Report Summary 1. Report Industry Investment Rating - Gold: Cautiously bullish [8] - Silver: Cautiously bullish [8] - Arbitrage: Short the gold-silver ratio at high levels [8] - Options: Hold off [9] 2. Core Viewpoints - The Fed's Beige Book shows that the US economic outlook is basically stable, but there are risks of a slowdown in some areas. The market is worried about the US economic slowdown, and the possibility of interest rate cuts in December has opened up. It is expected that the prices of gold and silver will be in a volatile and upward pattern in the near future, and the gold-silver ratio is expected to continue to narrow [1][8] 3. Summary by Relevant Catalogs Market Analysis - The Fed's Beige Book indicates that economic activity is basically flat in most of the 12 Fed districts, with 2 districts reporting a slight decline and 1 district reporting a slight increase. The overall outlook is basically unchanged, but some people point out that the risk of a slowdown in economic activity in the next few months has increased. The number of initial jobless claims in the US last week decreased by 6,000 to 216,000, the lowest since mid-April, lower than the expected 225,000. The number of continued jobless claims in the previous week rose slightly to 1.96 million [1] Futures Quotes and Trading Volumes - On November 26, 2025, the Shanghai Gold main contract opened at 942.56 yuan/gram and closed at 946.72 yuan/gram, a change of 0.02% from the previous trading day's close. The trading volume on that day was 41,087 lots, and the open interest was 129,725 lots. In the night session, it opened at 947.00 yuan/gram and closed at 949.34 yuan/gram, up 0.28% from the afternoon close. The Shanghai Silver main contract opened at 12,081.00 yuan/kilogram and closed at 12,227.00 yuan/kilogram, a change of 0.82% from the previous trading day's close. The trading volume on that day was 1,643,769 lots, and the open interest was 385,232 lots. In the night session, it opened at 12,250 yuan/kilogram and closed at 12,450 yuan/kilogram, up 1.82% from the afternoon close [2] US Treasury Yield and Spread Monitoring - On November 26, 2025, the US 10-year Treasury yield closed at 3.992%, unchanged from the previous trading day. The spread between the 10-year and 2-year Treasury yields was 0.517%, also unchanged from the previous trading day [3] Changes in Positions and Trading Volumes of Precious Metals on the Shanghai Futures Exchange - On November 26, 2025, in the Au2602 contract, the long positions changed by 7,552 lots compared with the previous day, and the short positions changed by 2,687 lots. The total trading volume of Shanghai Gold contracts on the previous trading day was 453,331 lots, a change of 7.60% from the previous trading day. In the case of Shanghai Silver, in the Ag2602 contract, the long positions changed by 14,304 lots, and the short positions changed by 9,941 lots. The total trading volume of silver contracts on the previous trading day was 2,051,420 lots, a change of 15.48% from the previous trading day [4] Precious Metals ETF Holdings Tracking - The gold ETF holdings were 1,040.86 tons yesterday, unchanged from the previous trading day. The silver ETF holdings were 15,582 tons, an increase of 70 tons from the previous trading day [5] Precious Metals Arbitrage Tracking - On November 26, 2025, the domestic premium for gold was -3.55 yuan/gram, and the domestic premium for silver was -1,071.88 yuan/kilogram. The price ratio of the main gold and silver contracts on the Shanghai Futures Exchange was about 77.43, a change of -0.79% from the previous trading day, and the overseas gold-silver ratio was 80.65, a change of -0.79% from the previous trading day [6] Fundamentals - On November 26, 2025, the trading volume of gold on the Shanghai Gold Exchange T+d market was 57,208 kilograms, a change of -7.39% from the previous trading day. The trading volume of silver was 668,376 kilograms, a change of -37.60% from the previous trading day. The gold delivery volume was 11,872 kilograms, and the silver delivery volume was 18,300 kilograms [7]

Report Industry Investment Rating - Gold: Cautiously bullish [9] - Silver: Cautiously bullish [9] - Arbitrage: Short the gold-silver ratio at high levels [10] - Options: On hold [10] Core Viewpoints - Multiple Fed officials have expressed a dovish monetary policy stance. Although there is still uncertainty about a December rate cut, short-term market expectations for monetary easing have improved. The gold price is expected to be in a slightly bullish range, and the silver price is expected to be slightly stronger than gold, with the gold-silver ratio expected to narrow [9]. Summary by Related Catalogs Market Analysis - In terms of the pace of rate cuts, Fed Governor Waller advocates a rate cut in December due to the weak labor market, and he believes that the delayed economic reports after the December meeting may make the January decision more difficult. San Francisco Fed President Daly supports a rate cut next month, believing that the sudden deterioration of the job market is more likely and harder to control than a sudden rise in inflation. Geopolitically, the US and Ukraine have completed a new 19-point peace agreement draft, but sensitive issues remain to be decided by Trump and Zelensky, and Russia believes the European peace plan is not constructive and does not serve its interests [2]. Futures Quotes and Volumes - On November 24, 2025, the Shanghai gold futures main contract opened at 933.98 yuan/gram and closed at 930.32 yuan/gram, a change of 0.36% from the previous trading day's close. The trading volume was 41,087 lots, and the open interest was 129,725 lots. In the night session, it opened at 935.60 yuan/gram and closed at 938.68 yuan/gram, up 0.90% from the afternoon close. The Shanghai silver futures main contract opened at 11,715.00 yuan/kg and closed at 11,808.00 yuan/kg, a change of 1.10% from the previous trading day's close. The trading volume was 1,574,854 lots, and the open interest was 347,468 lots. In the night session, it opened at 11,890 yuan/kg and closed at 11,975 yuan/kg, up 1.41% from the afternoon close [3]. US Treasury Yield and Spread Monitoring - On November 24, 2025, the US 10-year Treasury yield closed at 4.029%, up 0.19 BP from the previous trading day. The spread between the 10-year and 2-year Treasuries was 0.54%, up 0.77 BP from the previous trading day [4]. SHFE Gold and Silver Positions and Volume Changes - On November 24, 2025, in the Au2602 contract, the long positions changed by 3,016 lots compared to the previous day, and the short positions changed by 1,044 lots. The total trading volume of Shanghai gold contracts on the previous trading day was 472,495 lots, a change of 8.79% from the previous trading day. In the case of Shanghai silver, in the Ag2602 contract, the long positions changed by -2,997 lots, and the short positions changed by 138 lots. The total trading volume of silver contracts on the previous trading day was 2,108,210 lots, a change of 14.26% from the previous trading day [5]. Precious Metal ETF Position Tracking - For precious metal ETFs, the gold ETF holdings were 1,040.57 tons, unchanged from the previous trading day. The silver ETF holdings were 15,258 tons, an increase of 11 tons from the previous trading day [6]. Precious Metal Arbitrage Tracking - On November 24, 2025, the domestic gold premium was -10.56 yuan/gram, and the domestic silver premium was -1,173.15 yuan/kg. The ratio of the main contract prices of gold and silver on the SHFE was about 78.79, a change of 2.55% from the previous trading day, and the overseas gold-silver ratio was 82.48, a change of 3.24% from the previous trading day [7]. Fundamentals - On November 24, 2025, the trading volume of gold on the Shanghai Gold Exchange T+d market was 53,158 kg, a change of -2.82% from the previous trading day. The trading volume of silver was 724,146 kg, a change of 106.05% from the previous trading day. The gold delivery volume was 11,872 kg, and the silver delivery volume was 45,840 kg [8]. Strategy - Gold: The price is expected to be in a slightly bullish range, with the Au2602 contract oscillating between 915 yuan/gram and 955 yuan/gram [9]. - Silver: The price is expected to maintain a slightly bullish range, with the Ag2602 contract oscillating between 11,700 yuan/kg and 12,200 yuan/kg [10]. - Arbitrage: Short the gold-silver ratio at high levels [10] - Options: On hold [10]

Market Analysis - Trump said he has selected a candidate for the next Fed Chair, with possible candidates including current Fed governors Waller and Bowman, former Fed governor Warsh, White House National Economic Council Director Hassett, and BlackRock executive Reid [1] - The "small non - farm" ADP weekly employment data showed that as of the four weeks ending November 1st, the average weekly employment in the US private sector decreased by 2,500. As of the week ending October 18th, the number of initial jobless claims in the US was 232,000, and the number of continued jobless claims rose slightly to 1,957,000 [1] Futures Quotes and Volumes - On November 18, 2025, the Shanghai gold main contract opened at 932.26 yuan/gram and closed at 918.52 yuan/gram, a change of - 1.18% from the previous trading day's close. The trading volume was 41,087 lots, and the open interest was 129,725 lots. In the night session, it opened at 922.54 yuan/gram and closed at 929.84 yuan/gram, a 1.23% increase from the afternoon close [2] - On November 18, 2025, the Shanghai silver main contract opened at 11,975.00 yuan/kg and closed at 11,699.00 yuan/kg, a change of - 1.96% from the previous trading day's close. The trading volume was 1,157,926 lots, and the open interest was 322,401 lots. In the night session, it opened at 11,760 yuan/kg and closed at 11,949 yuan/kg, a 2.14% increase from the afternoon close [2] US Treasury Yield and Spread Monitoring - On November 18, 2025, the US 10 - year Treasury yield closed at 4.112%, a change of - 2.71 BP from the previous trading day. The spread between the 10 - year and 2 - year Treasuries was 0.55%, a + 1.27 BP change from the previous trading day [3] Position and Volume Changes of Precious Metals on SHFE - On the Au2512 contract on November 18, 2025, the long positions changed by - 3,999 lots compared to the previous day, and the short positions changed by 619 lots. The total trading volume of Shanghai gold contracts the previous trading day was 445,767 lots, a change of - 38.50% from the previous trading day [4] - On the Ag2602 contract, the long positions changed by - 1,214 lots, and the short positions changed by 7,720 lots. The total trading volume of silver contracts the previous trading day was 1,758,456 lots, a change of - 37.01% from the previous trading day [4] Precious Metals ETF Position Tracking - The gold ETF position was 1,041.43 tons, unchanged from the previous trading day. The silver ETF position was 15,218 tons, also unchanged from the previous trading day [5] Precious Metals Arbitrage Tracking - On November 18, 2025, the domestic premium for gold was 5.44 yuan/gram, and for silver, it was - 872.72 yuan/kg [6] - The price ratio of the main contracts of gold and silver on SHFE was about 78.51, a 0.80% change from the previous trading day. The overseas gold - silver price ratio was 79.97, a 1.79% change from the previous trading day [6] Fundamental Analysis - On November 18, 2025, the trading volume of gold on the Shanghai Gold Exchange T + d market was 59,742 kg, a change of - 27.20% from the previous trading day. The trading volume of silver was 623,148 kg, a change of - 17.90% from the previous trading day. The gold delivery volume was 11,872 kg, and the silver delivery volume was 1,650 kg [7] Strategy - Gold: Cautiously bullish. The US employment market is still weak, which may prompt the Fed to turn dovish marginally. The gold price is expected to be in a slightly bullish oscillation pattern in the near term, with the Au2512 contract oscillating between 910 yuan/gram and 960 yuan/gram [8] - Silver: Cautiously bullish. Silver and gold are both showing price stabilization, but due to the recovery of risk sentiment, the silver price is slightly stronger than gold. The silver price is also expected to maintain a slightly bullish oscillation pattern, with the Ag2602 contract oscillating between 11,600 yuan/kg and 12,100 yuan/kg [8] - Arbitrage: Short the gold - silver price ratio at high levels [9] - Options: Put on hold [9]

Core Viewpoint - Silver has experienced a significant price surge, outperforming gold, with the London spot silver price surpassing $53 per ounce and an annual increase of over 85% as of November 12, 2025, driven by multiple favorable factors [3] Group 1: Silver's Attributes and Price Drivers - Silver's price is influenced by its financial and commodity attributes, with the gold-silver ratio being a key indicator. Historically, this ratio fluctuates between 40 and 127, with a central value around 68. As of April 2025, the ratio reached a high of 105, indicating potential for silver price appreciation as it reverts to historical averages [4] - The commodity attribute of silver is crucial, as it is essential in high-tech manufacturing sectors like electronics, photovoltaics, and automotive industries. Industrial applications account for nearly 60% of total silver demand, with the photovoltaic sector alone representing about 17% [5] Group 2: Market Dynamics and Investment Strategies - The recent strong performance of silver is attributed to its three attributes working in concert. A weaker US dollar and expectations of Federal Reserve rate cuts have increased the appeal of silver as a dollar-denominated asset. Additionally, ongoing geopolitical tensions and US debt issues have enhanced the allure of precious metals as safe-haven assets [5] - For investors, understanding silver's unique market characteristics and investment channels is essential. Investment methods include virtual investments (like silver ETFs and futures) and physical investments (such as silver bars and coins). Silver is likened to a "small-cap stock" in the precious metals sector, with its lower market capitalization making it more sensitive to capital inflows [6][7] Group 3: Investment Outlook - In the current market environment, silver can be viewed as an "enhanced" alternative to gold, benefiting from both gold's upward momentum and additional growth from industrial demand and the renewable energy revolution. As global economic expectations improve, silver is positioned to potentially outperform gold due to its stronger commodity attributes [7] - It is advisable for investors to consider including silver in their diversified portfolios, employing a strategy of gradual accumulation and monitoring the gold-silver ratio to optimize investment returns [7]

Core Insights - Domestic futures contracts showed a mixed performance with low sulfur fuel oil dropping over 4% and SC crude oil and fuel oil declining over 3% [1] - Precious metals like silver and tin saw significant gains, with silver rising nearly 5% and tin increasing over 2% [1] Market Performance - Low sulfur fuel oil (LU) decreased by more than 4% - SC crude oil and fuel oil fell by over 3% - Caustic soda and liquefied petroleum gas (LPG) dropped by more than 1% - Silver rose nearly 5%, tin increased over 2%, while gold and pure benzene saw gains of over 1% [1] Futures Contract Details - Silver futures (护银2512) reached 12,481 with a daily increase of 4.58% [2] - Tin futures (护锡2512) stood at 297,240 with a rise of 1.97% [2] - Gold futures (护金2512) were at 962.78, up by 1.72% [2] - Crude oil futures (原油2512) were priced at 449.3, down by 3.71% [2] Economic Context - The retirement announcement of Atlanta Fed President Bostic is expected to influence market expectations regarding monetary policy, potentially leading to a more dovish stance from the Federal Reserve [3] - The U.S. House is set to vote on a bill to end the government shutdown, which is likely to release funds that could positively impact market liquidity and support precious metal prices [3] - The current phase of the Federal Reserve's easing cycle is still in its early stages, suggesting a strategy of buying silver on dips may be beneficial [3]

1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core View of the Report - The reopening of the US government creates fundamental bearish factors for precious metal prices, especially international gold prices, from the perspective of easing recession trading. However, the previous pressure on gold and silver prices was mainly due to liquidity tightening rather than strong overseas economic fundamentals. Therefore, in the context of the restoration of US dollar liquidity, the prices of gold and silver, as important major assets, will be boosted in the short term [3] - It is recommended to go long on silver at low prices. The reference operating range for the main contract of Shanghai gold is 927 - 968 yuan/gram, and the reference operating range for the main contract of Shanghai silver is 11,575 - 12,366 yuan/kilogram [3] 3. Summary by Relevant Content Market Quotes - On November 11, 2025, Shanghai gold rose 2.23% to 944.76 yuan/gram, Shanghai silver rose 3.09% to 11,868.00 yuan/kilogram; COMEX gold was reported at 4,123.40 US dollars/ounce, COMEX silver was reported at 50.41 US dollars/ounce; the yield of 10 - year US Treasury bonds was reported at 4.13%, and the US dollar index was reported at 99.62 [2] - As of November 11, the gold - silver ratio was 81.5, still significantly higher than the historical average of 62 since 1971 [3] Macroeconomic Situation in the US - Since the "Big and Beautiful" bill was officially passed in July 2025 and the debt ceiling issue was resolved, the balance of the US Treasury's cash (TGA account) on the Fed's liability side has continued to rise, from 311.1 billion US dollars on July 9 to 852 billion US dollars on October 15. Due to the government shutdown, the TGA account balance reached 942.7 billion US dollars on November 5, and the deposit reserve scale dropped from 29.8 million US dollars at the beginning of October to 28.5 million US dollars. The spread between the US Secured Overnight Financing Rate (SOFR) and the effective federal funds rate significantly widened, reaching a high of 0.36% on October 31. The US dollar index was strong, and precious metal prices and overseas equity markets were significantly under pressure [2] Market Charts and Data Tables - The report provides multiple charts and data tables, including the relationship between gold and silver prices, trading volume, open interest, and other data, as well as the relationship between precious metal prices and the US dollar index, real interest rates, and other factors, and the internal and external price differences of gold and silver [6][51]

Report Investment Rating - Gold: Neutral [8] - Silver: Neutral [8] - Arbitrage: Short the gold-silver ratio at high levels [8] - Options: On hold [9] Core View - The U.S. government shutdown has tied the historical record, and the precious metals market continues to oscillate weakly. With the fading of market risk aversion, the demand for gold investment may slightly decline. The gold price is expected to be in an oscillatory pattern, and the silver price is also showing an oscillatory situation. The Fed's interest rate cut path has widened in December, and short-term risk aversion catalysts have weakened [1][8]. Market Analysis - The U.S. federal government shutdown has entered the 35th day, tying the longest shutdown record in U.S. history. The Democrats and Republicans have been deadlocked, and the Senate has failed to pass a temporary appropriation bill in 13 votes. The U.S. Supreme Court will hear the case of whether Trump's tariff policy is legal this Wednesday, and the U.S. Treasury Secretary will go to the Supreme Court to emphasize the importance of tariffs [1]. Futures Quotes and Trading Volume - On November 4, 2025, the Shanghai gold main contract opened at 921.90 yuan/gram and closed at 915.58 yuan/gram, a change of -0.76% 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 closed at 908.92 yuan/gram, down 0.73% from the afternoon close. The Shanghai silver main contract opened at 11,455.00 yuan/kilogram and closed at 11,238.00 yuan/kilogram, a change of -1.89% from the previous trading day's close. The trading volume was 783,853 lots, and the open interest was 257,090 lots. The night session closed at 11,226 yuan/kilogram, down 0.11% from the afternoon close [2]. U.S. Treasury Yield and Spread Monitoring - On November 4, 2025, the U.S. 10-year Treasury yield closed at 4.081%, a decrease of 2.91 BP from the previous trading day. The spread between the 10-year and 2-year Treasuries was 0.511%, a change of +0.58 BP from the previous trading day [3]. Position and Trading Volume Changes of Gold and Silver on the SHFE - On November 4, 2025, on the Au2512 contract, the long position decreased by 5,262 lots compared to the previous day, and the short position decreased by 2,315 lots. The total trading volume of the Shanghai gold contract was 332,993 lots, a change of -2.42% from the previous trading day. On the Ag2512 contract, the long position decreased by 2,987 lots, and the short position decreased by 365 lots. The total trading volume of the silver contract was 783,853 lots, a change of 4.23% from the previous trading day [4]. Precious Metal ETF Position Tracking - The gold ETF position was 1,041.78 tons, unchanged from the previous trading day. The silver ETF position was 15,190 tons, unchanged from the previous trading day [5]. Precious Metal Arbitrage Tracking - On November 4, 2025, the domestic gold premium was 4.18 yuan/gram, and the domestic silver premium was -825.36 yuan/kilogram. The price ratio of the main gold and silver contracts on the SHFE was about 81.47, a change of 1.16% from the previous trading day. The overseas gold-silver ratio was 81.88, a change of -0.93% from the previous trading day [6]. Fundamental Analysis - On November 4, 2025, the trading volume of gold on the Shanghai Gold Exchange T+d market was 64,372 kilograms, a change of -4.71% from the previous trading day. The trading volume of silver was 659,480 kilograms, a change of 25.52% from the previous trading day. The gold delivery volume was 11,872 kilograms, and the silver delivery volume was 28,080 kilograms [7]. Strategy - Gold: The price is expected to oscillate, and the Au2512 contract's oscillation range may be between 890 yuan/gram and 940 yuan/gram [8]. - Silver: The price is oscillating, and the Ag2512 contract's oscillation range may be between 11,000 yuan/kilogram and 11,600 yuan/kilogram [8]. - Arbitrage: Short the gold-silver ratio at high levels [8].

1. Report Industry Investment Rating - Gold: Cautiously bullish [8] - Silver: Cautiously bullish [8] - Arbitrage: Short the gold-silver ratio at high levels [9] - Options: Put on hold [9] 2. Core View of the Report - The divergence within the Fed on the path of interest rate cuts has deepened, and weak economic data may add more weight to the Fed's decision to continue cutting rates in December. Short-term risk aversion catalysts are weakening. Gold and silver prices are expected to be in a volatile pattern. The Au2512 contract for gold may fluctuate between 910 yuan/gram and 940 yuan/gram, and the Ag2512 contract for silver may fluctuate between 11,100 yuan/kilogram and 11,700 yuan/kilogram [8][9] 3. Summary by Related Catalogs Market Analysis - Fed Governor Milan called for more aggressive rate cuts, saying the Fed's policy is too tight and the longer it remains restrictive, the greater the risk of an economic downturn. He reiterated that the neutral policy rate is far below the current level and should be achieved through a series of 50-basis-point rate cuts. Governor Cook said each Fed meeting is a real-time decision on monetary policy, the current policy is moderately restrictive, inflation remains high and faces upward risks, and a rate cut in December is possible but depends on new information. The US ISM manufacturing PMI in October was 48.7, contracting for the eighth consecutive month, lower than the expected 49.5 and the previous value of 49.1. New orders declined for the second consecutive month, the production index was weak, and the price payment index hit a new low since the beginning of this year [1] Futures Quotes and Trading Volumes - On November 3, 2025, the Shanghai gold futures main contract opened at 924.60 yuan/gram and closed at 922.58 yuan/gram, a change of 0.07% from the previous trading day's close. The trading volume was 41,087 lots, and the open interest was 129,725 lots. In the night session, it opened at 921.90 yuan/gram and closed at 919.52 yuan/gram, a 0.33% decline from the afternoon close. The Shanghai silver futures main contract opened at 11,449.00 yuan/kilogram and closed at 11,455.00 yuan/kilogram, a change of 0.12% from the previous trading day's close. The trading volume was 752,034 lots, and the open interest was 261,467 lots. In the night session, it opened at 11,455 yuan/kilogram and closed at 11,350 yuan/kilogram, a 0.92% decline from the afternoon close [2] US Treasury Yield and Spread Monitoring - On November 3, 2025, the yield of the 10-year US Treasury note closed at 4.11%, up 2.71 basis points from the previous trading day. The spread between the 10-year and 2-year Treasury notes was 0.505%, down 0.38 basis points from the previous trading day [3] Changes in Positions and Trading Volumes of Gold and Silver on the Shanghai Futures Exchange - On the Au2512 contract, the long positions decreased by 3,855 lots compared to the previous day, and the short positions decreased by 1,997 lots. The total trading volume of the Shanghai gold contract on the previous trading day was 341,261 lots, a 13.8% decrease from the previous trading day. On the Ag2512 contract, the long positions decreased by 2,117 lots, and the short positions decreased by 3,530 lots. The total trading volume of the silver contract on the previous trading day was 1,267,986 lots, a 16.7% decrease from the previous trading day [4] Tracking of Precious Metal ETF Positions - The gold ETF holdings remained unchanged at 1,039.20 tons compared to the previous trading day, and the silver ETF holdings remained unchanged at 15,190 tons [5] Tracking of Precious Metal Arbitrage - On November 3, 2025, the domestic premium for gold was 4.41 yuan/gram, and the domestic premium for silver was -905.77 yuan/kilogram. The ratio of the main contract prices of gold and silver on the Shanghai Futures Exchange was about 80.54, a 0.59% decrease from the previous trading day, and the ratio in the overseas market was 81.97, a 0.93% decrease from the previous trading day [6] Fundamentals - On November 3, 2025, the trading volume of gold on the Shanghai Gold Exchange's T+d market was 67,556 kilograms, a 5.20% decrease from the previous trading day. The trading volume of silver was 525,416 kilograms, a 7.75% increase from the previous trading day. The gold delivery volume was 11,872 kilograms, and the silver delivery volume was 112,200 kilograms [7]

Report Industry Investment Rating - Gold: Neutral [8] - Silver: Neutral [8] - Arbitrage: Sell short the gold-silver ratio on rallies [8] - Options: Postpone [9] Core View - The Fed is likely to continue cutting interest rates in October, and the market has fully priced in this expected rate cut. Coupled with factors that reduce short-term risk aversion, precious metals are expected to continue to show a volatile trend [8]. Summary According to Related Catalogs Market Analysis - The U.S. Senate failed to pass the procedural vote on the "2025 Fiscal Year Continuing Appropriations and Extension Act" for the 13th time, so the government shutdown will continue. ADP will launch weekly employment data, and the first report shows that the average number of private-sector jobs in the U.S. increased by 14,250 in the four weeks ending October 11 [1]. Futures Quotes and Volumes - On October 28, 2025, the Shanghai Gold futures main contract opened at 926.92 yuan/gram and closed at 901.38 yuan/gram, down 3.51% 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 905.06 yuan/gram, up 0.41% from the afternoon session. The Shanghai Silver futures main contract opened at 11,268.00 yuan/kg and closed at 11,049.00 yuan/kg, down 3.03% from the previous trading day. The trading volume was 1,052,828 lots, and the open interest was 321,876 lots. The night session closed at 11,180 yuan/kg, up 1.19% from the afternoon session [2]. U.S. Treasury Yield and Spread Monitoring - On October 28, 2025, the U.S. 10-year Treasury yield closed at 3.974%, down 0.19 BP from the previous trading day. The spread between the 10-year and 2-year Treasuries was 0.492%, up 0.21 BP from the previous trading day [3]. Position and Volume Changes of Gold and Silver on the SHFE - On October 28, 2025, on the Au2508 contract, the long positions decreased by 541 lots, and the short positions decreased by 242 lots. The total trading volume of Shanghai Gold contracts was 643,413 lots, a change of 24.38% from the previous trading day. On the Ag2508 contract, the long positions increased by 2 lots, and the short positions decreased by 2 lots. The total trading volume of Shanghai Silver contracts was 1,760,723 lots, a change of 35.58% from the previous trading day [4]. Precious Metal ETF Position Tracking - The gold ETF position was 1,038.92 tons, unchanged from the previous trading day. The silver ETF position was 15,210 tons, a decrease of 131 tons from the previous trading day [5]. Precious Metal Arbitrage Tracking - On October 28, 2025, the domestic gold premium was 20.15 yuan/gram, and the domestic silver premium was -625.43 yuan/kg. The price ratio of the main gold and silver contracts on the SHFE was about 81.58, down 0.49% from the previous trading day, and the overseas gold-silver ratio was 85.07, up 0.90% from the previous trading day [6]. Fundamentals - On October 28, 2025, the trading volume of gold on the Shanghai Gold Exchange's T+d market was 67,744 kg, a change of 21.58% from the previous trading day. The trading volume of silver was 765,416 kg, a change of 17.10% from the previous trading day. The gold delivery volume was 11,166 kg, and the silver delivery volume was 16,830 kg [7].

Core Viewpoint - The recent adjustments in gold and silver prices do not alter the long-term bullish outlook, with silver showing significant investment potential due to its dual financial and industrial attributes [1][3]. Gold Market Analysis - The recent price adjustments in gold and silver are attributed to a temporary easing of risk aversion and profit-taking by traders [3]. - The core logic supporting gold's value remains unchanged, with a shift towards a more accommodative monetary policy by the Federal Reserve being a clear mid-term benefit [3]. - The weakening of the dollar's credibility is driving gold prices higher, reflecting a long-term trend where the monetary attributes of gold gain prominence as confidence in dollar assets diminishes [3]. Silver Market Analysis - Silver prices are primarily driven by its financial attributes, with continuous supply gaps and strong industrial demand providing greater upward elasticity [4]. - Silver has experienced a supply gap for five consecutive years, and with steady growth in industrial demand, particularly from the photovoltaic sector, silver is expected to continue facing supply shortages, enhancing its price potential [4]. Investment Strategy - The company suggests a long-term bullish stance on gold, with a focus on buying opportunities during price dips [5]. - For silver, the expectation is for continued price increases in the medium to long term, with an emphasis on monitoring the gold-silver ratio to optimize trading strategies [5].