Core Viewpoint - The article discusses the divergence among investment banks regarding the relationship between interest rate cuts and gold prices, suggesting that a loose monetary policy may actually be bearish for gold, contrary to common belief [1] Group 1: Investment Bank Perspectives - Citigroup challenges the conventional wisdom that lower interest rates will boost gold prices, arguing that a period of monetary easing could lead to a decline in gold demand [1] - The article highlights that geopolitical risks may have peaked, potentially accelerating capital outflows from gold investments [1] Group 2: Market Dynamics - The concept of "smart money" is mentioned, indicating that sophisticated investors may be poised to exploit emerging opportunities in the market, particularly in the context of the current economic environment [1] - Both the US dollar and gold are experiencing "counter-consensus trading" opportunities, suggesting that market dynamics may not align with traditional expectations [1]

Core Viewpoint - The recent CPI data showing a 2.4% year-over-year increase in May has heightened market expectations for the Federal Reserve's first interest rate cut of the year, which could significantly impact global financial markets, particularly the digital asset market [1][2]. Group 1: Federal Reserve's Policy Shift - The consensus among Federal Reserve officials indicates at least one interest rate cut is expected this year, supported by the 2.4% CPI increase, alleviating concerns about stagflation and paving the way for a loosening monetary policy [2][6]. - A shift to lower interest rates is likely to increase liquidity and reduce funding costs, making risk assets, including digital assets, more attractive to investors [2][5]. Group 2: Digital Asset Market Dynamics - Bitcoin has been fluctuating between $90,000 and $110,000 since late 2024, with mixed market sentiment driven by ETF and institutional buying pressure, alongside high interest rates and geopolitical uncertainties [3][4]. - Several key triggers are aligning, such as favorable policies in Asian markets, which could lead to a decisive upward movement in the digital asset market [4][6]. Group 3: Institutional Investment Trends - Institutions are currently focusing on defensive positions in digital assets like Bitcoin and certain staking assets due to high interest rates, but a shift to riskier, high-growth assets is anticipated once interest rates begin to decline [6][7]. - The potential for a "Davis Double" effect on the valuation of Bitcoin, Ethereum, and other major altcoins is expected as the market adjusts to a new interest rate environment [5][6]. Group 4: Market Sentiment and User Protection - The company emphasizes the importance of user experience and risk management, providing a robust protection fund and maintaining high liquidity to ensure user trust during market fluctuations [7][8]. - The macroeconomic landscape in 2025 is projected to be a pivotal turning point, with interest rate cuts signaling a shift in capital flows, market preferences, and asset revaluation, positioning digital assets as a key area of growth [7][8].

欧洲央行管委卡兹米尔：我认为我们几乎已经完成了宽松周期，甚至可能已经接近或已到达结束。 ...

Core Viewpoint - The European Central Bank (ECB) is nearing the end of its easing cycle, as indicated by the agreement of ECB Governing Council member Muller with President Lagarde's perspective [1] Summary by Categories Monetary Policy - The current position on inflation is satisfactory according to Muller [1] - Future interest rate hikes will depend on economic developments, indicating a cautious approach to monetary policy adjustments [1] - There is uncertainty regarding the direction of the next interest rate adjustment, highlighting the complexity of the current economic environment [1]

Group 1 - The core viewpoint of the news highlights that recent economic data from the U.S. has opened up greater space for adjustments in the Federal Reserve's monetary policy, leading to increased expectations for a loosening cycle [2] - Key economic indicators released on Thursday showed a comprehensive weakening: the Producer Price Index (PPI) unexpectedly fell by 0.5% month-on-month, significantly deviating from the market expectation of a 0.2% increase; retail sales growth plummeted from 1.7% in March to just 0.1%; and manufacturing output declined by 0.4% year-on-year, exceeding the expected drop of 0.2% [2] - The bond market reacted sharply, with the 10-year Treasury yield dropping by 11 basis points to 4.435%, marking the largest decline in nearly two months; the more policy-sensitive 2-year yield fell by 9.2 basis points to 3.961% [2] Group 2 - Current consumer weakness may have surpassed the impact of tariffs, indicating a deeper demand contraction, as warned by Macquarie strategist Thierry Wizman [2] - Walmart's decision to incorporate tariff costs into its pricing structure signifies that pressure on the consumer side may transition from expectation to a tangible impact [2] - In the silver market, the resistance levels are noted at the 7.690-7.760 range, while support levels are identified at 7.330-7.390 [3]

波兰央行行长："利率调整"并不意味着宽松周期的开始。 ...

泰国央行副行长：货币政策立场略微偏宽松，并非处于宽松周期。 ...