Group 1 - The U.S. federal government experienced its longest shutdown in history, lasting 43 days, which ended with the passage of a temporary funding bill by the House of Representatives and subsequent signing by President Trump [1] - The shutdown was caused by a failure to pass a new temporary funding bill before government funds ran out, leading to a deadlock between the Republican and Democratic parties [1] - The shutdown had significant impacts on the economy and public welfare, affecting over one million federal employees who faced financial pressure due to unpaid wages, and disrupting programs like the Supplemental Nutrition Assistance Program that serves 42 million Americans [1] Group 2 - The Congressional Budget Office estimated that the six-week shutdown resulted in an economic loss of approximately $11 billion, with experts suggesting that the long duration and its effects on public welfare and travel could have lasting negative impacts on the U.S. economy [2] - The recurring nature of federal government shutdowns has become a political norm, with 15 instances occurring since 1980, reflecting deeper systemic issues and governance failures rather than just policy disagreements [2] - Although the temporary funding bill provides operational funds for most federal agencies until January 30, 2026, the core disagreements over healthcare and welfare spending remain unresolved, indicating a potential for future shutdowns [2]

Core Viewpoint - The recent public statements from key Federal Reserve officials indicate a strong consensus towards a potential interest rate cut in December, shifting market expectations significantly [1][3][12]. Group 1: Federal Reserve Officials' Statements - San Francisco Fed President Mary Daly and New York Fed President John Williams have expressed support for a rate cut, emphasizing that risks in the labor market now outweigh inflation concerns [1][3]. - Williams highlighted that there is still room for policy adjustments, suggesting that a rate cut is the "safest choice" given the current economic conditions [3]. - Daly warned of the fragility of the labor market, stating that any increase in layoffs could lead to a significant rise in unemployment [5]. Group 2: Market Reactions - Following the dovish comments from Fed officials, the probability of a 25 basis point rate cut in December surged from approximately 40% to 80% within a week [1][12]. - The U.S. Treasury market reacted positively, with the benchmark 10-year Treasury yield dropping to 4.03%, marking a new low for the month [12]. Group 3: Decision-Making Challenges - The Federal Reserve faces unprecedented challenges due to the lack of key economic data, as the government shutdown has delayed the release of important employment and inflation reports [7][16]. - This data vacuum complicates the decision-making process for the Fed, as officials will have to make judgments without complete information [7][16]. Group 4: Internal Divisions - Despite the growing dovish sentiment, there are still significant divisions within the Federal Reserve, with some members advocating for a more cautious approach [9][10]. - Boston Fed President Susan Collins has expressed that a "moderate or slightly tight" policy stance remains appropriate due to resilient demand potentially exerting upward pressure on inflation [10].

1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - Trump's government can appoint more Fed officials, which may raise expectations of future interest rate cuts by the Fed. The possible end of the US federal government shutdown and the Fed's provision of liquidity, along with the expansion of fiscal policies globally and central banks' continuous gold - buying, as well as geopolitical risks, may support precious metal prices [1]. 3. Summary by Relevant Catalogs 3.1 Market Data 3.1.1 Gold - **Shanghai Gold**: The closing price was 944.31 yuan/gram, with a change of - 2.19 compared to the previous day and 26.80 compared to last week. The trading volume was 51666.00, down 11382.00 from the previous day. The inventory (in ten - gram units) was 89616.00, with no change from the previous day but an increase of 1800.00 compared to last week [1]. - **COMEX Gold Futures**: The closing price was 4133.20 dollars/ounce, with a change of 68.20 compared to the previous day and 260.10 compared to last week. The trading volume was 278020.00, up 33400.00 from the previous day. The inventory (in troy ounces) was 37575139.58, down 338082.64 from the previous day [1]. - **London Gold Spot**: The price was 4136.75 dollars/ounce, with a change of 13.45 compared to the previous day and 185.65 compared to last week. SPDR Gold ETF holdings were 1046.36 tons, with a change of 0.28 compared to the previous day [1]. 3.1.2 Silver - **Shanghai Silver**: The closing price was 12092.00 yuan/ten - gram, with a change of 227.00 compared to the previous day and 671.00 compared to last week. The trading volume was 870430.00, up 145316.00 from the previous day. The inventory (in ten - gram units) was 583060.00, down 56880.00 from the previous day [1]. - **COMEX Silver Futures**: The closing price was 53.23 dollars/ounce, with a change of 2.15 compared to the previous day and 6.33 compared to last week. The trading volume was 69857.00, up 41384.00 from the previous day. The inventory (in troy ounces) was 478191872.10, down 366186.53 from the previous day [1]. - **London Silver Spot**: The price was 51.54 dollars/ounce, with a change of 3.78 compared to the previous day and 0.29 compared to last week. iShare Silver ETF holdings were 482.31 tons, with a change of 1.29 compared to the previous day [1]. 3.1.3 Price Ratios - The ratio of Shanghai gold futures to Shanghai silver futures was 78.34, with a change of - 1.54 compared to the previous day and - 1.98 compared to last week. The ratio of New York gold futures to New York silver futures was 80.92, with a change of - 5.12 compared to the previous day and - 1.99 compared to last week [1]. 3.2 Important Information - The Atlanta Fed President who advocates "no rate cut in December" will retire in February next year. The "third - in - command of the Fed" said the Fed may soon restart bond purchases to manage liquidity. US Treasury Secretary mentioned Trump's plan to issue $2000 tax refunds to families with annual incomes below $100,000 and "gradual" adjustment of US debt issuance [1]. 3.3 Trading Strategy - For silver, it is advisable to lay out long positions when prices fall. For London gold, pay attention to the support level around 3850 - 3950 and the resistance level around 4180 - 4384. For Shanghai gold, the support level is around 870 - 890 and the resistance level is around 960 - 1000. For London silver, the support level is around 38 - 45 and the resistance level is around 55 - 60. For Shanghai silver, the support level is around 9500 - 10500 and the resistance level is around 12400 - 13000 [1].

Core Points - The U.S. federal government shutdown lasted for 43 days, marking the longest shutdown in U.S. history, ending on November 12 when President Trump signed a temporary budget bill [1] - The temporary budget will keep most federal agencies operational until January 30, 2026, and provides full funding for the Department of Agriculture, Department of Veterans Affairs, and Congress for the entire fiscal year [1] - The budget does not include the extended healthcare subsidy provisions that Democrats had previously insisted on [1] Group 1 - The House of Representatives passed the temporary budget with a vote of 222 in favor and 209 against, with 6 Democrats joining Republicans in support and 2 Republicans voting against [1] - The Senate approved the budget with a vote of 60 in favor and 40 against, with 8 Democrats voting alongside Republicans to reach the necessary 60 votes [1] Group 2 - As part of the agreement to end the shutdown, Senate Majority Leader Mitch McConnell assured Democrats that a vote on healthcare subsidies would take place in mid-December [2] - The shutdown caused significant disruptions in air travel, with the FAA reporting a 6% reduction in flights at 40 busy airports across the U.S. [2] - On the day of the shutdown's end, FlightAware reported that 2,454 domestic and international flights were delayed and 906 flights were canceled [2]

Core Points - The U.S. House of Representatives passed a key procedural vote with a margin of 213 to 209, clearing the way for a final vote on the Senate-approved temporary funding bill [1] - The House will engage in an additional hour of debate before the final vote on the temporary funding bill, which could end the federal government shutdown that has lasted for over 40 days [1] - The government shutdown began on October 1 due to the Senate's failure to pass a new temporary funding bill before government funds were exhausted [1] - On November 10, the Senate voted to approve a temporary funding bill, marking a significant step towards ending the government shutdown [1]

Core Points - The U.S. House of Representatives passed a key procedural vote with a margin of 213 to 209, clearing the way for a final vote on the Senate-approved temporary funding bill [2] - This procedural vote follows the conclusion of the first round of debate in the House, which will lead to an additional hour of debate before the final vote on the temporary funding bill [2] - The passage of this bill is expected to end the federal government shutdown that has lasted for over 40 days, which began on October 1 due to the Senate's failure to pass a new temporary funding bill before government funds were exhausted [2] - The Senate had previously voted on November 10 to approve a temporary funding bill, marking a critical step towards ending the government shutdown [2]

Core Points - The U.S. Senate has officially passed a temporary funding bill to resolve the federal government shutdown that began on October 1, lasting a record 41 days as of November 10 [1] - The bill will fund most federal agencies at current levels until January 30, 2026, and provides full-year funding for the Department of Agriculture, Department of Veterans Affairs, military construction projects, and congressional operations [1] - The passed bill only includes three of the twelve annual appropriations, indicating that nine annual budgets remain unresolved, which could lead to another government shutdown in two months [1] Summary by Categories - **Legislative Action** - The Senate's passage of the temporary funding bill is a critical step to end the government shutdown [1] - The bill is based on a version previously approved by the House of Representatives and requires House approval and presidential signature to take effect [1] - **Funding Provisions** - Most federal agencies will receive funding at existing levels until January 30, 2026 [1] - Specific departments such as Agriculture and Veterans Affairs will receive full-year funding [1] - **Future Implications** - Ongoing negotiations between the two parties will continue regarding the remaining nine annual budgets [1] - There is a potential risk of another government shutdown in the near future if negotiations do not conclude successfully [1]

Group 1 - The U.S. Senate has reached an agreement to end the federal government shutdown that has lasted for 40 days, with President Trump indicating that a resolution is near [1] - The Senate previously rejected two bipartisan funding bills, leading to the shutdown that affected hundreds of thousands of federal employees and various government services [1] - A new funding bill, which includes short-term funding measures until January 2026 and three annual appropriations bills, is expected to pass with sufficient Democratic support [1] Group 2 - The ongoing government shutdown has severely impacted multiple industries, with officials warning of economic downturns and disruptions to citizens' daily lives [1] - The Senate's inability to pass funding bills has resulted in a historic low in legislative efficiency, with 14 rejections of the same bill during the shutdown [2] - The aviation industry has been particularly affected, with over 2,000 flight cancellations and more than 7,000 delays reported, attributed to air traffic control staffing shortages [2]

Group 1 - The U.S. federal government has been in a shutdown for 40 days, with President Trump indicating that a resolution may be near [1] - The Senate is expected to vote on a bill passed by the House, which includes short-term funding measures to sustain the government until January 2026, bundled with three annual appropriations bills [1] - The revised funding proposal still requires approval from the House and President Trump, which may take several days [1] Group 2 - Senate Democrats are resisting the passage of the funding bill to pressure Republicans into agreeing to reforms in the healthcare system, including extending subsidies under the Affordable Care Act [1] - An agreement is being discussed where the Senate will later agree to vote separately on the subsidy issue [1] Group 3 - Financial markets reacted positively, with Nasdaq futures rising by 0.8% and S&P 500 futures increasing by over 0.5% [1] - Bitcoin reached approximately $106,400, while Ethereum rose above $3,600 [1] - Spot gold increased by 0.64% to $4,027, and spot silver rose by 1% [1]

Core Points - The longest federal government shutdown in U.S. history has reached its 37th day, significantly impacting daily life and social operations across the country [1] Group 1 - The shutdown has led to long lines at food assistance points, indicating a growing strain on social services [1] - There has been a reduction in airport capacity, affecting travel and transportation sectors [1]