Report Industry Investment Rating - Not provided in the report Core Viewpoints - Precious metals may face short - term significant corrections in January next year due to the Fed's "holding steady", but this does not mean the end of the current gold and silver upward cycle [2] - The Trump administration has the motivation to further loosen fiscal policy under the pressure of the mid - term elections, and the Fed will enter a new and more aggressive interest - rate cut cycle after Powell officially leaves office [2] - Currently, the short - term prices of gold and silver have fully reflected the expectations of monetary and fiscal policies. It is recommended to maintain a wait - and - see attitude in the context of large price fluctuations, and not to open new long or short positions, while being aware of the risk of price surges followed by declines [2] Summary by Related Content Market Quotes and Data - On January 8, 2026, Shanghai gold fell 0.31% to 1002.20 yuan/gram, and Shanghai silver fell 2.99% to 19020.00 yuan/kilogram. COMEX gold was reported at 4470.40 US dollars/ounce, and COMEX silver was reported at 78.45 US dollars/ounce. The US 10 - year Treasury yield was 4.15%, and the US dollar index was 98.73 [1] - The global major silver ETF holdings continued to decline. The SLV silver ETF holdings decreased by 235.4 tons yesterday and another 18.33 tons today. The BCOM commodity index rebalancing time is approaching, and major exchanges have raised margin levels, leading the market to focus on the risk of silver price decline from high levels [1] - The US employment data released yesterday was all weaker than expected. The number of ADP employed people in December was 41,000, lower than the expected 47,000. The number of JOLTS job openings in November was 7.146 million, significantly lower than the expected 7.6 million and the previous value of 7.67 million. After the data release, the upward range of gold and silver prices was limited [1] Price and Volume Data of Gold - COMEX gold's closing price (active contract) on January 7, 2026, was 4467.10 US dollars/ounce, down 0.86% from the previous day, and its trading volume increased by 17.87% to 197,100 lots, while the position decreased by 2.08% to 481,900 lots, and the inventory remained unchanged at 1132 tons [5] - LBMA gold's closing price on January 7, 2026, was 4438.00 US dollars/ounce, down 1.17% from the previous day [5] - SHFE gold's closing price (active contract) on January 7, 2026, was 998.90 yuan/gram, down 0.60% from the previous day, the trading volume increased by 5.79% to 3.26 million lots, the position decreased by 0.68% to 3.163 million lots, the inventory decreased by 0.05% to 97.65 tons, and the settled funds flowed out by 1.28% to 50.555 billion yuan [5] - AuT + D's trading volume on January 7, 2026, was 63.13 tons, up 42.67% from the previous day, and the position decreased by 3.98% to 190.92 tons [5] Price and Volume Data of Silver - COMEX silver's closing price (active contract) on January 7, 2026, was 77.98 US dollars/ounce, down 3.99% from the previous day, the position increased by 1.08% to 157,400 lots, and the inventory decreased by 0.77% to 13,864 tons [5] - LBMA silver's closing price on January 7, 2026, was 78.99 US dollars/ounce, up 0.65% from the previous day [5] - SHFE silver's closing price (active contract) on January 7, 2026, was 19,290.00 yuan/kilogram, down 0.83% from the previous day, the trading volume increased by 12.02% to 32.443 million lots, the position decreased by 1.08% to 6.752 million lots, the inventory decreased by 4.82% to 553.43 tons, and the settled funds flowed out by 1.90% to 35.166 billion yuan [5] - AgT + D's trading volume on January 7, 2026, was 823.59 tons, down 6.05% from the previous day, and the position increased by 1.33% to 3,033,278 tons [5] Price Structure and Spread Data - The report provides data on the near - far month structure of COMEX gold, London gold - COMEX gold, Shanghai gold, Au(T + D) - Shanghai gold, COMEX silver, London silver - COMEX silver, Shanghai silver, and Ag(T + D) - Shanghai silver [20][21][33][35] - On January 7, 2026, the SHFE - COMEX gold spread was - 2.72 yuan/gram (- 12.10 US dollars/ounce), and the SGE - LBMA gold spread was - 1.96 yuan/gram (- 8.72 US dollars/ounce). The SHFE - COMEX silver spread was 1835.33 yuan/kilogram (8.16 US dollars/ounce), and the data of the SGE - LBMA silver spread was also provided [49]

Core Viewpoint - The precious metals market experienced a significant downturn, with major declines in prices following a period of strong performance, raising concerns about future trends and market stability [1][3][19]. Price Movements - On December 30, domestic precious metal futures saw widespread declines, with silver down nearly 7% and gold down nearly 4% [1][16]. - The London gold price fell sharply by $205, a decrease of 4.52%, while silver experienced a drop exceeding 10% [5][19]. - Platinum and palladium saw even steeper declines, with prices plummeting around 15% [5][19]. Market Dynamics - The market reversal was attributed to several factors, including technical corrections, profit-taking by investors, and new policies from exchanges that increased margin requirements by over 10% for various metals [12][28]. - The recent surge in precious metal prices had led to a speculative bubble, which was punctured by the sudden sell-off [22][28]. Investor Sentiment - Analysts suggest that the recent downturn may be a temporary correction within a broader upward trend for precious metals, although there are concerns about potential further declines if selling pressure continues [29][30]. - UBS indicated that short-term risks in precious metal trading have increased, particularly as liquidity tends to be lower at year-end, complicating market interpretations [29][30]. Future Outlook - Some analysts believe that the macroeconomic environment remains favorable for precious metals, with expectations of continued upward pressure on prices due to a weakening dollar and ongoing inflation concerns [29][30]. - Citic Futures highlighted the need for caution regarding short-term risks, particularly in the silver market, which has shown increased volatility after significant price increases [30].

Group 1 - The core viewpoint of the articles highlights the significant fluctuations in precious metal prices, particularly silver and gold, driven by geopolitical tensions, a weakening dollar, and low market liquidity [1][2] - Silver prices surged approximately 180% this year, influenced by rising geopolitical risks and expectations of further interest rate cuts by the Federal Reserve in 2026, which have bolstered demand for safe-haven assets [1] - The global silver market has been in a structural deficit for five consecutive years, leading to concerns over supply shortages as physical inventories are rapidly depleting [1] Group 2 - UBS emphasizes that short-term risks in precious metal trading have increased, particularly as gold prices reach new highs, which may lead to profit-taking by short-term investors [2] - The Shanghai Futures Exchange issued notifications to alert the market about risk control measures and adjustments to margin requirements and price limits during the New Year period, aiming to maintain market stability and encourage rational participation from investors [2]

Core Viewpoint - Spot gold prices turned negative after previously rising over 1% while spot silver's gains narrowed to 2% after peaking at over 5% [1] Group 1 - Spot gold experienced a decline after an initial increase of more than 1% [1] - Spot silver's increase reduced to 2% from a prior rise exceeding 5% [1]

Core Viewpoint - The article highlights a significant surge in the spot silver market, with prices rapidly breaking through the $82 per ounce mark, indicating strong market momentum and investor interest in precious metals [1]. Group 1: Market Performance - Spot silver opened with a violent increase, reaching a price of $82.35 per ounce, reflecting a rise of $1.61 or 9.50% [1]. - Spot gold is priced at $4541.03, showing an increase of $6.54 or 0.64% [1]. - Spot platinum has also seen a rise, currently at $2465.00, with an increase of $17.40 or 3.23% [1].

Group 1 - The core viewpoint of the articles highlights the significant increase in gold and silver prices, prompting major international banks to expand their precious metals trading and logistics capabilities to capitalize on the opportunity [1][2] - The international spot gold price surpassed $4500 per ounce on October 24, marking a historic high, and the precious metals trading revenue for 12 leading banks reached approximately $1.4 billion in the first nine months of this year [1] - The year 2025 is projected to be the second most profitable year for gold trading on record, following 2020, indicating a strong market interest in precious metals [1] - Major banks, including Societe Generale, Morgan Stanley, and Mitsui, have expanded their precious metals teams this year, reflecting a renewed interest in the sector [1] - The perception of owning vaults has shifted from being seen as a dull and low-profit business to a lucrative opportunity, with some banks, including Citigroup, considering opening vaults [1] Group 2 - JPMorgan Chase's relocation of its precious metals trading department to Singapore has shocked the industry, indicating a broader shift in international finance where Asian markets are increasingly challenging Western dominance [2] - Gold has significantly outperformed Bitcoin this year, with gold prices rising by 70% in USD terms, while Bitcoin has seen a decline of 6% [2] - The divergence in the performance of gold and Bitcoin became evident in October, when Bitcoin experienced a rapid sell-off and failed to rebound, leading to a loss of over $1 trillion in the entire cryptocurrency market within six weeks [2]

Group 1 - The core viewpoint of the article highlights that international banks are expanding their precious metals trading departments and logistics capabilities to capitalize on the rising prices of gold and silver, which have reached historic highs [1][6] - The international spot gold price surpassed $4,500 per ounce on December 24, marking a record high [1] - Precious metals trading revenue for 12 leading banks is approximately $1.4 billion for the first nine months of the year, positioning 2025 to potentially be the second most profitable year for gold trading on record, following 2020 [6] Group 2 - Major banks, including Societe Generale, Morgan Stanley, and Mitsui, have expanded their precious metals teams this year, indicating a renewed interest in the sector [6] - Some banks that previously closed their precious metals trading departments are now re-entering the market, reflecting a significant shift in the financial landscape [6] - The performance of gold has significantly outpaced that of Bitcoin, with gold prices increasing by 70% this year, while Bitcoin has seen a decline of 6% [7]

Core Viewpoint - The surge in gold and silver prices has prompted major international banks to expand their precious metals trading and logistics capabilities to capitalize on the profitable market [1] Group 1: Market Dynamics - Physical gold trading and storage, previously quiet, has become one of the most lucrative businesses in finance [1] - On December 24, the international spot gold price surpassed $4,500 per ounce, setting a new historical high [1] Group 2: Financial Performance - According to data from the Indian analytics firm "Crisil Greenwich Alliance," the precious metals trading revenue for 12 leading banks reached approximately $1.4 billion in the first nine months of this year [1] - The year 2025 is projected to be the second most profitable year for gold trading on record, following 2020 [1]

Core Viewpoint - The spot palladium price increased by over 4.00% on December 24, reaching $1933.49 per ounce [2][4] Group 1 - The significant rise in palladium price indicates strong market activity and potential investor interest [2][4] - The current price of palladium reflects a notable increase, suggesting a bullish trend in the precious metals market [2][4]

Core Viewpoint - The prices of platinum and palladium have seen significant increases, with platinum rising by 7.49% to $2122.57 per ounce and palladium increasing by 3.50% to $1773.59 per ounce [1] Group 1 - Platinum price increased by 7.49% [1] - Current price of platinum is $2122.57 per ounce [1] - Palladium price increased by 3.50% [1] Group 2 - Current price of palladium is $1773.59 per ounce [1]