Key Takeaways Gold ETFs slide as higher yields and a firm dollar pressure non-yielding bullion demand.Dip may offer entry if war eases, inflation cools, and rate hike bets fade.Core central bank demand and de-dollarization trends support gold's long-term outlook.Gold’s steep decline has recently pushed the metal firmly into bear market territory due to rising Treasury yields and a strong U.S. dollar, as quoted on CNBC. Spot gold has now lost over 22% since hitting a high of $5,594.82 per ounce at the end of ...

The Durability Advantage Managed by Alex Umansky and Guy Tartakovsky, BCGD employs a rigorous bottom-up research methodology, seeking companies exhibiting high quality characteristics. The active management approach allows Umansky and Tartakovsky to select holdings suited to a long-term investment horizon. Specifically, the team looks for durable growth companies that will likely capitalize on disruptive change. Compared with passive funds tied to an index, BCGD's active approach allows greater flexibility ...

The ddollarization narrative gained traction throughout 2025. Bricks expansion, central bank gold buying, and bilateral trade settlement in non-doll currencies all made the case look compelling. But market behavior under stress tells a different story.The narrative has shifted marketkedly in recent weeks due to heightened geopolitical tensions. As volatility has surged across asset classes, capital has migrated toward the dollar, not away from it. The dollar's reserve status isn't about sentiment or geopoli ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - Short - term, the precious metals market may continue to fluctuate. Long - term, the underlying logic of the precious metals bull market remains solid. With the probability of the Fed cutting interest rates this year, global geopolitical uncertainties, and the US huge debt promoting the de - dollarization wave, the allocation demand of global central banks, institutions, and residents is expected to continue, and the price center of precious metals still has room to rise. Long - term strategies still suggest buying on dips [4] Group 3: Summary by Related Catalogs 1. Price Tracking of Internal and External Gold and Silver - On March 12, 2026, London gold spot was $5164.94/ounce, London silver spot was $85.99/ounce, COMEX gold was $5170.70/ounce, COMEX silver was $86.17/ounce, AU2604 was 1148.10 yuan/gram, AG2604 was 22225.00 yuan/kilogram, AU (T + D) was 1146.00 yuan/gram, and AG (T + D) was 21829.00 yuan/kilogram. Compared with March 11, the price of gold and silver decreased, with gold down about 0.3% - 0.7% and silver down about 1.7% - 1.0% [3] 2. Spread/Ratio Price Tracking - On March 12, 2026, the gold TD - SHFE active price spread was - 2.1 yuan/gram, the silver TD - SHFE active spread was - 396 yuan/kilogram, the gold internal - external spread (TD - London) was 0.89 yuan/gram, the silver internal - external spread (TD - London) was 253 yuan/kilogram, the SHFE gold - silver ratio was 51.66, the COMEX gold - silver ratio was 60.01, AU2604 - 2602 was 3.42 yuan/gram, and AG2604 - 2602 was - 163 yuan/kilogram. Compared with March 11, the spreads and ratios had different degrees of change, with the largest change in the gold internal - external spread at - 145.7% [3] 3. Position Data - As of March 11, 2026, the gold ETF - SPDR was 1077.28 tons, the silver ETF - SLV was 15539.06048 tons, the non - commercial long position of COMEX gold was 213752 contracts, the non - commercial short position was 53607 contracts, the non - commercial net long position was 160145 contracts, the non - commercial long position of COMEX silver was 34226 contracts, the non - commercial short position was 10888 contracts, and the non - commercial net long position was 23338 contracts. Compared with March 10, the positions of gold and silver had different degrees of change, with the largest change in the non - commercial long position of COMEX silver at 5.31% [3] 4. Inventory Data - On March 12, 2026, the SHFE gold inventory was 105420.00 kilograms, and the SHFE silver inventory was 309974.00 kilograms. On March 11, 2026, the COMEX gold inventory was 32720709 troy ounces, and the COMEX silver inventory was 344541802 troy ounces. Compared with the previous day, the SHFE gold inventory increased by 0.49%, the SHFE silver inventory increased by 23.07%, the COMEX gold inventory remained unchanged, and the COMEX silver inventory decreased by 0.22% [3] 5. Interest Rate/Exchange Rate/Stock Market - On March 12, 2026, the US dollar/Chinese yuan central parity rate was 6.90, the US dollar index was 99.26, the 2 - year US Treasury yield was 3.64%, the 10 - year US Treasury yield was 4.21%, the VIX was 24.23, the S&P 500 was 6775.80, and NYWEX crude oil was 88.41. Compared with March 11, the US dollar/Chinese yuan central parity rate increased by 0.06%, the US dollar index increased by 0.32%, the 2 - year US Treasury yield increased by 1.96%, the 10 - year US Treasury yield increased by 1.45%, the VIX decreased by 2.81%, the S&P 500 decreased by 0.08%, and NYWEX crude oil increased by 2.34% [3] 6. Market Review - On March 12, the main contract of Shanghai gold futures closed down 0.66% to 1148.1 yuan/gram, and the main contract of Shanghai silver futures closed down 2.51% to 22062 yuan/kilogram [3] 7. Impact Analysis - Although multiple parties have released signals of conflict cooling and measures to stabilize oil prices, the issue of the Strait of Hormuz remains unresolved. Iran has confirmed the attack on ships in the Strait of Hormuz, and the new Iranian leader's first statement said the Strait of Hormuz must remain closed. Therefore, short - term oil price fluctuations may still be relatively severe, and precious metal prices are expected to continue to be affected by oil price fluctuations, showing a repeated shock trend. However, the US will launch a 301 investigation against 16 trading partners including China and the EU, and trade policy uncertainties have resurfaced. As time passes, the impact of oil price fluctuations on the precious metals market may weaken. Therefore, under geopolitical games, precious metal prices are expected to return to their own operating logic, and the downside space is limited [4] 8. Future Market Analysis - In the short term, the precious metals market may continue to fluctuate. In the long term, the underlying logic of the precious metals bull market remains solid. With the probability of the Fed cutting interest rates this year, global geopolitical uncertainties, and the US huge debt promoting the de - dollarization wave, the allocation demand of global central banks, institutions, and residents is expected to continue, and the price center of precious metals still has room to rise. Long - term strategies still suggest buying on dips [4]

Group 1: Report Investment Rating - No relevant information provided Group 2: Core Viewpoints - On March 10, the main contract of Shanghai gold futures closed up 0.8% to 1150 yuan/gram, and the main contract of Shanghai silver futures closed up 7.11% to 22,758 yuan/kilogram [4][5] - Trump said that the US military action against Iran would end "soon" but not this week, and some sanctions would be lifted to calm international oil prices. This led to sharp fluctuations in crude oil prices, a significant decline from the high, easing inflation concerns, weakening the US dollar index, and boosting the rebound of precious metal prices, especially silver with low inventory [5] - In the short term, factors such as geopolitical games, oil price fluctuations, and stagflation risks will continue to affect the precious metal market, but prices are expected to gradually rise. In the long term, the underlying logic of the precious metal bull market remains solid, and the price center of precious metals still has room to rise. Long - term strategies suggest buying on dips [5] Group 3: Summary by Directory 1. Price Tracking - **内外盘金/银15点价格跟踪**: On March 10, 2026, London gold spot was 5174.54 dollars/ounce, London silver spot was 88.85 dollars/ounce, etc. Compared with March 9, gold prices rose by 1.5% - 1.6%, and silver prices rose by 6.4% - 6.7% [4] - **价差/比价跟踪**: On March 10, 2026, the gold TD - SHFE active price difference was - 4.46 yuan/gram, and the silver TD - SHFE active price difference was - 532 yuan/kilogram. Compared with March 9, the price difference of gold TD - SHFE active price increased by 85.8%, and that of silver increased by 16.4% [4] 2. Position Data - As of March 3, 2026, the gold ETF - SPDR was 1070.71 tons on March 9, down 0.24% from March 6. The non - commercial long position of COMEX gold was 213,752 contracts, up 0.99% [4] 3. Inventory Data - On March 10, 2026, the SHFE gold inventory was 104,934 kilograms, unchanged from March 9. The SHFE silver inventory was 259,178 kilograms, up 2.29% [4] 4. Interest Rate/Exchange Rate/Stock Market - On March 10, 2026, the US dollar/renminbi central parity rate was 6.90, down 0.25% from March 9. The US dollar index was 98.71 on March 9, down 0.24% from March 6 [4]

Core Viewpoint - Goldman Sachs has set a gold price target of $5,400 per ounce by 2026, indicating strong bullish sentiment in the gold market, which could impact investors in gold-related ETFs like DUST [1]. Group 1: Gold Market Performance - Gold miners have experienced significant gains, with the VanEck Gold Miners ETF (GDX) up 18.2% year-to-date and 146.84% over the past year [1]. - SPDR Gold Shares (GLD) has also seen a year-to-date increase of 19.48% and a 76.52% rise over the past year, reflecting strong demand for gold [1]. Group 2: DUST ETF Dynamics - Direxion Daily Gold Miners Index Bear 2X Shares (DUST) is designed to deliver twice the inverse of GDX's daily return, making it a tactical instrument for short-term traders [1]. - DUST gained 27.34% last week in response to a 12.48% drop in GDX, demonstrating its intended leverage effect [1]. - Despite recent gains, DUST has fallen 89.63% over the past year due to volatility decay, which erodes value in trending markets [1]. Group 3: Macro Factors Influencing Gold Prices - Central bank demand, de-dollarization trends, and persistent inflation expectations are identified as structural drivers supporting the bullish case for gold [1]. - Historical sensitivity of gold prices to Federal Reserve rate decisions and U.S. Consumer Price Index data suggests that tighter monetary policy could lead to gold price weakness [1].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - Short - term, factors such as geopolitical games, inflation concerns, stagflation risks, and central bank gold purchases will continue to impact the precious metals market. After the market has partially digested the negative impact of "rising inflation suppressing interest - rate cut expectations", if the market shifts to trading "stagflation", precious metal prices are expected to maintain a relatively strong and volatile trend [5][6]. - In the long - term, the underlying logic of the precious metals bull market remains solid. With the probability of the Fed cutting interest rates this year, continuous global geopolitical uncertainties, and the US's huge debt promoting the de - dollarization wave, the allocation demand of global central banks, institutions, and residents is expected to continue, and the price center of precious metals still has room to rise. Long - term strategies suggest buying on dips [6]. 3. Summary by Related Catalogs 3.1 Market Review - On March 6, the main contract of Shanghai gold futures closed down 0.89% to 1,140.8 yuan/gram, and the main contract of Shanghai silver futures closed up 0.38% to 21,740 yuan/kilogram [4]. 3.2 Impact Analysis - Positive factors: The potential further escalation of the US - Iran geopolitical conflict, the unexpected weakness of the US February non - farm payrolls increasing the risk of "stagflation" in the US economy, the initial emergence of the US private - credit crisis risk, and the People's Bank of China's continuous gold purchases for 16 consecutive months in February, which can ease the concerns of the previous continuous outflows of gold ETFs and support the gold price. For silver, the continuous decline in inventory limits the downside space of silver prices [5]. - Negative factors: The continuous escalation of the US - Iran conflict drives up energy prices, increasing inflation risks, suppressing the Fed's interest - rate cut expectations and thus suppressing precious metal prices. Geopolitical and inflation risks may suppress silver demand and be negative for its industrial attributes [5]. 3.3 Price and Spread Data - **Price**: On March 6, London gold spot was at $5,117.08/ounce, London silver spot was at $84.38/ounce, COMEX gold was at $5,125.40/ounce, COMEX silver was at $84.65/ounce, AU2604 was at 1,140.8 yuan/gram, AG2604 was at 21,740 yuan/kilogram, AU (T + D) was at 1,138.7 yuan/gram, and AG (T + D) was at 21,380 yuan/kilogram. Compared with March 5, the price of gold generally decreased by about 1.0%, and the price of silver generally increased by about 1.3% [4]. - **Spread**: On March 6, the gold TD - SHFE active spread was - 2.1 yuan/gram, the silver TD - SHFE active spread was - 360 yuan/kilogram, the gold internal - external spread (TD - London) was 3.12 yuan/gram, the silver internal - external spread (TD - London) was 195 yuan/kilogram, the SHFE gold - silver ratio was 52.47, the COMEX gold - silver ratio was 60.55, AU2604 - 2602 was 3.34 yuan/gram, and AG2604 - 2602 was - 207 yuan/kilogram. Compared with March 5, the change rates of spreads varied, with some increasing and some decreasing [4]. 3.4 Position Data - On March 6, the gold ETF - SPDR was 1,073.32 tons, the silver ETF - SLV was 15,761.62327 tons, the non - commercial long positions of COMEX gold were 213,752 contracts, the non - commercial short positions were 53,607 contracts, the non - commercial net long positions were 160,145 contracts, the non - commercial long positions of COMEX silver were 34,226 contracts, the non - commercial short positions were 10,888 contracts, and the non - commercial net long positions were 23,338 contracts. Compared with March 5, most positions increased [4]. 3.5 Inventory Data - On March 6, the SHFE gold inventory was 105,033 kilograms (unchanged from March 5), the SHFE silver inventory was 255,952 kilograms (down 6.15% from March 5), the COMEX gold inventory was 33,081,878 troy ounces (down 0.06% from March 5), and the COMEX silver inventory was 349,145,895 troy ounces (down 0.63% from March 5) [4]. 3.6 Interest Rate, Exchange Rate, and Stock Market Data - On March 6, the US dollar/Chinese yuan central parity rate was 6.90 (up 0.03% from March 5), the US dollar index was 98.96 (down 0.09% from March 5), the 2 - year US Treasury yield was 3.56% (down 0.28% from March 5), the 10 - year US Treasury yield was 4.15% (up 0.48% from March 5), the VIX was 29.49 (up 24.17% from March 5), the S&P 500 was 6,740.02 (down 1.33% from March 5), and NYWEX crude oil was $91.27 (up 15.72% from March 5) [4].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - In the short term, geopolitical games, inflation concerns, and a strong US dollar will continue to impact the precious metals market. Gold and silver prices are expected to fluctuate within a range. In the long term, the underlying logic of the precious metals bull market remains solid. With the probability of the Fed cutting interest rates this year, continuous global geopolitical uncertainties, and the US's huge debt promoting the de - dollarization wave, the allocation demand of global central banks, institutions, and residents is expected to continue. The price center of precious metals still has room to rise. Long - term strategies still recommend buying on dips [5] Group 3: Summary by Relevant Catalogs 1. Price Tracking - On March 5, 2026, London gold spot was $5166.38 per ounce, London silver spot was $83.34 per ounce, COMEX gold was $5173.50 per ounce, COMEX silver was $83.54 per ounce, AU2604 was 1152 yuan per gram, AG2604 was 21639 yuan per kilogram, AU (T + D) was 1149 yuan per gram, and AG (T + D) was 21060 yuan per kilogram. Compared with March 4, 2026, the price of London silver spot decreased by 1.9%, COMEX silver decreased by 1.8%, AU2604 decreased by 0.1%, AG2604 decreased by 1.0%, AU (T + D) decreased by 0.2%, and AG (T + D) decreased by 1.9% [4] 2. Spread/Ratio - On March 5, 2026, the gold TD - SHFE active spread was - 3 yuan per gram, the silver TD - SHFE active spread was - 579 yuan per kilogram, the gold internal - external spread (TD - London) was 2.77 yuan per gram, the silver internal - external spread (TD - London) was 148 yuan per kilogram, the SHFE gold - silver ratio was 53.24, the COMEX gold - silver ratio was 61.93, AU2604 - 2602 was 3.06 yuan per gram, and AG2604 - 2602 was - 270 yuan per kilogram. Compared with March 4, 2026, the gold TD - SHFE active spread increased by 74.4%, the silver TD - SHFE active spread increased by 47.0%, the gold internal - external spread (TD - London) decreased by 24.4%, the silver internal - external spread (TD - London) increased by 27.0%, the SHFE gold - silver ratio increased by 0.9%, the COMEX gold - silver ratio increased by 1.8%, AU2604 - 2602 decreased by 2.5%, and AG2604 - 2602 decreased by 2.2% [4] 3. Position Data - As of March 4, 2026, the gold ETF - SPDR was 1081.04 tons, the silver ETF - SLV was 15947.57316 tons, the non - commercial long position of COMEX gold was 211649 contracts, the non - commercial short position was 52472 contracts, the non - commercial net long position was 159177 contracts, the non - commercial long position of COMEX silver was 32500 contracts, the non - commercial short position was 10240 contracts, and the non - commercial net long position was 22260 contracts. Compared with March 3, 2026, the gold ETF - SPDR decreased by 1.64%, the silver ETF - SLV decreased by 0.21%, the non - commercial long position of COMEX gold decreased by 0.84%, the non - commercial short position decreased by 1.95%, the non - commercial net long position decreased by 0.46%, the non - commercial long position of COMEX silver decreased by 11.27%, the non - commercial short position decreased by 18.88%, and the non - commercial net long position decreased by 7.26% [4] 4. Inventory Data - On March 5, 2026, the SHFE gold inventory was 105033 kilograms, and the SHFE silver inventory was 272721 kilograms. Compared with March 4, 2026, the SHFE gold inventory remained unchanged, and the SHFE silver inventory decreased by 7.50%. On March 4, 2026, the COMEX gold inventory was 33040485 troy ounces, and the COMEX silver inventory was 352219872 troy ounces. Compared with March 3, 2026, the COMEX gold inventory decreased by 0.09%, and the COMEX silver inventory decreased by 0.83% [4] 5. Interest Rate/Exchange Rate/Stock Market - On March 5, 2026, the US dollar/Chinese yuan central parity rate was 6.90. On March 4, 2026, the US dollar index was 98.80, the 2 - year US Treasury yield was 3.54%, the 10 - year US Treasury yield was 4.09%, the VIX was 21.15, the S&P 500 was 6869.50, and NYWEX crude oil was $76.11. Compared with March 4, 2026, the US dollar/Chinese yuan central parity rate decreased by 0.17%, the US dollar index decreased by 0.27%, the 2 - year US Treasury yield increased by 0.85%, the 10 - year US Treasury yield increased by 0.74%, the VIX decreased by 10.27%, the S&P 500 increased by 0.78%, and NYWEX crude oil increased by 1.75% [4] 6. Market Review - On March 5, the main contract of Shanghai gold futures closed up 0.46% to 1152 yuan per gram, and the main contract of Shanghai silver futures closed up 1.96% to 21639 yuan per kilogram [4] 7. Impact Analysis - The market's concerns about inflation risks have eased as the Iranian military stated that it did not block the Strait of Hormuz and that it controls the passage rules. However, the conflict between the US and Iran continues, and the duration may exceed expectations. Therefore, inflation concerns and geopolitical games will continue to impact the precious metals market. On the other hand, US economic data such as ADP, non - manufacturing PMI, and weekly unemployment claims are all good, which further weakens the Fed's interest - rate cut expectations. The US dollar index remains high. In addition, foreign media reported that the Polish central bank plans to sell gold reserves to fund the defense plan, putting overall pressure on precious metals prices [5] 8. Future Market Analysis - In the short term, geopolitical games, inflation concerns, and a strong US dollar will continue to impact the precious metals market, and gold and silver prices are expected to fluctuate within a range. In the long term, the underlying logic of the precious metals bull market remains solid. With the probability of the Fed cutting interest rates this year, continuous global geopolitical uncertainties, and the US's huge debt promoting the de - dollarization wave, the allocation demand of global central banks, institutions, and residents is expected to continue. The price center of precious metals still has room to rise. Long - term strategies still recommend buying on dips [5]

Core Viewpoint - MFS Investment Management has launched a new actively managed emerging markets ETF in response to high U.S. stock valuations and a shift in investor interest towards international markets [1][5]. Group 1: ETF Launch Details - The newly launched ETF is named MFS Blended Research Emerging Markets Equity ETF (NYSE:BREE) and is designed to outperform the MSCI Emerging Markets Index through a combination of quantitative screening and fundamental research [2]. - This ETF is a sister fund to the MFS Blended Research International Equity ETF (NYSE:BRIE), which focuses on developed markets [2]. Group 2: Investment Strategy - The fund aims to invest at least 80% of its assets in equities linked to emerging markets across various regions, including Asia, Latin America, Africa, the Middle East, and Eastern Europe [4]. - Unlike passive funds, the ETF managers have the flexibility to adjust sector exposure, market-cap allocations, and risk levels in portfolio construction [4]. Group 3: Market Context - The launch of the ETF coincides with a trend where global investors are reassessing their exposure to the U.S. stock market due to concerns over high valuations of major technology companies and the trend of "de-dollarization" [5]. - Over the past 12 months, the MSCI Emerging Markets Index has outperformed both the S&P 500 and the MSCI World Index, indicating a potential rebound in emerging markets [5]. Group 4: Active ETF Market Growth - Active ETFs are one of the fastest-growing segments in the market as asset managers leverage this structure to implement strategies aimed at outperforming the market [6].

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Metals & Mining - **Event**: GS Asia Commodity Corporate Day held from February 2-4, featuring 13 companies involved in various commodities including copper, aluminum, lithium, tungsten, nickel, cobalt, rare earths, gold, silver, graphite, potash, coal, and battery materials [1][2] Core Insights - **Positive Sentiment**: There is a generally positive outlook among miners and producers for most commodities, supported by solid supply and demand fundamentals [2] - **Supply Constraints**: Current supply constraints differ from past cycles, influenced by factors such as government-imposed controls (e.g., production quotas in China and Indonesia) and increased trade barriers [2] - **Long-term Value Appreciation**: Miners and producers are increasingly recognizing the long-term value of resources, particularly in copper, gold, lithium, and tungsten, with expectations of output growth ranging from 20% to 100% over the next 3-5 years [3] Company-Specific Insights China Qinfa Group (中国秦发) - **Key Commodities**: Focus on coal production, particularly in Indonesia [11] - **Government Regulations**: Increased supply discipline due to government regulations, including production quotas and potential export taxes [11] - **Production Capacity**: Anticipated production output of over 10 million tons of raw coal by 2026, with significant growth expected from underground mining operations [12][13] - **Cost Structure**: Current total unit cost is Rmb310 per ton, with expectations to reduce costs to Rmb200 per ton as operations ramp up [15] - **CAPEX Plans**: Future capital expenditures will focus on expanding mining operations, with an average cost of Rmb2.0-3.0 billion per pit [17] Additional Important Points - **Geographic Focus**: Preferred mining assets are primarily located in Africa, Central Asia, and domestic China [3] - **Market Dynamics**: The appreciation of resource values is occurring despite a broad macroeconomic downturn and trends toward de-dollarization [3] - **Production Growth Drivers**: The company is implementing strategies to improve production efficiency and reduce costs, including the use of advanced mining techniques and partnerships for coal chemical production [18] Conclusion The conference highlighted a robust outlook for the metals and mining industry, driven by strong demand fundamentals and strategic adaptations to supply constraints. Companies like China Qinfa Group are positioning themselves for significant growth through regulatory compliance and operational efficiencies.