Group 1: Inflation Data Overview - In September 2025, the US CPI increased by 3.0% year-on-year and 0.3% month-on-month, while core CPI also rose by 3.0% year-on-year and 0.2% month-on-month, all below market expectations[2] - Overall inflation shows a marginal rebound, but core inflation is declining, indicating a potential easing impact from tariffs on US inflation[3] - Energy inflation rose significantly, with a year-on-year increase of 2.8%, while food inflation increased by 3.1%, showing a slight decline from August[4] Group 2: Future Inflation Trends and Federal Reserve Actions - The report suggests that inflation may trend downward in the future, with core inflation expected to remain stable or decrease slightly[5] - The Federal Reserve is likely to continue lowering interest rates by 25 basis points, with a total expected reduction of 75 basis points for 2025, due to ongoing risks in the labor market and low consumer confidence[6] - Consumer confidence index recorded a low of 55 in October, indicating pessimism about future economic conditions[42] Group 3: Key Economic Indicators - The Michigan University inflation expectation remained stable at 4.6%, with a 5-year expectation at 3.7%, suggesting consumers do not anticipate rapid cost transfers to them despite income pressures[46] - The core services inflation, excluding housing, showed a year-on-year decline, reflecting significant differences across various consumption sectors[23] - Risks include potential inflation surprises due to international tensions and unexpected economic downturns in the US[47]

Group 1: Gold Market Outlook - Morgan Stanley predicts that the average gold price will exceed $5,000 per ounce by Q4 2026, with a long-term target of $6,000 per ounce by 2028, based on expected investor demand and central bank purchases [1] - The analysis highlights that the current market consolidation is a healthy phenomenon, reflecting a supply-demand imbalance with high buyer interest and limited sellers [1] - The report emphasizes that gold remains a strong investment amid concerns over inflation, currency devaluation, and the Federal Reserve's interest rate cuts [1] Group 2: U.S. Economic Indicators - Barclays anticipates that the upcoming U.S. CPI data will need to be significantly higher than expected to alter the market's view on the Federal Reserve's interest rate cuts [2] - Morgan Stanley and Bank of America expect the Federal Reserve to end its balance sheet reduction earlier than previously forecasted due to rising borrowing costs in the dollar financing market [3] - The market is divided on when the Fed will conclude its quantitative tightening, with some institutions predicting an end in October while others expect a later conclusion [3] Group 3: Risk Assets and Inflation - State Street Global Advisors warns that investor optimism towards high-risk assets may be excessive, with expectations of rising inflation impacting the Federal Reserve's decisions [4] - Dutch International Group notes that the credit spread for U.S. corporate bonds is tightening, making them less attractive compared to euro-denominated bonds, amid rising risks [5] - Citigroup highlights that the recent rise in oil prices due to U.S. sanctions on Russia provides a hedging opportunity for producers, although geopolitical premiums may not last [6] Group 4: Japanese Economic Policy - Morgan Stanley suggests that the market's cooling expectations for a Bank of Japan rate hike this month may be overstated, indicating a potential rebound for the yen [7] - Dutch International Group points out that rising inflation in Japan could pave the way for a rate hike by the Bank of Japan in December, with consumer price inflation accelerating to 2.9% in September [8] Group 5: Cryptocurrency and AI Transition - Guojin Securities reports that overseas cryptocurrency mining companies are transitioning to AI data centers, leveraging low electricity costs and approved power quotas [8] - The report suggests focusing on companies with clear AI expansion plans and undervalued market positions during this transition [8] Group 6: U.S. Tariff and Inflation Outlook - CITIC Securities predicts that the U.S. Supreme Court will expedite the ruling on Trump's tariff legality, with potential implications for U.S.-China negotiations [9] - Minsheng Securities warns that rising core inflation in the U.S. could lead to a more cautious approach from the Federal Reserve regarding interest rate cuts, with inflation pressures expected to increase in Q4 [10]

Core Insights - US consumer confidence continued to decline in October, remaining at a five-month low with the University of Michigan's final consumer confidence index at 53.6, down 1.5 points from September and significantly lower than the market expectation of 55, representing a 24% decrease year-over-year [1][3] Group 1: Consumer Confidence Index - The consumer sentiment index is currently 36.4% below the average level since 1978, indicating extremely low consumer sentiment [1] - The consumer current conditions index (CECI) fell for the fourth consecutive month to 58.6, marking a three-year low with a month-over-month decline of 3.0% and a year-over-year drop of 9.7%, which was weaker than the market forecast of 61 [3] - The consumer expectations index (CEI) also declined for four months in a row, reporting 50.3, the lowest since May, with a month-over-month decrease of 2.7% and a significant year-over-year contraction of 32.1%, falling short of the market expectation of 51.2 [3] Group 2: Economic Conditions and Inflation Expectations - Despite a slight improvement in personal financial situations, expectations for future finances have weakened, with consumers perceiving no significant change in overall economic conditions compared to the previous month [3] - Inflation and high prices remain overwhelming sources of pressure for consumers, with one-year inflation expectations slightly decreasing from 4.7% to 4.6%, while long-term inflation expectations rose from 3.7% to 3.9%, still below the highs of April [3] - The current consumer sentiment index is lower than the levels observed at the onset of the last six US economic recessions, indicating that consumer sentiment is in a typical pre-recession pessimistic range [3][4]

Core Viewpoint - The Central Bank of Russia has lowered the benchmark interest rate by 50 basis points to 16.5%, marking the fourth rate cut this year [1] Economic Outlook - The Russian economy is returning to a balanced growth trajectory, although inflation expectations remain high in recent months [1] - The annual inflation rate in Russia is projected to be between 6.5% and 7.0% by the end of 2025 [1] - The Central Bank will maintain a tight monetary policy as needed to bring inflation back to target levels [1] Growth Projections - The economic growth forecast for Russia in 2025 has been revised down from 1%-2% to 0.5%-1% [1]

Economic Data Summary - S&P Global PMIs indicate manufacturing PMI at 52.2%, exceeding expectations of 51.9%, signaling expansion [1][2] - Services PMI also surpassed expectations at 55.2%, compared to the anticipated 53.5%, showing month-over-month improvement [2] Manufacturing Sector Insights - Production volumes in manufacturing increased for the fifth consecutive month, marking the largest expansion since August [2] - Domestic orders are driving growth, while export orders have significantly declined, the steepest drop since February, attributed to tariff policies and weaker demand from China and Europe [3] Services Sector Insights - The services sector is experiencing a deceleration in input and output prices, but faces challenges in employment due to a lack of qualified candidates [4] Consumer Sentiment Analysis - University of Michigan consumer sentiment survey shows little change, with consumer expectations at 50.3%, sentiment at 53.6%, and current conditions at 58.6% [6][7] - One-year inflation expectations remain stable at 4.6%, indicating no significant shifts in consumer outlook [8] Inflation and Market Reaction - CPI year-over-year is reported at 3%, aligning with expectations, while core CPI also matches at 3% [14][15] - Month-over-month CPI figures came in slightly lower than anticipated, contributing to a positive market reaction [13][16] Market Performance and Technical Analysis - S&P 500 reached a key resistance level at 6,800, with potential for further gains if it breaks through this level [18][19] - Leading sectors include communication services, technology, and financials, which are performing well in the current market environment [20]

Core Viewpoint - The upcoming U.S. CPI inflation data is critical, as a higher-than-expected reading could disrupt the prevailing market consensus on interest rate cuts and negatively impact the recent strong rebound in U.S. stock and bond markets since October [1][2][10]. Group 1: U.S. Treasury Market Dynamics - The 10-year U.S. Treasury yield fell below 4% for the first time in six months, reaching a low of 3.9%, indicating a significant rebound in Treasury prices despite the government shutdown delaying key economic data [1]. - The overall return of U.S. Treasuries in October is approximately 1.3%, potentially marking the best monthly performance since February, driven by safe-haven buying and expectations of Federal Reserve rate cuts [5]. - If the September CPI data exceeds expectations, it could lead to a sharp rise in Treasury yields, negatively affecting global stock and bond markets [3][10]. Group 2: Inflation Expectations and Market Reactions - Economists predict that the overall CPI for September will show a month-over-month increase of 0.4%, with core CPI expected to rise by 0.3%, both indicating a year-over-year growth of 3.1%, the highest since May 2024 [8]. - There is a prevailing concern that strong inflation data could undermine the market's confidence in further rate cuts, as indicated by various market strategists [10][11]. - The market is currently pricing in a high probability of a 25 basis point rate cut in December, but a significant rise in inflation could jeopardize these expectations [9]. Group 3: Impact on Equity Markets - The strong performance of major tech companies and the AI sector has driven a historic investment surge in U.S. equities, with indices like the S&P 500 and MSCI Global Index reaching new highs [4]. - The 10-year Treasury yield serves as a critical component in equity valuation models, and a sustained decline below 4% could support a continued bull market in stocks, particularly in technology [3][4]. - If inflation remains stubbornly high, it could lead to a reassessment of risk asset valuations, including tech stocks and cryptocurrencies, which are currently at historical highs [4][10].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The upcoming China-US trade negotiations from October 24 - 27 have boosted market optimism. However, the new US sanctions on a Russian oil company have led to a sharp rise in oil prices, increasing inflation expectations, and causing the US dollar index and US Treasury yields to rebound. The domestic economy is growing faster, and the impending trade negotiations have lifted domestic market sentiment. The Fourth Plenary Session of the CPC Central Committee emphasized supply security, with manufacturing and technological self - reliance taking the lead, which is expected to enhance domestic risk appetite. The short - term macro - upward drive has strengthened, and attention should be paid to the progress of China - US trade negotiations and the implementation of domestic incremental policies [2]. - For assets, the stock index is expected to fluctuate in the short term, with a cautious long - position approach. Treasury bonds are also expected to fluctuate, and it is advisable to observe cautiously. In the commodity sector, black metals are expected to rebound with short - term fluctuations, and a cautious long - position is recommended; non - ferrous metals are expected to fluctuate, and a cautious long - position is also suggested; energy and chemicals are expected to rebound with short - term fluctuations, and a cautious long - position is appropriate; precious metals are experiencing a short - term correction at high levels, and it is advisable to observe cautiously [2]. 3. Summary by Relevant Catalogs 3.1 Macro - finance - **Macro - situation**: Overseas, the upcoming China - US trade negotiations have boosted global risk appetite, but US sanctions on a Russian oil company have increased inflation expectations. Domestically, the economy is growing faster, and the trade negotiations are expected to lift the domestic market. Policy - wise, the Fourth Plenary Session of the CPC Central Committee's stance is favorable for domestic risk appetite. The short - term macro - upward drive has strengthened, and attention should be paid to trade negotiation progress and domestic policy implementation [2]. - **Asset suggestions**: Stock index: short - term fluctuation, cautious long - position; Treasury bonds: short - term fluctuation, cautious observation; commodities - black metals: short - term rebound with fluctuation, cautious long - position; non - ferrous metals: short - term fluctuation, cautious long - position; energy and chemicals: short - term rebound with fluctuation, cautious long - position; precious metals: short - term high - level correction, cautious observation [2]. 3.2 Stock Index - The domestic stock market rose slightly driven by sectors such as coal, energy metals, and film and television theaters. The improving domestic economy and upcoming trade negotiations have boosted market sentiment. Policy support from the Fourth Plenary Session of the CPC Central Committee has enhanced risk appetite. The short - term macro - upward drive has strengthened, and it is advisable to take a cautious long - position in the short term [3]. 3.3 Precious Metals - The precious metals market rose on Thursday night. Geopolitical risks and anticipation of US inflation data drove the increase. Spot gold rose 0.76% to $4125 per ounce. In the short term, precious metals are expected to rebound with fluctuations, and the long - term upward trend remains unchanged. Short - term investors should reduce long - positions and observe, while long - term investors should buy on dips [3]. 3.4 Black Metals - **Steel**: On Thursday, the steel futures and spot markets rebounded to varying degrees, with low trading volumes. The upcoming China - US trade negotiations have maintained strong macro expectations. The real - world demand for steel has improved marginally, with a 27.41 - million - ton decrease in inventory and a 17.32 - million - ton increase in apparent consumption this week. Supply has increased slightly but is expected to decline due to compressed steel mill profits. The steel market has no clear trend, with limited upward and downward space in the short term [4]. - **Iron Ore**: On Thursday, iron ore futures and spot prices continued to rebound. Steel mill profits are compressed, leading to a three - week decline in pig iron production, and further decline is expected. Steel mills are mainly making just - in - time purchases. Global iron ore shipments increased by 126 million tons this week, while arrivals decreased by 526.4 million tons. The price difference between Carajas fines (Carajás) and PB fines has narrowed. Iron ore prices are expected to fluctuate within a range [6]. - **Silicon Manganese/Silicon Ferro - alloy**: On Thursday, the spot prices of silicon ferro - alloy and silicon manganese were stable, while the futures prices rebounded slightly. The production of five major steel products increased slightly, and the demand for ferro - alloys is currently stable. The开工 rate of silicon manganese enterprises increased, and the daily output rose. The prices of silicon ferro - alloy and silicon manganese are expected to continue to fluctuate within a range [7]. 3.5 Chemicals - **Soda Ash**: On Thursday, the main soda ash contract fluctuated within a range. Supply is in a capacity - expansion phase, with plans for new capacity in the fourth quarter, resulting in high supply and inventory. Although there are anti - involution policies, the industry lacks clear policy implementation. In the long term, supply - side contradictions will suppress prices, and a bearish outlook is maintained [8]. - **Glass**: On Thursday, the main glass contract fluctuated within a range. Glass production increased slightly, and the number of operating production lines remained stable. As the "Golden September and Silver October" season ends, downstream procurement has slowed down. With anti - involution policies providing some support, but limited demand growth, short - term range - bound trading is recommended [8]. 3.6 Non - ferrous Metals and New Energy - **Copper**: Overnight, LME copper reached its highest level since October 9. High US copper inventories may limit future imports. The suspension of Indonesia's second - largest copper mine has tightened the global copper supply, but it is a temporary situation, and next year is expected to be a year of increased copper supply. China's refined copper inventory reduction has been less than expected. Copper prices are expected to remain high and fluctuate [9]. - **Aluminum**: On Thursday, SHFE aluminum rose significantly due to a positive macro environment and a general increase in commodity prices. An overseas aluminum smelter's accident has a limited impact on production. China's aluminum fundamentals are weak, with slow inventory reduction. However, market expectations are positive, and short - selling should be cautious [10]. - **Tin**: On the supply side, Indonesia's actions have tightened the global tin supply in the short term, and the mining approval cycle adjustment has added uncertainty. The smelting start - up rate has recovered. On the demand side, the start - up rate of tin solder is low, and demand in traditional and emerging industries is weak. High tin prices have suppressed consumption, but inventory has decreased due to some downstream replenishment. Tin prices are expected to remain high and fluctuate [11]. - **Lithium Carbonate**: On Thursday, the main lithium carbonate contract rose 4.17%. The market is experiencing both increased supply and demand, with strong seasonal demand and continuous inventory reduction. The market is strengthening with fluctuations, and attention should be paid to the upper pressure zone [12]. - **Industrial Silicon**: On Thursday, the main industrial silicon contract rose 2.72%. Production reached a new high, but there has been no inventory accumulation during the wet season. The market is expected to fluctuate within a range, and attention should be paid to the cash - flow cost support of large enterprises [12]. - **Polysilicon**: On Thursday, the main polysilicon contract rose 1.07%. The market is facing high supply and low demand. Expectations of policies such as state purchases are awaited, and attention should be paid to spot price support [13][14]. 3.7 Agricultural Products - **US Soybeans**: The CBOT soybeans rose overnight. Brazil's soybean sowing is progressing smoothly, and Argentina's weather conditions are favorable. The market is expected to remain stable with narrow fluctuations, and attention should be paid to China - US soybean trade developments [15]. - **Soybean and Rapeseed Meal**: The oil mill operating rate is high, and there is a widespread phenomenon of hastening the delivery of soybean meal. Oil mills are facing losses, increasing their willingness to support prices. There is a potential supply gap in the domestic market before the arrival of South American new soybeans next year. After a sharp decline, soybean meal is expected to stabilize with fluctuations. Rapeseed meal is in a state of balanced supply and demand, and its price is mainly influenced by soybean meal [15]. - **Soybean and Rapeseed Oil**: The short - term prices of soybean and rapeseed oil may be dragged down by palm oil. Soybean oil is in the peak season, but trading volume has not changed significantly. Palm oil is weak due to increased production in Malaysia. The price difference between soybean oil and palm oil is expected to continue to adjust. Rapeseed oil is supported by inventory reduction before new supplies arrive [16]. - **Palm Oil**: Malaysia's palm oil production has increased in October, and China's palm oil inventory has increased due to concentrated arrivals. MPOC expects palm oil prices to remain stable above 4400 ringgit per ton for the rest of 2025 [16]. - **Corn**: The price of corn in the Northeast region is stable. The China - US trade negotiations have an impact on the market, and traders' willingness to build inventories is relatively low. The price is approaching the cost of production, and farmers may be more reluctant to sell as the weather cools. The buying sentiment in the futures market has increased [17]. - **Hogs**: The price of hogs in the north has risen, increasing the cost of secondary fattening and reducing the enthusiasm of secondary fatteners. The breeding industry is facing losses, and the supply peak has not yet arrived. The price is expected to remain weak before the winter solstice consumption peak. The LH2601 futures contract is expected to fluctuate weakly [17].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Overseas risk appetite has declined, and the A - share market has seen a shrinking - volume weak oscillation. In the short - term, the stock market is expected to be weak, while in the long - term, it is cost - effective to buy on dips. The bond market oscillated and rebounded, and a wait - and - see approach is still recommended [2][3]. - Precious metals are in a stage of adjustment. Even if there are short - term rebounds due to economic data, the medium - term adjustment trend remains unchanged [4]. - Copper prices are oscillating. Before the Sino - US leaders' meeting, the market is cautious. The overseas macro environment is unstable, and the fundamentals show that supply is constrained and consumption is slightly suppressed, so copper prices are expected to remain high and oscillate in the short - term [5][6]. - Aluminum prices are expected to perform well. Overseas supply is affected, and the domestic market follows the upward trend of the overseas market [7][8]. - Alumina prices are expected to remain weak and stagnant at a low level. Supply is in an oversupply state, but there is cost support at the futures end [9][10]. - Zinc prices are experiencing a weak rebound. Overseas squeeze - out support exists, but the domestic high - inventory pressure remains [11][12]. - Lead prices are oscillating at a high level. Transportation control and production adjustment of some refineries support the price in the short - term, but there is downward pressure in the future [13][14][15]. - Tin prices are in a narrow - range consolidation. Supply and demand are both weak, and there are few new contradictions [16]. - Industrial silicon prices are weakly oscillating. Supply is stable, and demand is mixed. The market is waiting for policies in the polysilicon industry [17][18]. - Lithium carbonate prices may see a short - term upward trend driven by bulls, but the upside is not expected to be overly high [19][20]. - Nickel prices may have a technical rebound due to cost support [21]. - For soda ash and glass, the strategy of widening the price difference can be gradually stopped, and the market will be in an oscillating and wait - and - see state later [22]. - Steel prices are under oscillating pressure. Spot trading is stable, but terminal demand is weak [23][24]. - Iron ore prices are expected to oscillate and adjust. Supply is high, and demand is weakening [25]. - Soybean and rapeseed meal prices are weakly oscillating. The market is waiting for the outcome of Sino - US trade negotiations [26][27]. - Palm oil prices are expected to have a wide - range oscillation. Pay attention to the lower support range [28][29]. 3. Summaries According to Relevant Catalogs 3.1 Metal Main Varieties Yesterday's Trading Data - The report provides the closing prices, price changes, price change percentages, total trading volumes, total open interests, and price units of various metal futures contracts such as SHFE copper, LME copper, SHFE aluminum, etc. [30] 3.2 Industry Data Perspective - For copper, it shows the price changes of SHFE copper and LME copper, as well as data on warehouse receipts, inventories, spot quotes, and other aspects from October 21st to 22nd [31]. - For nickel, it presents the price changes of SHFE nickel and LME nickel, and related data on warehouse receipts, inventories, and premiums from October 21st to 22nd [31]. - Similar data summaries are provided for zinc, lead, aluminum, alumina, tin, precious metals, steel, iron ore, coke, coking coal, lithium carbonate, industrial silicon, and soybean meal, including price changes, warehouse receipt and inventory data, and other relevant information [33][34][35][36][37][38]

Core Viewpoint - Former New York Fed President Bill Dudley questions Powell's neutral interest rate assessment, warning that further rate cuts could lead to inflation if monetary policy does not effectively restrain economic growth [2] Group 1: Economic Growth and Monetary Policy - Dudley suggests that if the Fed cuts rates next week, it will be based on the assumption that current monetary policy is restrictive and suppressing economic growth, a view he believes carries risks [2] - Powell argues for a neutral monetary policy, citing recession risks in the labor market, which he believes offset inflation risks from rising import tariffs [2] - The Atlanta Fed's "GDP Now" model predicts a 3.8% growth rate for Q3, higher than the previous estimate of 3.0%, contradicting the notion of a restrictive monetary policy [2] Group 2: Financial Environment and Market Dynamics - The FOMC assesses the neutral interest rate (r*) based on actual interest rate effects, indicating that their median estimate of r* at 3.0% may be too low [3] - Financial conditions have significantly eased over the past year, with stock prices rising, bond yields falling, and a weaker dollar, suggesting the current financial environment is the most accommodative since April 2022 [3] - The surge in AI investments has led to a substantial increase in the market capitalization of the "seven tech giants," raising their share from about 1/5 at the end of 2022 to approximately 1/3 now [3] Group 3: Inflation Risks and Expectations - The likelihood of inflation exceeding the Fed's target for a fifth consecutive year is high, with the FOMC projecting inflation will not return to 2% until 2028 [4] - Consumer confidence surveys indicate rising long-term inflation expectations, suggesting that the Fed may need to signal that future rate cuts will not meet market expectations [4] - To better achieve its inflation and employment goals, the Fed must manage market expectations regarding the pace and extent of future rate cuts [4]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Gold: Trump's cancellation of the meeting with Putin may lead to an escalation of Russian energy sanctions, causing the gold price to continue falling. The premium of Shanghai gold has converged to -2 yuan/gram, and domestic sentiment has significantly cooled. Despite short - term capital pressure making the gold price weak, the long - term upward trend remains unchanged due to trade concerns, government shutdowns, and interest - rate cut expectations [4]. - Silver: Trump's cancellation of the meeting with Putin may lead to an escalation of Russian energy sanctions, causing the silver price to continue falling. The premium of Shanghai silver has rapidly and significantly expanded to 300 yuan/gram, and domestic sentiment remains strong. With cooling trade concerns, the silver price, which follows the gold price, still has support but faces short - term correction pressure [5]. 3. Summary by Directory 3.1. Previous Day's Review - Gold: COMEX gold futures rose 0.18% to $4116.60 per ounce. The 10 - year US Treasury yield fell 2.49 basis points to 3.953%. The US dollar index fell 0.06% to 98.91, and the offshore RMB against the US dollar appreciated slightly to 7.1257. The basis of gold was - 2.31, with the spot at a discount to the futures. Gold futures warehouse receipts increased by 450 kilograms to 87015 kilograms [4]. - Silver: COMEX silver futures rose 1.00% to $48.18 per ounce. The basis of silver was - 13, with the spot at a discount to the futures. Shanghai silver futures warehouse receipts decreased by 57674 kilograms to 691688 kilograms [5]. 3.2. Daily Tips - Gold: The long - term upward trend of the gold price remains unchanged, but it is weak in the short term due to capital pressure. Today, pay attention to the closing of the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China, as well as speeches by members of the Federal Reserve and the European Central Bank [4]. - Silver: The silver price, which follows the gold price, still has support but faces short - term correction pressure [5]. 3.3. Today's Focus - Time TBD: Closing of the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China, Photovoltaic Industry High - Quality Development and Technology Standards Forum; South Korea's central bank to announce interest - rate decision. - 15:30: Swiss National Bank to release the meeting minutes of the September interest - rate decision. - 17:15: Deputy Governor of the Bank of England, Woods, to speak on economic growth in northern England. - 19:00: Central Bank of Ukraine to announce interest - rate decision. - 20:00: Chief Economist of the European Central Bank, Philip Lane, to speak. - 21:00: Member of the Bank of England's Monetary Policy Committee, Dhingra, to speak. - 22:00: Fed Governor and Vice - Chair for Supervision, Bowman, to testify on the supervision of financial regulatory agencies at a hearing of the US Senate Banking Committee, and possibly release the annualized total number of existing home sales in the US in September. - 22:25: Fed Governor Barr to speak on "community investment" at a tax conference [14]. 3.4. Fundamental Data - Gold: The 20 - day moving average is upward, and the K - line is above the 20 - day moving average. The main net position is long, but the long positions of the main players are decreasing [4]. - Silver: The 20 - day moving average is upward, and the K - line is above the 20 - day moving average. The main net position is long, and the long positions of the main players are increasing [5]. 3.5. Position Data - Gold: As of October 22, 2025, the long positions of the top 20 in Shanghai gold decreased by 6.81% to 175,296, the short positions decreased by 8.20% to 68,493, and the net position decreased by 5.90% to 106,803 [28]. - Silver: As of October 22, 2025, the long positions of the top 20 in Shanghai silver decreased by 3.56% to 362,840, the short positions decreased by 9.41% to 270,707, and the net position increased by 18.99% to 92,133 [31].