Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report Last week's unexpected US inflation data pressured gold and silver, and recent positive signals from US-Russia negotiations reduced geopolitical risks. The sharp increase in the US PPI in July cooled the expectation of a significant interest rate cut. Although the employment market's weakening supported the prices of gold and silver, the overall trade environment continued to deteriorate. The implementation of the "Big and Beautiful" bill increased the expectation of the US fiscal deficit, and the People's Bank of China continued to purchase gold. Gold and silver may show a volatile trend as the expectation of an interest rate cut rises [4]. 3. Summary by Related Catalogs Market Data - **Futures Market**: The prices of Shanghai gold and silver futures contracts all declined, with the decline rates of Shanghai gold futures at -0.32% and that of Shanghai silver futures at -1.37% and -1.35% respectively. The trading volume and open interest of each contract varied [2]. - **Spot Market**: The prices of spot gold and silver also decreased, with the decline rate of London silver reaching -1.66%. The price differences between different contracts and the ratios of Shanghai gold/silver to London gold/silver changed to varying degrees [2]. - **Inventory**: The inventories of gold and silver in the Shanghai Futures Exchange and COMEX changed, with the Shanghai Futures Exchange's silver inventory increasing by 11,020 kilograms and the COMEX's gold inventory decreasing by 17,425.86 ounces [2]. - **Related Derivatives and Macroeconomic Indicators**: The US dollar index rose by 0.13%, the S&P 500 index fell by -0.59%, the US Treasury yield decreased by -0.92%, and the positions of SPDR Gold ETF and SLV Silver ETF increased slightly [2]. Macro News - Trump stated that the US would help Ukraine defend but not send ground troops, and Ukraine would not be allowed to join NATO. The US planned a tripartite meeting among the US, Russia, and Ukraine in Budapest [3]. - The US Department of Commerce added 407 product categories to the steel and aluminum tariff list, with a tax rate of 50% [3]. - Japan and the US planned to closely discuss the implementation of a $550 billion investment in the US and set up a mechanism to verify national interests [3]. - The annualized monthly rate of new housing starts in the US in July increased by 5.2%, reaching 1.428 million units, higher than market expectations [3]. Comments and Strategies - The unexpected inflation data in the US last week pressured gold and silver, and the positive signals from US-Russia negotiations reduced geopolitical risks. The sharp increase in the US PPI in July cooled the expectation of a significant interest rate cut [4]. - Previously, the US Treasury Secretary believed that there was a high possibility of a 50 - basis - point interest rate cut in September, but the inflation data has changed this expectation [4]. - The employment market's weakening supported the prices of gold and silver, but the overall trade environment continued to deteriorate. The implementation of the "Big and Beautiful" bill increased the expectation of the US fiscal deficit, and the People's Bank of China continued to purchase gold. Gold and silver may show a volatile trend as the expectation of an interest rate cut rises [4].

Core Insights - The global financial market is experiencing multiple dynamics, including rising expectations for Federal Reserve interest rate cuts, a declining US dollar index, and fluctuating prices for gold and silver, with London gold stabilizing around $3,300 per ounce and London silver around $33 per ounce [1] - The investment landscape for gold and silver is influenced by geopolitical uncertainties and supply chain concerns due to tariff policies, leading to a dual logic of safe-haven demand and industrial attributes [1] - Year-to-date, London gold has increased over 12%, while silver has shown higher volatility, presenting differentiated investment opportunities [1] Group 1: Comparison of Gold and Silver Characteristics - London gold is viewed as a traditional safe-haven asset, with price fluctuations primarily driven by macroeconomic cycles and monetary policy, particularly the potential for a 50 basis point rate cut by the Federal Reserve in June [3] - The expected core PCE inflation rate for 2025 is 2.7%, providing long-term support for gold prices [3] - London silver, with over 50% of its demand coming from industrial applications, saw a 21.5% price increase in 2024, but is expected to face a 21% reduction in global supply gap in 2025, making it more susceptible to short-term market sentiment [3] Group 2: Role of Jinsheng Precious Metals in Investment Decisions - Jinsheng Precious Metals, a member of the Hong Kong Gold and Silver Exchange, offers a trading platform that connects deeply with international markets, providing 24-hour two-way trading services for gold and silver [4] - The platform features a transparent cost structure with a standard spread of $30 per lot for gold and $100 per lot for silver, along with a leverage ratio of 1:100 [4] - Jinsheng's customer service team is available 24/7 to assist investors, especially during critical market events such as Federal Reserve policy changes [4] Group 3: Investment Strategy Recommendations - A suggested strategy for ordinary investors is to adopt a "gold base + silver enhancement" approach, allocating 70% of the portfolio to gold and 30% to silver [5] - Key signals to monitor include the Federal Reserve's interest rate decision in June and changes in US non-farm employment data, which could influence gold and silver prices [5] - Jinsheng's simulated trading feature serves as a testing ground for various strategies, helping investors avoid pitfalls in real trading scenarios [5] Conclusion - In the context of shifting Federal Reserve policies and geopolitical changes, the investment value of London gold and silver varies, with Jinsheng Precious Metals providing a compliant, transparent, and professional trading platform for investors [7] - Both long-term holders seeking stability and short-term traders looking to capitalize on volatility can find suitable solutions within Jinsheng's ecosystem [7]