1. Report Industry Investment Ratings - Gold: ★★★, indicating a clearer long - trend and a relatively appropriate investment opportunity currently [1] - Silver: ★★★, indicating a clearer long - trend and a relatively appropriate investment opportunity currently [1] 2. Core View of the Report - Overnight, the prices of gold and silver dropped sharply with significant fluctuations in recent days. There are signs of easing in Sino - US trade, and the Russia - Ukraine conflict and the US government shutdown issue are at a critical stage of the game, causing risk sentiment to fluctuate. The short - term over - bought situation of precious metals is being corrected. After the correction, a high - level shock platform may be formed. It is recommended to wait and see for a while and look for buying opportunities after the market stabilizes [1] 3. Other Key Information - Trump postponed the scheduled meeting with Russian President Putin in Budapest. The decision was made after a call between US Secretary of State Rubio and Russian Foreign Minister Lavrov. Trump will decide on the meeting in the next few days. He will also hold talks with NATO Secretary - General Lute on the 22nd [2] - Europe and Ukraine agreed on a Russia - Ukraine peace plan at 12 o'clock, negotiating based on the current front lines. Trump said he has not made a decision on the Russia - Ukraine issue. Russia reiterated its stance of full control of Donbass to the US last weekend, and European leaders issued a joint statement supporting an immediate freeze of the current front lines in Ukraine [2] - A Reuters survey shows that the Fed is expected to cut interest rates twice this year, and the interest rate path in 2026 is highly uncertain [3]