Core Viewpoint - The article discusses the significance of gold as a hard currency, its historical context, investment methods, and associated risks, emphasizing its enduring value and various applications in modern finance and industry [1][2][3][4][5][6] Group 1: Gold as Hard Currency - Gold's value is attributed to its scarcity, with approximately 200,000 tons mined throughout human history, equating to less than 30 grams per person if divided among 8 billion people [2] - Gold possesses three main attributes: 1. Currency attribute, being one of the earliest forms of money and used extensively in trade and rewards throughout history [3] 2. Commodity attribute, characterized by its resistance to corrosion and diverse applications in various industries beyond jewelry [3] 3. Safe-haven attribute, where gold prices often surge during economic crises or loss of trust in major currencies [3] Group 2: Investment Methods - Gold investment options include: 1. Physical gold, such as gold bars, coins, and jewelry, with investment-grade gold priced lower than jewelry due to craftsmanship premiums [4] 2. Gold accumulation accounts offered by financial institutions, allowing clients to invest without holding physical gold, with low transaction costs [4] 3. Gold ETFs, which provide high liquidity but do not allow for physical gold redemption and incur management fees [4] Group 3: "Gold+" Concept - The "Gold+" concept integrates a certain percentage of gold into investment portfolios, gaining traction among institutional investors and financial products [5] Group 4: Investment Risks - Gold investment carries several risks: 1. Market price volatility influenced by global economic conditions, monetary policies, and geopolitical tensions [6] 2. Purchase channel risks, particularly when buying from unverified sources, increasing the likelihood of acquiring counterfeit or subpar gold [6] 3. Repurchase and liquidity risks, as the avenues for selling physical gold are limited and may involve significant price discrepancies [6]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Gold and silver show different trends today, with Shanghai gold's main contract closing down 0.11% and Shanghai silver's main contract closing up 0.16%. [1] - In the short - term, the risk of Trump's trade war is partially realized, and trade agreements are reached in batches. The risk of stagflation in the US economy increases, and the Fed remains cautious about interest rate cuts. [1] - In terms of the safe - haven attribute, Trump's reciprocal tariffs are implemented, and the US and China reach a temporary agreement to reduce tariffs, leading to a gradual increase in risk - aversion sentiment. There are still variables in geopolitical situations. [1] - Regarding the monetary attribute, the US consumer prices rose moderately in April, with the smallest annual increase in four years. The inflation outlook is still unclear under the background of tariffs. The market expects the Fed's next interest rate cut to be in September, and the expected total interest rate cut space in 2025 drops to around 50 basis points. The US dollar index and US Treasury yields fluctuate upwards. [1] - In terms of the commodity attribute, the CRB commodity index rebounds with fluctuations, and the appreciation of the RMB is negative for domestic prices. [1] - It is expected that precious metals will continue to show a pattern of weak gold and strong silver in the short - term, fluctuate weakly in the medium - term, and rise step - by - step in the long - term. [1] - The price trend of gold is the anchor for the price of silver. Recently, the net long position of CFTC silver has been reduced again, and the iShare silver ETF has slightly increased its position. The visible inventory of silver has slightly increased recently. [5] 3. Summary by Relevant Catalogs 3.1 Gold - **Price Data**: Comex gold's main contract closed at $3254.50 per ounce, up $12.70 (0.39%) from the previous day and down $187.30 ( - 5.44%) from last week. London gold closed at $3227.95 per ounce, down $7.45 ( - 0.23%) from the previous day and down $163.50 ( - 4.82%) from last week. Shanghai gold's main contract closed at 761.72 yuan per gram, down 5.96 yuan ( - 0.78%) from the previous day and down 41.78 yuan ( - 5.20%) from last week. [2] - **Position and Inventory Data**: Comex gold's position is 452,414 lots (100 ounces per lot), down 12,937 lots ( - 2.78%) from last week. Shanghai gold's main contract position is 214,778 kilograms, up 197 kilograms (0.09%) from the previous day and up 26,470 kilograms (14.06%) from last week. The LBMA gold inventory is 8,536 tons, up 47 tons (0.56%) from last week. [2] - **Strategy**: Conservative investors should wait and see, while aggressive investors can buy low and sell high. It is recommended to manage positions well and set strict stop - loss and take - profit levels. [3] 3.2 Silver - **Price Data**: Comex silver's main contract closed at $33.09 per ounce, up $0.30 (0.90%) from the previous day and down $0.34 ( - 1.03%) from last week. London silver closed at $32.98 per ounce, up $0.96 (3.00%) from the previous day and down $0.05 ( - 0.14%) from last week. Shanghai silver's main contract closed at 8,195 yuan per kilogram, down 50 yuan ( - 0.61%) from the previous day and down 57 yuan ( - 0.69%) from last week. [5] - **Position and Inventory Data**: Comex silver's position is 140,261 lots (5000 ounces per lot), down 12,408 lots ( - 8.13%) from last week. Shanghai silver's main contract position is 4,211,520 kilograms, up 136,560 kilograms (3.35%) from the previous day and up 756,210 kilograms (21.89%) from last week. The total visible inventory is 41,026 tons, down 39 tons ( - 0.09%) from the previous day and down 24 tons ( - 0.06%) from last week. [5] - **Strategy**: Conservative investors should wait and see, while aggressive investors can buy low and sell high. It is recommended to manage positions well and set strict stop - loss and take - profit levels. [5] 3.3 Fundamental Key Data - **Fed - related Data**: The upper limit of the federal funds target rate is 4.50%, down 0.25 percentage points. The discount rate is 4.50%, down 0.25 percentage points. The reserve balance interest rate (IORB) is 4.40%, down 0.25 percentage points. The Fed's total assets are $6,762.072 billion, up $2.22 billion (0.00%) from last week. [7] - **US Economic Data**: The 10 - year US Treasury real yield is 2.61%, up 0.07 (2.76%) from the previous day and up 0.10 (3.98%) from last week. The US dollar index is 100.97, down 0.82 ( - 0.81%) from the previous day and up 1.73 (1.75%) from last week. [7] - **Other Data**: The geopolitical risk index is 203.61, down 52.14 ( - 20.39%) from last week. The VIX index is 18.25, up 0.03 (0.16%) from the previous day and down 5.30 ( - 22.51%) from last week. The CRB commodity index is 300.53, up 5.00 (1.69%) from the previous day and up 10.77 (3.72%) from last week. [10]

Group 1 - Evan Van Ness's statement highlights the core issue of Ethereum's lack of "currency attributes," suggesting that without these attributes, its value may decline towards zero [1][3] - Ethereum has achieved significant success in smart contracts and decentralized applications, but struggles with price volatility and high transaction costs, hindering its adoption as a stable value storage [3][5] - XBIT decentralized exchange platform has gained influence due to its unique trading model and high security, providing efficient trading and asset safety during market fluctuations [1][3] Group 2 - XBIT's low transaction fees attract both retail and institutional investors, allowing for direct peer-to-peer trading and significantly reducing trading costs compared to centralized exchanges [3][5] - The competitive financial market has led to a deeper analysis of virtual currencies, with Bitcoin, Ethereum, Tether, and Litecoin being notable examples, where Bitcoin's limited supply gives it a similar safe-haven value as gold [3][5] - Van Ness emphasizes that Ethereum's price increase is essential for driving ecosystem adoption, as rising prices attract more developers, investors, and users, promoting rapid development and widespread application [5]