Market Trends - PEPE 下跌，从 7 月高点下跌 32% [1] - 交易者在美国关税担忧加剧和更广泛的避险情绪中投降 [1]

Market Trends - Gold prices are near a one-month high [1] - Risk-off sentiment has returned among investors [1] Trade Negotiations - Investors are closely monitoring the progress of trade negotiations [1]

Investment Rating - The report indicates a cautious outlook on gold, suggesting a potential knee-jerk rally but ultimately a defensive stance due to geopolitical risks and market conditions [5][6][8]. Core Insights - Gold prices have declined due to easing geopolitical risks following a ceasefire between Iran and Israel, with oil prices also contributing to the downward trend [3][4]. - The gold/silver ratio has narrowed, indicating silver's relative strength despite overall declines in precious metals [3][9]. - The report highlights that the market may require more destabilizing events to push gold prices to new highs, as current geopolitical tensions have not significantly impacted oil prices [6][8]. Summary by Sections Precious Metals Overview - Gold price as of the report: USD 3,302.50/oz, with silver at USD 36.06/oz, platinum at USD 1,304.00/oz, and palladium at USD 1,071.00/oz [2]. - Speculative positions as of June 17, 2025: Long positions in gold at 31.64 Moz, silver at 612.17 Moz, platinum at 3,668.7 thousand oz, and palladium at 1,062.4 thousand oz [2]. Market Focus and Emerging Trends - The decline in gold was cushioned by ETF purchases, but overall sentiment remains weak due to geopolitical developments and lower oil prices [3][4]. - The report notes that while gold has been resilient against lower USD and yields, the focus may shift to US budget concerns and ongoing Middle East risks [5][8]. Outlook on Precious Metals - The report expresses less optimism for silver, suggesting that the gold/silver ratio at around 90:1 may make long positions in silver less attractive [9]. - Platinum is facing resistance, and demand from China appears to be easing, which may also affect palladium prices [9].