Group 1: Report Information - Report Name: Precious Metals Daily Report 2025 - 12 - 22 [1] - Researcher: Zhong Junxuan [2] Group 2: Market Quotes - Shanghai Gold rose 0.44% to 984.58 yuan/gram, and Shanghai Silver rose 3.02% to 15,746.00 yuan/kilogram; COMEX Gold was reported at 4,379.30 US dollars/ounce, and COMEX Silver was reported at 67.80 US dollars/ounce; the yield of 10 - year US Treasury bonds was reported at 4.16%, and the US dollar index was reported at 98.69 [2] - On December 19, the total holdings of major overseas silver ETFs increased by 47.94 tons to 28,928 tons, and the holdings of major gold ETFs increased by 0.7 tons to 2,340.2 tons. The overseas silver lease rate rose slightly to 8.1% [3] Group 3: Policy Impact - In the Bank of Japan's interest - rate decision - making meeting last Friday, although the Bank of Japan raised interest rates by 25 basis points, its monetary policy statement and the remarks of Kazuo Ueda after the meeting were less hawkish than expected. The short - term liquidity risk worried by the market was released, and the prices of gold and silver stabilized and rebounded [2] Group 4: Strategy Views - The release of the monetary policy risk of overseas central banks has increased the market risk appetite. Against the background of the Fed's simultaneous interest - rate cuts and balance - sheet expansion, creating an expectation of loose monetary policy, the prices of gold and silver will continue to show a relatively strong performance. It is recommended to hold existing long positions. The reference operating range of the main Shanghai Gold contract is 967 - 1,001 yuan/gram, and the reference operating range of the main Shanghai Silver contract is 14,486 - 16,500 yuan/kilogram [3] Group 5: Data Comparison Gold Data Comparison - COMEX Gold: The closing price of the active contract rose 0.90%, the trading volume decreased by - 0.38%, the position decreased by - 8.27%, and the inventory remained unchanged [6] - LBMA Gold: The closing price rose 0.41% [6] - SHFE Gold: The closing price of the active contract rose 0.85%, the trading volume decreased by - 9.75%, the position increased by 0.83%, the inventory increased by 0.46%, and the settled funds flowed in by 1.69% [6] - AuT + D: The closing price rose 0.86%, the trading volume decreased by - 28.88%, and the position decreased by - 0.79% [6] Silver Data Comparison - COMEX Silver: The closing price of the active contract rose 4.15%, the position decreased by - 5.71%, and the inventory decreased by - 0.20% [6] - LBMA Silver: The closing price rose 4.71% [6] - SHFE Silver: The closing price of the active contract rose 5.77%, the trading volume rose 6.50%, the position rose 5.66%, the inventory rose 2.38%, and the settled funds flowed in by 11.75% [6] - AgT + D: The closing price rose 5.50%, the trading volume rose 24.09%, and the position rose 0.94% [6] Group 6: Price Structure and Spread Gold - On December 19, 2025, the SHFE - COMEX spread of gold was - 7.25 yuan/gram (- 32.03 US dollars/ounce), and the SGE - LBMA spread was - 3.73 yuan/gram (- 16.48 US dollars/ounce) [52] Silver - On December 19, 2025, the SHFE - COMEX spread of silver was 233.94 yuan/kilogram (1.03 US dollars/ounce), and the SGE - LBMA spread was 222.85 yuan/kilogram (0.99 US dollars/ounce) [52][59]

Group 1: Federal Reserve Actions - The Federal Reserve announced a 25 basis point interest rate cut in December, with expectations for additional cuts in 2026 and 2027 [1] - The Fed will begin purchasing $40 billion in short-term government bonds monthly starting December 12, aiming to maintain ample reserves in the banking system [1] - Predictions suggest the Fed may issue approximately $500 billion in short-term government bonds by 2026, interpreted as a positive liquidity signal by the market [1] Group 2: Global Fiscal Policies - Major economies are adopting a trend of fiscal easing, with Germany launching a €900 billion investment plan, the U.S. increasing its debt ceiling by $5 trillion, Japan approving a ¥21.3 trillion stimulus package, and the UK expanding its fiscal buffer [2] - The synchronized fiscal expansion across multiple countries may stimulate global economic growth and potentially lead to consumer inflation pressures [2] Group 3: Copper Market Dynamics - Global copper demand is projected to grow at an average rate of 2.5%, with expected refined copper demand of 28.13 million tons, 28.80 million tons, and 29.45 million tons from 2026 to 2028 [3] - The global electrolytic copper supply-demand gap is anticipated to widen from 160,000 tons in 2026 to 610,000 tons in 2028 [3] - In light of the Fed's actions, global fiscal policies, and tightening copper supply-demand dynamics, copper prices are expected to have medium to long-term upward potential [3]