Market Overview - International gold prices experienced fluctuations on May 21, opening at $3277.18 per ounce, reaching a high of $3320.61, a low of $3275.19, and closing at $3311.91 [1] Trade Relations - The EU is expected to share a revised trade proposal with the US to energize negotiations with the Trump administration, though skepticism remains about reaching a transatlantic agreement. The new document includes proposals that consider US interests, such as international labor rights, environmental standards, and economic security, aiming to gradually reduce tariffs on non-sensitive agricultural and industrial products to zero [2] - US Commerce Secretary Ross expressed hope to reach trade agreements with most major partners before the expiration of tariff suspensions this summer [3] Geopolitical Situation - Israeli sources indicate that Israel is preparing to strike Iranian nuclear facilities amid a breakdown in US-Iran negotiations. Israeli military believes the operational window for a successful attack may soon close, leading to potential military actions lasting at least a week, which could have complex and dangerous implications for the region [5] Gold ETF Holdings - The largest gold ETF, SPDR Gold Trust, saw a decrease in holdings by 1.72 tons, bringing the total to 919.88 tons [6] Federal Reserve Outlook - According to CME's FedWatch, the probability of the Federal Reserve maintaining interest rates in June is 94.6%, with a 5.4% chance of a 25 basis point cut. For July, the probability of maintaining rates is 73.1%, with cumulative probabilities of a 25 basis point cut at 25.7% and a 50 basis point cut at 1.2% [6] Technical Analysis - Gold prices showed a slight upward trend, with short-term resistance levels being tested. The market is currently in a consolidation phase after a significant rise, with technical indicators suggesting a cautious bullish outlook [9][10] Trading Strategy - Suggested trading ranges include aggressive buy positions around $3285 with a stop loss of 3-5 points and profit targets above $3305, as well as conservative buy positions around $3250 with similar stop loss and profit targets. For short positions, aggressive entry at $3328 with a stop loss and profit target below $3310 is recommended [11]

Group 1 - International gold prices have rebounded, with spot gold closing up nearly 2% and COMEX gold also showing a similar increase, reaching $3317 per ounce [1][3] - Domestic gold brand prices have risen significantly, with major brands like Chow Tai Fook and Luk Fook Jewelry both quoting gold at 1008 CNY per gram, an increase of 26 CNY from the previous day [3] - The recent surge in gold prices has caught consumers off guard, with many expressing disappointment over the unexpected rise after anticipating further declines [3] Group 2 - The recent price adjustments in gold are attributed to a joint statement from the US and China following high-level economic talks, which boosted market risk appetite and put pressure on gold prices [4] - There has been a noticeable outflow from global gold ETFs since late April, influenced by trade conflicts, geopolitical tensions, and a cooling of expectations for Federal Reserve rate cuts [4] - Despite short-term fluctuations, the long-term outlook for gold remains positive due to declining dollar credibility, the onset of Federal Reserve rate cuts, and continued purchases by global central banks [4]

Market Overview - International gold prices surged significantly on May 20, opening at $3,231.61 per ounce, reaching a high of $3,285.73, a low of $3,204.61, and closing at $3,277.22 [1] Economic Indicators - Federal Reserve's Harker stated that inflation expectations remain stable, and any changes could signal the need for action. The Fed is prepared to remain patient and needs more time to understand how trade policies affect business decisions [2] - Fed's Bostic does not expect a recession but is uncertain when households and businesses will feel secure enough to make long-term spending decisions. Current tariff levels are high, complicating the economic outlook [2] - Fed's Musalem emphasized that if inflation expectations become unstable, prioritizing price stability is crucial. The current monetary policy remains appropriate if trade tensions ease and the labor market remains resilient [3] Geopolitical Situation - Reports indicate that Israel is preparing to strike Iran's nuclear facilities, which could escalate regional tensions and conflict. U.S. officials are divided on the likelihood of such an action [5] - Iran's leadership has expressed skepticism about reaching a conclusion in negotiations with the U.S. regarding its nuclear program, asserting its right to uranium enrichment under the Non-Proliferation Treaty [5] Investment Insights - The largest gold ETF, SPDR Gold Trust, increased its holdings by 0.57 tons, bringing the total to 921.6 tons [6] - The probability of the Fed maintaining interest rates in June is 94.7%, with a 5.3% chance of a 25 basis point cut. For July, the probability of maintaining rates is 70.3% [6] Technical Analysis - Gold prices have shown a strong upward trend, breaking key resistance levels and indicating a potential for continued bullish momentum. Short-term adjustments may be necessary due to overbought conditions [6] - The market sentiment remains cautiously optimistic, with a focus on maintaining a bullish trading strategy [8]

Group 1: Wheaton Precious Metals Corp. (WPM) - Wheaton Precious Metals has a Zacks Rank 1 and its current year earnings estimate increased by 11.9% over the last 60 days [1] - The company's shares gained 18% over the last three months, outperforming the S&P 500, which declined by 1% [2] - Wheaton possesses a Momentum Score of A [2] Group 2: Royal Gold, Inc. (RGLD) - Royal Gold also holds a Zacks Rank 1, with a 9.8% increase in the current year earnings estimate over the last 60 days [2] - The shares of Royal Gold increased by 16.6% in the last three months, again outperforming the S&P 500's decline of 1% [3] - The company has a Momentum Score of A [3] Group 3: Natural Gas Services Group, Inc. (NGS) - Natural Gas Services Group has a Zacks Rank 1, with a 6.1% increase in the current year earnings estimate over the last 60 days [3] - The company's shares surged by 38% over the past month, significantly outperforming the S&P 500's advance of 15.5% [4] - Natural Gas Services possesses a Momentum Score of A [4]

Core Viewpoint - Domestic precious metal futures show mixed performance, while international precious metals are experiencing a decline [1][2] Group 1: Domestic Market Performance - As of May 20, the main contract for Shanghai gold is priced at 754.38 CNY per gram, with an increase of 0.48% [1] - The main contract for Shanghai silver is priced at 8074.00 CNY per kilogram, with a decrease of 0.21% [1] - The opening price for Shanghai gold was 757.00 CNY per gram, reaching a high of 759.56 CNY and a low of 753.12 CNY [2] - The opening price for Shanghai silver was 8125.00 CNY per kilogram, with a high of 8137.00 CNY and a low of 8073.00 CNY [2] Group 2: International Market Performance - COMEX gold is priced at 3213.30 USD per ounce, reflecting a decline of 0.58% [1] - COMEX silver is priced at 32.26 USD per ounce, showing a decrease of 0.74% [1] - The opening price for COMEX gold was 3233.00 USD per ounce, with a high of 3235.80 USD and a low of 3207.40 USD [2] - The opening price for COMEX silver was 32.50 USD per ounce, reaching a high of 32.54 USD and a low of 32.24 USD [2] Group 3: Market Influences - The market anticipates a 25 basis point rate cut by the Reserve Bank of Australia, marking the first cut since February [3] - The RBA is expected to acknowledge that inflation has returned to target levels, but may refrain from indicating a series of rate cuts due to global economic uncertainties [3] - Recent developments include Moody's withdrawal of the last AAA credit rating for the U.S. due to significant fiscal deficits and rising interest costs [4] - The approval of a tax and spending bill by the House Budget Committee is expected to increase the deficit by trillions, raising investor concerns about U.S. debt [4]

Here are three stocks with buy rank and strong momentum characteristics for investors to consider today, May 19th:Candel Therapeutics, Inc. (CADL) : This clinical stage biopharmaceutical company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 17.9% over the last 60 days.Candel’s shares gained 34.4% over the last six months compared with the S&P 500’s advance of 0.7%. The company possesses a Momentum Score  of B.Horace Mann Educators Corporation (HMN) : ...

Group 1 - The current market uncertainties have led to a shift towards safe-haven assets, particularly gold, which is traditionally viewed as a secure investment during turbulent times [1] - Mountain Valley Value Investments focuses on identifying undervalued companies with strong growth potential across various sectors, emphasizing long-term value and strategic buying [1] - The investment philosophy of the company is based on disciplined research and a commitment to highlighting potential risks that may affect investment theses [1] Group 2 - The company aims to provide actionable investment ideas that are resilient over time, leveraging deep industry insights and rigorous analysis to uncover opportunities for strong returns [1]

商 品 研 究 2025 年 5 月 16 日 业 服 务 研 究 所 | 王蓉 | 投资咨询从业资格号：Z0002529 | wangrong013179@gtjas.com | | --- | --- | --- | | 刘雨萱 | 投资咨询从业资格号：Z0020476 | liuyuxuan023982@gtjas.com | 【基本面跟踪】 贵金属基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | 沪金2506 | 737.64 | -2.90% | 754.32 | 1.22% | | | 黄金T+D | 735.39 | -3.06% | 751.00 | 1.66% | | | Comex黄金2506 | 3236.99 | 1.61% | - | | | | 伦敦金现货 | 3243.00 | 1.98% | - | - | | | 沪银2506 | 7991 | -2.20% | 8134.00 | 1.02% | | 期货及现货电 | 白银T+D | 7967 | -2.5 ...

Core Viewpoint - Kaskela Law LLC is investigating the fairness of the proposed merger between A-Mark Precious Metals, Inc. and Spectrum Group International, Inc. to assess whether it is fair to A-Mark investors [1] Group 1: Merger Details - A-Mark announced an agreement to acquire Spectrum in a transaction valued at $92 million, intending to finance it with 50% cash and 50% A-Mark common stock [2] - Following the announcement, A-Mark's stock price has decreased from over $27.00 per share to less than $22.00 per share [2] Group 2: Legal Investigation - The investigation aims to determine if A-Mark's officers and/or directors violated securities laws or breached fiduciary duties in the acquisition agreement and whether all material information about the transaction is disclosed to investors [3]

Core Viewpoint - Gold prices have experienced a significant decline, with spot gold dropping below $3150 per ounce, marking a new low since April 10. Domestic gold jewelry prices have also followed suit, reflecting the downward trend in international gold prices [1][3]. Price Movements - As of May 15, spot gold was priced at $3146.78, down 1.22% from the previous day. COMEX gold futures fell by 2.07% to $3180.7 per ounce, while London gold dropped 2.24% to $3176.58 per ounce [2][6]. - Domestic gold jewelry prices saw reductions, with brands like Chow Sang Sang and Luk Fook Jewelry pricing their gold at 975 RMB and 976 RMB per gram, respectively, down from over 1000 RMB per gram earlier in May [1][5]. Market Sentiment - Investors have reported significant losses due to the recent price drop, with many expressing frustration over their inability to sell at a profit. Some investors who had previously made gains are now facing substantial losses and are seeking advice on how to navigate the current market [2][3]. Analytical Insights - Analysts attribute the gold price correction to multiple factors, including increased market divergence and the historical peak of gold prices adjusted for M2 money supply. The technical indicators for gold price volatility are also showing a downward trend [3][6]. - The narrative surrounding the "collapse of dollar credit," which previously supported gold prices, has been disrupted. A strengthening dollar often signals the end of a gold bull market, and the upcoming potential interest rate cuts by the Federal Reserve may further diminish gold's appeal [6].