1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Trump's "Big and Beautiful" Act may put short - term pressure on precious metal prices, but in the long - term, due to factors such as the expansion of the US fiscal deficit, economic slowdown, high inflation, and concerns about the US dollar's credit, the anti - inflation property of precious metals will be prominent, and the prices of gold and silver are expected to rise [5] - The Act's passage has led to an increase in the US debt ceiling, and the deficit may further expand, which also affects the US bond yields and the Fed's monetary policy [8] 3. Summary by Relevant Catalogs Tariffs & Trade Negotiations - The announcement of more tariffs by Trump has increased risk - aversion sentiment, which is beneficial to precious metals. However, the market has not reacted strongly to the new US tariffs in August as the policies are still under negotiation, with many uncertainties [3] Economic Data - The overall impact of US economic data on precious metals is small. The US CPI data in June was in line with or slightly deviated from expectations, with the overall CPI and core CPI showing certain trends [3] Geopolitical Situation - Geopolitical uncertainties, such as the possible breakdown of the Gaza cease - fire negotiation, the deadline for the Iran nuclear deal, and Trump's planned statement on Russia, support the precious metals market [3][4] "Big and Beautiful" Act and Debt - The passage of the "Big and Beautiful" Act has pushed up the US debt ceiling, and the federal government's fiscal deficit is expected to increase by about $4.1 trillion in the next ten years, and may expand to $5.4 trillion if some tax - cut measures are extended [8] Federal Reserve's Monetary Situation - As of July 9, the Fed's bank reserve balance increased, the overnight reverse - repurchase agreement scale decreased, and the US Treasury's cash account decreased. The Treasury plans to rebuild its cash reserve in a more moderate way [11] Inflation Expectations - In June, consumers' one - year inflation expectations decreased to 3%, while three - year and five - year inflation expectations remained stable at 3% and 2.6% respectively [17] US Treasury Yields - The "Big and Beautiful" Act may push up the ten - year US Treasury yield by 50 - 80 basis points, and the 10 - year term premium may rise above 1% [20] Financial Pressure Index - As of July 4, the US OFR financial pressure index increased compared to the previous week, with changes in its sub - indicators [29] Commercial Bank Loans - As of July 2, the weekly rate of US commercial bank loans and leases increased, with different trends in various types of loans [32] Retail Sales - As of July 8, the US Redbook commercial retail sales weekly annual rate increased, indicating strong consumer spending [34] Mortgage Applications - As of July 9, the US 15 - year and 30 - year mortgage fixed rates increased, and the MBA mortgage application activity index rose by 9.4% [37] Unemployment Data - As of the week ending July 5, the number of initial jobless claims in the US decreased to a two - month low, while the number of continued jobless claims increased to the highest level since the end of 2021 [40] International Bond Yield Differences - The differences in long - term Treasury yields between the US and Germany (Japan) have changed, with the 10 - year yield difference between the US and Germany (Japan) showing an upward (downward) trend [43] Exchange Rates - The US dollar is strongly supported by economic data. The euro and the pound have depreciated against the US dollar due to factors such as trade tensions and weak economic performance [47] Volatility Index - The volatility of the US S&P 500 and the gold ETF index has increased [48] Gold Market - The ratio of non - commercial long - to - short positions in COMEX gold futures has increased month - on - month. The total gold inventory of COMEX and SHFE has decreased. The domestic gold futures and spot prices are in a reasonable range, and the gold basis and the spread between near - and far - month contracts are also in a reasonable range [53][56][61] Silver Market - The ratio of non - commercial long - to - short positions in COMEX silver futures has increased month - on - month. The total silver inventory of COMEX, SHFE, and SGE has increased. The domestic silver futures and spot prices are in a reasonable range, and the silver basis and the spread between near - and far - month contracts are also in a reasonable range [72][75][80] Precious Metal Price Ratios - The gold - to - silver ratio has been repaired recently. In the short - term, it may remain stable, but in the long - term, it may have an upward driving force. The gold - to - oil ratio and the gold - to - copper ratio are above the 90% quantile of the past five years, and short - term short - selling opportunities are recommended [89][92]

大家好欢迎来到华安基金直播间我是今天的主持人周洪浩那么今天呢我们的黄金一点通栏目就聚焦半年度的策略展望首先呢我们还是非常荣幸的邀请到了华安基金的首席指数投资官许志燕许博士来与大家分享好的各位投资者大家好再次回到咱们黄金一点通的栏目今天也正式 6月中上旬我们也是看看下半年黄金的投资机会给市场的一些配置情况好的感谢许博士那么我们的黄金一点通栏目目前依然还是以美双周的形式固定时间和大家见面从黄金投资出发解析全球宏观配置与资产的一个配置机会 那么第一个问题我们首先关注到了国际金价应该说从四月份以来是一度触及了三千五百美元的一个最高点随后受到了一个海外的关税政策反复影响的变化金价在整个五月份应该呈现了一个波动加大的一个格局最终是五月份整体的一个金价收平 进入6月份以来短期来看又出现了一波小的上涨而且我们从一个年初以来的表现来看也关注到黄金是全球大类资产表现最优异的一个资产所以想首先请许博简单的给我们回顾一下年初以来包括近期的一个黄金回调背后整体的逻辑和波动的原因好的回到咱们的金价大家都非常关心近期的金价波动还是有所加大 从上一次的谈判到现在也隔了两三个星期再次在英国正在谈判大的趋势大家觉得还是应该会谈的有一定的积极进展 ...

展望本周，市场关注焦点依然集中在全球地缘局势及贸易摩擦进展方面，此外，多位美联储官员对货币 政策的表态也将对黄金本周行情走势产生一定影响。从技术面来看，现货金价自上周初经大幅向下调整 后，周终收盘拉回3200美元／盎司整数关口之上，表明黄金的底部买盘较为强劲，本周有进一步向上反 弹空间。短线关注3250美元／盎司一线多空争夺情况，如有效上破，上看3280~3300美元／盎司区间压 力；下方关注3200~3190美元／盎司区域支撑力度。 （文章来源：新华财经） 不过，尽管中美贸易暂时敲定了协议，但可以预见的是，特朗普政府一贯的"美国优先"贸易保护主义政 策将继续对全球政经秩序造成持续困扰，美元信用也将持续衰落并对美国自身造成更大反噬。与此同 时，美联储长期维持高利率环境已严重削弱了其国内消费意愿，今年第一季度经济已萎缩0.3%。预计 接下来特朗普政府与美联储围绕降息展开的博弈将不可避免的再度升级，市场对美国经济前景担忧将进 一步加剧。 对于黄金市场而言，在全球政经格局加速重构的大背景下，地缘风险不定、美元美债信用下降、全球央 行持续增持黄金，对黄金的需求将长期保持旺盛，金价后市上升空间依然可期。 新华财经北京5 ...

Core Viewpoint - The recent surge in silver prices, reaching over $39 per ounce, is driven by a combination of industrial and financial demand, with significant inflows into silver ETFs contributing to the upward trend [2][3][4]. Group 1: Price Performance - Silver has outperformed gold this year, with a year-to-date increase of over 35%, while gold has risen by more than 27% [3]. - The Shanghai silver futures have also seen a rise of approximately 22%, reaching a record high of 9,267 yuan per kilogram [3]. - The price of silver jewelry has increased by 15% to 20%, and sales of investment silver products have surged by over 40% year-on-year [3]. Group 2: Market Drivers - The strong performance of silver is attributed to the recovery of the gold-silver ratio, with the ratio rising from 80 to 105, indicating a relative undervaluation of silver [4]. - Geopolitical risks have heightened demand for safe-haven assets, with significant implications for silver as a strategic investment [4]. - The "big and beautiful" legislation signed by Trump is expected to increase the U.S. fiscal deficit to $3.6 trillion, raising concerns about sovereign debt risks and enhancing the strategic demand for precious metals [4]. Group 3: Industrial Demand - The rigid demand from the industrial sector, particularly from the photovoltaic industry in China, is expected to support silver prices, with projections indicating an increase in silver consumption in this sector [5]. - The semiconductor industry is anticipated to contribute significantly to silver demand, with electrical and electronic products expected to account for nearly 40% of global silver demand in 2024 [6]. Group 4: Future Outlook - The World Silver Association forecasts a 21% reduction in the global silver supply-demand gap by 2025, driven by a 1% decrease in demand and a 2% increase in total supply [6]. - Analysts suggest that the silver market may experience price volatility due to potential policy changes and technical corrections, with a possible short-term price pullback of 5% to 10% [7]. - Long-term projections indicate that the gold-silver ratio may have upward momentum, with expected trading ranges for silver prices between $36 and $35 per ounce in the upcoming quarters [7].

Market Reaction - The rumor of Powell considering resignation led to significant market volatility, with the Dow Jones falling by 0.63%, S&P 500 down 0.33%, and Nasdaq decreasing by 0.22% on July 11 [1] - Investors showed heightened sensitivity to changes in the Federal Reserve leadership amid economic uncertainties, particularly regarding tariff policies [1] Safe-Haven Assets - Gold is anticipated to rise, potentially exceeding $5,000 per ounce if Powell's departure triggers a shift towards looser monetary policy [2] - Bitcoin is projected to surge to $250,000 due to perceived damage to the dollar's credibility [2] Federal Reserve Independence and Policy Risks - Concerns about political interference stem from ongoing pressure from the Trump administration, focusing on policy disagreements and the "luxury waste" of the Fed's renovation budget, which increased from $1.9 billion to $2.5 billion [2] - The Federal Reserve Act stipulates that the President can only dismiss the Fed Chair for "misconduct or dereliction of duty," making policy disagreements an insufficient reason for dismissal [3] Long-Term Economic and Policy Implications - If Powell resigns, potential successors may favor interest rate cuts to align with Trump's economic stimulus goals, posing risks of inflation rebound given the current inflation rate of 2.3%-2.4% [4] - Political interference in central bank independence could undermine the dollar's status as a reserve currency, leading to a shift of funds towards alternatives like the euro and yen [5] Market Chain Reactions - The anticipated resignation of Powell could steepen the U.S. Treasury yield curve, resulting in increased long-term financing costs [5] Rumor Authenticity Assessment - Conflicting evidence surrounds the resignation rumors, with the Federal Housing Finance Agency director citing reports without specific sources, while the Fed officially stated Powell intends to complete his term until May 2026 [7] - The resignation rumors are viewed as a tactic by the Trump administration to pressure Powell into compromising on interest rate policies [8] Conclusion - The rumors, while unconfirmed, highlight the political risks facing U.S. monetary policy, with short-term market volatility and long-term damage to dollar credibility being key impacts [9]

当地时间7月13日，美国总统特朗普以美联储总部翻修工程超支7亿美元为由，再次公开要求美联储主席鲍威尔辞职，并暗示将通过法律途径罢免其职务。这 一被市场称为"装修门"的事件引发全球金融市场震动，美联储连夜发布声明澄清称翻修工程系必要维护，与政策无关。现货黄金价格在7月14日亚盘冲高至 3372.49美元/盎司后回落，最终重新拉升至3370美元附近，市场避险情绪与政策博弈交织，黄金短期波动加剧。 一、特朗普借"装修门"发难，美联储独立性面临考验 特朗普团队此次发难的核心依据是美联储总部翻修工程成本从最初的18亿美元飙升至25亿美元，白宫管理和预算办公室主任拉塞尔・沃特指责鲍威尔在国会 证词中"隐瞒奢华设施配置"，包括屋顶花园、VIP电梯等。白宫经济顾问哈塞特更声称，若美联储无法合理解释超支问题，总统有权以"管理不善"为由罢免 鲍威尔。这一指控被舆论视为特朗普继施压降息后，试图通过法律途径干预美联储的最新手段。 法律层面，根据1935年《联邦储备法》，总统仅能以"效率低下、玩忽职守或渎职"等"正当理由"罢免美联储主席，政策分歧不构成合法依据。然而，特朗普 政府正推动最高法院重新审理"汉弗莱执行人"案，试图推翻193 ...

Group 1 - The US dollar index has experienced a significant decline of 10.79% in the first half of the year, marking its worst performance in nearly 52 years, with a low of 96.37 reached on July 1, 2023 [1] - The Federal Reserve is currently in a rate-cutting cycle, which is expected to continue to exert downward pressure on the dollar index, with market expectations for further rate cuts in September 2023 [2] - The US economy is showing signs of weakness due to high interest rates and trade policy uncertainties, which may narrow the economic gap between the US and non-US countries, contributing to a weaker dollar index [2][3] Group 2 - The dollar's creditworthiness is under scrutiny due to persistent fiscal deficits and debt expansion, leading to a downgrade of the US sovereign credit rating from AAA to AA1 by Moody's, reflecting a decline in the credit quality of dollar assets [4] - The rise of "de-dollarization" rhetoric is weakening the dollar's status as a safe-haven asset, which may exert long-term downward pressure on the dollar index [4]

Group 1 - The scale of US national debt has reached $36.22 trillion, with debt-to-GDP ratio rising to 123%, significantly exceeding international warning levels [1] - The "big and beautiful" plan proposed by Trump has raised the debt ceiling by $5 trillion, accelerating the increase in US debt ratio [1] - The expansion of debt implies increased repayment pressure, especially amid declining dollar and US government credit, leading to market skepticism about repayment capabilities [1] Group 2 - The dollar has transitioned from being gold-backed to oil-backed, maintaining its dominant position in international trade and finance for nearly 80 years [2] - The dollar's unique status has led to its role as a global "credit standard," with countries accumulating US Treasury bonds to bolster their own international credit [2] - The expansion of US national debt is a direct result of the expansion of dollar credit [2] Group 3 - The Federal Reserve, through modern monetary theory, creates incremental currency based on the quantity of national debt, ensuring that excessive dollar issuance does not lead to currency devaluation [3] - Geopolitical risks and the global shift towards green energy are diminishing the dollar's stability, while the Fed's balance sheet expansion has significantly increased dollar liquidity [3] - The Fed faces challenges in maintaining dollar credit amid rising geopolitical tensions and increased liquidity [3] Group 4 - Trump's intention to restructure the Federal Reserve aims to lower financing costs and ensure the sustainability of US debt issuance [4] - The potential loss of Fed independence could undermine its ability to control inflation and maintain the dollar's value [4] Group 5 - Trump's tariff policies aim to reverse the US trade deficit and compel capital to return to American manufacturing, but this could undermine the global trade system that supports the dollar's status [5] - The US's unilateral financial sanctions and misuse of the SWIFT system are eroding the dollar's international credibility [5][6] Group 6 - The US government credit is experiencing marginal decline due to political polarization and the erosion of policy continuity, leading to skepticism about the government's commitments [7] - The US has lost its leadership role in international organizations, further diminishing its credibility [8] Group 7 - The growing fiscal deficit has led to a vicious cycle of increased borrowing and rising debt service costs, with interest payments projected to exceed $1.1 trillion in FY2024 [9] - Moody's downgraded the US sovereign credit rating from AAA to Aa, reflecting concerns over the government's creditworthiness [9] Group 8 - In response to declining demand for US Treasuries, the US government is exploring the issuance of stablecoins to support debt issuance [10][11] - The GENIUS Act aims to establish a framework for stablecoins backed by US Treasury bonds, potentially increasing demand for Treasuries [11][12] Group 9 - Stablecoins have become significant buyers of US Treasuries, with projections indicating that stablecoin issuance could lead to an additional $1.6 trillion in Treasury demand by 2028 [12][13] - The GENIUS Act mandates that stablecoins be backed by short-term US Treasuries, ensuring safety and liquidity [13]

Group 1 - China has reduced its holdings of US Treasury bonds for eight consecutive months, decreasing by over $550 billion from its peak, with a notable reduction of $18.9 billion in March alone [1][5][7] - The US Treasury Secretary has expressed a desire for constructive dialogue with China, highlighting the broad common interests in economic and global affairs [3][5] - The timing of the US's conciliatory approach towards China coincides with China's strategic shift away from US debt, indicating a growing concern in the US regarding its reliance on Chinese investment [5][9] Group 2 - The reduction in US Treasury holdings is part of a systematic strategic adjustment by China, aimed at decreasing dependence on dollar assets while increasing gold reserves, which reached 73.9 million ounces by the end of June [5][11] - The US's rising fiscal deficit and national debt, exceeding $36 trillion, coupled with the Federal Reserve's reluctance to lower interest rates, have led to concerns about the stability of US debt [7][13] - China's actions are seen as a rational judgment for national financial security, recognizing the risks associated with holding US debt amid potential sanctions and asset freezes [7][11] Group 3 - The US is anxious about the potential market impact of China's continued reduction of US Treasury holdings, as it could trigger a chain reaction among other countries, leading to a significant drop in bond prices and increased borrowing costs for the US government [9][15] - China's long-term strategy includes reducing reliance on the dollar and establishing a self-directed financial framework, influenced by past experiences with US financial sanctions [11][15] - Future high-level talks between the US and China are anticipated, covering sensitive topics such as trade, the Russia-Ukraine situation, and US debt trends [13][15]

Core Viewpoint - The U.S. is extending the implementation of "reciprocal tariffs" from July 9 to August 1, imposing tariffs ranging from 25% to 40% on imports from 14 countries, including Japan and South Korea, which has led to market volatility and concerns over trade tensions [1][2][3]. Tariff Details - Japan, South Korea, Malaysia, and Tunisia will face a 25% tariff, South Africa and Bosnia will see a 30% tariff, Indonesia will incur a 32% tariff, Serbia and Bangladesh will face a 35% tariff, Thailand and Cambodia will be subject to a 36% tariff, and Laos and Myanmar will face tariffs as high as 40% [2]. Market Reactions - Following the announcement of new tariffs, U.S. markets experienced a "double hit" with declines in both stocks and bonds. The Dow Jones fell by 0.94%, the S&P 500 dropped by 0.79%, and the Nasdaq decreased by 0.91% on July 7 [3][4]. Economic Impact - The tariffs are expected to increase consumer prices in the U.S., particularly affecting imports from Japan and South Korea, which include automobiles, semiconductors, and pharmaceuticals. The total value of goods exported to the U.S. from Japan and South Korea was $280 billion last year [3]. Investor Sentiment - Concerns over escalating trade tensions are leading to fears of a repeat of earlier market turmoil, with investors worried about the potential for increased inflation and delayed interest rate cuts by the Federal Reserve [5]. Currency and Debt Market - The U.S. dollar saw a slight rebound amid concerns over emerging market currencies, while U.S. Treasury yields rose across all maturities, indicating increased attractiveness of dollar-denominated assets [4][6]. Long-term Outlook - Despite the short-term rebound in the dollar, long-term prospects remain uncertain due to ongoing trade tensions and concerns over U.S. economic sustainability, which could lead to a shift in investment away from the dollar [6][7].