Report Summary 1. Report Industry Investment Rating There is no information regarding the industry investment rating in the provided content. 2. Core Viewpoints of the Report - In the short - term, the weak US non - farm payroll data but unexpected growth in employment wages have cooled the Fed's interest rate cut expectations, which has pressured precious metals. However, the LA riots caused by ICE's arrest of illegal immigrants and the short - term improvement in international trade situation have provided support for precious metals. The inflow of investment funds into the silver market has driven up silver prices, but the mid - term growth of the global economy and silver's industrial demand are still weak, so the purely capital - driven rise may not be sustainable. Gold's safe - haven demand has been greatly boosted, with increased volatility but a good mid - line upward trend. Investors are advised to maintain a long - position mindset and participate in trading with medium - low positions [4]. - In the mid - term, Trump's equal - tariff measures in April triggered a global financial market tsunami and accelerated the restructuring of the global economic and trade system. Multiple safe - haven demands drove the gold price to soar. Although the gold price has corrected from its high, the medium - term upward trend remains good. The factors driving the gold price up in the long and medium terms will continue to exist, but the short - term surge in the gold price and its high price - to - earnings ratio also mean significantly increased volatility. Investors are advised to maintain a long - position mindset and participate in trading with medium - low positions. Traders with a short - position mindset can consider the "long gold, short silver" arbitrage trade [6]. 3. Summary by Relevant Catalogs 3.1 Precious Metals Market Conditions and Outlook - **Intraday Market**: The weak US non - farm payroll data and unexpected wage growth cooled the Fed's interest rate cut expectations, pressuring precious metals. The LA riots and short - term improvement in international trade situation supported precious metals. Investment funds flowed into the silver market, driving up silver prices, but the mid - term growth of the global economy and silver's industrial demand are weak. Gold's safe - haven demand was boosted, with increased volatility but a good mid - line upward trend [4]. - **Mid - term Market**: Trump's equal - tariff measures in April drove the gold price to soar. After a high - level correction, the medium - term upward trend remains good. The long - and medium - term factors driving the gold price up will continue to exist, but the short - term surge and high price - to - earnings ratio lead to increased volatility. Investment suggestions are provided for different types of traders [6]. 3.2 Precious Metals Market - Related Charts The report presents multiple charts, including Shanghai gold and silver futures indices, London gold and silver spot prices, the basis of Shanghai futures indices against Shanghai gold TD, gold and silver ETF holdings, the gold - silver ratio, and the correlation between London gold and other assets, with data sourced from Wind and the research and development department of Jianxin Futures [8][10][12]. 3.3 Main Macroeconomic Events/Data - The US California National Guard was deployed to LA to quell protests over the arrest of illegal immigrants, leading to conflicts with protesters. There are disputes between Trump and the California governor over this deployment [18]. - China's Ministry of Commerce stated that it is reviewing rare - earth related export license applications, and has approved a certain number of compliant applications and will continue to strengthen the approval work. Some temporary export licenses have been issued to rare - earth suppliers of certain US companies [18]. - US non - farm payrolls increased by 139,000 in May, with slow employment growth but steady wage increases. The uncertainty of Trump's tariff policy has affected corporate planning, and the financial market has adjusted its bets on the Fed's interest rate cuts [19]. - The US has suspended the licenses of nuclear equipment suppliers to sell products to Chinese nuclear power plants [19]. - The US Treasury has imposed sanctions on more than 30 individuals and entities related to Iran for money - laundering through the global financial system [19].

Report Summary 1. Report Industry Investment Rating There is no information provided about the report industry investment rating in the given content. 2. Report Core Viewpoints - Gold: In the short - term, it is expected to be volatile and weak; in the medium - term, it is expected to be volatile. The recommended strategy is to wait and see. The core logic is that the Sino - US relations tend to ease, causing the gold price to rise and then fall with significant upward resistance. Also, the decline in the gold - silver ratio since June indicates a cooling of market risk - aversion demand, and it is expected that the gold - silver ratio will continue to weaken [1][3]. - Nickel: In the short - term, it is expected to rise; in the medium - term, it is expected to be volatile. The recommended strategy is to be bullish in the short - term. The core logic is that the macro - atmosphere has improved, which is beneficial to the nickel price. Although the industry has long - term pressure, it is neutral in the short - term. Technically, the nickel price has support at the 122,000 level and is expected to continue to rebound [1][5]. 3. Summary by Variety Gold - Short - term view: Volatile and weak [1] - Medium - term view: Volatile [1] - Reference view: Wait and see [1] - Core logic: The gold - silver ratio declined significantly in June due to the rise of silver. The decline of the gold - silver ratio since late April indicates a cooling of market risk - aversion demand. It is expected that the gold - silver ratio will continue to weaken [3]. Nickel - Short - term view: Rise [1] - Medium - term view: Volatile [1] - Reference view: Bullish in the short - term [1] - Core logic: The nickel price was strongly volatile yesterday, with the main contract price oscillating between 122,000 - 123,000. The night - session price fell below 122,000 and then rebounded. The improved macro - atmosphere is beneficial to the nickel price. The industry has long - term pressure but is neutral in the short - term. Technically, there is support at the 122,000 level, and the price is expected to continue to rebound [5].