Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - In 2026, the precious metals market's "bull market is not over." The long - term support for gold comes from the contraction of the US dollar's credit and central bank gold purchases and Fed rate cuts. Silver will show greater elasticity due to the global fiscal resonance - driven recovery. The market will likely feature a stable gold center and expanding silver elasticity. Investors should focus on three time windows and beware of policy disturbances [4] - Consider buying out - of - the - money call options of silver option contract 01 to trade the "end - of - contract" market, and continue to pay attention to silver call option building opportunities during the index adjustment period [1][2] - Given the strong fundamental and relatively larger upside potential for palladium, consider buying out - of - the - money call options of palladium contract 06 instead of holding futures [7] Group 3: Summary by Related Content Silver Options - Silver option 01 contract at - the - money option implied volatility is around 38%, and contract 02 is around 46%. Due to profit - taking and approaching expiration, implied volatility is low in the near - term and high in the far - term. One can buy out - of - the - money call options of contract 01 for the "end - of - contract" market [1] - The European silver lease rate is about 2%, but the 1 - 3 - month rate has risen to around 7%. Around January 8 - 15, there will be about $5 billion in gold and nearly $4 billion in silver sales due to index weight adjustments. This situation corresponds to the low - near - high - far implied volatility of silver options [2] Precious Metals Market in 2026 - The precious metals market in 2026 is expected to have a stable gold center and expanding silver elasticity. Investors should focus on three time windows and beware of policy disturbances [4] Platinum and Palladium Options - The liquidity of platinum and palladium far - month option contracts is insufficient. The market focuses on three out - of - the - money call option contracts. Palladium's implied volatility is higher than platinum's, corresponding to its greater upside potential. After the limit - up on December 12, the implied volatility of their option contracts increased slightly. One can consider buying out - of - the - money call options of palladium contract 06 instead of futures [7]

22日，沪金2505期权合约上演了一场"末日轮"行情，行权价888元/克的认购合约单日最高暴涨9800%， 收盘涨幅达到4200%。此外，多张深度虚值认购合约价格暴涨。国信期货首席分析师顾冯达表示，要警 惕"末日轮"狂欢背后的炒作之风。以沪金2505购888合约为例，截至4月22日下午收盘，期货价格距行权 价尚有超过50元的鸿沟。历史数据显示，"末日轮"胜率不足5%，超过97%的虚值期权最终价值归零。 当前黄金期权隐含波动率飙升至37%，较历史均值溢价62%。参照2024年科创50期权暴跌案例，一旦地 缘风险缓和，波动率单日回落20%即可引发价格腰斩。 ...

Core Viewpoint - International gold prices have shown strong performance, recently breaking through the $3400 and $3500 thresholds, with COMEX gold futures reaching $3476.1 per ounce and spot gold hitting a historical high of $3500.120 per ounce [1][3]. Group 1: Gold Market Performance - As of April 22, COMEX gold futures reported a price of $3476.1 per ounce, with a daily increase of 1.48% and a peak of $3509.9 per ounce [1]. - Spot gold in London was priced at $3457.960 per ounce, rising 1.00% during the day and reaching a high of $3500.120 per ounce [1]. - The "doomsday wheel" phenomenon in the options market has emerged, characterized by significant price fluctuations leading to extraordinary returns on options contracts [1]. Group 2: Options Market Activity - Several deep out-of-the-money call options for Shanghai gold surged dramatically, with the maximum increase for the Shanghai gold 2505 call option 888 reaching 9800%, closing up 4200% [1]. - Other notable increases included the Shanghai gold 2505 call option 896, which rose 7000% to close up 2700%, and the 2505 call option 904, which increased 5500% to close up 2400% [1]. Group 3: Stock Market Reaction - On April 22, gold-related stocks experienced significant gains, with companies such as Baoding Technology (002552.SZ) and Dongjiang Environmental (002672.SZ) hitting the daily limit, while Mingpai Jewelry (603179.SH) and Sichuan Gold (001337.SZ) rose over 5% [3][4]. - The stock prices and percentage increases for notable gold-related companies included Baoding Technology at 15.02 yuan (+10.04%), Dongjiang Environmental at 4.28 yuan (+10.03%), and Sichuan Gold at 28.56 yuan (+6.09%) [4]. Group 4: Futures Market Highlights - The Shanghai gold futures market saw the main contract 2506 reach a maximum price of 836.3 yuan per gram, with a daily increase of 4.13%, making it the most watched futures product of the day [5][6]. - The 2506 contract attracted a capital inflow of 2.775 billion yuan on the same day [5].