Core Viewpoint - The Federal Reserve's potential for further easing of interest rates is sustaining demand for non-yielding assets like gold, despite geopolitical risks and market caution [1][2]. Group 1: Interest Rates and Demand - The FOMC meeting indicated that most policymakers believe there is room for further easing if inflation slows, leading to lower interest rates [1]. - Lower interest rates reduce the cost of holding non-yielding assets, maintaining demand for gold [1]. Group 2: Geopolitical Risks and Market Sentiment - Ongoing geopolitical conflicts have increased uncertainty, prompting investors to favor safe-haven assets such as gold [2]. - The sustainability of gold's price at record levels is questioned, especially in light of potential profit-taking and selling pressure [2][3]. Group 3: Market Dynamics and Forecast - The CME Group's increase in margin requirements for gold may dampen speculative demand, adding to selling pressure [3]. - Gold is expected to remain supported as long as rate-cut expectations and geopolitical tensions persist [4]. - Short-term forecasts suggest gold may consolidate between $4,350 and $4,450, with buying interest above $4,300 and potential upward movement if it breaks above $4,400 [5].

在白银与黄金出现巨大涨幅的背后，一方面与美联储重启降息周期，并可能引发全球通胀再次抬升的预期有关；另一方面与地缘局势持续紧张，全球资金避 险情绪持续升温有关。此外，美元指数持续下跌、全球央行持续加码黄金等，这些因素都对金价构成了积极的提振影响。 美元信用体系发生动摇，引发全球资金的加速流动，这也是引发大量资金流向白银黄金渠道的主因之一。实际上，从近几年美元与黄金占全球外汇储备的比 例变化，我们可以看到美元的竞争力在持续下降，越来越多的资金流向黄金，促使黄金在全球外汇储备中的实际占比持续提升。 随着CME的接连出手，结合26年美联储降息预期有所降温，对黄金这一类非生息资产而言，构成了或多或少的抛售压力。在白银黄金价格大跌的背后，市 场资金已经意识到白银黄金价格已经处于阶段性的高位水平，CME的接连出手，也是白银黄金触顶的主要信号。 芝加哥商品交易所（CME）在一个月内连续两次上调了白银保证金，在最近一次的出手中，CME上调履约保证金的品种范围扩大至黄金、锂等多类金属期 货品种，可见这一次的影响力更大，白银黄金价格随之大跌。 CME上调多个品种的履约保证金，为何会引发白银黄金价格大跌？从主要原因分析，当履约保证金 ...

Group 1 - Bitcoin price has experienced a significant drop, falling to $93,778.6, erasing its 30% year-to-date gain, with the current price at $94,886.2, down 0.2% [1] - The primary driver of this decline is the change in liquidity expectations due to higher-than-expected U.S. inflation data, leading to decreased confidence in a Federal Reserve rate cut in December, with the probability of a 25 basis point cut dropping to 44.4% [1] - Institutional outflows have intensified market pressure, with a noticeable slowdown in inflows to U.S. spot Bitcoin ETFs, indicating a weakening appetite for cryptocurrency among institutions [1] Group 2 - Morgan Stanley's latest report suggests that if the Federal Reserve maintains its current stance in December, the marginal tightening of dollar liquidity will suppress the performance of non-yielding assets, including Bitcoin [2] - Analysts warn that if Bitcoin remains below $100,000, it could trigger more aggressive sell-offs, with a potential target near $74,000, indicating about 30% downside from current levels [4] - Despite market volatility, some institutions are still entering the market, with Strategy Company recently purchasing 397 Bitcoins for approximately $45.6 million, bringing their total holdings to 641,205 Bitcoins at an average cost of $74,057 each [4]

Core Viewpoint - Gold prices have seen a slight increase in early Asian trading, supported by expectations of interest rate cuts by the Federal Reserve [1] Group 1: Market Analysis - Analysts suggest that low yields and dovish expectations may provide support for gold [1] - The market anticipates that the U.S. will implement three interest rate cuts in the second half of the year, which could benefit non-yielding assets like gold [1] - Concerns regarding the independence of the Federal Reserve may also drive investors towards precious metals [1]