Core Viewpoint - The precious metals market is experiencing a significant bullish trend, driven by multiple factors including expectations of a shift in Federal Reserve policy, increased demand for safe-haven assets, and imbalances in supply and demand [1] Group 1: Gold Market - On September 16, COMEX gold futures reached a peak of $3731.9 per ounce, setting a new historical record [1] - Domestic Shanghai gold futures closed at 842.08 yuan per gram, with a cumulative increase of 7.37% since September [1] - Market sentiment remains bullish, with previous forecasts of a $4000 per ounce target for gold potentially being realized sooner than expected [1] Group 2: Silver Market - COMEX silver futures rose to over $43 per ounce, while domestic Shanghai silver futures peaked at 10152 yuan per kilogram [1] - The upward trend in silver prices aligns with the overall bullish sentiment in the precious metals market [1]

Group 1 - Spot silver prices have surpassed $40 per ounce for the first time since 2011, driven by increasing expectations of interest rate cuts by the Federal Reserve [1] - Gold prices rose by 2.7% to $40.72 per ounce, marking the highest level since September 2011, while gold also saw a rise of 1.2% [1] - Factors supporting the rise in precious metals include persistent high inflation in the U.S., weakened consumer confidence, anticipated rate cuts, and concerns over the independence of the Federal Reserve [1] Group 2 - UBS analyst Giovanni Staunovo noted that the market is focused on the upcoming U.S. employment report, which is expected to enable the Fed to resume rate cuts after September [2] - A Reuters survey predicts an increase of 78,000 in non-farm payrolls for August, compared to an increase of 73,000 in July [2] Group 3 - Precious metal prices are also supported by rising safe-haven demand amid concerns over the Federal Reserve's independence, following President Trump's criticism of the Fed's policymakers [3] - The market is awaiting a court ruling regarding the dismissal of Fed Governor Lisa Cook, which could significantly impact global risk sentiment and confidence in U.S. institutions [3] Group 4 - Morgan Stanley analysts expect that factors such as Fed rate cuts, a weaker dollar, increased inflows into exchange-traded funds, and rising imports from India will benefit gold and silver prices [4] - The analysts project a further 10% increase in gold prices, while silver prices are expected to have additional upside potential [4]

Group 1: Market Overview - The international investment bank ROTH Capital Partners has raised the target price for Hecla Mining from $6.25 to $6.75, maintaining a "Buy" rating, based on a comprehensive reassessment of global gold and silver price outlooks [1] - ROTH has increased its 2026 average silver price forecast from $27.06/oz to $32.50/oz and gold from $2300/oz to $2863/oz, attributing the target price adjustment to higher price expectations driving valuation improvements [1] - Global gold demand has surged, with Q1 2025 total demand reaching 1206 tons, a 1% year-on-year increase, marking the strongest first-quarter demand since 2016 [4] Group 2: Hecla Mining's Performance - Hecla Mining's revenue for FY2025 is projected to reach $299 million, a 39% year-on-year increase, with net profit attributed to shareholders at $58.1 million, up 60% [7] - The company's core mining operations, particularly in the Henan and Guangdong regions, have shown significant profit growth, with the Henan mining operation's profit increasing by 46.5% to $114 million [7] - Hecla's operational efficiency is reflected in its reduced all-in sustaining costs, which fell by 8% to $132.50/ton in Q4 FY2025 [7] Group 3: Future Prospects - Hecla Mining's acquisition of Adventus Mining Corporation has added two significant projects, El Domo and Condor, which are expected to enhance future production capabilities [8][9] - The El Domo project has a resource estimate of 1.01 million tons, containing 22.9 tons of gold and 438.2 tons of silver, with production anticipated to commence in 2026 [8] - The overall optimistic outlook for gold and silver prices, combined with Hecla's strategic resource management and operational improvements, positions the company for continued growth and market leadership [10]

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core Viewpoints of the Report - Gold is expected to oscillate in the short - term due to the interplay of bullish and bearish factors, while maintaining the view in the mid - year report "The Stronger Prevail, the Bull Market of Precious Metals Continues" for the medium - and long - term. The new support range for COMEX gold is $3100 - 3300, and the support range for COMEX silver is $32 - 33. The upper targets for gold and silver within the year are $3900 - 4000 and $39 - 40 respectively. The weekly ranges to watch are [3200, 3450] for COMEX gold and [32, 35] for COMEX silver [1][8] Group 3: Summary by Relevant Catalogs Key Information - Trump welcomes the rapid end of the Israel - Iran war and plans to talk with Iranian officials next week to seek an end to Iran's nuclear ambitions [2] - Powell says Trump's tariff plan may cause a one - time price increase, and the Fed will be cautious about further rate cuts due to inflation risks [2] - The US Treasury extends the authorization for extraordinary cash management measures to July 24 to avoid hitting the debt ceiling [2] - Hong Kong releases the Digital Asset Development Policy Declaration 2.0, aiming to build a global digital asset center, and will implement a licensing mechanism for stablecoin issuers on August 1 [2] - The US May durable goods orders monthly rate is 16.4%, much higher than the expected 8.5% [2] - The US Q1 real GDP annualized quarterly rate final value is - 0.5%, worse than the expected - 0.20% [2] - The US initial jobless claims for the week ending June 21 are 236,000, lower than the expected 245,000 [3] Price Logic - As of the close on the 26th, gold prices rose moderately for the second consecutive day, driven by concerns about Fed independence and rate - cut expectations. However, gold failed to break through $3350 per ounce, indicating a lack of strong upward momentum [4][7] - In the Middle East situation, Trump's claim of victory over Iran and the uncertain damage to Iranian uranium - enrichment facilities, along with market caution, suppressed gold prices [7] - US economic data on the 26th night showed stagflation in Q1, with unexpected manufacturing demand and a robust labor market in Q2. The 5 - year and 30 - year Treasury yield spread reached its steepest level since 2021 [7][8] - Despite Trump's plan to replace Powell, the Fed's Goolsbee says it won't affect FOMC independence [8]