1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report The Fed Chair Powell signaled a September rate - cut expectation due to weak employment supply and demand, combined with Trump's continuous pressure or potential replacement of Fed officials, and central banks of many countries around the world continuously buying gold, which may make precious metal prices prone to rise and difficult to fall. It is recommended that investors mainly lay out long positions when prices decline, and pay attention to specific support and pressure levels for different precious metals [1]. 3. Summary by Relevant Catalogs Precious Metal Market Data - **Shanghai Gold**: The closing price was 781.70 yuan/gram, with a change of 12.78 compared to a previous value, and the trading volume, open interest, inventory, and price differences (near - month vs. far - month, spot - to - futures) are also presented [1]. - **Spot Shanghai Gold T + D**: The trading volume was 37,086.00, and the open interest was 11,070.00, with corresponding changes compared to previous values [1]. - **Shanghai Silver**: The closing price of the futures active contract was 9775.00 yuan/ten - gram, with details on trading volume, open interest, inventory, and price differences [1]. - **Spot Shanghai Silver T + D**: The trading volume was 271,534.00, and the open interest was 3,508,944.00, along with corresponding changes [1]. - **COMEX Gold Futures**: The closing price was 3516.10, with information on trading volume, open interest, and inventory in gold - troy ounces [1]. - **International Gold**: The London gold spot price was 3429.15 dollars/ounce, and there were data on SPDR and iShare gold ETF holdings [1]. - **COMEX Silver Futures**: The closing price was 40.75 dollars/ounce, with trading volume, open interest, and inventory data [1]. - **International Silver**: The London silver spot price was 38.80 dollars/ounce, and there were data on US iShare and Canadian PSLV silver ETF holdings [1]. Price Ratios - The ratios of gold to silver prices such as Shanghai futures gold to Shanghai futures silver, New York futures gold to New York futures silver, and London gold spot to London silver spot are provided, along with their changes [1]. Other Commodities and Financial Indicators - **Commodities**: There are closing prices, trading volumes, and changes for INE crude oil, ICE Brent crude oil, NYMEX crude oil, Shanghai copper futures, LME copper spot, Shanghai rebar, and Dalian iron ore [1]. - **Interest Rates**: Shanghai Inter - Bank Offered Rates (SHIBOR) overnight and one - year, US 10 - year Treasury nominal yield, TIPS yield, and break - even inflation rate are presented [1]. - **Exchange Rates**: The US dollar index, US dollar - to - RMB central parity rate, and euro - to - RMB central parity rate are included [1]. - **Stock Indexes**: The Shanghai Composite Index, S&P 500, UK FTSE 100, French CAC40, German DAX, Nikkei 225, and South Korean Composite Index are shown with their closing prices and changes [1]. Macroeconomic and Policy Information - **Eurozone**: In August, the factory output growth reached the strongest level since March 2022, and the new order index expanded at the fastest pace in nearly three and a half years. The German manufacturing FMI final value rose to 49.8, and the French manufacturing PMI rose to 50.4. The ECB President Lagarde said the 2% inflation target has been achieved, and the ECB may cut interest rates at most once before the end of 2025 [1]. - **US**: Import tariffs pushed up commodity prices, causing an increase in the US July PPI and core CPI year - on - year rates. Fed Chair Powell signaled a September rate - cut expectation due to weak employment supply and demand, but attention should be paid to the US August non - farm payrolls and CPI on September 5th and 11th [1]. - **UK**: The Bank of England cut the key interest rate by 25 basis points to 4.0% in August, continued to reduce 100 billion pounds of government bonds from October 2024 to September 2025, and may slow down the balance - sheet reduction. It may cut interest rates at most once before the end of 2025 [1]. - **Japan**: The Bank of Japan kept the benchmark interest rate unchanged at 0.5% in July and will reduce the quarterly government bond purchase scale from 400 billion to 200 billion yen starting from April 2026. There is still an expectation of an interest - rate hike before the end of 2025, possibly as early as October [1].

Group 1 - The U.S. Treasury Secretary stated that the Federal Reserve is currently independent and should remain so [3] - The European Central Bank President announced that the 2% inflation target has been achieved and necessary measures will continue to ensure inflation control and price stability [3] - Eurozone manufacturing PMI reached its highest point in over three years, marking the first expansion since mid-2022 [4] Group 2 - Eurozone unemployment rate fell to 6.2%, with a decrease of 170,000 unemployed individuals [5] - The UK manufacturing PMI dropped to 47, remaining in contraction for the 11th consecutive month [6] Group 3 - Japan's manufacturing sector reported a 11.5% year-on-year decrease in operating profit, totaling 11.27 trillion yen, with significant declines in transportation machinery [7] - South Korea's exports in August increased by 1.3% year-on-year, marking the third consecutive month of growth, with semiconductor exports surging by 27.1% [7]

Group 1 - The European Central Bank (ECB) has achieved its inflation target of 2%, as stated by President Lagarde, indicating a commitment to maintaining price stability [1] - The ECB's stance is becoming more robust, with officials expressing that inflation risks are "generally balanced" and signaling an end to the easing cycle [2] - Market expectations for further easing by the ECB are cooling, with investors anticipating that the ECB will maintain current interest rates in the upcoming meeting [2] Group 2 - Lagarde raised concerns about the independence of the Federal Reserve, warning that if former President Trump were to gain control, it could pose serious risks to both the U.S. and global economies [3] - She highlighted Trump's unprecedented attacks on the Fed, emphasizing the importance of monetary policy for maintaining price stability and optimal employment in the U.S. [3] - The potential loss of autonomy for the Fed could lead to significant instability in the U.S. economy, which would have global repercussions [3]

Core Viewpoint - The potential dismissal of Federal Reserve Governor Lisa Cook by President Trump signifies a significant shift in the traditionally independent institution, aiming to exert political influence over monetary policy [1][5][9]. Summary by Relevant Sections Federal Reserve's Independence - Trump's actions are perceived as a threat to the independence of the Federal Reserve, which has historically operated free from political pressure to ensure effective monetary policy [1][9][13]. - Legal scholars and financial experts warn that undermining the Fed's independence could lead to long-term economic damage and loss of credibility [1][9]. Impact on Monetary Policy - If Trump successfully reshapes the Federal Reserve Board, he could gain control over critical economic levers, including interest rates and bank regulations [3][4]. - The Federal Reserve Board has the authority to set the discount rate and reserve requirements, which are essential for managing the economy [3]. Political Implications - Trump's intention to influence the Fed is seen as an attempt to make it a "rubber stamp" for presidential policy, raising concerns about future political interference in monetary decisions [5][9]. - Critics argue that this could lead to economic instability similar to that experienced in countries with authoritarian regimes [5]. Current Composition and Future Outlook - Currently, two members of the Federal Reserve Board were appointed by Trump, with potential for more vacancies, which could further his agenda [9][10]. - However, the expectation that appointed members will automatically align with Trump's views is challenged by their demonstrated independence [10][11]. Broader Economic Consequences - Analysts suggest that if Trump's influence over the Fed increases, it could lead to a departure from established monetary practices, significantly impacting markets and economic stability [11][12].

投资咨询系列报告 山金期货贵金属策略报告 更新时间：2025年08月28日16时49分 一、黄金 报告导读： 今日贵金属震荡偏强，沪金主力收涨0.21%，沪银主力收涨0.56%。①核心逻辑，短期贸易协议分批达成，避险需求回落；美国经 济滞涨风险增加，就业走弱通胀温和，联储降息预期反弹。②避险属性方面，特朗普试图解雇美联储理事库克，引发外界担忧美联 储的独立性。白宫官员称特朗普已签署行政令，美中关税休战期再延90天。③货币属性方面，鲍威尔暗示美联储可能需要降息， 但将谨慎行事。鲍威尔宣布美联储最新政策框架，回归灵活通胀目标。美国最新企业设备支出彰显韧性，但消费者对劳动力市场的 信心不断恶化。目前市场预期美联储9月降息概率从非农前40%左右快速飙升至80%以上，且年内降息次数预期从1次涨至2到3次 。美元指数和美债收益率承压回落；④商品属性方面，CRB商品指数反弹承压，人民币偏强压制国内价格。⑤预计贵金属短期震荡 偏强，中期高位震荡，长期阶梯上行。 | 数据类别 | 指标 | 单位 | 最新 | 较上日 | | 较上周/前值 | | | --- | --- | --- | --- | --- | --- | -- ...

Group 1 - The core recommendation from Citigroup's core strategy team is for investors to add small positions to their existing holdings, specifically to short U.S. long-term Treasuries and the U.S. dollar exchange rate [1][3] - The strategy team, led by Adam Pictet and Dirk Weller, anticipates that the yield on 30-year Treasury futures will lag behind that of 5-year contracts, driven by concerns over long-term inflation and potential loss of Federal Reserve independence [3] - Following Trump's dismissal of Federal Reserve Governor Lisa Cook, the spread between 30-year and 5-year Treasuries widened to its highest level since 2001, indicating increased market concerns [3] Group 2 - Despite the risks to the Federal Reserve's independence, the U.S. dollar has not significantly weakened, attributed to market concerns over France's fiscal deficit and debt sustainability, which temporarily suppresses capital flow into the Eurozone [4] - The Eurozone's monetary policy framework remains stable, suggesting that once the short-term support for the dollar dissipates, there is significant potential for the Euro to appreciate against the dollar [4]

Group 1 - The core viewpoint of the article emphasizes that Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole global central bank conference signals a potential shift towards a more accommodative monetary policy in response to rising unemployment risks and economic recession concerns [1][3][4] - Powell highlighted the current focus on the labor market rather than inflation, indicating that the Fed may prioritize easing monetary policy to address potential job losses, as evidenced by the July non-farm payroll data [1][2] - The market reacted positively to Powell's speech, with a notable rise in U.S. stock prices and a decline in the dollar index, suggesting increasing expectations for an interest rate cut [3] Group 2 - Powell's reference to the Fed's long-term goal of achieving a 2% average inflation target indicates a willingness to tolerate inflation above this level for a period, contrasting with previous commitments to strictly maintain the 2% target [2] - The upcoming non-farm payroll and inflation data releases on September 5 and 11 are expected to be critical in determining the timing of any interest rate cuts, with a high probability of a shift towards a more lenient monetary policy [3] - The current economic environment presents significant challenges for Powell, akin to those faced by past Fed chairs, as he navigates the complexities of monetary policy amid external pressures and economic uncertainties [4]

Group 1 - President Trump has called for a reshuffle of the Federal Reserve Board, threatening to dismiss member Lisa Cook if she does not resign voluntarily [1][2][4] - Trump has publicly criticized Cook for alleged issues related to her mortgage holdings in Michigan and Georgia, prompting calls for an investigation [2][3] - Cook, who became the first Black woman to serve on the Federal Reserve Board in May 2022, has stated she will not resign under pressure and is gathering information to address concerns about her financial history [3] Group 2 - Federal Reserve Chairman Jerome Powell hinted at the possibility of interest rate cuts, citing rising risks in the U.S. job market and economic growth [1][5] - Powell noted that while inflation risks remain, the Fed may need to adjust its policy stance in light of changing economic conditions [5][6] - Following Powell's remarks, traders increased bets on a rate cut in September, with a 91.1% probability of a 25 basis point cut being priced in [6]

Group 1 - President Trump has called for a reshuffle of the Federal Reserve Board, threatening to dismiss member Lisa Cook if she does not resign voluntarily [1][2][3] - Lisa Cook, the first Black woman to serve on the Federal Reserve Board, has stated she will not resign under pressure and is preparing to address questions regarding her financial history [2] - The Federal Reserve Board consists of seven members, with appointments made by the President and confirmed by the Senate; currently, there are ongoing efforts to increase the number of Trump-appointed members [2][3] Group 2 - Federal Reserve Chairman Jerome Powell indicated a potential interest rate cut, citing rising risks to the U.S. job market and economic growth [4][5] - Powell noted that while inflation risks remain, the Fed may consider lowering rates in the coming months, with a significant probability of a rate cut in September [5][6] - Following Powell's remarks, U.S. stock markets surged, with the Dow Jones Industrial Average reaching a new high, as traders increased bets on rate cuts [6]

Group 1 - President Trump has intensified pressure on the Federal Reserve Board, specifically targeting Governor Lisa Cook, threatening her dismissal if she does not resign voluntarily [2][4][6] - Cook has publicly stated her intention to remain in her position despite the threats, emphasizing her commitment to addressing any inquiries regarding her financial history [5] - The Federal Reserve Board consists of seven members, with Trump having appointed several during his first term, aiming to create more vacancies to secure a majority for his appointees [4][6] Group 2 - Federal Reserve Chairman Jerome Powell hinted at the possibility of interest rate cuts, citing rising risks in the labor market and economic growth [8][9] - Powell noted that while inflation risks remain, the Fed is open to adjusting its policy stance in response to changing economic conditions [9] - Following Powell's remarks, market expectations for a rate cut in September surged, with a 91.1% probability of a 25 basis point cut being priced in [9]