Group 1: Investment Opportunities in Precious Metals - The article emphasizes the growing interest in gold and silver as valuable assets for hedging against inflation and diversifying investment portfolios [1][6] - The "Futures Investment" series focuses on gold futures and extends to other commodities, providing a comprehensive understanding of commodity futures [4] - The practical application of precious metals is highlighted through the aesthetic value of items like S925 silver cake decorations, which symbolize both celebration and value retention [6] Group 2: Health and Investment - The importance of health management for investors is discussed, noting that 67% of traders suffer from neck issues due to prolonged screen time [6] - The book "Practical Skills in Spot Gold" includes a chapter on healthy trading habits, advocating for regular breaks and physical activity [6] - The connection between silver's antibacterial properties and its psychological benefits is explored, suggesting that silver investments attract health-conscious individuals [7] Group 3: Market Dynamics and Long-term Perspective - The article draws parallels between the stability of the spot market and the volatility of the futures market, likening financial markets to the interplay of light and shadow [8] - It emphasizes the long-term nature of precious metal investments, suggesting that true wealth is built over time [8] - The seasonal analysis of silver futures indicates a pattern of price increases before flu season, showcasing the interconnectedness of health trends and market behavior [7]

Group 1 - The core viewpoint indicates that gold prices experienced a slight increase of 0.47%, reaching $3290.70 per ounce, while showing a cumulative decline of 0.39% for July [1] - COMEX gold futures saw a minor decrease of 0.16%, settling at $3290.60 per ounce, with the October contract down by 0.26% at $3316.80, reflecting a cumulative drop of 0.59% for July [1] - The Philadelphia Gold and Silver Index rose by 0.07%, closing at 204.21 points, with a cumulative increase of 1.69% for July [1] Group 2 - Spot silver prices increased by 1.69%, reaching $36.7180 per ounce, while COMEX silver futures rose by 1.72%, closing at $36.795 per ounce, indicating an overall M-shaped trend [1] - COMEX copper futures experienced a significant decline of 13.30%, priced at $4.4270 per pound [1]

Report Industry Investment Rating - Gold: ★★★, indicating a clearer long - trend with a relatively appropriate investment opportunity currently [1] - Silver: ★★★, indicating a clearer long - trend with a relatively appropriate investment opportunity currently [1] Core View - Overnight, the US announced that the annualized quarterly rate of GDP in Q2 rebounded by 3%, exceeding expectations, and ADP employment increased by 104,000, also exceeding expectations and the previous value. After the data release, the US dollar rebounded, and precious metals fell under pressure. The Fed meeting maintained the interest rate as expected, with increasing internal differences. Powell reiterated that rate cuts would depend on data. Recently, geopolitical risks have been stable, tariff negotiations have become clearer, the risk of economic recession has decreased, and the cooling of risk - aversion sentiment has suppressed the performance of precious metals, and the shock adjustment may continue. Attention should be paid to the US weekly initial jobless claims and PCE data tonight [1] Summary According to Related Content Fed Interest Rate Decision - The Fed maintained the interest rate at 4.25% - 4.50%. Governors Waller and Bowman voted against and advocated rate cuts. Powell avoided guiding on a September rate cut, stating that the current monetary policy stance is in a favorable position, emphasizing dependence on data. The market's bet on the Fed's full - year rate cut decreased by 8BP to 36BP [2] Tariff Policies - Trump signed an executive order to suspend the minimum tax - free treatment for low - value goods. He set August 1st as a non - extendable deadline, with India to pay 25% tariffs and be fined for purchasing military and energy products from Russia starting August 1st. He also announced a 50% tariff on imported semi - finished copper products (excluding copper ore and cathode copper) starting August 1st, causing US copper to plummet 18%. An executive order was signed to impose a 40% tariff on Brazil, making the total tariff reach 50% (excluding aircraft and energy sectors) 7 days later. A comprehensive trade agreement was reached with South Korea, with a 15% tariff on South Korea, and South Korea will invest $350 billion and purchase $100 billion worth of energy products. Canada may not end trade negotiations with the US by August 1st, and France is negotiating for tariff exemptions on wine and spirits [2] US Economic Data - The US economic growth in Q2 was 3%, exceeding the expected 2.4%. The ADP employment in July increased by 104,000, exceeding the expected 75,000, rebounding to the highest growth level since March [3]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - Gold is expected to be volatile and weak in the short - term, oscillate at a high level in the medium - term, and rise step - by - step in the long - term [1] - The gold price trend is the anchor for the silver price. The CFTC silver net long and iShare silver ETF have re - added positions, and the recent visible inventory of silver has slightly decreased [4] Summary by Directory Gold - **Core Logic**: Short - term trade agreements are reached in batches, reducing the demand for hedging. The risk of stagflation in the US economy increases, and strong employment and inflation suppress the expectation of interest rate cuts [1] - **Risk Aversion Attribute**: After the "constructive talks" between China and the US, the tariff truce is temporarily maintained, and no major breakthrough is announced. The US and the EU reach an agreement to avoid a trade war, with a 15% tariff to be imposed [1] - **Monetary Attribute**: The Fed has kept the federal funds rate target range unchanged at 4.25% - 4.5% for the fifth consecutive time. Market expectations for the next Fed rate cut are postponed to October, and the expected total rate cut space in 2025 has dropped back to around 25 basis points. The US dollar index and US Treasury yields are oscillating strongly [1] - **Commodity Attribute**: The rebound of the CRB commodity index is under pressure, and the strength of the RMB suppresses domestic prices [1] - **Strategy**: Conservative investors should wait and see, while aggressive investors can buy low and sell high. Good position management and strict stop - loss and take - profit are recommended [2] Silver - **Fundamentals**: CFTC silver net long and iShare silver ETF have re - added positions [4] - **Inventory**: The recent visible inventory of silver has slightly decreased [4] - **Strategy**: Conservative investors should wait and see, while aggressive investors can buy low and sell high. Good position management and strict stop - loss and take - profit are recommended [5] Fundamental Key Data - **Fed - related Data**: The upper limit of the federal funds target rate is 4.5%, the discount rate is 4.5%, the reserve balance interest rate (IORB) is 4.4%, and the Fed's total assets are 6,708.939 billion US dollars [7] - **Inflation and Economic Growth**: The year - on - year CPI is 2.7%, the year - on - year GDP is 1.9%, and the unemployment rate is 4.1% [9] - **Interest Rate Spreads**: The spread between 3 - month and 10 - year US Treasury bonds is 0.47, and the spread between 2 - year and 10 - year US Treasury bonds is 0.03 [7][9] - **Central Bank Gold Reserves**: China's central bank gold reserves are 2,298.55 tons, the US's are 8,133.46 tons, and the world's are 36,250.15 tons [9][10] - **Fed Interest Rate Expectations**: According to the CME FedWatch tool, the probability of different interest rate ranges at various Fed meetings from 2025 to 2026 is presented in a table [11]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - In the short - term, due to the resumption of Sino - US economic and trade meetings, mild market risk - aversion demand, unexpectedly strong growth of the US Q2 GDP, rebound of core PCE, and the largest increase in ADP employment in July since March, the US dollar index and Treasury yields are boosted, suppressing precious metal prices. Gold has fallen below the $3300/ounce mark since July 1st. As the tariff situation becomes clear and a series of important US data are released, for gold, it is advisable to gradually buy at low prices and lay out long - term positions; for silver, affected by the fading of the commodity rally sentiment, it may fluctuate in the short - term and it is recommended to wait and see [3]. - In the long - term, there is still a certain probability of the Fed cutting interest rates this year. With continuous global geopolitical uncertainties, intensifying major - power games, and the trend of de - dollarization, central banks' gold purchases continue, so the medium - and long - term center of gold prices is likely to continue to rise [3]. Summary by Relevant Catalogs Price Tracking - **Spot and Futures Prices**: On July 30, 2025, compared with July 29, London gold spot rose 0.3% to $3326.07/ounce, London silver spot fell 0.1% to $38.04/ounce, COMEX gold rose 2.0% to $3380.50/ounce, COMEX silver fell 0.2% to $38.15/ounce, AU2510 rose 0.3% to 773.78 yuan/gram, AG2510 remained unchanged at 9192 yuan/kilogram, AU (T + D) rose 0.2% to 769.42 yuan/gram, and AG (T + D) fell 0.1% to 9158 yuan/kilogram [3]. - **Spread and Ratio**: On July 30, 2025, compared with July 29, the spread of gold between domestic and foreign markets (TD - London) was - 4.36 yuan/gram (up 13.0%), the spread of silver between domestic and foreign markets (TD - London) was - 34 yuan/kilogram (up 25.9%), the spread of gold TD - SHFE active price was 5.46 yuan/gram (up 11.4%), the spread of silver TD - SHFE active price was - 634 yuan/kilogram (down 0.7%), the SHFE gold - silver ratio was 84.18 (up 0.3%), the COMEX gold - silver ratio was 88.61 (up 2.2%), AU2512 - 2510 was 1.98 yuan/gram (down 8.3%), and AG2512 - 2510 was 21 yuan/kilogram (up 5.0%) [3]. Position Data - As of July 22, 2025 (weekly data), compared with July 28, on July 29, the gold ETF - SPDR remained unchanged at 956.23 tons, the silver ETF - SLV rose 0.09% to 15173.91673 tons, the non - commercial long positions of COMEX gold rose 15.44% to 311949 contracts, the non - commercial short positions rose 3.15% to 58911 contracts, the non - commercial net long positions rose 18.73% to 253038 contracts, the non - commercial long positions of COMEX silver rose 0.77% to 85678 contracts, the non - commercial short positions fell 2.02% to 25058 contracts, and the non - commercial net long positions rose 1.97% to 60620 contracts [3]. Inventory Data - On July 30, 2025, compared with July 29, SHFE gold inventory rose 7.03% to 33462 kilograms, SHFE silver inventory rose 0.27% to 1208094 kilograms, COMEX gold inventory rose 0.35% to 38166532 ounces, and COMEX silver inventory rose 0.12% to 502296559 ounces [3]. Interest Rates, Exchange Rates, and Stock Market Data - On July 30, 2025, compared with July 29, the US dollar/CNY central parity rate fell 0.10% to 7.14, the US dollar index rose 0.26% to 98.92, the 2 - year US Treasury yield fell 1.28% to 3.86%, the 10 - year US Treasury yield fell 1.81% to 4.34%, the VIX rose 6.32% to 15.98, the S&P 500 fell 0.30% to 6370.86, and NYMEX crude oil rose 3.39% to 69.25 [3]. Important News - Sino - US economic and trade talks are held in Stockholm, Sweden, and both sides will continue to promote the extension of the suspended 24% reciprocal tariffs and China's counter - measures [3]. - The preliminary value of the Eurozone's Q2 GDP increased 1.4% year - on - year, higher than the expected 1.2% [3]. - The US ADP employment in July increased by 104,000, the largest increase since March, exceeding the market expectation of 75,000 [3]. - Trump said that India will pay 25% tariffs and fines starting from August 1st due to its procurement from Russia [3]. - The preliminary annualized quarterly rate of the US Q2 real GDP was 3.6%, higher than the expected 2.4%; the preliminary annualized quarterly rate of the core PCE price index was 2.5%, higher than the expected 2.3%; the preliminary rate of real personal consumption expenditure was 1.4%, lower than the expected 1.5% [3]. - The Bank of Canada kept the benchmark interest rate unchanged at 2.75% for the third consecutive time, in line with market expectations [3].

Core Viewpoint - In the turbulent financial market, precious metal investments are favored by many investors due to their unique safe-haven properties and potential high returns. A reliable trading platform is essential for new investors to succeed in precious metal trading [1]. Top 10 Precious Metal Trading Platforms - **Huangyu Global**: Regulated by multiple financial authorities, offers over 80 technical indicators, 24/7 customer service, and expert market analysis [2]. - **Lingfeng Global**: Known for its regulatory licenses, provides a secure trading environment and daily updated market strategies [3]. - **Jinrong China**: A trusted platform with a stable trading system and comprehensive customer service, suitable for beginners [5]. - **Wanzhou Gold**: Stands out for its strong technical capabilities and innovative trading models, providing real-time market information [6]. - **Hengda Gold and Silver**: Renowned for security and stability, offers various account types and training resources for new investors [7]. - **Jinsong Precious Metals**: Appreciated for efficient trading experience and detailed transaction records to help investors improve their skills [8]. - **Hansheng Group**: Offers comprehensive trading software with customizable features and a simulation trading function for beginners [9]. - **Asia Pacific Gold**: Features a user-friendly interface and social functions for sharing trading experiences [11]. - **Fugelin**: Known for precise market quotes and fast execution, provides risk management tools for better control [12]. - **Britain Financial**: Offers a clean interface with real-time market data and professional investment team support [13]. Investment Guide for New Investors - **Choosing the Right Platform**: Ensure the platform has legal regulatory qualifications to provide a safe trading environment, with platforms like Huangyu Global and Lingfeng Global offering strong security measures [14]. - **Understanding Basic Trading Functions**: New investors should learn how to place orders, view real-time quotes, and set stop-loss and take-profit orders, utilizing simulation trading features to reduce errors [15]. - **Learning Technical Analysis**: Mastering common technical analysis tools can help in market trend judgment, with platforms like Jinsong Precious Metals and Hansheng Group providing rich analytical tools [16]. - **Monitoring Market Dynamics**: Regularly check market comments and expert analyses to stay informed about global economic and political factors affecting precious metal prices [17].

山金期货贵金属策略报告 更新时间：2025年07月30日16时30分 一、黄金 报告导读： 今日贵金属震荡偏弱，沪金主力收涨0.42%，沪银主力收平。①核心逻辑，短期贸易协议分批达成，避险需求继续回落；美国经济 滞涨风险增加，就业通胀强劲压制降息预期。②避险属性方面，中美"建设性会谈"后暂时维持关税休战，未宣布重大突破。美国 与欧盟达成协议避免了贸易战，将征收15%关税。③货币属性方面，美联储本月决议预计将维持利率不变，因经济数据好坏参半。 美国6月商品贸易逆差降至近两年来最低，或助推第二季GDP大幅反弹。欧洲央行维持利率不变，乐观经济预测引发降息结束猜测 。目前市场预期美联储下次降息至9月，预期25年总降息空间跌回50基点左右。美元指数和美债收益震荡偏强；④商品属性方面， CRB商品指数反弹承压，人民币偏弱利多国内价格。⑤预计贵金属短期震荡偏弱，中期高位震荡，长期阶梯上行。⑥晚间有美国 ADP、GDP等重磅数据及凌晨美联储决议，数据超预期概率较大，建议提前做好风险管理。 策略：稳健者观望，激进者高抛低吸。建议做好仓位管理，严格止损止盈。 表1 黄金相关数据： | 数据类别 | 指标 | 单位 | 最新 | ...

| 贵金属日评20250730: 美国财政部或待利率下降后再增发长债,待美国GDP和就业等数据 | 交易日期 | 较昨日变化 | 较上周变化 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-07-23 | 2025-07-29 | 2025-07-28 | 收盘价 | 774. 78 | 771. 44 | 792. 90 | -3. 34 | -21.46 | | | | | | | | 成交量 | 219932.00 | 286795. 00 | -36, 087. 00 | 256019.00 | -66, 863. 00 | 期货活跃合约 | 持仓重 | 222387.00 | 212407.00 | 209675.00 | 2, 732. 00 | -9, 980. 00 | | | | 库存(十克) | 31263.00 | 30258.00 | 28857.00 | 2, 406. 00 | 1,00 ...

贵金属日报 2025-07-30 贵金属 钟俊轩 贵金属研究员 从业资格号：F03112694 交易咨询号：Z0022090 电话：0755-23375141 邮箱： zhongjunxuan@wkqh.cn 沪金涨 0.49 %，报 774.32 元/克，沪银涨 0.46 %，报 9234.00 元/千克；COMEX 金涨 0.09 %， 报 3384.10 美元/盎司，COMEX 银涨 0.25 %，报 38.38 美元/盎司； 美国 10 年期国债收益率 报 4.34%，美元指数报 98.90 ； 市场展望： 昨夜公布的美国经济数据弱势，市场对于联储下半年宽松货币政策预期上升，金银价格得到支 撑。 关键的劳动力市场数据方面，美国 6 月 JOLTs 职位空缺数为 743.7 万人，低于预期的 750 万人 以及前值的 771.2 万人。房地产市场方面，美国 5 月 S&P/CS 20 座大中城市房价指数同比值为 2.79%，低于预期的 3%以及前值的 3.42%，季调后环比值为-0.34%，低于预期的-0.2%以及前值 的-0.31%。当前 CME 利率观测器显示，市场预期联储在本周议息会议中有 96. ...

Group 1: Precious Metals Market Overview - Silver prices have surpassed $39 per ounce, reaching a new high since 2011, with a year-to-date increase of 35.11% [1] - Domestic silver futures also rose, with the Shanghai silver main contract hitting 9453 yuan per kilogram, a three-year peak [1] - Gold prices have maintained high volatility, with international spot gold exceeding $3354 per ounce on July 14, reflecting a year-to-date increase of 27% [1] - The surge in silver prices is driven by industrial demand in the renewable energy sector, particularly in photovoltaic components [1] Group 2: Long-term Bullish Outlook for Precious Metals - Macroeconomic factors such as anticipated interest rate cuts by the Federal Reserve and a weakening dollar are key drivers for precious metals [2] - The market expects a potential 50-100 basis point rate cut cycle starting in 2025, which will lower the opportunity cost of holding precious metals [2] - Geopolitical risks, including tensions in the Middle East and the ongoing Russia-Ukraine conflict, have led to a significant increase in gold ETF holdings, rising by 327.73% in July [2] - Silver's dual nature as both a safe-haven asset and an industrial metal enhances its resilience in the market [2] Group 3: Trading Cost Optimization by Jinseng Precious Metals - Jinseng Precious Metals has implemented a cost control mechanism that reduces trading costs to 30% below the industry average through a combination of spread discounts, zero commissions, and instant rebates [3] - For example, high-frequency traders can save $25 per trade using their dynamic spread model, potentially saving thousands annually [3] - The platform's technology allows for millisecond order execution, ensuring precise triggering of stop-loss and take-profit orders during critical market movements [3] Group 4: Dynamic Allocation Strategies for Gold and Silver - The current gold-silver ratio remains above 80, indicating significant potential for silver to catch up with gold [4] - Technical analysis suggests that silver may retrace to a support level of $37.3 after breaking $39, while gold has strong support around $3300 [4] - Investors are encouraged to adopt a "gold as a base + silver as an enhancement" strategy, utilizing low spread contracts for long-term gold positioning and leveraging silver for short-term gains [4] Group 5: Importance of Precious Metals in Economic Uncertainty - In the context of a "low growth, high volatility" global economy, precious metals are increasingly viewed as a stabilizing asset in investment portfolios [6] - Jinseng Precious Metals offers a comprehensive ecosystem that combines cost optimization, technological empowerment, and compliance assurance for investors [6] - The upcoming shift in Federal Reserve policy may trigger a new upward trend in the precious metals market, prompting investors to adjust their holdings dynamically to seize historic opportunities [6]