上海黄金交易所黄金T+D 6月27日（周五）收盘下跌0.97%报763.15元/克； 上海黄金交易所白银T+D 6月27日（周五）收盘上涨0.1%报8748.0元/千克。 黄金延期 白银延期 ...

Fundamental Analysis - Silver prices showed a strong performance, with spot silver rising nearly 1% to $36.63 per ounce, reaching a high of $36.81 since June 18, indicating potential for further increases if it breaks above $37.50 [1] - Platinum and palladium prices surged, with palladium increasing over 8% to $1,136.68 per ounce, a new high since October 31, 2024, and platinum rising 5.1% to $1,423.26 per ounce, close to its highest level since September 2014 [1] - The rise in platinum and palladium prices is primarily driven by speculative buying, as investors believe the market is tight and prices are undervalued [1] - The World Platinum Investment Council (WPIC) reported increased demand for platinum jewelry in China, exacerbating the supply-demand gap and pushing prices higher [1] - Short-term speculation may lead platinum prices to spike to $1,500, but a subsequent drop to $1,200 is anticipated, while palladium may fall to around $1,050 by mid-July [1] Economic Context - The performance of gold prices is closely linked to U.S. economic data and Federal Reserve policies, with the market optimistic about potential interest rate cuts [2] - The U.S. stock market saw a broad increase, with the S&P 500 and Nasdaq approaching historical highs, reflecting optimism about three expected rate cuts by the Federal Reserve this year [2] - Mixed economic data presents a challenge, with Q1 GDP revised down to a contraction of 0.5% and consumer spending growth downgraded from 1.2% to 0.5%, indicating weakening economic momentum [2] - The labor market shows signs of strain, with initial jobless claims rising to the highest level since November 2021, suggesting a slowdown in hiring due to tariff policies and economic uncertainty [2] - Durable goods orders rebounded by 16.4% due to strong demand for commercial aircraft, but overall economic activity signals remain soft [2] Federal Reserve Insights - Federal Reserve Chairman Jerome Powell reiterated a wait-and-see approach regarding the impact of tariffs on inflation [3] - Richmond Fed President Barkin and San Francisco Fed President Daly indicated that tariff effects could justify a rate cut in the fall, but a July cut is considered premature [3] - Market expectations show a 90% probability of a September rate cut, while the probability for July is only 20%, highlighting a divergence in views [3] - The importance of PCE data is emphasized as a potential catalyst for short-term gold price fluctuations [3] - The U.S. dollar and Treasury market performance also significantly influence gold prices, with the dollar falling to its lowest levels against the euro and pound since 2021 [3] Market Trends - Current silver market conditions indicate a price consolidation phase, suggesting strategies for support long positions and resistance short positions [6] - Technical indicators for silver show K-line operating near the lower band, with support at $35.69 [7] - MACD indicators suggest a downward trend, with market activity decreasing, advising caution in trading and recommending light positions [7] - Suggested trading strategies include placing short positions near $37.00 with a stop loss at $37.38 and a take profit target between $35.90 and $335.60 [7]

昨日晚间公布的美国当周初请数据不及预期，美国第一季度实际GDP年化季率终值进一步下修至-0.5%，市场投资者对美 国未来经济以及美联储政策出现乐观与担忧并存情况，现货黄金市场昨日再度维持区间震荡格局，昨日市场最高至 3350.27美元/盎司，最低至3309.94美元/盎司，最终收盘于3327.76美元/盎司，本交易日亚洲早盘开盘后市场维持在小区 间震荡，目前交投于3322.00美元/盎司附近。 对于后市热点，需要继续关注贸易关税情况，同时要密切关注地缘政治的发展情况以及美联储未来货币政策的动向和美 债收益率情况。 亚洲早盘策略： 现货白银市场 小时图目前处于震荡阶段，短线15分钟图周期处于震荡阶段，震荡区间36.260-36.830，操作上可在这个区间内高抛低 吸。 若市场价格跌破36.260美元/盎司的支撑位，可择机建立空单头寸，并将下方目标价位设定为35.800-35.400美元/盎司。 若市场成功上破36.830美元/盎司的阻力位，则可果断跟进多单，上方目标价位有望触及37.200-37.600美元/盎司。（止损 为0.200美元/盎司空间） 现货黄金市场 小时图目前处于震荡阶段，短线15分钟图处于震荡 ...

Core Viewpoint - The shift in investment from gold to platinum is driven by "gold fatigue," leading to a surge in platinum prices to over a decade high due to rapid global inventory depletion and supply constraints [1][7]. Group 1: Platinum Price Movement - On June 26, platinum prices surged by up to 4.6%, reaching the highest level since 2014, while palladium saw a rise of over 6%, marking its highest point since November of the previous year [1]. - Platinum futures continued to rise, reaching $1,420 per ounce [1]. Group 2: Market Dynamics - Contrary to expectations that tariff policies would dampen demand, actual market behavior shows increased accumulation in both China and the U.S., leading to a sharp decline in globally tradable platinum inventory [3][5]. - Approximately 500,000 ounces of platinum have flowed into U.S. warehouses, driven by profitable arbitrage opportunities and tariff concerns [5]. Group 3: Supply Constraints - The current market shows extreme supply tightness, indicated by the "spot premium" where platinum futures prices are significantly lower than spot prices [6]. - The implied borrowing cost for one-month platinum leasing remains high at an annualized rate of about 13%, well above the typical near-zero levels [6]. - Major platinum spot markets in London and Zurich have exhibited signs of tightness for several months, confirming the severity of supply shortages [6]. Group 4: Investment Trends - The rise in platinum prices is part of a broader trend of global currency devaluation, with investors seeking hedging tools beyond gold, leading to increased interest in platinum and silver [7]. - Platinum futures have seen a year-to-date increase of over 50% [7].

上海黄金交易所黄金T+D 6月27日（周五）早盘盘初下跌0.42%报767.38元/克； 上海黄金交易所白银T+D 6月27日（周五）早盘盘初上涨0.56%报8788.0元/千克。 黄金延期 白银延期 ...

Core Insights - The precious metals market is experiencing a significant shift, with platinum prices rising above 310 RMB per gram and palladium at 245 RMB per gram, reversing the previous trend where palladium outperformed platinum [1] - The demand for platinum is expected to surge due to its critical role in hydrogen fuel cells, with projections indicating a substantial increase in platinum usage in the automotive sector, particularly in hydrogen fuel cell vehicles [3] - Palladium faces long-term demand pressure due to the decline of the internal combustion engine market, despite new applications emerging in electronics and 5G infrastructure [4] Group 1: Market Dynamics - The price dynamics of platinum and palladium have been volatile over the past decade, with palladium previously reaching a peak price that was 137 RMB higher per gram than platinum in 2019 [3] - The automotive industry's shift towards stricter emission standards significantly boosted palladium demand, while platinum struggled due to weak jewelry demand and limited industrial applications [3] - The current market transformation is driven by the rise of the hydrogen economy, redefining platinum's strategic value as a key catalyst in fuel cells [3] Group 2: Demand and Supply Factors - The Chinese government aims for a fleet of 1 million hydrogen fuel cell vehicles by 2030, indicating a projected exponential growth in platinum demand [3] - In the jewelry sector, platinum sales have seen a consistent growth rate of over 15% for two consecutive years, driven by consumer preferences for its durability and purity [3] - Palladium's demand is being challenged by the increasing penetration of electric vehicles, which reduces the need for palladium in traditional combustion engines [4] Group 3: Recycling and Recovery Trends - The recovery price of platinum waste has recently surpassed that of palladium, reflecting a shift in supply-demand dynamics [6] - Global platinum recovery has increased from 180 tons in 2020 to 250 tons in 2023, while palladium recovery remains constrained by technological limitations [6] - The efficiency of palladium recovery is only 60% that of platinum, exacerbating supply tightness for palladium [6] Group 4: Investment Perspectives - Analysts suggest that platinum may be viewed as a "hard currency" in the new energy sector, with potential price elasticity over the next five years [6] - Palladium is characterized as a "balancer" between traditional industries and emerging technologies, leading to price fluctuations influenced by dual forces [6] - Market risks, including labor strikes in South African platinum mines and changes in Russian palladium export policies, could significantly impact the valuation of these metals [6]

上海黄金交易所黄金T+D 6月26日（周四）晚盘收盘上涨0.05%报770.99元/克； 上海黄金交易所白银T+D 6月26日（周四）晚盘收盘上涨0.66%报8797.0元/千克。 黄金延期 白银延期 ...

Group 1: Market Overview - London Gold and London Silver are benchmark trading products in the global precious metals market, with pricing mechanisms led by the London Bullion Market Association (LBMA) [1] - London Silver prices are projected to exceed $37 per ounce by June 2025, marking a 14-year high with an annual increase of over 25%, driven by the restoration of the gold-silver ratio, surging industrial demand, and rising expectations of Federal Reserve rate cuts [2] - London Gold prices fluctuate between $3,300 and $3,400, influenced by a strong dollar and economic data volatility, highlighting the strategic value of precious metals as a crisis hedging tool [2] Group 2: Industry Challenges - Compliance risks are evident with recent incidents in the precious metals platform sector, involving over 12,000 investors and a financial loss of 4.1 billion yuan, exposing issues like fund mismanagement and lack of transaction transparency [3] - High trading costs are prevalent, with traditional platforms charging spreads of 0.3-0.5 USD per ounce, leading to monthly costs exceeding 1,000 yuan for high-frequency traders [3] - Delays in order execution and lengthy withdrawal periods of 2-3 days hinder trading efficiency, especially during extreme market conditions [4] Group 3: Company Differentiation - Jinsheng Precious Metals, as an AA class member of the Hong Kong Gold Exchange, establishes a compliant ecosystem through a three-tier mechanism [5] - The company ensures full transaction transparency with unique transaction codes for trades over 0.1 lots, allowing real-time verification on the exchange's official website [5] - Client funds are independently stored in licensed banks in Hong Kong, with a 100% compliance rate for fund independence in 2024, audited daily by PwC [6] Group 4: Technological Advancements - Jinsheng's trading platforms (MT4/MT5) achieve order execution speeds as low as 0.01 seconds, with slippage rates of ≤0.5%, ensuring rapid response even during extreme market fluctuations [6] - The company employs a dynamic funding model that limits individual trade risk to 2% of the total account balance, automatically adjusting leverage during market volatility [8] - An AI-driven alert system identifies key support and resistance levels, providing trading signals and suggesting adjustments to stop-loss and take-profit targets [9] Group 5: Cost Optimization and Risk Management - Jinsheng offers a zero-commission and ultra-low spread strategy, with London Gold spreads as low as 0.15 USD per ounce, a 70% reduction compared to industry averages, allowing high-frequency traders to save over 1,000 yuan monthly [7] - The company’s proactive risk management approach includes automatic leverage adjustments during market downturns, enhancing overall risk control [8] Group 6: Service Ecosystem - Jinsheng guarantees instant fund deposits and a commitment to complete withdrawals within 2 hours, significantly faster than the industry standard of 2-3 days [10] - The company provides educational resources through a "Trading Academy" with over 500 video courses and daily market sentiment analysis reports, aiding investors in understanding market dynamics [10] Group 7: Investment Strategies - Short-term trading strategies leverage the high liquidity and leverage characteristics of London Gold and Silver, utilizing Jinsheng's low spreads and instant rebate mechanisms to capture intraday price movements [11] - Long-term asset allocation strategies focus on gold ETFs and physical delivery services, aligning with the trend of central banks increasing gold purchases, projected to reach 900 tons in 2025 [12] - Cross-market arbitrage opportunities are supported, allowing for hedging strategies that combine gold with foreign exchange and industrial metals [13] Group 8: Conclusion - The essence of the London Gold and Silver market lies in risk pricing and asset rebalancing, with the choice of a compliant and efficient trading platform being crucial for navigating market volatility [14] - Jinsheng Precious Metals builds a trading ecosystem characterized by low costs, high transparency, and strong safeguards, addressing industry pain points while providing comprehensive solutions for both short-term speculation and long-term investment [14]

上海黄金交易所黄金T+D 6月26日（周四）晚盘盘初上涨0.09%报771.35元/克； 上海黄金交易所白银T+D 6月26日（周四）晚盘盘初上涨0.7%报8800.0元/千克。 黄金延期 白银延期 ...

Group 1: Core Drivers and Investment Opportunities in the Silver Market - The silver market is experiencing a strategic opportunity period driven by "industrial demand + financial recovery," with prices expected to exceed 10,000 RMB/kg (approximately 42 USD/oz) by Q3 2025 due to a rigid supply-demand gap and the restoration of the gold-silver ratio [1][3] - Industrial demand is projected to grow significantly, particularly in the photovoltaic sector, with an annual increase of 5.7% in silver usage driven by the adoption of N-type battery technology. By 2025, global silver demand is expected to reach 7,560 tons, accounting for 34% of industrial demand [3] - The supply side is facing structural shortages, with stagnant growth in major silver mines and increasing ESG costs, leading to an expanding supply gap from 2024 to 2025. Recent trends show a decrease in COMEX silver inventory while ETF holdings have increased, indicating institutional recognition of silver's long-term value [3] - The financial attributes of silver are becoming more pronounced, with expectations of a return to historical gold-silver ratios (40-70:1) as the Federal Reserve is anticipated to enter a rate-cutting cycle. Geopolitical risks and central bank gold purchases further enhance silver's safe-haven appeal [3] Group 2: Trading Strategies and Risk Management for Silver - Investors are advised to construct a scientific trading framework that balances returns and risks through trend tracking, tool selection, and risk management [4] - Trend-following strategies can be employed using technical analysis to capture price turning points, with specific signals identified for bullish trends [4] - Range trading and hedging strategies are recommended during periods of price suppression, utilizing high-low strategies and cross-hedging with gold to mitigate volatility risks [4] - Risk management should include strict capital management, dynamic stop-loss mechanisms, and compliance safeguards to protect against market fluctuations [5][6] Group 3: Advantages of Jinsheng Precious Metals in Trading - Jinsheng Precious Metals offers a high-efficiency trading ecosystem characterized by low costs, high transparency, and strong safeguards, addressing industry pain points such as data fraud and slow withdrawals [7] - The platform provides rapid trading experiences with millisecond-level data updates and order execution speeds as low as 0.01 seconds, significantly improving stop-loss efficiency during volatile market conditions [7] - Cost structures are optimized through a "zero commission + ultra-low spread" strategy, allowing high-frequency traders to save substantial costs [7] - The platform supports various trading functionalities, including beginner-friendly modes and quantitative trading capabilities, enhancing user experience and strategy validation [8][10] Group 4: Operational Recommendations for H2 2025 - Short-term strategies should focus on opportunities arising from anticipated Federal Reserve rate cuts, with recommendations to build silver long positions if the gold-silver ratio falls below 80:1 [11] - Long-term allocations should consider silver's dual industrial and financial attributes, suggesting an increase in silver's proportion within core asset portfolios to 10%-15% [11] - The importance of selecting a compliant and efficient trading platform is emphasized for navigating the evolving silver market landscape [11]