Report Highlights 1. Investment Rating - Gold: Cautiously bullish [8] - Silver: Cautiously bullish [8] - Arbitrage: Short the gold-silver ratio at high levels [9] - Options: On hold [9] 2. Core Views - Before the Fed's interest rate meeting, U.S. Treasury yields showed signs of decline. The market is waiting for the meeting's outcome. If the Fed unexpectedly cuts interest rates or if Fed Chair Powell is removed, it will be beneficial for the gold price. The silver price has reached a record high, but the photovoltaic sector's weakness may suppress it in the future [1][8][9] 3. Summary by Directory 3.1 Market Conditions - **Futures**: On July 29, 2025, the Shanghai gold futures main contract closed at 771.44 yuan/gram, down 0.43% from the previous trading day. The Shanghai silver futures main contract closed at 9,195 yuan/kg, down 0.18% from the previous trading day [2] - **U.S. Treasury Bonds**: On July 29, 2025, the 10-year U.S. Treasury bond yield was 4.42%, down 0.03% from the previous trading day. The 10-2 year spread was 0.48%, down 3 basis points from the previous trading day [3] 3.2 Position and Volume Changes - **Last Trading Day's Volume**: The total trading volume of Shanghai gold contracts was 275,105 lots, down 16.66% from the previous trading day. The total trading volume of Shanghai silver contracts was 738,850 lots, down 52.79% from the previous trading day [4] - **ETF Holdings**: The gold ETF holdings remained unchanged at 956.23 tons from the previous trading day, while the silver ETF holdings increased by 14.13 tons to 15,173.92 tons [5] 3.3 Arbitrage Tracking - **Spot-Futures Spread**: On July 29, 2025, the domestic gold premium was -1.96 yuan/gram, and the domestic silver premium was -680.01 yuan/kg [6] - **Gold-Silver Ratio**: The ratio of the main contracts of gold and silver on the Shanghai Futures Exchange was about 83.90, down 0.25% from the previous trading day. The overseas gold-silver ratio was 86.39, up 0.30% from the previous trading day [6] 3.4 Fundamental Data - **Shanghai Gold Exchange**: On July 29, 2025, the trading volume of gold was 37,834 kg, up 9.01% from the previous trading day. The trading volume of silver was 461,672 kg, down 27.55% from the previous trading day. The gold delivery volume was 14,762 kg, and the silver delivery volume was 6,900 kg [7]

1. Report Industry Investment Rating - Gold: Cautiously bullish [8] - Silver: Cautiously bullish [9] - Arbitrage: Short the gold-silver ratio at high levels [9] - Options: On hold [9] 2. Core Viewpoints of the Report - The gold price remains in a sideways pattern, and the gold-silver ratio has normalized due to the increase in market risk sentiment. The upcoming Fed interest rate meeting may have a significant impact on the market if the Fed unexpectedly cuts rates. The potential removal of Fed Chairman Powell could increase safe-haven demand and benefit the gold price. It is recommended to buy gold on dips for hedging [8]. - The silver price has reached a new high, and there is a need to repair the gold-silver ratio. However, due to its high volatility, attention should be paid to position control and strict stop-loss. The weakening photovoltaic sector may also suppress the silver price in the future. It is recommended to buy silver on dips for hedging [9]. - It is recommended to short the gold-silver ratio at high levels [9]. - It is advisable to put options on hold [9]. 3. Summary by Relevant Catalogs 3.1 Market News - The Washington Federal Court rejected the request of an investment firm led by Trump's ally to make the FOMC meeting public. The US Treasury significantly raised its borrowing estimate for the third quarter to $1.007 trillion. The US and the EU reached a trade agreement, slightly alleviating market concerns about future uncertainties and causing precious metals to weaken slightly. The US and the EU are still discussing tariff exemptions for wine and spirits. The Fed interest rate meeting is approaching, and Trump has called for a rate cut this week [1] 3.2 Futures Quotes and Trading Volumes - On July 28, 2025, the Shanghai gold futures main contract opened at 772.82 yuan/gram and closed at 774.78 yuan/gram, down 0.33% from the previous trading day. The trading volume was 41,087 lots, and the open interest was 129,725 lots. The night session closed at 770.84 yuan/gram, down 0.31% from the afternoon session. The Shanghai silver futures main contract opened at 9,350 yuan/kg and closed at 9,212 yuan/kg, down 1.92% from the previous trading day. The trading volume was 1,203,307 lots, and the open interest was 398,421 lots. The night session closed at 9,200 yuan/kg, down 0.27% from the afternoon session [2] 3.3 US Treasury Yield and Spread Monitoring - On July 28, 2025, the US 10-year Treasury yield closed at 4.40%, down 0.03% from the previous trading day. The 10-year - 2-year spread was 51%, up 2 basis points from the previous trading day [3] 3.4 SHFE Gold and Silver Position and Trading Volume Changes - On July 28, 2025, on the Au2508 contract, the long positions decreased by 939 lots, and the short positions decreased by 41 lots. The total trading volume of the Shanghai gold contract was 330,092 lots, down 45.61% from the previous trading day. On the Ag2508 contract, the long positions decreased by 4,184 lots, and the short positions decreased by 4,086 lots. The total trading volume of the Shanghai silver contract was 1,564,987 lots, down 39.34% from the previous trading day [4] 3.5 Precious Metal ETF Position Tracking - The gold ETF position was 956.23 tons, down 0.86 tons from the previous trading day. The silver ETF position was 15,159.79 tons, down 70.64 tons from the previous trading day [5] 3.6 Precious Metal Arbitrage Tracking - On July 28, 2025, the domestic gold premium was -4.52 yuan/gram, and the domestic silver premium was -513.64 yuan/kg. The ratio of the main contracts of gold and silver on the SHFE was about 84.11, down 0.25% from the previous trading day. The overseas gold-silver ratio was 86.39, up 0.30% from the previous trading day [6] 3.7 Fundamental Data - On July 28, 2025, the trading volume of gold on the Shanghai Gold Exchange T + D market was 34,706 kg, down 36.38% from the previous trading day. The trading volume of silver was 637,268 kg, down 44.82% from the previous trading day. The gold delivery volume was 13,848 kg, and the silver delivery volume was 28,080 kg [7]

1. Report Industry Investment Rating - Gold: Cautiously bullish [8] - Silver: Cautiously bullish [9] - Arbitrage: Short the gold-silver ratio at high levels [10] - Options: On hold [10] 2. Core View of the Report - The silver price has been strong recently, hitting a new high, and there is a need to repair the gold-silver ratio. If market risk sentiment rebounds, it will be relatively beneficial for silver. The operation for both gold and silver is mainly to buy on dips for hedging. For arbitrage, short the gold-silver ratio at high levels, and put options on hold [8][9][10] 3. Summary by Relevant Catalogs Futures Quotes and Trading Volumes - On July 22, 2025, the Shanghai gold main contract opened at 784.70 yuan/gram and closed at 784.84 yuan/gram, a change of 0.40% from the previous trading day's close. The trading volume was 41,087 lots, and the open interest was 129,725 lots. The night session opened at 788.50 yuan/gram and closed at 792.94 yuan/gram, up 0.91% from the afternoon close. The Shanghai silver main contract opened at 9,301.00 yuan/kilogram and closed at 9,393.00 yuan/kilogram, a change of 1.32% from the previous trading day's close. The trading volume was 961,563 lots, and the open interest was 476,010 lots. The night session opened at 9,442 yuan/kilogram and closed at 9,453 yuan/kilogram, up 0.75% from the afternoon close [2] U.S. Treasury Yield and Spread Monitoring - On July 22, 2025, the U.S. 10-year Treasury yield closed at 4.38%, a change of -0.03% from the previous trading day. The spread between the 10-year and 2-year was 0.52%, down 1 basis point from the previous trading day [3] Changes in Positions and Trading Volumes of Gold and Silver on the Shanghai Futures Exchange - On the Au2508 contract on July 22, 2025, the long positions changed by -1,071 lots compared to the previous day, and the short positions changed by -1,243 lots. The total trading volume of Shanghai gold contracts the previous trading day was 290,023 lots, a change of 0.01% from the previous trading day. In the case of Shanghai silver, on the Ag2508 contract, the long positions changed by -2,522 lots, and the short positions changed by -3,835 lots. The total trading volume of silver contracts the previous trading day was 1,238,108 lots, a change of 40.57% from the previous trading day [4] Tracking of Precious Metal ETF Positions - For precious metal ETFs, the gold ETF position was 954.80 tons the previous day, an increase of 7.74 tons from the previous trading day. The silver ETF position was 15,158.37 tons, an increase of 152.58 tons from the previous trading day [5] Tracking of Precious Metal Arbitrage - On July 22, 2025, the domestic premium for gold was -5.49 yuan/gram, and the domestic premium for silver was -853.24 yuan/kilogram. The price ratio of the main gold and silver contracts on the Shanghai Futures Exchange the previous day was about 83.56, a change of -0.90% from the previous trading day, and the overseas gold-silver ratio was 87.41, a change of -0.67% from the previous trading day [6] Fundamentals - On July 22, 2025, the trading volume of gold on the Shanghai Gold Exchange's T+d market was 49,546 kilograms, a change of 23.06% from the previous trading day. The trading volume of silver was 537,430 kilograms, a change of 78.67% from the previous trading day. The gold delivery volume was 17,208 kilograms, and the silver delivery volume was 26,070 kilograms [7]

1. Report Industry Investment Rating - Gold: Cautiously bullish [8] - Silver: Cautiously bullish [9] - Arbitrage: Short the gold-silver ratio at high levels [9] - Options: Put on hold [9] 2. Core Viewpoints of the Report - The price of gold has been in a volatile pattern since May, and Trump's tariff policy is changeable. Although the impact of tariffs on the US CPI in June is not obvious, there are still significant differences among Fed officials regarding future interest rate outlooks. The market is also concerned about whether Trump will replace Fed Chairman Powell. However, according to the pricing of interest rate futures, future interest rate cuts are still a high probability event. For gold and silver, it is recommended to buy on dips for hedging. There is a need to repair the gold-silver ratio, and if market risk sentiment recovers, it will be beneficial to silver. For arbitrage, short the gold-silver ratio at high levels, and put options on hold [8][9]. 3. Summary According to Related Catalogs 3.1 Strategy Summary - US Treasury Secretary Bessent said that if inflation data is low, interest rates should be cut. Trump has no plan to fire Powell for now, but some Republican lawmakers have provided criminal charges against Powell to the judicial department, which may be one of the reasons for the relatively strong performance of gold and silver yesterday. Bessent also said that if secondary sanctions are imposed on Russia, he will urge Europe to follow the US. Trump Media & Technology Group has purchased a total of $2 billion in Bitcoin reserves and plans to continue acquisitions. The US and Germany are close to reaching an agreement to provide air defense systems to Ukraine, involving two Patriot missile systems [1]. 3.2 Futures Quotes and Trading Volumes - On July 21, 2025, the Shanghai gold futures main contract opened at 780.10 yuan/gram and closed at 781.70 yuan/gram, up 0.60% from the previous trading day. The trading volume was 41,087 lots, and the open interest was 129,725 lots. In the night session, it opened at 784.70 yuan/gram and closed at 785.76 yuan/gram, up 0.76% from the afternoon session. The Shanghai silver futures main contract opened at 9,286.00 yuan/kg and closed at 9,271.00 yuan/kg, down 0.02% from the previous trading day. The trading volume was 694,363 lots, and the open interest was 467,534 lots. In the night session, it opened at 9,301 yuan/kg and closed at 9,420 yuan/kg, up 1.85% from the afternoon session [2]. 3.3 US Treasury Yield and Spread Monitoring - On July 21, 2025, the yield of the 10-year US Treasury bond closed at 4.44%, down 0.03% from the previous trading day. The spread between the 10-year and 2-year bonds was 3%, down 3 basis points from the previous trading day [3]. 3.4 Changes in Positions and Trading Volumes of Gold and Silver on the Shanghai Futures Exchange - On the Au2508 contract, long positions decreased by 1,123 lots compared with the previous day, and short positions decreased by 181 lots. The total trading volume of Shanghai gold contracts on the previous trading day was 290,005 lots, down 43.67% from the previous trading day. On the Ag2508 contract, long positions decreased by 4,269 lots, and short positions decreased by 1,884 lots. The total trading volume of silver contracts on the previous trading day was 880,780 lots, down 5.68% from the previous trading day [4]. 3.5 Tracking of Precious Metal ETF Positions - On the previous trading day, the gold ETF position was 947.06 tons, up 3.44 tons from the previous trading day. The silver ETF position was 15,005.79 tons, up 347.58 tons from the previous trading day [5]. 3.6 Tracking of Precious Metal Arbitrage - On July 21, 2025, the domestic premium of gold was 2.07 yuan/gram, and the domestic premium of silver was -668.05 yuan/kg. The price ratio of the main gold and silver contracts on the Shanghai Futures Exchange was about 84.32, down 1.06% from the previous trading day, and the overseas gold-silver ratio was 87.58, down 0.67% from the previous trading day [6]. 3.7 Fundamentals - On July 21, 2025, the trading volume of gold on the Shanghai Gold Exchange T+D market was 40,262 kg, down 23.04% from the previous trading day. The trading volume of silver was 300,788 kg, up 43.25% from the previous trading day. The delivery volume of gold was 10,234 kg, and the delivery volume of silver was 74,070 kg [7].

Group 1 - Silver prices have surged to a historical peak of $39 per ounce, marking the highest level since 2011, with a year-to-date increase of over 35% as of July 14, 2025, compared to gold's 27% increase [2][3] - Retail demand for silver products has seen a significant increase, with sales of silver bars and coins rising by 40% year-on-year, indicating a strong market interest [4] - The gold-silver ratio has rapidly corrected, dropping from over 100 in April-May to around 87, suggesting that silver was previously undervalued and has potential for further gains [4] Group 2 - The photovoltaic (PV) industry is the largest driver of silver demand, with global PV installations expected to exceed 600 GW in 2024, leading to a substantial increase in silver consumption [5] - Semiconductor and electric vehicle sectors are also contributing to silver demand, with the latter showing a 21% to 71% increase in silver usage per vehicle compared to traditional cars [5] - Global silver demand is projected at approximately 36,700 tons in 2024, while supply is only around 31,700 tons, resulting in a supply deficit of 5,000 tons, which is expected to widen in 2025 [5] Group 3 - Investment banks are divided in their outlook for silver, with some raising price forecasts while others warn of a potential end to the current bullish trend due to signs of reduced investment demand [6] - Technical analysis suggests a bullish outlook, with potential price targets of $40 and $50 if key resistance levels are broken [6] - The industrial demand for silver has risen to 70% of total demand, indicating a shift from its traditional role as a safe-haven asset to a growth asset driven by technological advancements [8] Group 4 - The Federal Reserve's monetary policy is a critical variable for silver prices, with expectations of interest rate cuts potentially boosting silver prices further [8] - The volatility of silver prices is a concern, with historical data showing that silver's volatility is about 1.5 times that of gold, necessitating risk management strategies for investors [9] - The ongoing industrial revolution in silver is reshaping the precious metals market, with increasing ETF holdings and a return to historical gold-silver ratio averages indicating a potential revaluation driven by green energy [10]

Core Viewpoint - The recent surge in silver prices is primarily driven by China's "anti-involution" policy, which stabilizes profits and operating rates in the photovoltaic (PV) industry, thereby supporting silver demand in this sector [3][4][16]. Group 1: Silver Price Trends - As of July 14, 2025, the main silver futures contract on the Shanghai Futures Exchange closed at 9,207 CNY/kg, marking a nearly 14-year high with an annual increase of 23.25% [3]. - The gold-silver ratio has significantly decreased from a high of 101.5507 on April 22 to 84.8779, indicating a recovery in silver prices relative to gold [3][12]. Group 2: Photovoltaic Industry Impact - The "anti-involution" policy aims to rectify disorderly competition in the PV industry, optimizing resource allocation and promoting high-quality economic development, which is expected to stabilize profit levels and maintain operating rates [4][8]. - In 2024, global physical silver demand (excluding ETFs) is projected to be 37,200 tons, a decrease of 3.1% year-on-year, with industrial demand expected to rise by 1.7% to 22,300 tons [4]. Group 3: Short-term Demand Resilience - From January to May 2025, China's newly installed PV capacity reached 197.85 GW, accounting for 71% of the total expected for 2024, indicating strong short-term silver demand [8]. - The overall profit in the PV industry is expected to stabilize or even improve under the support of the policy, suggesting that silver consumption in the PV sector may exceed current market expectations [8]. Group 4: Trade Risks and Market Dynamics - There are concerns regarding potential tariffs on silver imports from Mexico, a major silver supplier to the U.S., although current price structures indicate that trade flows have not been significantly affected [14][16]. - The current price difference between London and New York silver markets remains normal, with no significant trade flow anomalies observed due to tariff concerns [14].

Market News and Important Data - The minutes of the Fed's June meeting showed that officials were divided on interest rate cuts, with views falling into three camps: cutting rates this year but excluding July (the mainstream), keeping rates unchanged throughout the year, and advocating immediate action at the next meeting [1] - The EU aims to reach a trade agreement with the US by August 1st, and an agreement may be reached in the next few days. According to British media, the US and the EU will sign a temporary framework agreement, but the treatment will be worse than that of the UK. Trump sent tariff letters to eight countries, with Brazil facing a 50% tariff [1] Futures Quotes and Trading Volumes - On July 9, 2025, the Shanghai Gold main contract opened at 774.98 yuan/gram and closed at 766.82 yuan/gram, down 1.21% from the previous trading day's close. The trading volume was 310,838 lots, and the open interest was 181,258 lots. In the night session, it opened at 767.50 yuan/gram and closed at 771.02 yuan/gram, up 0.19% from the afternoon close [2] - On July 9, 2025, the Shanghai Silver main contract opened at 8,940 yuan/kilogram and closed at 8,899 yuan/kilogram, down 1.31% from the previous trading day's close. The trading volume was 613,081 lots, and the open interest was 327,567 lots. In the night session, it opened at 8,880 yuan/kilogram and closed at 8,870 yuan/kilogram, down 0.33% from the afternoon close [2] US Treasury Yield and Spread Monitoring - On July 9, 2025, the US 10-year Treasury yield closed at 4.42%, a change of 0.02% from the previous trading day. The spread between the 10-year and 2-year yields was 0.48%, down 4 basis points from the previous trading day [3] Changes in Positions and Trading Volumes of Precious Metals on the SHFE - On July 9, 2025, in the Au2502 contract, the long positions decreased by 1,504 lots compared to the previous day, and the short positions decreased by 795 lots. The total trading volume of the Shanghai Gold contracts on the previous trading day was 439,015 lots, up 79.07% from the previous trading day [4] - In the Ag2502 contract, the long positions decreased by 95 lots, and the short positions remained unchanged. The total trading volume of the Shanghai Silver contracts on the previous trading day was 921,222 lots, down 28.68% from the previous trading day [4] Precious Metals ETF Position Tracking - The gold ETF holdings increased by 0.86 tons to 947.37 tons compared to the previous trading day, and the silver ETF holdings increased by 31.09 tons to 14,966.24 tons [5] Precious Metals Arbitrage Tracking - On July 9, 2025, the domestic premium for gold was 12.85 yuan/gram, and the domestic premium for silver was -590.21 yuan/kilogram. The price ratio of the main contracts of gold and silver on the SHFE was about 86.17, down 0.61% from the previous trading day. The overseas gold-silver ratio was 89.67, a change of -1.02% from the previous trading day [6] Fundamental Analysis - On July 9, 2025, the trading volume of gold on the Shanghai Gold Exchange T+d market was 38,972 kilograms, up 3.63% from the previous trading day. The trading volume of silver was 502,922 kilograms, up 57.55% from the previous trading day. The gold delivery volume was 19,910 kilograms, and the silver delivery volume was 188,940 kilograms [7] Strategy - Gold: The market is concerned about the uncertain tariff policy, and the US Treasury yield has been rising for five consecutive days and is now gradually slowing down. The market trend is currently tangled, and the gold price is expected to be range-bound in the short term [9] - Silver: Cautiously bullish. The gold-silver ratio is relatively high. If there is a need for hedging in the future, silver may be more favored by investors due to its relatively lower price compared to gold. Therefore, it is advisable to buy on dips for hedging [9] - Options: Put on hold [9]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Despite Powell's cautious stance on monetary policy and the short - term resilience of US economic data, the large US debt issuance demand will drive the Fed to shift to an easing cycle. The Trump administration's expansionary fiscal policy requires loose monetary policy, which will be reflected in the decline of the gold - silver ratio. It is recommended to buy silver on dips. The reference operating range for the main contract of Shanghai gold is 747 - 801 yuan/gram, and for the main contract of Shanghai silver is 8545 - 9300 yuan/kilogram [3] Group 3: Summary of Related Catalogs Market Quotes - Shanghai gold rose 0.12% to 774.06 yuan/gram, Shanghai silver rose 0.88% to 8821.00 yuan/kilogram; COMEX gold fell 0.40% to 3334.50 dollars/ounce, COMEX silver fell 0.13% to 36.88 dollars/ounce; the US 10 - year Treasury yield was 4.26%, and the US dollar index was 97.33 [2] - Various precious metal - related data such as the closing prices, trading volumes, and positions of different gold and silver contracts, as well as the yields of US Treasury bonds, the US dollar index, and other financial market indicators are presented in detail in the report [4][6] Economic Data and Policy - The US economic data showed resilience. The month - on - month value of durable goods orders in May was 16.4%, much higher than the expected 8.5% and the previous value of - 6.6%. The month - on - month value of the pending home sales index in May was 1.8%, higher than the expected 0.1% and the previous value of - 6.3% [2] - Powell was cautious about interest - rate cuts during the congressional hearings, believing that the US economic situation has high uncertainty and preferring to base interest - rate decisions on facts without providing more forward - looking guidance. Trump was dissatisfied with the Fed's monetary policy and said he had three to four potential candidates for the next Fed chairman [2] Technical Charts - The report includes multiple charts showing the relationships between gold and silver prices, trading volumes, positions, and other factors, as well as the near - far month structures and internal - external price differences of gold and silver [8][9][11][16][21][22][26][28][36][37][39][45][47][48][50]

Report Industry Investment Rating - The investment rating for gold is cautiously bullish, and for silver is also cautiously bullish. The rating for arbitrage and options is to postpone [8]. Core Viewpoints - The Fed officials have differences on the interest - rate path, and geopolitical factors are still changeable. Gold and silver prices are affected by Fed policies and geopolitical situations. Gold prices are in a volatile pattern, and silver prices have strong fluctuations. The operation suggestions for gold and silver are to be cautiously bullish, while arbitrage and options operations should be postponed [1][8]. Summaries According to Relevant Catalogs Market News and Important Data - Fed Chair Powell believes the current policy is in a favorable position and can wait to consider interest - rate adjustments. However, there are differences within the Fed. Bostic expects a 25 - basis - point rate cut later this year, while others like Hammack think there is no urgent need to cut rates. Geopolitically, Trump has complex statements about the Israel - Iran cease - fire and regime change in Iran, and there are disputes over the US strike on Iran's nuclear facilities [1]. Futures Quotes and Volumes - On June 24, 2025, the Shanghai gold main contract opened at 782.00 yuan/gram and closed at 771.86 yuan/gram, down 1.21% from the previous trading day. The volume was 248,445 lots, and the open interest was 147,344 lots. The Shanghai silver main contract opened at 8,750 yuan/kilogram and closed at 8,739 yuan/kilogram, down 1.31% from the previous trading day. The volume was 446,808 lots, and the open interest was 341,852 lots [2]. US Treasury Yield and Spread Monitoring - On June 24, 2025, the US 10 - year Treasury rate closed at 4.34%, down 0.01% from the previous trading day. The 10 - 2 - year spread was 0.55%, up 5 basis points from the previous trading day [3]. Changes in Positions and Volumes of Gold and Silver on the SHFE - On the Au2502 contract, the long positions decreased by 173 lots, and the short positions decreased by 614 lots compared to the previous day. The total trading volume of Shanghai gold contracts increased by 50.23% to 501,680 lots. On the Ag2502 contract, the long positions were 120 lots, and the short positions increased by 89 lots. The total trading volume of silver contracts decreased by 9.30% to 795,077 lots [4]. Precious Metal ETF Position Tracking - The gold ETF position was 955.68 tons, down 1.72 tons from the previous trading day. The silver ETF position was 14,877.49 tons, down 73.50 tons from the previous trading day [5]. Precious Metal Arbitrage Tracking - On June 24, 2025, the domestic gold premium was - 0.66 yuan/gram, and the domestic silver premium was - 649.13 yuan/kilogram. The price ratio of the main gold and silver contracts on the SHFE was about 88.32, down 0.86% from the previous trading day. The overseas gold - silver ratio was 92.98, down 0.30% from the previous trading day [6]. Fundamentals - On June 24, 2025, the trading volume of gold on the Shanghai Gold Exchange T + d market was 51,470 kilograms, up 3.63% from the previous trading day. The silver trading volume was 304,350 kilograms, down 30.01% from the previous trading day. The gold delivery volume was 7,282 kilograms, and the silver delivery volume was 66,330 kilograms [7]. Strategies - For gold, it is advisable to enter the market with a light position (10% - 15% position) at the current price and add to the position to about 30% near 730 yuan/gram, with a stop - loss at 708 yuan/gram. For silver, continue to buy on dips for hedging, and pay more attention to position control and strict stop - loss execution. It is recommended to buy on dips for hedging near 8,640 yuan/kilogram for the Ag2508 contract, with a stop - loss near 8,590 yuan/kilogram [8].

Core Viewpoint - The recent surge in silver prices is primarily driven by the easing of tariff risks between China and the U.S., alongside high gold-silver ratios attracting bullish investments, and heightened demand for silver as a safe haven due to escalating tensions in the Middle East [1][2]. Price Movement and Market Dynamics - Since June, the London silver spot price has risen from around $33 per ounce to a peak of $37.24 per ounce on June 17, marking a nearly 14-year high [1]. - The increase in silver prices is linked to the alleviation of economic downturn risks associated with tariff policies, as well as the current high gold-silver ratio, which has led to an influx of bullish capital [2]. Historical Context and Comparisons - Historical data indicates that silver often lags behind gold in price movements during bull markets, with gold typically initiating price increases before silver follows [3]. - The gold-silver ratio has shifted significantly over the years, influenced by the differing monetary properties of gold and the industrial demand for silver, leading to a higher ratio in recent years [3]. Investment Trends and Market Participants - The current price increase in silver is attributed to both institutional and retail investor participation, with significant growth in silver ETF holdings and active futures trading [4][5]. - As of June 18, global silver ETF holdings increased by 858 tons compared to May 20, indicating strong institutional interest [4]. Investment Strategies and Recommendations - For investors, it is suggested to consider physical silver for long-term holdings, while silver ETFs are recommended for those with moderate risk tolerance seeking short to medium-term investments [6]. - Investors with higher risk tolerance and trading experience may explore silver futures and related derivatives, with an emphasis on strict risk management practices [6].