Report Key Points 1. Industry Investment Ratings - Gold: ☆☆☆ (According to the star description, it represents a more distinct upward trend, and there is still a relatively appropriate investment opportunity at present) [1] - Silver: ☆☆☆ (Indicating a more distinct upward trend, and there is still a relatively appropriate investment opportunity at this time) [1] 2. Core View - Overnight, precious metals declined. The US released a 3.3% year - on - year PPI rate in July, far exceeding the expected 2.5%, and the monthly rate was 0.9%, the largest increase since June 2022. The weekly initial jobless claims also remained low. After the data was released, the Fed's interest - rate cut expectations were suppressed to some extent. Focus on the meeting between US and Russian leaders today, and market sentiment is volatile. It is recommended to keep a wait - and - see attitude towards precious metals [1] 3. Other Key Information - Trump said that if the meeting with Putin goes well, he will call Zelensky; if it is a bad meeting, he will not call anyone. This meeting lays the foundation for the second meeting, and if the problems cannot be solved, sanctions will be imposed. Western leaders are considering the possibility of holding a tri - party summit of Russia, the US, and Ukraine in a European city [1] - Russian President Putin stated that the US is seeking an agreement acceptable to all parties, and it is possible to reach a new arms agreement with the US. The Kremlin said there is no plan to sign a document on the results of the Russia - US summit [2] - US Treasury Secretary Bessent will retain gold as a store of value and is unlikely to re - evaluate the US gold reserve holdings. The reserve value of Bitcoin is about $15 - 20 billion, and the sale of Bitcoin holdings will stop. There is no call for the Fed to cut interest rates by 150 basis points, only indicating that the model shows a lower neutral interest rate [2] - Fed's Daly said that a significant interest - rate cut next month does not seem appropriate. Fed's Musalem said that a 50 - basis - point interest - rate cut does not conform to the current economic situation or data [2]