Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The expected Fed balance - sheet expansion and global debt inflation support precious metal prices. The Fed is expected to cut interest rates in December and in 2026 - 2027, and start monthly reserve management purchases of short - term Treasuries, which is a technical balance - sheet expansion exceeding expectations. Fiscal easing policies in multiple countries lead to expectations of debt inflation and fiscal deficit expansion. Geopolitical risks and central bank gold - buying also support precious metal prices in the medium to long term [1] - The supply - demand situation of platinum and palladium is different. Platinum supply is expected to be tight in 2025 - 2026, with supply gaps of 26 and 18 tons respectively, and an average annual supply - demand gap of about 19 tons until 2029. Palladium supply is expected to change from tight to loose, with supply gaps of 8 and 3 tons in 2025 - 2026 and a looser supply - demand situation in 2027 [1] Group 3: Summary by Related Catalogs Precious Metal Market Data - **Shanghai Gold**: On December 12, 2025, the closing price was 957.90 yuan/gram, down 3.14 from the previous week and up 1.50 from the previous day. Trading volume was 242,710, and open interest was 192,178. Inventory was 91,302 (in ten - gram units) [1] - **Spot Shanghai Gold T + D**: The closing price was 952.35 yuan/gram, down 3.65 from the previous week. Trading volume was 33,596, and open interest was 200,796 [1] - **Shanghai Silver**: The closing price was 14,447 yuan/kg, up 70 from the previous day and 808 from the previous week. Trading volume was 894,426, and open interest was 3,823,854 [1] - **Spot Shanghai Silver T + D**: Relevant trading and position data are also provided, along with information on spreads and basis [1] - **COMEX Gold Futures**: The closing price was 4,309.30 dollars/ounce, up 74.50 from the previous day. Trading volume was 220,543, and open interest was 321,283. Inventory was 36,115,605.50 (in troy ounces) [1] - **COMEX Silver Futures**: The closing price was 1.78 dollars/ounce, up 5.05 from the previous week. Trading volume was 118,368, and open interest was 118,097. Inventory was 455,817,117.44 (in troy ounces) [1] Important Information - US initial jobless claims increased by 44,000 last week, the largest increase since 2020, and continuing claims dropped to an 8 - month low. The US trade deficit in September fell to a five - year low [1] - Global long - term bond yields soared to a 16 - year high, and the market bets that the global interest - rate cut cycle is about to end [1] Trading Strategies Gold and Silver - Adopt a long - position strategy when prices fall. For London gold, focus on support levels around 3900 - 4100 and resistance levels around 4400 - 4600; for Shanghai gold, focus on support levels around 890 - 920 and resistance levels around 1000 - 1050. For London silver, focus on support levels around 49 - 54 and resistance levels around 63 - 72; for Shanghai silver, focus on support levels around 11500 - 12500 and resistance levels around 15000 - 16000 [1] Platinum - Unilaterally establish long positions when prices fall, and cautiously hold long positions in the "long platinum, short palladium" arbitrage strategy. For London platinum, focus on support levels around 1300 - 1500 and resistance levels around 1800 - 2000; for domestic platinum, focus on support levels around 335 - 385 and resistance levels around 465 - 516 [1] Palladium - Unilaterally establish long positions when prices fall. For London palladium, focus on support levels around 1190 - 1390 and resistance levels around 1600 - 1800; for domestic palladium, focus on support levels around 305 - 357 and resistance levels around 415 - 465 [1]