Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - Gold prices have slightly increased this week, but the intensity of the increase is limited, with a higher probability of range - bound fluctuations. The 10 - year TIPS has risen to 1.93%, and the 10 - year nominal interest rate has fallen to 4.19%. The recent price correlation between gold and real interest rates has returned [4][5]. - Silver prices have fluctuated significantly this week. Although there was a small accumulation of futures inventory, the accumulation was limited, and the TD deferred fee remained in the state of short - paying - long. The overseas Lease rate rebounded moderately. The risk of short - squeeze in silver at home and abroad in December is limited, but there is a greater risk of price increase from January to March 2026. After the price recently reached $65, it may enter a shock adjustment stage [5]. 3. Summaries by Related Catalogs 3.1 Transaction Aspects (Price, Spread, Inventory, Funds, and Positions) - **Price and Spread** - This week, London gold rose 2.45%, and London silver rose 11.02%. The gold - silver ratio fell from 72.2 last week to 66.6. The gold - silver price ranges are 950 - 990 yuan/gram for gold and 13,700 - 15,000 yuan/kilogram for silver [3][5]. - Overseas, the London spot - COMEX gold主力 spread fell to - 30.515 dollars/ounce, and the COMEX gold continuous - COMEX gold主力 spread was - 27.1 dollars/ounce. The London spot - COMEX silver主力 spread rose to - 0.165 dollars/ounce, and the COMEX silver continuous - COMEX silver主力 spread was - 1.03 dollars/ounce [11][17]. - Domestically, the gold futures - spot spread was - 5.86 yuan/gram, at the lower end of the historical range; the silver futures - spot spread was 29 yuan/gram, at the upper end of the historical range. The gold monthly spread was 7.28 yuan/gram, at the upper end of the historical range; the silver monthly spread was 7 yuan/gram, at the lower end of the historical range [23][26][30][33]. - **Inventory** - COMEX gold inventory decreased by 10.66 tons this week, and the registered warrant ratio rose to 52.7%. COMEX silver inventory decreased by 115.42 tons to 137,581 tons, and the registered warrant ratio rose to 30.3%. Domestic gold futures inventory remained unchanged, and silver futures inventory increased by 132 tons to 802 tons [42][44][48]. - **Positions** - This week, the non - commercial net - long position of COMEX CFTC gold increased slightly, while the non - commercial net - long position of silver decreased slightly. The gold SPDR ETF inventory increased by 2.82 tons, and the domestic gold ETF decreased by 0.2 tons. The silver SLV ETF inventory increased by 177 tons [50][53][57]. 3.2 Gold's Core Drivers - The correlation between gold and real interest rates has returned this week, and the 10YTIPS has continued to decline [66]. - Information on inflation, retail sales, non - farm employment, industrial manufacturing cycle, financial conditions, economic surprise index, and inflation surprise index is presented, but no specific conclusions are drawn [70][73][78][80].