Group 1: Report Industry Investment Rating - Gold and silver are rated ★☆☆, indicating a bullish bias but with limited operability on the trading floor [1] - Platinum and palladium are recommended for long - position on pullbacks [2] Group 2: Core Viewpoints - Overnight, precious metals showed strength, with gold and silver hitting new all - time highs. Trump's actions regarding Greenland and trade tariffs are causing the precious metals' upward trend to remain unchanged. However, if gold breaks through $5000 per ounce and silver breaks through $100 per ounce, beware of profit - taking and technical indicator repair [1] - From January 21st, the price fluctuations of platinum and palladium increased. After the volatility decline, the upward trend became clear again. The upward drive mainly comes from the macro - environment. Before the market liquidity tightens significantly, platinum and palladium should be mainly long - positioned on pullbacks [2] Group 3: Summary by Related Catalogs Economic Data - In November 2025, the annual rate of the US PCE price index grew by 2.8% (expected 2.7%), and the monthly rate grew by 0.2% (in line with expectations). The annual rate of the core PCE price index grew by 2.8%, and the monthly rate grew by 0.2% (in line with expectations). The number of initial jobless claims in the US for the week of January 17th was 200,000 (expected 210,000) [3] Greenland Situation - The Greenland pension fund is considering whether to continue investing in US stocks. Trump said the US doesn't need to pay for the acquisition of Greenland and will achieve "full access". If Europe sells US assets due to tariff threats, it will face major retaliation, and progress on the Greenland issue will be made in two weeks. Denmark is participating in the negotiation of the Greenland framework agreement. After Trump withdrew the tariff threat, the European Parliament plans to restart the vote on the US - EU trade agreement, but the US Commerce Secretary said the agreement is likely to be shelved [3] International Relations - Trump said his meeting with Zelensky was "very good". Zelensky said that Ukraine, the US, and Russia will hold a tri - party meeting in the UAE on the 23rd [3]

Group 1: Report Industry Investment Ratings - Gold and silver are both rated ★☆☆, indicating a bullish bias but poor operability on the trading floor [1] - Platinum and palladium are recommended for long - position allocation on pullbacks [2] Group 2: Core Views of the Report - Overnight, precious metals showed strength, with gold and silver hitting new all - time highs. Trump's statements about Greenland, tariffs, and Iran have lifted the precious metals market, but short - term profit - taking risks should be watched out for when gold breaks through $5000/oz and silver breaks through $100/oz. It's advisable to wait for a stable trading range and lower volatility before re - entering the market [1] - Since January 21st, the trading ranges of platinum and palladium have widened. On January 23rd, multiple platinum contracts rose over 9% and multiple palladium contracts rose over 3%. The upward trend is mainly driven by macro factors. With the weakening US dollar and increased market bets on the decline of the US, platinum and palladium are expected to be long - allocated on pullbacks before market liquidity tightens significantly [2] Group 3: Summary of Related Catalogues Economic Data - In November 2025, the US PCE price index annual rate increased by 2.8% (expected 2.7%), and the monthly rate increased by 0.2% (in line with expectations). The core PCE price index annual rate increased by 2.8%, and the monthly rate increased by 0.2% (in line with expectations). The number of initial jobless claims in the week of January 17th was 200,000 (expected 210,000) [3] Greenland Situation - Greenland's pension fund is considering whether to continue investing in US stocks - Trump said no payment is needed for the acquisition of Greenland, and any agreement will allow full access. He threatened major retaliation if Europe sells US assets due to tariff threats and expects progress on Greenland issues in two weeks - Denmark is participating in the Greenland framework agreement negotiation with the US - After Trump withdrew tariff threats, the European Parliament plans to restart the vote on the US - EU trade agreement, but the US Commerce Secretary said the agreement is likely to be shelved [3] Ukraine - US - Russia Relations - Trump said the meeting with Zelensky was "very good". Zelensky said that Ukraine, the US, and Russia will hold a tripartite meeting in the UAE on the 23rd [3]