Core Viewpoint - The article discusses the recent trend of banks reducing or eliminating long-term deposit options, particularly five-year fixed deposits, due to the pressure of low loan interest rates and the need to maintain profitability in a challenging economic environment [5][29]. Group 1: Bank Practices and Profitability - Banks are increasingly unable to offer competitive long-term deposit rates, with five-year deposits now yielding only 2.5%, lower than the three-year rate of 2.7% [5][10]. - The concept of "net interest margin" is highlighted, where banks earn profit from the difference between loan interest and deposit interest. However, with declining loan rates, banks face squeezed profit margins [7][8]. - The reduction of long-term deposits is described as a necessary response to the financial pressures banks are experiencing, as maintaining high-interest long-term deposits becomes unsustainable [10][29]. Group 2: Changing Consumer Behavior - There is a noticeable shift in consumer behavior, with many individuals preferring to store their money in fixed deposits rather than riskier investments like funds or stocks, driven by a desire for stability in uncertain economic times [10][12]. - The article notes that consumers are increasingly opting for longer-term deposits, which complicates banks' liquidity management, as they must be prepared for potential withdrawals [13][29]. - The article emphasizes that the traditional approach of relying on long-term deposits for passive income is becoming less viable, as interest rates continue to decline [17][29]. Group 3: Policy and Market Trends - The central bank's push for "interest rate marketization" has led to a decrease in deposit interest rates, particularly for long-term deposits, as part of broader efforts to lower financing costs for businesses [15][29]. - The article suggests that low interest rates may become the norm, indicating that consumers should adapt their savings strategies accordingly [29]. - New banking products, such as "flexible term deposits," are being introduced to provide consumers with more options while allowing banks to manage costs effectively [28][29].

Core Viewpoint - Gold prices surged by 2% on November 10, with an intraday increase of $80 per ounce, breaking the $4080 mark, driven by multiple factors including a weakening dollar and geopolitical uncertainties [1][5][14] Group 1: Market Dynamics - On the same day, domestic gold prices rose to 933 yuan per gram, with silver and palladium prices also increasing [3] - Gold prices have accumulated a rise of over 55% since the beginning of the year, indicating a longer-term bullish trend rather than a short-term catalyst [3][14] - The market experienced heightened volatility due to the unclear timing of the U.S. government shutdown resolution and frequent official statements affecting expectations [10][14] Group 2: Influencing Factors - Several factors contributed to the market's reaction, including a weaker dollar index, ambiguous Federal Reserve policy direction, and a reduction in market uncertainty following the easing of the government shutdown crisis [5][14] - Central banks globally have been actively purchasing gold, providing significant support to prices amid rising geopolitical risks and increased investor demand for safe-haven assets [5][14] - Reports indicate that despite reaching new highs, gold prices often undergo a consolidation phase for two to three months, suggesting potential short-term fluctuations ahead [9][14] Group 3: Future Outlook - The market is expected to remain lively, with both driving forces and concerns present; the surge on November 10 is seen as a result of multiple converging factors rather than an isolated event [18] - The potential for gold prices to drop below $3900 per ounce could trigger buying interest, but the overall market sentiment remains cautious and prone to fluctuations [16][18] - Looking ahead to 2025, emerging market central banks may continue to accumulate gold due to de-globalization and strategic security demands, which could further influence gold's role as a reserve asset [12][14]