Group 1 - On September 22, gold ETFs (518880) rose by 1.90%, with trading volume exceeding 3.6 billion yuan by the end of the day, while gold stock ETFs (159321) increased by 3.39% [1] - Spot gold reached a record high of $3,745 per ounce on September 22, marking a 1.66% increase for the day, and spot silver also hit a new high not seen since August 2011 [1] - Ping An Securities indicated that the second half of the year remains in a loose monetary cycle, with some metal fundamentals improving, suggesting a rise in both precious and industrial metal prices [1] Group 2 - Shanghai Securities maintains a long-term bullish outlook on gold, suggesting potential for further upward movement, driven by factors such as global de-dollarization and the Federal Reserve entering a rate-cutting cycle [2] - Guoxin Securities noted that gold assets are supported by the trend of de-dollarization and ongoing central bank purchases, with short-term market sentiment bolstered by revised non-farm data and increased rate cut expectations [2] - Silver is transitioning from an industrial byproduct to a valuable asset, driven by industrial demand and financial attributes, with AI and 5G technology potentially widening the supply-demand gap [2]