1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The current overseas market has relatively scarce liquidity, leading to a general decline in major risk assets and weak performance of gold and silver prices. However, the tightening liquidity means a higher probability of subsequent expansion of the Federal Reserve's balance sheet, which will significantly drive up the prices of gold and silver. The release of the Fed's loose monetary policy expectations still requires a certain period, but the Fed Chairman has explained the balance - sheet expansion. The October interest - rate meeting sent a signal that the December interest rate cut is still uncertain while strengthening the subsequent "interest rate cut + balance - sheet expansion" monetary policy approach. In the loose monetary policy cycle, combined with the potential tightness in the physical market, it is recommended to go long on silver on dips. The reference operating range for the main contract of Shanghai gold is 880 - 966 yuan/gram, and that for the main contract of Shanghai silver is 11001 - 12366 yuan/kilogram [1][3] 3. Summary by Related Catalogs 3.1 Market Quotes - On November 5, 2025, Shanghai gold fell 1.14% to 908.92 yuan/gram, and Shanghai silver fell 1.17% to 11226.00 yuan/kilogram. COMEX gold was reported at 3941.30 dollars/ounce, and COMEX silver was reported at 46.90 dollars/ounce. The yield of the 10 - year US Treasury bond was 4.1%, and the US dollar index was 100.19 [1] - From November 3 to November 4, 2025, the closing price of COMEX gold active contract dropped from 4013.70 dollars/ounce to 3941.30 dollars/ounce, a decrease of 1.80%; the trading volume increased from 22.38 million lots to 24.46 million lots, an increase of 9.30%. The closing price of COMEX silver active contract dropped from 47.91 dollars/ounce to 46.90 dollars/ounce, a decrease of 2.12%; the trading volume increased from 126.80 million lots to 135.28 million lots, an increase of 6.69% [5] 3.2 Market Analysis - The significant increase in the difference between the US SOFR rate and the EFFR shows that under the background of the US government shutdown, the US Treasury account occupies a large amount of funds, and the reserves on the Fed's liability side are scarce. The tightening liquidity is in line with Powell's previous speech, and the Fed will suspend balance - sheet reduction on December 1 [1] - In the silver physical market, although the premium of London silver relative to New York silver and the lease rate are relatively weak, the silver premium in India has significantly rebounded, indicating strong domestic silver demand in India [2] 3.3 Strategy Suggestion - In the loose monetary policy cycle, combined with the potential tightness in the physical market, it is recommended to go long on silver on dips. The reference operating range for the main contract of Shanghai gold is 880 - 966 yuan/gram, and that for the main contract of Shanghai silver is 11001 - 12366 yuan/kilogram [3]

Group 1: Price Performance - London Gold's latest price is 3951.10 with a change of -74.15 [3] - London Silver's latest price is 47.76 with a change of -1.02 [3] - London Platinum's latest price is 1580.00 with a change of -9.00 [3] - London Palladium's latest price is 1463.00 with a change of -2.00 [3] - WTI Crude's latest price is 61.05 with a change of 0.00 [3] - LME Copper's latest price is 10692.00 with a change of -220.00 [3] - US Dollar Index's latest price is 99.88 with a change of 0.00 [3] - Euro to US Dollar's latest price is 1.15 with a change of 0.00 [3] - British Pound to US Dollar's latest price is 1.31 with a change of 0.00 [3] - US Dollar to Japanese Yen's latest price is 154.21 with a change of 0.00 [3] - US 10 - year TIPS's latest price is 1.82 with a change of 0.00 [3] Group 2: Trading Data - COMEX Silver's latest inventory is 15002.46 with a change of 0.00 [4] - SHFE Silver's latest inventory is 665.61 with a change of 6.76 [4] - Gold ETF's latest holding is 1038.63 with a change of -3.15 [4] - Silver ETF's latest holding is 15189.82 with a change of 0.00 [4] - SGE Silver's latest inventory is 1050.68 with a change of 0.00 [4] - SGE Gold's latest deferred fee payment direction is 1 with a change of 0.00 [4] - SGE Silver's latest deferred fee payment direction is 2 with a change of 0.00 [4]

Group 1 - The core point of the news is the significant decline in precious metals, with spot gold dropping below $3940 per ounce and experiencing a daily decrease of 1.63% [1][2] - Spot silver also saw a decline of over 2%, currently reported at $47.016 per ounce [1] - In the futures market, the main contracts for precious metals also faced short-term declines, with Shanghai gold falling by 1.57% to 904.74 yuan per gram, and Shanghai silver dropping over 2% to 11,113 yuan per kilogram [4] Group 2 - The highest price for spot gold was recorded at $4005.940, while the lowest was $3933.415 [2] - The average price for spot gold was noted at 4068.485, indicating a 1.69% change [2] - The trading volume and other specific metrics for gold and silver were not detailed in the news but indicate active market participation [2]

Price Performance - London Gold's latest price is 4025.25 with a change of 13.75 [2] - London Silver's latest price is 48.78 with a change of -0.18 [2] - London Platinum's latest price is 1589.00 with a change of -10.00 [2] - London Palladium's latest price is 1465.00 with a change of 37.00 [2] - WTI Crude's latest price is 61.05 with a change of 0.07 [2] - LME Copper's latest price is 10912.00 with a change of 29.00 [2] Trading Data - SHFE Silver's latest inventory is 658.85 with a change of -6.69 [3] - Gold ETF's latest holding is 1041.78 with a change of 2.58 [3] - Silver ETF's latest holding is 15189.82 with no change [3] - SGE Silver's latest inventory is 1050.68 with no change [3] - SGE Gold's latest deferred fee payment direction is 1 with no change [3] - SGE Silver's latest deferred fee payment direction is 2 with no change [3]

Core Insights - The Federal Reserve announced a 25 basis point interest rate cut, adjusting the benchmark rate to 3.75%-4.00%, enhancing the appeal of precious metals as a safe-haven investment [1] - In October 2025, the precious metals market experienced a significant rebound, with gold prices surpassing $4000 per ounce, driven by geopolitical risks and loose monetary policies [3] - The demand for gold reserves from global central banks remains strong, with predictions of gold prices potentially reaching $5000 per ounce in the coming year [3] Precious Metals Market Trends - The precious metals market is seeing increased demand for safe-haven assets amid rising geopolitical tensions and monetary easing [3] - Silver and other precious metals are also showing potential for price increases due to tightening supply-demand dynamics [3] - Investment strategies suggest maintaining a 10%-20% allocation of precious metals in portfolios to hedge against inflation risks [3] Choosing a Reliable Trading Platform - Investors face challenges such as regulatory blind spots and opaque fees when selecting precious metal trading platforms [4] - Recommended platforms should hold AA class membership from the Hong Kong Gold Exchange to ensure transparency and independent fund custody [4] - Key criteria for platform selection include regulatory background, technical support, and customer service [4] Investment Entry Guide - New investors are advised to start with small amounts and utilize demo accounts to familiarize themselves with trading mechanisms [5] - A strategy of "continuous small amounts" is recommended, investing 5%-10% of funds monthly to mitigate volatility [5] - Setting stop-loss orders and utilizing K-line chart analysis for support levels are essential decision-making tools [5] Operational Support Features - Platforms like Jinseng Precious Metals offer features such as one-click order placement to enhance efficiency for novice traders [6] Guidelines for Selecting a Legitimate Trading Platform - Investors should verify the regulatory credentials of trading platforms to ensure safety and avoid hidden fees [7] - The selection process involves checking membership numbers, evaluating trading costs, and reviewing user agreements for withdrawal timelines [7] - Establishing a robust selection framework is crucial for safeguarding investments in uncertain markets [7]

Core Insights - The decline of gold is evident as Bitcoin (BTC) shows signs of recovery, with gold dropping over 10.60% to a low of $3,915, marking its largest seven-day decline since April [2] - Bitcoin ETFs have seen inflows of $839 million, while gold ETFs have experienced outflows of $4.1 billion [2][7] - Historical patterns suggest that gold may rebound by 8.3% following significant declines [15] Group 1: Market Dynamics - The recent drop in gold prices coincides with a 6.70% increase in Bitcoin, highlighting a divergence as the U.S. and China approach a trade agreement [4] - Following President Trump's comments on a successful meeting with Xi Jinping, which included a reduction in tariffs related to fentanyl, risk appetite has improved, potentially leading traders to shift back to Bitcoin [5] - Since October 20, gold-backed ETFs have seen outflows of approximately 1.064 million ounces (nearly $4.1 billion), including the largest single-day withdrawal in over six months [7] Group 2: Technical Analysis - Bitcoin's technical indicators show strong support around $101,790 [10] - Despite the current pullback, gold remains in a bull market, supported above its 50-day exponential moving average (EMA) [12] - Historical data indicates that gold typically rebounds 4%-33% after bouncing off the 50-day EMA, suggesting potential for recovery [12] Group 3: Future Projections - Analysts at JPMorgan predict that Bitcoin could reach $165,000 by 2025, asserting that it remains undervalued compared to gold [12] - If historical patterns hold, gold may revisit the $4,200-$4,250 range by December, reaffirming its broader upward trend [17] - Maintaining above the 50-day EMA could allow gold to reach HSBC's target of $5,000 by 2026 [17]

Core Viewpoint - The Ministry of Finance and the State Taxation Administration of China announced a new tax policy regarding gold transactions, which aims to enhance the competitiveness and pricing power of China's gold market while ensuring tax fairness and reducing risks [1] Tax Policy Summary - From now until the end of 2027, transactions involving standard gold through the Shanghai Gold Exchange and the Shanghai Futures Exchange will be exempt from value-added tax (VAT) for selling member units or clients [1] - For transactions without physical delivery, the exchanges will exempt VAT; for those with physical delivery, the VAT policy will differentiate between investment and non-investment uses of standard gold, applying a VAT refund policy and a 6% input tax deduction for buyers [1] Industry Impact - The new policy is seen as an improvement to existing regulations, allowing for better differentiation between the commodity and financial attributes of gold [1] - Experts believe that this policy will support the development of China's gold market, enhancing its international competitiveness and contributing to the construction of Shanghai as an international financial center [1]

Core Insights - Gold investment is increasingly viewed as a "ballast" in asset allocation, serving as a hedge against inflation and a safe haven during market volatility [1][3] - The article provides a guide to selecting reliable gold trading platforms, emphasizing the importance of safety and efficiency in transactions [1][3] Group 1: Advantages of Gold Investment - Gold is recognized as a global hard currency due to its unique trading mechanisms [3] - Key advantages include: 1. 24/7 trading availability, allowing responsiveness to market changes [5] 2. Opportunities in both rising and falling markets through dual-direction trading [5] 3. Flexible capital usage with low entry barriers [5] 4. High liquidity, enabling quick buy and sell transactions [5] 5. Gold acts as a natural safe haven during economic uncertainties [5] Group 2: Overview of Top Gold Trading Platforms - A comprehensive review of ten gold trading platforms based on regulatory background, trading costs, withdrawal efficiency, and service features [3][6] - Notable platforms include: 1. **Leading Gold Metal**: Recognized for its strong regulatory credentials and low trading costs, offering up to $10,000 in trading bonuses [7] 2. **Emperor Gold Metal**: Valued for its market analysis and quick fund withdrawal processes [7] 3. **Baogao Gold**: Known for compliance and personalized trading solutions [6][7] Group 3: Steps for New Investors - New investors are advised to follow a structured approach to start trading: 1. Use a demo account to familiarize with market dynamics [8] 2. Build foundational knowledge of trading terminology [9] 3. Develop a trading plan with clear stop-loss and take-profit levels [9] 4. Start with small investments to gain experience before increasing capital [9]

Group 1 - The largest gold ETF, SPDR Gold Trust, reported a holding of 1,040.35 tons of gold as of October 30, which is an increase of 4.30 tons from the previous trading day [1] - As of October 29, the spot gold price closed at $4,024.55 per ounce, reflecting a daily increase of 2.44%, with an intraday high of $4,026.87 and a low of $3,914.92 [1] Group 2 - MKS PAMP SA, a major player in precious metals refining and trading, is accelerating its business expansion in Hong Kong due to rising investor interest in gold [3] - The company has doubled its team in Hong Kong to 16 members since last year and plans to further expand to 20-30 members within the next year [3] - MKS PAMP SA is exploring the establishment of a new refinery in the Pearl River Delta and considering increasing capacity at its core facility in Switzerland [3] - To strengthen its team, MKS PAMP SA has relocated senior management to Hong Kong and recruited talent from major gold banks and competitors, including former executives from HSBC and Standard Bank [3]

Core Insights - The current global economic uncertainty has increased the appeal of spot gold as a safe-haven asset, but recent price volatility poses significant trading risks for investors [1][2] - A notable incident involved an investor facing execution delays on a trading platform during a single-day gold price surge of over 3%, highlighting systemic issues in market execution [1][2] - Gold prices have shown a cumulative increase of over 60% in the past two months, rising from $3,500 per ounce to a peak of $4,381.21 per ounce, before a recent 3.2% pullback [1][2] Market Dynamics - The fluctuation in gold prices is influenced by factors such as the Federal Reserve's interest rate decisions and the strengthening of the US dollar, which directly impacts investor decision-making [2][3] - Execution delays of over 0.1 seconds on trading platforms can lead to average losses increasing by 5%-10%, emphasizing the importance of platform stability during high volatility [2][3] Platform Selection Criteria - When selecting a stable spot gold trading platform, regulatory qualifications are paramount, with AA class membership from the Hong Kong Gold Exchange being a key indicator of compliance and transparency [5][9] - Efficient platforms can expedite the account opening process to ensure immediate market access, contrasting with traditional platforms that may take 2-3 days [5][9] - Security of funds is critical, requiring separation of client funds from operational funds and prompt withdrawal processing, ideally within 2 hours [5][9] Risk Management Practices - Effective risk control in spot gold trading involves setting appropriate leverage ratios and stop-loss orders to limit exposure [6][7] - New investors are advised to start with a leverage ratio of 1:50 and to set stop-loss orders strategically to manage risk effectively [6][7] Operational Efficiency - The distinction between compliant and non-compliant platforms is crucial, with compliant platforms offering transaction coding verification and real-time data synchronization to minimize execution delays [7][8] - Gold trading platforms that utilize MT4/MT5 systems can achieve execution delays of less than 0.1 seconds, which is particularly beneficial during significant market fluctuations [7][8] Example of a Reliable Platform - Kingstone Precious Metals, as an AA class member of the Hong Kong Gold Exchange, exemplifies a stable trading platform with efficient account setup and transparent order execution mechanisms [8] - The platform offers competitive spreads and real-time data integration, which aids investors in navigating market volatility effectively [8]