Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View of the Report - The short - term tops of gold and silver formed last week are confirmed. COMEX gold broke below $4000 per ounce this week, rebounded above $4000 on the 29th, and investors should wait for stabilization and stay on the sidelines [2]. 3. Summary by Relevant Content Market Performance - COMEX gold futures fell 1.04% to $3941.7 per ounce, and COMEX silver futures fell 0.1% to $47.275 per ounce. Shanghai gold rose 0.69% to 910.92 yuan per gram, and Shanghai silver rose 0.64% to 11265 yuan per kilogram [1]. Important Information - As of October 29, the holdings of the world's largest gold ETF, SPDR Gold Trust, decreased by 2.87 tons to 1036.05 tons, and the holdings of the world's largest silver ETF, iShares Silver Trust, remained unchanged at 15209.57 tons [1]. - On the 28th, after Hamas fired on Israeli troops in the Gaza Strip, Israeli Prime Minister Netanyahu instructed the Israeli army to launch a strong strike on the Gaza Strip. On the 29th, the Israeli army resumed the cease - fire agreement after the attack [1]. - Chinese President will meet with the US President in Busan, South Korea on October 30 to exchange views on China - US relations and common concerns [1]. - The Fed announced a 25 - basis - point cut in the federal funds target rate to 3.75% - 4.00%, ending the balance - sheet reduction from December 1. Fed Chair Powell said a further rate cut in December is "far from a foregone conclusion" [1]. Market Logic - The news of the China - US summit on the 30th is conducive to easing global trade tensions. The resumption of firing between Israel and Hamas on the 28th may trigger risk - aversion sentiment. The US government shutdown continues. Technical factors and profit - taking led to the sharp decline of COMEX gold and silver last week, followed by a short - term stabilization. COMEX gold broke below $4000 per ounce this week, and silver also pulled back [1]. Trading Strategy - Wait for gold and silver to stabilize and stay on the sidelines as the short - term tops are confirmed and COMEX gold broke below $4000 per ounce this week [2].

Market Performance - US stocks ended higher on October 28, supported by upbeat corporate earnings and improved investor sentiment amid easing trade tensions [1] - The Dow Jones Industrial Average rose 0.34%, or 161 points, to 47,706, hitting a new record close [1] - The broader S&P 500 gained 0.23%, or 15 points, to 6,890, also ending at a record high after surpassing 6,900 earlier in the session [2] - The Nasdaq Composite advanced 0.80%, or 190 points, to 23,827, witnessing a record close as well, boosted by a 4.98% jump in Nvidia shares to $201.03 [3] Company Performance - Wall Street was boosted by a jump in shares of United Parcel Service (UPS) by 8% to $96.36, Wayfair by 23.22% to $106.52, and PayPal by 3.92% to $73 after these companies reported better-than-expected financial results [4]

Core Viewpoint - The gold market experienced significant volatility, with prices dropping below 4000 and then rebounding, indicating a potential for further fluctuations around key resistance levels [1][3]. Market Performance - Gold prices fell sharply, losing over 130 USD and dropping below 3900, before staging a rebound [1]. - Following a dramatic drop, gold saw a recovery of nearly 100 USD, reaching around 3980, with expectations for further upward movement towards 4000 [3]. - After four months of gains, gold ended August in a consolidation phase, followed by a sharp upward trend in September and October, culminating in a historical high before the recent decline [3]. Influencing Factors - The easing of trade tensions, particularly between the US and China, has contributed to the decline in gold prices, with positive developments in trade negotiations and tariff reductions [5]. - Geopolitical risks have escalated due to renewed conflict in Gaza, which may influence gold's price movements [5]. - The anticipation of a Federal Reserve interest rate cut of 25 basis points is expected to impact market dynamics, with a focus on the upcoming statements from Fed Chairman Powell [6]. Investment Strategy - Investors are advised to monitor key price levels, with potential short-selling opportunities around 4000 and 4050, while also considering buying opportunities near support levels of 3945 and 3900 [3][6]. - Emphasis is placed on the importance of entry and exit points in trading, as well as risk management to maximize profit potential [6].

Core Viewpoint - Regional integration is essential for consolidating sustainable economic growth in Asia, especially in the context of trade tensions [1][2] Group 1: Economic Growth Projections - The IMF forecasts that Asia will grow by 4.5% in 2025 and 4.1% in 2026, with an upward revision from April's predictions due to strong export performance and supportive macroeconomic policies [1][2] - Asia is expected to contribute approximately 60% to global economic growth over the next two years, reinforcing its position as the largest growth engine globally [2] Group 2: Factors Supporting Growth - Key factors supporting the growth include lower overall tariff levels compared to previous forecasts, strong export performance, and favorable financial conditions across the region [1] - The need for targeted fiscal support for impacted industries and individuals, along with accommodative monetary policies in the context of low inflation, is emphasized to further stimulate the economy [2] Group 3: Regional Integration and Internal Demand - The report highlights that only about 30% of Asia's demand for final products comes from within the region, indicating significant potential for increased regional integration [2] - Strengthening regional integration can create larger markets for intermediate and final products, thereby enhancing sustainable growth prospects for Asia [2] Group 4: U.S.-China Cooperation - The cooperation between the U.S. and China, as the two largest economies, is crucial for global benefits, particularly in terms of demand for goods, including intermediate products [2]

Core Insights - The IMF's Asia-Pacific director emphasizes the need for regional integration among Asian economies amid trade tensions [1] - The IMF forecasts a growth of 4.5% for Asia in 2025 and 4.1% in 2026, indicating a stronger-than-expected economic outlook [1] Economic Factors - Strong "tailwinds" contributing to faster growth include lower tariff levels compared to April predictions and robust export performance [1] - Macro policies, including fiscal and monetary support, have been implemented across the region, with some countries applying both types of policies [1] - The financial environment in the region is described as very favorable, further supporting economic growth [1]

Group 1 - Global financial markets exhibited volatility, with international gold prices significantly declining and Asian stock markets slowing down after recent gains [1][3] - On October 28, spot gold prices fell by 2.7% to $4002.29 per ounce, reaching a three-week low of $3970.81 during the session; December gold futures dropped by 2.9% to $4019.70 per ounce [1] - Analysts noted that expectations of easing trade tensions reduced demand for safe-haven assets, with High Ridge Futures indicating that the likelihood of a trade agreement diminished gold's appeal [1][3] Group 2 - Despite most experts maintaining a long-term bullish outlook for gold prices, predicting a rise to $5000 per ounce, some institutions like Capital Economics issued warnings of further correction risks, lowering their 2026 year-end forecast to $3500 per ounce [3] - The recent surge in gold prices was attributed more to market psychology than fundamental support, according to Capital Economics [3] - Asian stock markets paused their upward momentum, with the MSCI Asia-Pacific (excluding Japan) index down by 0.1%, and the Nikkei index slightly declining by 0.2% after a 2.5% rise in the previous session [3] Group 3 - Investors are anticipating a series of earnings reports from major tech companies, which are expected to provide upward momentum for the market [3] - Qualcomm's stock performed well, rising by 11% due to the launch of two new AI processors for data centers [3] - The upcoming Federal Reserve monetary policy decision is highly anticipated, with market expectations for a 0.25 percentage point rate cut exceeding 97% [3][5] Group 4 - The 10-year U.S. Treasury yield remained stable around 3.98% ahead of the Federal Reserve meeting [5] - Other major economies are expected to adopt varying monetary policies, with the Bank of Canada likely to implement easing measures, while Japan and Europe are expected to maintain their current stances [5] - The oil market experienced slight declines, influenced by OPEC+ members considering production increases to support Saudi Arabia's market share, with Brent crude closing at $65.46 per barrel and West Texas Intermediate at $61.17 per barrel [5]

Group 1 - In September, the number of affordable electric vehicles available to European consumers increased, leading to a third consecutive month of growth in car sales, with new registrations rising by 11% year-on-year to 1.24 million units [1] - Sales of fully electric and plug-in hybrid vehicles grew by one-third, driven by strong demand for more affordable models like the Skoda Elroq and Renault R5 [1] - Major markets in Europe, including the UK and Germany, saw increases in car deliveries of 14% and 13% respectively [1] Group 2 - Despite improvements in electric vehicle sales, automakers are still facing challenges with lower-than-expected sales, particularly for higher-priced battery-powered models [4] - The EU's plan to phase out the sale of new fuel vehicles by 2035 faces uncertainty, which hinders the adoption of electric vehicles [4] - The overall increase in sales provides some relief for German manufacturers like BMW, Volkswagen, and Mercedes-Benz, who are struggling in the Chinese market against local competitors [4] Group 3 - In the UK, September saw a significant increase in car registrations, typically a peak sales month due to the issuance of new license plates [8] - Plug-in hybrid vehicle deliveries surged by 62%, while fully electric vehicle sales increased by 22%, together accounting for nearly one-third of total registrations in the region [8] - Among major manufacturers, Stellantis and Renault performed best, while Tesla's sales declined by 10%, resulting in a market share of only 3.2% [8] Group 4 - Automakers and suppliers are urgently seeking alternatives to chips produced by Nexperia, which has become a focal point in the political deadlock [5] - Upcoming meetings between US and Chinese leaders may yield positive outcomes to ease trade tensions, although core issues remain unresolved [5]

Group 1 - President Trump announced the termination of all trade negotiations with Canada due to a misleading advertisement that used a video of former President Reagan to oppose tariffs [1][4] - The advertisement cost $75 million and was part of a campaign by the Ontario provincial government to promote its tariff policy and counter Trump's stance [1][4] - The termination of negotiations may escalate the ongoing trade tensions between the U.S. and Canada, which have been intensifying for months [5] Group 2 - Just days before the announcement, reports indicated that the U.S. and Canada had reached an agreement on steel, aluminum, and energy trade, with plans for leaders to sign the agreement at the upcoming APEC summit [5] - Canadian Prime Minister Carney had previously visited Washington to ease trade tensions and claimed to have reached a consensus with Trump regarding steel and aluminum trade [5] - Trump's hardline stance towards Canada is partly influenced by domestic legal challenges surrounding his tariff policies, with the Supreme Court set to hear arguments on the legality of these tariffs [5][6] Group 3 - In response to escalating trade pressures, Canada is actively seeking to reduce its economic dependence on the U.S., with plans to double exports to non-U.S. markets over the next decade [9] - Carney acknowledged that the nature of trade relations with the U.S. is changing, citing a more turbulent and competitive global economic environment [9] - The Canadian government has initiated a list of key national projects aimed at boosting the economy and reducing reliance on the U.S., although Carney admitted that this economic transformation will take time and sacrifices [11] Group 4 - Trump's tariffs have already impacted the Canadian economy, particularly in the automotive sector, leading to rising pessimism about economic growth among Canadians [11] - More than half of Canadians believe the economy will weaken in the next six months, and policymakers have reported concerning forecasts from steel and aluminum exporters, who have experienced significant layoffs due to tariffs [11]

Group 1 - Dow futures experienced a slight decline as investors reacted to mixed corporate earnings and macroeconomic challenges [1] - IBM's earnings negatively impacted the market sentiment early in the trading session [1] - Oil prices surged following the introduction of new restrictions on Russian exports by the US and EU [1] Group 2 - Heightened trade tensions between the US and China contributed to the overall market uncertainty [1] - New energy-related sanctions on Russia added to the macroeconomic headwinds faced by investors [1]

Market Overview - The three major indices in the U.S. collectively declined, with the Nasdaq leading the drop at nearly 1% as trade tensions escalated [1] - The Dow Jones Industrial Average closed down 0.71% at 46,590.41 points, while the S&P 500 fell 0.53% to 6,699.40 points, and the Nasdaq Composite dropped 0.93% to 22,740.40 points [1] Company Performance - The previous trading day saw the Dow reach a record high, briefly surpassing 47,000 points, primarily driven by strong performances from Coca-Cola and 3M [2] - Major tech stocks mostly declined, with Nvidia down 0.49%, Apple down 1.64%, and Amazon down 1.84%. In contrast, Microsoft rose 0.56%, and Google increased by 0.49% [2] - Chinese concept stocks also experienced a downturn, with the Nasdaq Golden Dragon China Index falling 0.93%. Notable declines included Alibaba down 0.49%, JD.com down 1.13%, and Baidu down 1.77% [2] Gold Market Insights - Gold prices experienced a significant drop, with a 6.3% decline marking the largest single-day drop since 2013. This was attributed to concerns over the rapid previous price increases [3] - Despite recent declines, gold prices have risen over 50% year-to-date, largely due to a surge in retail investors entering gold-backed ETFs, which have reached their highest holdings in three years at 98.9 million ounces [3] - The current gold price increase differs from earlier in the year, as central bank participation has been absent since September, indicating a shift in market dynamics [3] Economic Impact of Government Shutdown - The U.S. federal government shutdown has reached its 22nd day, becoming the second-longest in history, surpassing the 1995-1996 shutdown [5] - Economic analysts estimate that each week of shutdown could reduce annual economic growth by 0.1-0.2 percentage points, with visible impacts such as increased demand for food assistance among furloughed government employees [5][6] - The shutdown is expected to worsen in the coming days, with federal employees facing complete salary stoppages, and potential risks to military pay and federal food assistance funding [6]