Group 1 - The European Parliament's International Trade Committee Chairman Bernd Lange stated that a majority of members have agreed to suspend the procedures for the US-EU trade agreement until clarity, stability, and legal certainty in US-EU trade relations are restored [1] - The US Supreme Court recently ruled that tariffs imposed by Trump under the Emergency Economic Powers Act were illegal, which has significant implications for the previously agreed trade deal reached in July 2025 [3] - Following the Supreme Court ruling, Trump announced the imposition of "global import tariffs" under the Trade Act of 1974, currently executing a "maximum of 15% for up to 150 days" [5] Group 2 - Lange emphasized that the Supreme Court's ruling is clear and its impact cannot be ignored, indicating that the key tool for negotiating and executing the "Turnberry Agreement" is no longer available [5] - The new tariffs will lead to an effective tax rate close to 30% on European cheese imports to the US, significantly deviating from the terms of the "Turnberry Agreement" which capped tariffs at 15% [5] - The EU has chosen to press the "pause button" again in response to the significant changes in US tariffs, reflecting ongoing tensions in US-EU trade relations [5][6]

Core Points - The European Parliament's International Trade Committee is likely to delay the voting procedure regarding the EU-US trade agreement documents [1] - The committee was scheduled to hold meetings on the afternoon of the 23rd and the 24th, with the agenda including voting on the EU-US trade agreement documents to establish the Parliament's position [1] - Currently, it appears that the voting procedure will be postponed [1]

Core Viewpoint - The European Parliament's International Trade Committee has decided to suspend the approval process for the EU-US trade agreement, delaying the vote originally scheduled for February 24 [1] Group 1 - The chairman of the committee, Bernd Lange, emphasized the need for clear regulations and legal certainty before taking any further steps [1]

Group 1 - The European Parliament has decided to resume legislative work on the approval of the US-EU trade agreement after a temporary halt due to US tariff threats [1] - The International Trade Committee Chairman, Bernd Lange, stated that legislative proposals will be expedited, contingent on the US respecting EU sovereignty and fulfilling the trade agreement [1] - If US actions threaten the core security interests of the EU or its member states, the EU may suspend corresponding tariff benefits [1] Group 2 - The core content of the US-EU trade agreement reached last July includes the EU suspending tariffs on all US industrial products and establishing tariff quotas for a significant amount of US agricultural products entering the EU market, in exchange for the US imposing a 15% tariff on most EU goods [1] - The legislative proposals related to the implementation of the US-EU trade agreement may be voted on at the next International Trade Committee meeting scheduled for February 24 [1]

Group 1 - The European Parliament has decided to resume legislative work on the approval of the US-EU trade agreement proposal after a previous suspension due to US tariff threats [1] - The Chairman of the International Trade Committee, Lange, stated that the committee will expedite the legislative proposal, contingent on the US respecting the sovereignty and territorial integrity of the EU and its member states [3] - If US actions threaten the core security interests of the EU or its member states, the EU may suspend corresponding tariff benefits [3] Group 2 - The core content of the US-EU trade agreement reached last July includes the EU suspending tariffs on all US industrial products and establishing tariff quota systems for a large number of US agricultural products entering the EU market [5] - In exchange, the US will impose a 15% tariff on most EU goods exported to the US [5]

Core Points - The European Parliament has decided to resume legislative work on the approval of the EU-US trade agreement proposal after a temporary halt due to US President Trump's tariff threats against eight European countries [1] - The Chairman of the European Parliament's International Trade Committee, Bernd Lange, stated that the committee will expedite the legislative proposal, contingent upon the US respecting the sovereignty and territorial integrity of the EU and its member states [1] - If US actions threaten the core security interests of the EU or its member states, the EU may suspend corresponding tariff benefits [1] Trade Agreement Details - The core elements of the trade agreement reached in July last year include the EU suspending tariffs on all US industrial goods and establishing a tariff quota system for a significant amount of US agricultural and food products entering the EU market [1] - In exchange, the US will impose a 15% tariff on most EU goods exported to the US [1] - The legislative proposals related to the implementation of the EU-US trade agreement may be voted on as early as the next International Trade Committee meeting scheduled for February 24 [1]

Core Viewpoint - The European Parliament has decided to postpone the decision on whether to resume the approval process for the EU-US trade agreement, with a final decision to be made by the negotiation team later [1] Group 1: Trade Agreement Status - The International Trade Committee of the European Parliament is scheduled to meet on February 23-24 to discuss the trade agreement [1] - The negotiation team will hold a meeting on February 4 to reassess the current situation regarding the trade agreement [1] Group 2: Background and Context - The postponement follows a previous decision by the European Parliament to delay the approval of the trade agreement due to President Trump's announcement of tariffs on eight European countries [1] - Although Trump later withdrew the tariff decision, the European Parliament continues to evaluate the developments surrounding the trade agreement [1] Group 3: Agreement Details - The EU and the US reached a trade agreement in July 2025, which requires the EU to eliminate tariffs on US industrial goods and provide preferential market access for US seafood and agricultural products [1] - In exchange, the US will impose a 15% tariff on most EU goods exported to the US [1]

1. Report Industry Investment Rating - Gold: Cautiously bullish [8] - Silver: Neutral [9] - Arbitrage: Short the gold-silver ratio at high levels [9] - Options: On hold [9] 2. Core View of the Report - On Monday, the precious metals market fluctuated sharply. COMEX silver and spot silver soared and then fell back, while COMEX gold and spot gold also saw their gains narrow. The U.S. durable goods orders in November 2025 showed strong growth. The report predicts that the gold price will be in a slightly bullish oscillation pattern, and the silver price will maintain an oscillation pattern [1]. - The report provides detailed data on futures prices, trading volumes, positions, and spreads of gold and silver, as well as the holdings of precious metal ETFs [2][4][5][6]. 3. Summary by Relevant Catalogs Market Analysis - On Monday, COMEX silver once rose by more than 16%, and spot silver by nearly 14%, but then both fell back. COMEX gold and spot gold also saw their gains narrow. Spot palladium first rose by 7% and then fell by more than 3%. The European Parliament has not decided on whether to resume the approval process of the EU - US trade agreement. The U.S. durable goods orders in November 2025 increased by 5.3% month - on - month, and core durable goods orders increased by 0.5% month - on - month [1]. Futures Quotes and Trading Volumes - On January 26, 2026, the opening price of the Shanghai gold main contract was 1113.00 yuan/gram, and the closing price was 1143.32 yuan/gram, a change of 2.48% from the previous trading day. The trading volume was 41087 lots, and the open interest was 129725 lots. The night - session closing price was 1148.14 yuan/gram, up 0.42% from the afternoon closing price. The opening price of the Shanghai silver main contract was 25228.00 yuan/kg, and the closing price was 27207.00 yuan/kg, a change of 8.98% from the previous trading day. The trading volume was 965900 lots, and the open interest was 322579 lots. The night - session closing price was 29005 yuan/kg, up 6.61% from the afternoon closing price [2]. U.S. Treasury Yield and Spread Monitoring - On January 26, 2026, the U.S. 10 - year Treasury yield was 4.215%, unchanged from the previous trading day. The spread between the 10 - year and 2 - year Treasury yields was 0.625%, also unchanged from the previous trading day [3]. Shanghai Futures Exchange Gold and Silver Positions and Trading Volume Changes - On January 26, 2026, in the Au2604 contract, the long position changed by 6068 lots, and the short position changed by 175 lots. The total trading volume of Shanghai gold contracts was 579443 lots, a change of - 21.30% from the previous trading day. In the Ag2508 contract of Shanghai silver, the long position changed by - 2898 lots, and the short position changed by 7803 lots. The total trading volume of silver contracts was 2376284 lots, a change of 0.67% from the previous trading day [4]. Precious Metal ETF Holdings Tracking - The gold ETF holdings were 1,086.53 tons, unchanged from the previous trading day. The silver ETF holdings were 16,090 tons, a decrease of 14 tons from the previous trading day [5]. Precious Metal Arbitrage Tracking - On January 26, 2026, the domestic premium of gold was - 7.34 yuan/gram, and that of silver was - 1006.38 yuan/kg. The price ratio of the main contracts of gold and silver on the Shanghai Futures Exchange was about 42.02, a change of - 4.10% from the previous trading day, and the foreign - market gold - silver ratio was 49.76, a change of - 3.71% from the previous trading day [6]. Fundamentals - On January 26, 2026, the trading volume of gold on the Shanghai Gold Exchange T + d market was 82850 kg, a change of - 4.92% from the previous trading day. The trading volume of silver was 702202 kg, a change of 4.44% from the previous trading day. The gold delivery volume was 11872 kg, and the silver delivery volume was 30 kg [7]. Strategy - Gold: The market risk sentiment has increased, and the demand for gold investment may slightly increase, but the risk of price correction at high levels still exists. It is expected that the gold price will be in a slightly bullish oscillation pattern, and the oscillation range of the Au2604 contract may be between 1130 yuan/gram and 1160 yuan/gram [8]. - Silver: Silver and gold both showed a situation of price soaring and then falling back. Due to the recovery of risk sentiment, the silver price is slightly stronger than the gold price. It is expected that the silver price will also maintain an oscillation pattern, and the oscillation range of the Ag2604 contract may be between 27000 yuan/kg and 30000 yuan/kg [9]. - Arbitrage: Short the gold - silver ratio at high levels [9]. - Options: On hold [9]

Core Viewpoint - The European Parliament has not yet made a decision on whether to resume the approval process for the EU-US trade agreement, with a decision expected from the negotiation team later [1] Group 1: Upcoming Meetings and Decisions - The International Trade Committee of the European Parliament is scheduled to hold a meeting on February 23-24 to discuss the trade agreement [1] - The negotiation team will convene on February 4 to reassess the current situation regarding the trade agreement [1] Group 2: Background and Context - The approval process for the EU-US trade agreement was previously paused due to President Trump's announcement of tariffs on eight European countries, which was later retracted [1] - The trade agreement, reached in July 2025, requires the EU to eliminate tariffs on US industrial goods and provide preferential market access for US seafood and agricultural products in exchange for a 15% tariff on most EU goods exported to the US [1]

Core Viewpoint - The U.S. President Trump emphasized that Greenland is a "core national security interest" for the United States and expressed the intention to negotiate for its acquisition, stating that the U.S. will not use force to take Greenland [1] Group 1 - Trump indicated that the U.S. might not gain anything unless he decides to use excessive force [1] - The only demand from the U.S. is to obtain Greenland [1] Group 2 - In response to Trump's threats regarding tariffs related to Greenland, the European Parliament decided to postpone the approval of the U.S.-EU trade agreement [1]