姆·鲍威尔将发表声明并举行新闻发布会。市场预计美联 ...

伦敦金库运营商也报告称，寻求安全存储服务的富豪客户激增，其中IBV国际金库正计划将其保险库容 量扩充一倍。 智通财经APP注意到，根据道琼斯市场数据，黄金正迎来数十年来最强劲的涨势，今年已上涨40%，并 于周一触及每金衡盎司3,682.20美元的历史新高。此轮飙升标志着自1979年以来最急剧的年度涨幅—— 当时对通胀的担忧曾引发全球对贵金属的抢购潮。 与以往危机不同，当前需求是由华盛顿的政策不确定性、对美元的担忧以及地缘政治动荡共同推动的。 美国总统特朗普的贸易政策调整以及与美联储的屡次冲突扰乱了市场，而乌克兰等地的战争持续加剧市 场波动。 从退休人士到对冲基金的投资者纷纷涌入。"诡异似乎成了新常态，"内华达州退休人士肯尼思.帕克今 春将部分投资组合转为黄金，他表示。 西方买家(包括投资交易所交易基金(ETF)的美国投资者)已与各国央行和中国买家共同推动本轮涨势。 黄金ETF的资产自1月以来增长43%，3月和4月资金流入量创下纪录。美联储暗示即将降息更添动力， 使无息黄金比债券更具吸引力。 分析师警告，当前状况类似1970年代末期——当时高通胀与增长放缓(即滞胀)将金价推至历史高 位。"这对黄金是完美环境，" ...

Well, we have closed out the session and uh we're going to have a conversation now with uh Tim Anderson who is the managing director of TJM Investments. Uh as we've seen the Monday close above 6,600 there for the S&P 500. Obviously, you know, a lot of positive catalysts.The market seems to be hanging on to this AI story right now. The expectations for rate cuts. I mean what did you make of the session today particularly as tech continued to rally and saw record highs for the sector.>> This this is very much ...

Core Viewpoint - Gold is positioned favorably between "stagflation" and "recession," with high CPI confirming persistent inflation and rising initial jobless claims reinforcing expectations for interest rate cuts [1] Group 1: Market Conditions - The combination of weak growth, loose policy, and sticky inflation is historically beneficial for gold [1] - Global central banks are continuing to de-dollarize, and frequent geopolitical conflicts are contributing to a favorable outlook for gold prices [1] Group 2: Price Movements - Gold has maintained a strong position above the 5-day moving average, with expectations for a potential breakout to new historical highs if it remains above this level [1] - Recent trading saw gold rebound from 3626, with a target range of 3620-3660, indicating a bullish sentiment [3] Group 3: Technical Analysis - Technical indicators show a bullish trend, with a golden cross on the 2-hour moving average and gold prices breaking through the upper Bollinger band [4] - Key support levels are identified at 3625-33, with a strong bullish stance maintained as long as prices stay above 3600 [4]

Starting with a chart of the 20+ Year US Treasury Bonds ETF (NASDAQ: TLT), we can see that its price cleared the key moving averages and the July 6-month calendar range high.The Leadership indicator is the most important part to watch. Right now, TLT slightly outperforms the benchmark. Should that continue, considering the FOMC policy hits the markets this week, that could be an early warning sign we are about to enter a risk-off environment. Sign up for our FREE newsletter and receive our best trading ...

在4月份，肯尼思·帕克（Kenneth Pack）首次投资了黄金，以保护自己免受他所认为的新一届特朗普政 府的混乱影响，而这场"混乱交易"似乎才刚刚升温。 即使在美股从特朗普"解放日"的混乱中恢复并创下更高点之后，像帕克这样的投资者仍在继续向这种贵 金属投入资金。这位内华达州的退休人员计划继续持有贵金属及相关股票，这些资产占其投资组合的 17%。 他的理由包括特朗普政府那些时断时续的政策推出，有时一天之内就会有数次关税变动。帕克说，"奇 怪似乎已成为新常态。" 一场现代版的"淘金热"正在上演，从好市多的商店过道，到伦敦的地下金库，再到华尔街闪烁的屏幕。 据道琼斯市场数据，今年黄金的价值已飙升39%，其年度价格涨幅有望超过新冠疫情或2007-09年衰退 深渊时期的水平。自1979年以来，这种贵金属的期货价格从未在一年内如此飙升，当时一场全球能源危 机引发了通胀冲击，重创了世界经济。 如今，吸引人们涌向这个最原始的市场避风港的，并非一场金融崩溃。最近金价创纪录的上涨部分源于 白宫，大大小小的投资者正争相保护自己，以应对美国经济及其在世界上的角色的不确定前景。 美国总统特朗普重塑全球贸易的企图已助长了通胀，并搅乱了 ...

Global Markets Strategy 12 September 2025 J P M O R G A N Metals Weekly Gold in 4K coming soon Global Commodities Research Gregory C. Shearer (44-20) 7134-8161 gregory.c.shearer@jpmorgan.com J.P. Morgan Securities plc Jason Hunter (1-212) 270-0034 jason.x.hunter@jpmorgan.com J.P. Morgan Securities LLC Ali A. Ibrahim (44-20) 3493-6438 ali.ibrahim@jpmorgan.com J.P. Morgan Securities plc Ananyashree Gupta (91-22) 6157 3627 ananyashree.gupta@jpmchase.com J.P. Morgan India Private Limited See page 12 for analyst ...

Gold (GC=F) futures opened at $3,692.50 per ounce on Thursday, up 0.3% from Wednesday’s close of $3,681.80. So far in September, gold has gained 5.9%. The price of gold did not respond dramatically to the Federal Reserve’s first interest rate reduction of 2025. The central bank lowered the federal funds rate by 25 basis points and projected two additional rate cuts by year-end. The Fed also updated its Summary of Economic Projections, a report outlining projected inflation, unemployment, and economic grow ...

物价上涨，就业增长停滞，股市却屡创新高，多重信号预警之下，美国民众再度回忆起上世纪70年代的痛苦—— 滞胀。 经季节性调整后，消费者价格指数的同比变动。 数据来源：美国劳工统计局 哥伦比亚大学商学院经济学家布雷特·豪斯（Brett House）指出，今年1月时，经济学家们对未来一年经济衰退的 预期处于3年来最低水平，同时预期经济增长将保持稳健，通胀率将继续下降。然而，这些预期因白宫一系列政策及 其反复无常的执行而被彻底扭转。"我们看到今年余下时间的增长预测被大幅下调，通胀预期则被推高"。 布朗大学经济学家塞布内姆·卡勒姆利-奥兹坎（Sebnem Kalemli-Ozcan）认为，当前滞胀正在酝酿且速度非常慢， 企业正等待合适的时机转嫁关税成本。一旦企业开始看到需求上升，并把更高的成本转嫁给更多消费者，通胀就会随 之而来。 上世纪70年代，通胀持续走高和反复冲击导致通胀预期无法锚定，各央行为控制通胀大幅加息，引发全球经济衰 退及金融危机，许多新兴市场和发展中经济体由此进入长时间的疲弱增长时期。 目前，美国经济虽未真正陷入滞胀，但最新数据显示这一困境正在逼近。9月15日，《卫报》引援多位经济学家 观点指出，经济" ...