Group 1: Report Industry Investment Ratings - Gold investment rating: ★★★, indicating a clearer long - trend and a relatively appropriate current investment opportunity [1] - Silver investment rating: ★★★, indicating a clearer long - trend and a relatively appropriate current investment opportunity [1] Group 2: Core Views of the Report - Overnight precious metals showed a strong sideways movement. The revised annualized quarterly rate of the US GDP in the second quarter was 3.3%, exceeding expectations and the previous value, and the weekly initial jobless claims were 229,000, remaining at a low level. Although the economy is resilient, Trump's dismissal of a Fed governor has led to market concerns about the Fed's independence, which dominated market sentiment. International gold and silver are testing the key resistance at the upper edge of the recent sideways range, and once broken, the upward movement may be sustainable. Attention should be paid to the US PCE data tonight [1] Group 3: Summaries Based on Related Content Fed - related - Cook officially sued Trump over the dismissal, with Powell also being a defendant. Cook's lawyer said the mortgage dispute may be due to a "paperwork error." A US judge will hold a hearing on Cook's lawsuit against Trump this Friday, and the case is expected to end up in the Supreme Court. Trump - nominated Fed governor nominee Milan is expected to be confirmed before the Fed's September decision. Fed governor Waller supports a 25 - basis - point rate cut at the September meeting and expects further rate cuts in the next 3 - 6 months. The second - in - command of the IMF said the market still believes in the Fed's independence, but the actual risks cannot be ignored. ECB Governing Council member Rehn said Trump's pressure on the Fed's independence may have a major global impact on financial markets and the real economy [2] Tariff - related - The EU proposed a legislative proposal to cancel some US goods tariffs to encourage the US to lower auto tariffs. India is expected to increase its September imports of Russian oil by 10% - 20% month - on - month, regardless of US tariff threats. US officials said that in the next six months, a unified tariff of $80 - $200 will be imposed on packages sent to the US, and specific tariff rates will be applied thereafter [2] Russia - Ukraine situation - related - German Chancellor Merz said Zelensky and Putin will not meet. US media reported that Europe proposed a 40 - kilometer front - line buffer zone for Russia and Ukraine [2]

Group 1 - The U.S. Treasury market remains relatively calm despite increasing criticism from President Trump towards the Federal Reserve, indicating growing investor concerns about potential interference in central bank decisions [1][3] - The 10-year breakeven rate reached a six-month high of 2.46% before falling to 2.41%, driven by a decline in TIPS yields to a four-month low of 1.81% due to increased demand for risk hedging [1][3] - Since April, inflation expectations among bond investors have been rising, nearing the peak of 2.52% reached in February, as Trump continues to pressure the Fed for interest rate cuts [3][4] Group 2 - The potential appointment of another Federal Reserve governor by the government could lead to a majority of Trump-appointed officials on the Fed board, raising concerns about the independence of the central bank [4] - The yield spread between 30-year and 5-year Treasury bonds has widened to the highest level since 2001, reflecting a market shift towards a potential policy paradigm change that may push the economy towards overheating [4]

Core Viewpoint - Rising bond yields exert significant political pressure, influencing leaders and their policies, as evidenced by recent events in the UK and the U.S. [1] Group 1: Bond Market Dynamics - The 10-year U.S. Treasury yield has increased from 3.8% to 4.2% over the past year, indicating a growing concern among investors regarding the independence of the Federal Reserve [2] - The gap between the 2-year and 30-year U.S. Treasury yields has reached its widest level since January 2022, signaling investor anxiety about long-term inflation threats and the erosion of Federal Reserve independence [4] - Current bond yields remain below the highs reached after Trump's "liberation day" tariffs, suggesting a more orderly increase despite rising long-term yields [5] Group 2: Political Implications - Trump's attempts to undermine the Federal Reserve's independence, including threats to dismiss board members, raise concerns about potential political capture of the institution [2][3] - If Trump succeeds in weakening the Federal Reserve's independence, it could lead to higher expected inflation, impacting various loan rates and increasing government costs [3] - The political risks associated with rising long-term borrowing costs could adversely affect Trump's voter base, particularly as mortgage rates are linked to long-term bonds [4] Group 3: Market Reactions and Sentiment - Investors are increasingly worried about the politicalization of the Federal Reserve, with concerns that cheap funding could fuel future inflation [3] - The market's current calmness may be attributed to the recent increase in government revenue from tariffs, which has alleviated fears regarding the fiscal situation [5][6] - The outcome of the legal case involving Federal Reserve board member Cook could significantly impact market stability and the future of the Federal Reserve's independence [6]

美国总统特朗普与美联储的大战，又在进一步升级。 多位接受第一财经记者采访的法律专家和业内学者表示，与此前对美联储主席鲍威尔的指控所不同的 是，此次在美联储理事库克（Lisa Cook）身上，特朗普及其盟友看起来找到了一些证据，且并非彻底 空穴来风。 就29日美联储理事库克诉美国总统特朗普的首场听证会召开前夕，美国联邦住房金融局局长普尔特 （Bill Pulte）再次甩出新证据，并向库克发出新的刑事指控，此举加大了特朗普政府就抵押贷款欺诈指 控对这位美联储理事的施压力度。 目前特朗普方面拿出的证据够硬核么？库克是否能够保住职位？ 28日，普尔特再次致信美国司法部长邦迪（Pam Bondi），信中内容涉及库克位于马萨诸塞州的第三处 房产。 简言之，普尔特认为，这些证据显示了在租房和出售等信息方面，库克或向美国政府作出了多次虚假陈 述，出现了多次前后不一致的情况。 当前库克的律师尚未对这一最新指控作出回应。美联储也拒绝置评。 而针对此前的指控，库克的律师表示，此次抵押贷款纠纷的背后可能存在无意的"文书错误"，该律师认 为，任何潜在的错误都不是故意的或实质性的，并不构成将她从美联储理事会免职的"理由"。 库克一方并在 ...

美国总统特朗普与美联储的大战，又在进一步升级。 多位接受第一财经记者采访的法律专家和业内学者表示，与此前对美联储主席鲍威尔的指控所不同的 是，此次在美联储理事库克（Lisa Cook）身上，特朗普及其盟友看起来找到了一些证据，且并非彻底 空穴来风。 就29日美联储理事库克诉美国总统特朗普的首场听证会召开前夕，美国联邦住房金融局局长普尔特 （Bill Pulte）再次甩出新证据，并向库克发出新的刑事指控，此举加大了特朗普政府就抵押贷款欺诈指 控对这位美联储理事的施压力度。 目前特朗普方面拿出的证据够硬核么？库克是否能够保住职位？ 英国杜伦大学法学院副院长、跨国法教授兼全球政策研究所联合主任杜明教授对第一财经记者表 示，"谁主张，谁举证"。此次，"特朗普政府方面举证。"杜明表示，"因故（for course）"这类条款是否 可以设立，有赖于评估证据的真实性和有效性。 专家认为，起诉美联储理事库克，需要特朗普政府举证。 当前库克的律师尚未对这一最新指控作出回应。美联储也拒绝置评。 而针对此前的指控，库克的律师表示，此次抵押贷款纠纷的背后可能存在无意的"文书错误"，该律师认 为，任何潜在的错误都不是故意的或实质性的， ...

Group 1 - Domestic gold prices remain stable, with some fluctuations observed in various gold stores. Lao Feng Xiang's gold price increased by 3 yuan per gram, reaching 1016 yuan per gram, marking the highest price among stores. Shanghai China Gold's price remains unchanged at 969 yuan per gram, the lowest among the stores, resulting in a price difference of 47 yuan per gram between the highest and lowest priced stores [1] - The latest gold prices from major brands on August 29, 2025, show Lao Miao at 1013 yuan per gram (up 1), Liufu at 1009 yuan per gram (no change), and Zhou Dafu at 1009 yuan per gram (no change). The highest price is from Lao Feng Xiang at 1016 yuan per gram, while the lowest is from Cai Bai at 986 yuan per gram [1] - Platinum prices have also seen a slight increase, with Zhou Sheng Sheng's platinum jewelry price rising by 3 yuan per gram to 548 yuan per gram [1] Group 2 - The gold recycling price has increased by 2.1 yuan per gram, with significant price differences among brands. The recycling price for gold is reported at 771.90 yuan per gram, with Lao Feng Xiang at 784.70 yuan per gram being the highest [2] - Internationally, spot gold opened with a downward trend but rebounded to close at 3417.07 USD per ounce, reflecting a 0.60% increase. As of the latest report, spot gold is at 3411.45 USD per ounce, showing a slight decrease of 0.16% [4] - Market analysts note that the recent upward trend in spot gold prices is partly driven by growing concerns over the independence of the Federal Reserve, with expectations of potential interest rate cuts boosting gold prices [4]

Group 1 - President Trump announced the dismissal of Federal Reserve Governor Lisa Cook, citing "mortgage fraud" as the reason [1][6] - This move is seen as an attempt by Trump to exert control over the Federal Reserve, especially following recent comments from Fed Chair Powell suggesting a need for policy adjustments due to employment risks [3][4] - Cook, the first Black woman on the Fed board, had previously warned that Trump's trade policies could hinder U.S. productivity and force the Fed to raise interest rates in a declining economic environment [6][10] Group 2 - Analysts suggest that if Trump successfully appoints two more members to the Fed's seven-member board, he could gain a majority and fundamentally reshape the Federal Reserve [8][10] - Trump's influence over the Fed could increase significantly, especially with the potential appointment of his ally Stephen Milan, who advocates for a weaker dollar to bring factories back to the U.S. [10][13] - The Fed's recent decision-making appears to be increasingly influenced by political factors, raising concerns about its independence and credibility [13][14] Group 3 - Recent economic data indicates that U.S. national debt interest payments reached $1.2 trillion over the past year, equating to $3,600 per American [16][17] - The expectation of interest rate cuts has led to a decline in the dollar's value, with the government facing increasing debt obligations, including $882 billion in interest payments for 2024 [17] - In contrast, Chinese assets have shown resilience, with the Shanghai Composite Index reaching a nearly ten-year high, indicating strong foreign investment in various sectors [16][19][21]

Core Viewpoint - The SPDR Gold Trust, the world's largest gold ETF, reported a total holding of 967.94 tons of gold as of August 28, 2025, reflecting an increase of 5.44 tons from the previous trading day, amid rising gold prices that surpassed $3400 per ounce [5]. Group 1: Gold ETF Holdings - As of August 28, 2025, SPDR Gold Trust's holdings reached 967.94 tons, marking a 5.44-ton increase from the prior day [5]. - The increase in gold ETF holdings has occurred for four consecutive trading days [5]. Group 2: Gold Price Movement - On August 28, spot gold prices rose to a peak of $3423.2 per ounce, closing at $3416.78 per ounce, an increase of $19.3 or 0.57% [5]. - The rise in gold prices is attributed to a weakening dollar and concerns regarding the independence of the Federal Reserve [5]. Group 3: Economic Context - Recent economic data indicates resilience in the U.S. economy, with Q2 GDP growth revised up to an annualized rate of 3.3% [5]. - Initial jobless claims decreased to 229,000, and continuing claims fell to 1.954 million, both below expectations [5]. Group 4: Market Sentiment and Technical Analysis - Analysts suggest that concerns over the Federal Reserve's independence have led to increased buying interest in gold [6]. - The technical outlook for gold remains optimistic, with prices trading above all moving averages and a relative strength index (RSI) above 50 [6]. - Key resistance levels for gold are identified at $3440 and $3500, while support levels are at $3360, $3350, and $3330 [6].

Group 1 - The Trump administration has imposed an additional 25% tariff on imports from India, doubling the existing tariff to 50%, marking the highest level of tariffs on Indian goods [1] - The primary objective of this tariff increase is to pressure India into ceasing its imports of Russian crude oil, which India considers vital for its energy security [3] - Despite the high tariffs, India continues to pursue its energy import strategy, indicating that the costs of compliance may be less than the risks faced by the U.S. [3] Group 2 - India, as the world's third-largest crude oil importer, heavily relies on oil imports from Russia and the Middle East, with Russia accounting for 35% of India's total crude oil imports by 2024 [5] - Following the tariff implementation, trade between the U.S. and India has nearly stalled, significantly impacting labor-intensive industries such as textiles and jewelry [5] - The ongoing tariff conflict has exacerbated U.S.-India relations, increasing uncertainty about future cooperation [5] Group 3 - The tensions between Trump and the Federal Reserve have raised concerns about the independence of the Fed, particularly regarding Trump's potential dismissal of Fed officials [7] - Former Fed Vice Chair warned that Trump's actions could undermine the Fed's independence, leading to higher inflation and decreased market confidence [9] - Current expectations suggest a high probability of interest rate cuts by the Fed, influenced by the prevailing dovish sentiment among several board members [11]

Report Summary 1. Report Industry Investment Ratings The provided content does not mention any industry investment ratings. 2. Core Views - The overall market is in a complex state with various factors influencing different commodities. Geopolitical risks, economic data, supply - demand dynamics, and policy expectations are key drivers. Some commodities are expected to be in a state of high - level or low - level oscillation, while others are at a turning point in their supply - demand relationship [2][3][4]. 3. Summary by Commodity Categories Energy Commodities - **Crude Oil**: International oil prices are in a relative steady state due to the game between post - peak season supply - demand and short - term geopolitical risks. Further upward space is limited without a clear escalation of geopolitical events [2]. - **Fuel Oil & Low - Sulfur Fuel Oil**: The fuel oil futures are under pressure, but the fundamentals are relatively bullish as the inventory pressure is relieved. High - sulfur resources are supported by geopolitical premiums [22]. - **Liquefied Petroleum Gas**: The international market rebounds, and the domestic market is in a repair phase. There is long - term overseas production increase pressure, leading to a near - strong and far - weak pattern in the futures market [24]. - **Asphalt**: The asphalt futures show resistance to decline, with potential demand and low inventory providing support [23]. Metal Commodities - **Precious Metals**: Precious metals are oscillating strongly. Once the key resistance is broken, the upward trend may be sustainable. Attention should be paid to the US PCE data [3]. - **Base Metals**: - **Copper**: The copper price rises, but the integer - level resistance is strong. High - level short positions can be held [4]. - **Aluminum**: The Shanghai aluminum is oscillating, with the upper resistance at 21,000 yuan. The casting aluminum alloy follows the trend of Shanghai aluminum, and the alumina is weakly oscillating [5][6][7]. - **Zinc**: The zinc market has a pattern of increasing supply and weak demand. A short - term rebound is possible, but the medium - term strategy is to short on rebounds [8]. - **Nickel and Stainless Steel**: The nickel price has a rebound intention, but the fundamentals are weak. Attention should be paid to the de - stocking signs [10]. - **Tin**: The tin price continues to rise. The previous long positions can be held [11]. - **Manganese Silicon and Silicon Iron**: Both are oscillating upward with weak rebound strength. The manganese silicon may see inventory accumulation in the long run, and the silicon iron follows the trend of manganese silicon [19][20]. - **Iron Ore**: The iron ore is expected to oscillate at a high level as the supply - demand relationship weakens marginally [16]. - **Coke and Coking Coal**: Both show price rebounds. The supply of carbon elements is sufficient, and the prices are greatly affected by "anti - involution" policy expectations [17][18]. Chemical Commodities - **Carbonate Lithium**: The futures price is回调, and the market is in a state of relatively strong oscillation [12]. - **Polysilicon**: The polysilicon futures are in an oscillating pattern, with limited upward space and high risk of shorting at the lower end of the range [13]. - **Industrial Silicon**: The industrial silicon futures are oscillating, affected by the "anti - involution" sentiment of other varieties [14]. - **Urea**: The urea spot trading improves, but there is high supply - demand pressure [25]. - **Methanol**: The near - month methanol contract is weak, with high inventory in ports and increasing supply inland [26]. - **Pure Benzene**: The pure benzene market is in a weak balance, with expectations of improvement in the third quarter and pressure in the fourth quarter [27]. - **PVC and Caustic Soda**: The PVC may oscillate weakly, and the caustic soda is expected to face pressure at high levels [28]. - **PX and PTA**: The PX is in a range - bound oscillation, and the PTA continues to weaken [29]. - **Ethylene Glycol**: The ethylene glycol is expected to oscillate within a range, and the upward drive is weakening [30]. - **Short - Fiber and Bottle - Chip**: The short - fiber may be considered for long - position allocation if the demand improves, and the bottle - chip industry has long - term over - capacity pressure [31]. Agricultural Commodities - **Grains and Oils**: - **Soybean and Soybean Meal**: The market may oscillate in the short term and is cautiously bullish in the medium - to - long term [35]. - **Soybean Oil and Palm Oil**: They can be considered for buying at low prices in the medium - to - long term, with attention to soybean policies in the short term [36]. - **Rapeseed Meal and Rapeseed Oil**: The futures prices have a narrow short - term fluctuation range, and it is advisable to wait and see [36]. - **Corn**: The Dalian corn futures may continue to run weakly at the bottom, with a possible short - term rebound [38]. - **Livestock and Poultry Products**: - **Pork**: The pork futures are likely to continue the weak downward trend in the medium term [39]. - **Eggs**: The egg price cycle may turn around in the second half of this year, and it is advisable to consider long positions in the first half of next year's futures contracts [40]. - **Cotton and Sugar**: - **Cotton**: The international cotton market is oscillating, and the domestic cotton can be bought on dips [41]. - **Sugar**: The sugar price is expected to oscillate, with the international market having supply pressure and the domestic market having limited bullish factors [42]. - **Fruits and Wood Products**: - **Apple**: The apple price may continue to rise in the short term but lacks long - term supply - side support [43]. - **Wood**: The wood futures are oscillating, and it is advisable to wait and see [44]. - **Paper Pulp**: The paper pulp futures can be treated with a wait - and - see or range - bound oscillation strategy [45]. Financial Products - **Stock Index**: The A - share market rebounds, and it is advisable to increase the allocation of technology - growth sectors while also paying attention to consumption and cyclical sectors [46]. - **Treasury Bonds**: The treasury bond futures fall, and the yield curve may become steeper [47].