Group 1: Report Industry Investment Rating - Gold investment rating: ★☆★, indicating a bullish bias but with limited operability on the trading floor [1] - Silver investment rating: ★☆★, indicating a bullish bias but with limited operability on the trading floor [1] Group 2: Core View of the Report - Today, precious metals continued to be strong, with the international gold price breaking through $4,800 per ounce and hitting a new all - time high. Due to geopolitical issues and the actions of some institutions, the confidence in US dollar assets may be weakened, and the strategic reserve value of gold is irreplaceable. The strength of precious metals is hard to change, so a long - position strategy should be maintained [1] Group 3: Summary of Related Incidents Greenland Issue - The Canadian military simulated a scenario of a US "military invasion", Trump threatened to impose a 200% tariff on French wines and champagne, the US planned to cut about 200 positions in NATO - related institutions, and Trump photoshopped a map incorporating Greenland, Canada, and Venezuela into the US [2] Trump's Press Conference on the First Anniversary of Returning to the White House - Trump listed 365 achievements, compared himself to Buffett through his wife, considered "taking back" the Panama Canal, decided not to go to Paris for the G7 meeting, considered involving Machado in Venezuelan affairs in "some way", claimed that the US would not have a trade deficit next year, and suggested that the "Peace Committee" might replace the United Nations [2] US Supreme Court Ruling - The US Supreme Court did not rule on the challenge to the legality of Trump's global tariffs, and the next ruling window is in a month [2] ADP Weekly Employment Report - In the four weeks up to December 27, 2025, private - sector employers added an average of 8,000 jobs per week [2]

Core Viewpoint - The ongoing conflict between former President Trump and Federal Reserve Chairman Jerome Powell highlights the tension between political influence and the independence of central banking in the U.S. [1][3][5] Group 1: Political Pressure on the Federal Reserve - Trump's criticism of Powell, whom he appointed, reflects his frustration with high interest rates, which he believes hinder economic growth and market performance [3][5] - The current economic landscape, characterized by persistent inflation and geopolitical instability, necessitates Powell's cautious approach to monetary policy [3][5][6] - Trump's calls for Powell's resignation serve as a form of political intimidation, aiming to create pressure for a shift in monetary policy that aligns with his electoral strategy [3][5][6] Group 2: Implications for Central Bank Independence - The independence of the Federal Reserve is crucial for long-term economic stability, as it protects against short-term political interference [5][6][8] - Trump's actions represent a broader challenge to institutional integrity, as he seeks to undermine the established balance between political power and technical governance [5][6][8] - The potential erosion of the Federal Reserve's independence could lead to a loss of confidence in the U.S. dollar as a global reserve currency, prompting international investors to diversify their holdings [8]

Core Viewpoint - President Trump has intensified pressure on Federal Reserve Chairman Jerome Powell to lower interest rates, leading to significant declines in U.S. stock markets and a sell-off of U.S. dollar assets [1][5][6] Group 1: Trump's Pressure on Powell - Trump labeled Powell as "Mr. Too Late" and criticized him for not acting quickly enough to lower interest rates, suggesting that failure to do so could lead to an economic slowdown [2][4] - Trump has repeatedly urged Powell to follow the European Central Bank's lead in cutting rates, indicating that the U.S. is experiencing a downward trend in prices for energy and food, and asserting that there is effectively "no inflation" [2][4] Group 2: Market Reactions - On April 21, the Dow Jones Industrial Average fell by 971.82 points, closing at 38,170.41, a decline of 2.48%; the S&P 500 dropped by 124.50 points to 5,158.20, down 2.36%; and the Nasdaq Composite decreased by 415.55 points to 15,870.90, a drop of 2.55% [5] - The uncertainty surrounding U.S. economic policy has led to a significant sell-off of dollar assets, with the U.S. dollar index falling to 97.92, the lowest level since March 2022 [5][6] Group 3: Economic Policy Confidence - There is a growing loss of confidence in U.S. economic policy, as indicated by the simultaneous rise in long-term U.S. Treasury yields and the weakening of the dollar, which is considered unusual [9] - Any attempts to remove Powell from his position could further increase downward pressure on U.S. assets, especially given the current high level of uncertainty regarding government policies [9]