Core Viewpoint - Precious metals serve as a hedge against the U.S. dollar, with iShares Silver Trust (SLV) and VanEck Gold Miners ETF (GDX) providing distinct exposure to silver and gold mining equities respectively [1][2] Cost & Size - SLV has an expense ratio of 0.50% and assets under management (AUM) of $47.32 billion, while GDX has an expense ratio of 0.51% and AUM of $30.77 billion [3] - Both ETFs have similar expense ratios, making annual fees negligible for most investors, but only GDX offers dividends [4] Performance & Risk Comparison - Over the past year, SLV returned 139.15% while GDX returned 137.31% [3] - SLV experienced a maximum drawdown of -37.65% over five years, compared to GDX's -46.52% [5] - An investment of $1,000 would have grown to $3,174 in SLV and $2,852 in GDX over five years [5] Portfolio Composition - GDX focuses on gold mining equities, holding 55 companies, with major positions in Agnico Eagle Mines Ltd., Newmont Corp., and Barrick Mining Corp., which together make up nearly 25% of the portfolio [6] - SLV provides direct exposure to silver prices without holding individual companies, making it a pure commodity play [7] Investment Implications - SLV is linked to the volatility of silver, which is estimated to be three times more volatile than gold, presenting significant risks [8] - GDX, while less volatile than SLV, still carries some market volatility risks, making both ETFs suitable for investors willing to accept such risks [9] - Precious metals typically rise in price during periods of U.S. dollar weakness or international economic instability, making both ETFs attractive options [10]

Core Insights - The iShares MSCI Global Silver and Metals Miners ETF (SLVP) and SPDR Gold Shares (GLD) have distinct risk profiles, asset management sizes, and performance histories, with SLVP focusing on volatile silver miners and GLD tracking physical gold bullion [1][2] Cost & Size - SLVP has an expense ratio of 0.39% and AUM of $1.4 billion, while GLD has an expense ratio of 0.40% and AUM of $188.9 billion [3] - The one-year return for SLVP is 187.2%, compared to GLD's 72.4%, and SLVP offers a dividend yield of 1.6%, whereas GLD does not [3][4] Performance & Risk Comparison - Over five years, SLVP experienced a maximum drawdown of -55.56%, while GLD had a maximum drawdown of -21.03% [5] - An investment of $1,000 in SLVP would grow to $2,112 over five years, while the same investment in GLD would grow to $2,554 [5] Fund Composition - GLD is designed to track the price of physical gold, providing a straightforward investment without the need for physical storage or insurance, and is one of the largest and most liquid ETFs globally [6] - SLVP invests exclusively in mining companies, including major holdings like Hecla Mining and First Majestic Silver Corp, leading to more volatile returns due to sensitivity to silver prices and operational risks [7] Investor Considerations - Both SLVP and GLD offer exposure to precious metals but cater to different investor priorities based on their risk tolerance and investment strategy [9]

Price Trends - Platinum futures rose nearly $900 per ounce from the 2025 closing price level, reaching around $2,250 on February 4, 2026, after a high of $2,925.00 on January 26, 2026 [2][3][5] - The daily chart indicates a volatility pattern, with platinum futures dropping 35.7% from the January 26 high to a low of $1,882.00 on February 2, 2026, before recovering above $2,250 on February 3 [5] Historical Context - Platinum was historically priced higher than gold until 2015, but since then, gold has gained a significant premium, reaching over $2,745 per ounce in early 2026 [7] - Platinum is currently considered inexpensive compared to gold, which has been a trend over the past sixteen years [6][7] Market Characteristics - Platinum has more industrial applications than gold, which is primarily a financial metal held by central banks [8] - Platinum production is concentrated mainly in South Africa and Russia, with Russian output being a byproduct of nickel production [8]

1. Report Industry Investment Rating - No specific investment rating for the industry is mentioned in the report [3] 2. Core Viewpoints - After recent significant adjustments, leverage in the precious metals market has been notably reduced, liquidity issues have eased, and gold and silver prices have stabilized and rebounded [5] - For silver, the spot market remains tight, with premiums potentially rising further. The Shanghai Futures Exchange continues to reduce inventories, indicating a shortage of physical silver. The domestic - foreign premium has normalized, and silver prices are expected to further recover sentiment in the short - term [5] - In the future, precious metal prices are expected to continue to recover sentiment and maintain an upward trend. In the medium - to - long - term, the underlying logic of the precious metals bull market remains strong, and prices are likely to rise, presenting good medium - to - long - term allocation opportunities [5] 3. Summary by Relevant Catalogs 3.1 Price and Spread Data - **Price Data**: On February 3, 2026, London gold spot was at $4875.37/ounce (up 8.2% from February 2), London silver spot was at $84.63/ounce (up 14.7% from February 2), COMEX gold was at $4896.60/ounce (up 8.1% from February 2), and COMEX silver was at $84.51/ounce (up 14.6% from February 2). Shanghai gold futures (AU2602) closed at 1096.84 yuan/gram, and Shanghai silver futures (AG2602) closed at 20821.00 yuan/kilogram [4] - **Spread Data**: The gold spread (TD - London) on February 3 was - 6.84 yuan/gram (down 382.6% from February 2), and the silver spread (TD - London) was 309 yuan/kilogram (down 130.7% from February 2) [4] 3.2 Position and Inventory Data - **Position Data**: As of February 2, 2026, the non - commercial net long position of COMEX gold was 205396 contracts (down 16.09% from January 30), and the non - commercial net long position of COMEX silver was 23703 contracts (down 5.99% from January 30) [4] - **Inventory Data**: On February 2, 2026, SHFE gold inventory was 103032.00 kilograms (unchanged from February 2), and SHFE silver inventory was 449653.00 kilograms (down 2.80% from January 30). COMEX gold inventory was 35625354 ounces (down 0.34% from January 30), and COMEX silver inventory was 405697594 ounces (down 0.05% from January 30) [4] 3.3 Interest Rate, Exchange Rate and Other Market Data - On February 3, 2026, the 10 - year US Treasury yield was 6.96, the US dollar index was 97.61 (up 0.51% from February 2), the US dollar/Chinese yuan central parity rate was 6.96 (down 0.12% from February 2), the 2 - year US Treasury yield was 3.57 (up 1.42% from February 2), the VIX was 16.34 (down 6.31% from February 2), the S&P 500 was 6976.44 (up 0.54% from February 2), and NYMEX crude oil was $62.33/barrel (down 5.19% from February 2) [4] 3.4 Market Review - On February 3, 2026, the main contract of Shanghai gold futures rose 0.63% to 1093.78 yuan/gram, and the main contract of Shanghai silver futures 2604 fell 26.71% to 21446 yuan/kilogram [4]

Core Insights - The Global X - Silver Miners ETF (SIL) and iShares Gold Trust (IAU) differ significantly in asset focus, volatility, and cost, with SIL targeting silver mining stocks and IAU providing direct gold exposure [1][2] Cost and Size Comparison - SIL has an expense ratio of 0.65% and assets under management (AUM) of $6.3 billion, while IAU has a lower expense ratio of 0.25% and AUM of $79.7 billion [3][4] - The one-year return for SIL is 167.4%, compared to 72.9% for IAU, indicating higher short-term performance for SIL [3] Performance and Risk Comparison - Over five years, SIL has a maximum drawdown of -55.63%, while IAU has a slightly lower drawdown of -54.73% [5] - An investment of $1,000 would grow to $2,154 in SIL and $2,598 in IAU over the same period, showing IAU's superior long-term growth [5] Portfolio Composition - IAU is designed to track the price of physical gold, providing a pure-play on gold's spot price without equity risk, and has been operational for 21 years [6] - SIL invests exclusively in silver mining companies, with top holdings including Wheaton Precious Metals Corp, Pan American Silver Corp, and Coeur Mining Inc, which introduces company-specific risks [7] - SIL holds 41 companies, offering some diversification within the silver mining sector but lacks broader diversification [7]

Core Viewpoint - The current environment for precious metal investment is not suitable for retail investors looking to chase highs or bottom out, as indicated by significant market volatility and consumer hesitance [1] Price Movement - On January 31, international gold prices experienced the largest single-day drop in 40 years, leading to a substantial decrease in domestic gold jewelry prices [1] - In Nanjing's gold market, the price of gold jewelry fell over 200 yuan in two days, reaching around 1500 yuan per gram, marking a recent low [1] Consumer Behavior - Despite the price drop, consumers are exhibiting a strong wait-and-see attitude, with many expressing a desire to hold off on purchases in hopes of further price declines [1] Market Analysis - According to Wang Hui, a teacher at Nanjing University of Finance and Economics, the unique nature of precious metal assets requires a long-term perspective [1] - In the short term, the market is characterized by high volatility and low trust, with intensified bullish and bearish competition following sharp price fluctuations [1] - A potential technical rebound could occur if the Federal Reserve signals a clear interest rate cut, especially in the context of escalating geopolitical conflicts [1]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Paloma Acquisition Corp I (Exact name of registrant as specified in its charter) As filed with the Securities and Exchange Commission on January 30, 2026. Registration No. 333- Table of Contents 535 Fifth Avenue, 4 th Floor New York, New York 10017 Tel.: (929) 828-7221 (Address, including zip code, and telephone number, including area code, of registrant's principal execut ...

Core Insights - Coeur Mining, Inc. (CDE) and Hecla Mining Company (HL) are positioned favorably as gold and silver markets show strong momentum, attracting investor interest into early 2026 [1][2] Coeur Mining (CDE) - CDE has demonstrated strong operational performance with record quarterly production and financial results, reporting $555 million in revenue and producing 111,364 ounces of gold and 4.8 million ounces of silver in Q3 2025 [3][10] - The acquisition of the Las Chispas mine has been a key growth driver, contributing 1.6 million ounces of silver and approximately 16.5 thousand ounces of gold in Q3 2025 [4] - CDE's flagship assets, including Rochester and Palmarejo, are expected to deliver a total production of 392,500–438,000 ounces of gold and 17.1–19.2 million ounces of silver for 2025 [5] - As of September 2025, CDE's cash and cash equivalents were approximately $266 million, with a debt to capital ratio of 10.5% and free cash flow of about $189 million in Q3 [6][10] Hecla Mining (HL) - HL reported record revenues of $409.5 million in Q3 2025, a 67% increase year-over-year, alongside strong production metrics [7][10] - The company produced about 4.6 million ounces of silver, with silver contributing nearly 48% of mine-site revenues and gold about 37% [8] - HL achieved a realized silver price of approximately $42.58 per ounce and a realized gold price of about $3,509 per ounce in Q3 2025, benefiting from strong pricing [9] - By the end of September 2025, HL's cash and cash equivalents were around $134 million, with a debt to capital ratio of 9.9% and free cash flow of about $91 million [13][10] Comparative Performance - CDE's stock has increased by 308.8% over the past year, while HL's stock has risen by 398.9% [14] - CDE is trading at a forward 12-month sales multiple of 6.14X, compared to HL's 12.58X [15] - The Zacks Consensus Estimate for CDE's fiscal 2025 sales implies a year-over-year growth of 96%, while HL's estimates suggest a 42.1% rise [19][21] Investment Outlook - CDE is viewed as a more compelling investment due to its strong Q3 performance, higher cash reserves, and lower valuation compared to HL [24][25] - CDE's combination of production scale and margin efficiency positions it as the preferred stock, while HL remains an attractive buy for diversified precious-metal exposure [25]

Core Viewpoint - E Fund and Guotai Junan Silver LOF have announced the suspension of subscription and regular investment services for their respective funds starting January 28, 2026, due to the recent surge in international precious metal prices and to protect the interests of fund shareholders [2][5]. Group 1: Fund Suspension Details - E Fund will suspend subscriptions and regular investment for its Gold Theme LOF A shares starting January 28, 2026 [4]. - Guotai Junan Silver LOF will also suspend subscription services from January 28, 2026, to protect the interests of its fund shareholders [5]. - Both fund companies are implementing these measures in response to the significant volatility in the precious metals market [5]. Group 2: Market Performance and Analysis - Since the beginning of 2026, international gold prices have increased by over 17%, while silver prices have surged by more than 50% [5]. - Factors contributing to the rising demand for safe-haven assets include geopolitical tensions, central banks increasing gold reserves, expectations of interest rate cuts by the Federal Reserve, and a weakening dollar [5]. - The premium rate for Guotai Junan Silver LOF reached 46.02% as of January 27, indicating that the market price significantly exceeds the actual value of its underlying assets [5]. - E Fund's Gold Theme LOF A shares also experienced a premium rate of 2.21% [5]. Group 3: Fund Volatility and Regulatory Measures - Both E Fund and Guotai Junan Silver LOF have issued multiple risk alerts regarding premium rates during the recent price surge [6]. - The volatility of these funds has increased, with E Fund's Gold Theme LOF experiencing a single-day drop of over 7% on January 22, and Guotai Junan Silver LOF showing a trading price fluctuation of over 16% on January 23 [6]. - The Shanghai Futures Exchange has implemented regulatory measures, including restrictions on opening positions and withdrawals for certain clients involved in trading silver and tin futures [6].

Group 1 - The precious metals market experienced significant volatility on the 26th, with COMEX gold futures breaking through the $5,100 mark, setting a new historical high, before sharply dropping below $5,000, a decline of over $110 from the peak [1] - On the 27th, during the Asian early trading session, both gold and silver rebounded quickly, with spot gold rising over 1% and spot silver surging more than 5% [1] - Domestic brand gold jewelry prices were adjusted upwards, with several brands approaching 1,600 yuan per gram [1] Group 2 - According to data, Chow Tai Fook and Chao Hong Ji's gold jewelry is priced at 1,585 yuan per gram, an increase of 7 yuan per gram in a single day; Liufuk Jewelry's gold jewelry is priced at 1,583 yuan per gram, also up by 7 yuan per gram; Zhou Liufu's gold jewelry is at 1,580 yuan per gram, up by 7 yuan per gram; and Chow Sang Sang's gold jewelry is priced at 1,577 yuan per gram, with a daily increase of 3 yuan per gram [3] - The current price for gold (jewelry and ornaments) is 1,585 yuan per gram, while the investment gold price is 1,390 yuan per gram, and gold bars and nuggets are priced at 1,575 yuan per gram [6]