Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - In the short term, the uncertainty of Sino - US trade friction has increased, the US government shutdown is not over, and the probability of the Fed cutting interest rates in October is high, which will continue to support the gold price. Silver generally maintains a strong trend, but there are risks of adjustment due to abnormal price - spread structure and potential suppression from Sino - US trade friction on its industrial attributes [6]. - In the long - term, the Fed still has room to cut interest rates this year, global geopolitical uncertainty persists, US debt is unsustainable, and great - power competition intensifies, increasing the long - term risk of the US dollar's credit. With the continuation of global central bank gold purchases, the long - term center of the gold price is likely to move up [7]. Group 3: Summary by Related Catalogs 1. Price Tracking - **Precious Metal Prices**: On October 10, 2025, compared with October 9, London gold spot decreased by 1.6% to $3965.30 per ounce, London silver spot increased by 1.7% to $49.82 per ounce. COMEX gold decreased by 1.7% to $3980.10 per ounce, and COMEX silver decreased by 1.7% to $47.47 per ounce. The domestic AU2512 decreased by 1.4% to 901.56 yuan per gram, and AG2512 decreased by 0.8% to 11082 yuan per kilogram [5]. - **Price Spreads/Ratios**: The gold TD - SHFE active price spread on October 10, 2025, was - 3.46 yuan per gram (up 2.1% from the previous day), and the silver TD - SHFE active price spread was - 62 yuan per kilogram (up 55.0%). The gold and silver price - spread and ratio data also showed corresponding changes [5]. 2. Position Data - **COMEX Positions**: As of September 23, 2025 (weekly data), on October 10 compared with October 9, COMEX gold non - commercial long positions increased by 1.85% to 332808 contracts, and non - commercial short positions increased by 9.43%. COMEX silver non - commercial long positions increased by 0.97% to 72318 contracts, and non - commercial short positions decreased by 0.21% [5]. - **ETF Positions**: On October 10, 2025, compared with October 9, the gold ETF - SPDR increased by 0.37% to 1017.16 tons, and the silver ETF - SLV decreased by 0.05% to 15443.76026 tons [5]. 3. Inventory Data - **SHFE Inventories**: On October 10, 2025, compared with October 9, SHFE gold inventory remained unchanged at 70728 kilograms, and SHFE silver inventory decreased by 1.50% to 1169061 kilograms [5]. - **COMEX Inventories**: On October 10, 2025, compared with October 9, COMEX gold inventory remained unchanged at 39940670 troy ounces, and COMEX silver inventory decreased by 0.70% to 522463797 troy ounces [5]. 4. Interest Rates/Exchange Rates/Stock Markets - **Exchange Rates**: On October 10, 2025, the US dollar/Chinese yuan central parity rate was 7.10, down 0.08% from the previous day [5]. - **Interest Rates and Indices**: On October 10, 2025, compared with October 9, the US dollar index decreased by 0.59% to 98.82, the 2 - year US Treasury yield decreased by 2.22% to 3.52%, the 10 - year US Treasury yield decreased by 2.17% to 4.05%. The VIX increased by 31.83% to 21.66, the S&P 500 decreased by 2.71% to 6552.51, and NYMEX crude oil decreased by 5.33% to $58.24 per barrel [5]. 5. Market Analysis - **Short - term**: The short - term sharp decline in precious metal prices was due to profit - taking by speculative funds after the cease - fire in the Middle East. Then, the escalation of Sino - US trade friction boosted the precious metal prices again. Gold is expected to be supported by multiple factors, and silver generally maintains a strong trend but faces adjustment risks [6]. - **Long - term**: The long - term center of the gold price is likely to move up due to factors such as the Fed's potential interest - rate cuts, global geopolitical uncertainty, and central bank gold purchases [7].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The uncertainty of US trade policy, weak employment market concerns, the expectation of the Fed's interest rate cut in October, the US federal government shutdown crisis, the expected expansion of fiscal deficits in many countries globally, geopolitical risks in regions such as Russia-Ukraine and the Middle East, and the continuous gold purchases by central banks of many countries globally will support precious metal prices in the medium to long term [1] 3. Summary by Relevant Catalogs Market Data - **Shanghai Gold**: The closing price was 897.74 yuan/gram, with a change of -13.64 yuan compared to the previous day and 44.84 yuan compared to September 26, 2025. The trading volume was 71,242.00, and the open interest was 211,162.00 [1] - **Shanghai Silver**: The closing price was -117.00 yuan/ten grams, with a change of -87.00 yuan compared to the previous day and 450.00 yuan compared to September 26, 2025. The trading volume was 605,570.00, and the open interest was 544,232.00 [1] - **COMEX Gold Futures**: The closing price was 4,035.50 US dollars/ounce, with a change of 154.70 US dollars compared to the previous day and 44.40 US dollars compared to October 2, 2025. The trading volume was 273,357.00, and the open interest was 379,094.00 [1] - **COMEX Silver Futures**: The closing price was 47.52 US dollars/ounce, with a change of -0.14 US dollars compared to the previous day and 0.65 US dollars compared to October 2, 2025. The trading volume was 141,909.00, and the open interest was 128,281.00 [1] Important Information - The list of candidates for the Fed Chair has been narrowed down to five, and BlackRock executive Rieder impressed Bessent. Fed Governor Waller is most worried about the employment market and is open to a 25 - basis - point interest rate cut [1] - For the first time in modern US history, the White House "steward" announced that the Trump administration has started permanent layoffs. The release time of the US September CPI report is set for October 24, 9 days later than the interest rate decision [1] Trading Strategy - It is recommended to mainly establish long positions after price pullbacks. For London gold, pay attention to the support level around 3,400 - 3,500 US dollars/ounce and the resistance level around 4,065 - 4,381 US dollars/ounce; for Shanghai gold, pay attention to the support level around 790 - 810 yuan/gram and the resistance level around 940 - 1,010 yuan/gram; for London silver, pay attention to the support level around 30 - 37 US dollars/ounce and the resistance level around 50 - 57 US dollars/ounce; for Shanghai silver, pay attention to the support level around 7,200 - 8,500 yuan/ten grams and the resistance level around 13,000 - 14,800 yuan/ten grams [1]

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The uncertainty in US trade and economic policies has led to significant concerns about the credit of US Treasury bonds and US dollar assets, making gold a better choice for global central bank reserves and investor asset allocation, and Trump's tariff actions are favorable for the medium - term gold price [2] - The shortage of silver spot in London is difficult to ease in the short term, which will drive the international silver price to be strong, and it is recommended to buy precious metals on dips, especially focusing on the rising opportunity of silver price [3][4] Summary by Related Catalogs Market Information - On the given day, Shanghai gold rose 0.42% to 913.26 yuan/gram, Shanghai silver fell 1.37% to 11059.00 yuan/kilogram; COMEX gold rose 1.53% to 4061.40 US dollars/ounce, COMEX silver rose 2.23% to 48.30 US dollars/ounce; the US 10 - year Treasury yield was 4.05%, and the US dollar index was 99.03 [2] - London silver spot price rose 1.87% to 50.126 US dollars/ounce, and the spread between COMEX silver near - month contract and London silver reached 2.73 US dollars/ounce, a recent high, and the one - month implied lease rate of London silver spot has risen to 40.3% [2] Future Outlook - The shortage of silver spot is difficult to ease in the short term. COMEX silver inventory decreased from 16531 tons on September 29 to 16251 tons on October 10, but the shortage in London is difficult to be alleviated by the inflow of New York silver, and the total position of COMEX silver is at the highest level in the same period in the past five years [3] Strategy Viewpoint - It is recommended to buy precious metals on dips, with the reference operating range of Shanghai gold main contract being 898 - 950 yuan/gram and that of Shanghai silver main contract being 10937 - 12000 yuan/kilogram [4] Data Table - The data shows the price, volume, position, inventory and other information of gold and silver in different markets such as COMEX, London, and Shanghai Futures Exchange on October 10, 2025, as well as the data changes compared with the previous trading day [5][8] Price Structure and Spread - The document shows the near - far month structure of COMEX gold and silver, and the price spreads between Shanghai and overseas markets (COMEX, LBMA) for gold and silver on October 10, 2025 [22][25][36][57]

Group 1 - The international spot gold price has surpassed $4000 per ounce and reached a historical high, with a recent surge pushing it above $4050 per ounce [1] - Bank of America strategist Hartnett predicts that gold prices could reach $6000 by spring next year, citing factors such as expectations regarding the new Federal Reserve chair and potential currency devaluation trades [1] - The rising gold prices are seen as a warning sign for the Western financial system, indicating a potential shift away from the dollar as the sole reserve currency, with large market participants increasingly turning to gold as a liquid asset [1] Group 2 - The strong performance of gold has also positively impacted silver prices, which have risen above $50 per ounce, leading to significant market disruptions in London due to a short squeeze [3] - Traders are facing difficulties in locating physical silver, resulting in high borrowing costs for short positions, with some even booking flights to transport large silver bars [3] - Major banks, including China Construction Bank and Industrial and Commercial Bank of China, have issued risk warnings regarding the volatility of precious metal prices, advising clients to manage their positions carefully [3]

Core Insights - An unprecedented "short squeeze" is driving silver prices above $50 per ounce, marking the second occurrence in history, reminiscent of the 1980 "Hunt brothers" market manipulation attempt [1] Group 1: Market Dynamics - The London silver market is experiencing an unprecedented premium relative to New York futures, with liquidity nearly exhausted, forcing short-position holders to incur high costs for delayed settlements [3] - The London Bullion Market Association is actively monitoring the tight conditions in the silver market, which is influenced by a limited number of banks and vaults in the city [4] Group 2: Factors Contributing to the Crisis - A surge in global investment into gold and silver as a hedge against rising U.S. debt, fiscal deadlock, and currency devaluation is contributing to market volatility [5] - Increased demand from India, particularly during the "golden week" holiday, has exacerbated the liquidity crisis, with some Indian ETFs halting new investments due to domestic shortages [5] - Concerns over potential U.S. import tariffs on silver have led to a preemptive outflow of metal from the U.S. market, further elevating premiums in London [5] Group 3: Inventory and Supply Issues - London silver inventories have decreased significantly, with a 75% drop in freely available silver since mid-2019, primarily due to ETF holdings [7] - The supply of silver is constrained by insufficient mining output to meet both investment and industrial demands, particularly in the solar energy sector [6] Group 4: Price and Borrowing Costs - The silver price has broken multiple records recently, with the London silver auction exceeding $50 for the first time since 1897, and the premium over New York futures reaching $3 [8] - Overnight borrowing costs for silver have surged to over 100% annually, surpassing levels seen during the 1980 squeeze [8] Group 5: Logistics and Market Response - There is a growing urgency among clients to transport silver from New York to London, with estimates of 15 to 30 million ounces being sought for transport [10] - The logistics sector is facing challenges in mobilizing silver from other regions back to London, with high prices potentially alleviating some demand pressures [11]

伦敦白银市场正经历数十年来罕见的动荡。 一场史无前例的"逼空潮"正在席卷这座百年贵金属交易中心， 推动白银价格飙升至每盎司超过50美元——历史上第二次达到这一水平 ，也让市场回想起1980 年"亨特兄弟"试图操纵白银市场的那一幕。 分析人士指出，这场挤兑并非"现代版亨特兄弟阴谋"，而是多重力量叠加的结果。 首先，近期 全球投资者大举涌入黄金和白银 ，对冲美国债务快速上升、财政僵局及货币贬值风险。与此同时，白银特有的供需紧张格局加剧了市场波动。 其次，投资者买盘激增恰逢本月印度需求突然增加。据TD Securities的Daniel Ghali称，印度买家此前从香港采购白银，但在"黄金周"假期期间转移了采购渠 道。一只印度ETF甚至在周四暂停新投资，理由是国内短缺。 最新数据显示， 伦敦现货白银价格相对纽约期货出现了史无前例的溢价水平，市场流动性几乎枯竭。持有空头头寸的交易商难以找到可交割的金属，被迫支付 高昂成本以延后结算。部分机构甚至包下跨大西洋航班的货舱，空运笨重的银锭——这种昂贵操作通常只用于金条运输——以赚取伦敦市场的溢价。 Greenland Investment Management首席投资官An ...

Core Viewpoint - The London silver market is experiencing unprecedented turmoil, with a "short squeeze" driving silver prices above $50 per ounce, reminiscent of the 1980 "Hunt brothers" incident [1] Group 1: Market Dynamics - The current situation is characterized by an unprecedented premium of London spot silver prices over New York futures, leading to a liquidity crisis [2] - Investors are flocking to gold and silver as a hedge against rising U.S. debt, fiscal deadlock, and currency devaluation, exacerbating market volatility [3] - Increased demand from India coincides with the liquidity crisis, as Indian buyers shift their purchasing channels during the "golden week" holiday [3] Group 2: Inventory and Supply Issues - London silver inventories have decreased significantly, with a 75% drop in freely available silver since mid-2019, from 850 million ounces to approximately 200 million ounces [4] - The supply of silver is insufficient to meet both investment and industrial demand, particularly from the solar energy sector [6] Group 3: Price and Borrowing Costs - The silver price has broken multiple records in the past two days, with overnight borrowing costs exceeding 100% annualized, surpassing levels seen during the 1980 squeeze [7] - The London silver auction, held daily since 1897, saw its first transaction exceed $50 on Friday, with a premium of $3 over New York futures [7] Group 4: Market Mechanisms and Logistics - The liquidity crisis is compounded by banks' reluctance to quote prices to each other, leading to wide bid-ask spreads [8] - There is a growing urgency among clients to transport silver from New York to London, with estimates of 15 to 30 million ounces being sought for transport [9] - The return of physical silver to London is seen as a potential solution to alleviate the current tightness in the market [10]

Core Insights - Recent surge in international gold prices, surpassing $4000 per ounce for the first time on October 8, reflects a significant shift in global asset allocation logic and highlights the investment value of precious metals [1][4] - The ongoing rise in gold prices is driven by multiple fundamental factors, including geopolitical tensions and economic policy adjustments in major economies, which have increased market demand for safe-haven assets [4] Company Overview - Leading platform in precious metals trading, Lingsheng Global, has established itself as a trusted trading partner through compliance and professional services since its inception in 2011 [2] - The platform holds multiple international regulatory licenses and adheres to strict financial regulations, ensuring a solid reputation in the industry [2] Technology and Security - Lingsheng Global utilizes the internationally recognized MT5 trading system, which supports multi-device operations and offers high stability and security [2] - The platform implements a strict fund segregation policy, ensuring that client funds are completely separated from company operating funds, thereby safeguarding financial security [2] Professional Services - Lingsheng Global has developed a comprehensive service system that includes a five-star customer service team available 24/7 to provide one-on-one consulting for investors [3] - The platform features live sessions with industry experts who analyze gold market trends and provide valuable trading strategies, enhancing investors' decision-making capabilities [3] Market Outlook - Analysts predict continued strength in the gold market, with Goldman Sachs raising its gold price forecast for the end of next year to $4900 per ounce, while UBS expects prices to reach $4200 by the end of this year [4] - Central banks in emerging markets are likely to increase their gold holdings for diversification, maintaining high levels of gold purchases through 2025 and 2026 [4]

Core Insights - Hong Kong Gold and Silver Exchange Society (CGSE) is the oldest and largest precious metals spot trading venue in Hong Kong, established in 1910 [1][6] - CGSE is the only officially recognized gold and silver exchange by the Hong Kong government, adhering to strict membership regulations and trading rules [3] - The exchange is set to become a core hub for gold trading in Asia following the establishment of the Hong Kong Gold Exchange in January 2025 [4] Trading Operations - CGSE offers a variety of trading products including 999 gold, kilogram bars, and London gold/silver, with an average daily trading volume of 800-1000 billion HKD [5] - The exchange employs a dual trading system, maintaining traditional open outcry in HKD while also providing an electronic trading platform for 24-hour global connectivity [7] - A margin system and price limit mechanisms are in place, supervised by a board to ensure market continuity and liquidity [8] Historical Context - The exchange originated from street gold merchants and has evolved into a regulated entity, demonstrating resilience through multiple financial crises [6] - The headquarters is located at 12-18, Ginseng Street, Sheung Wan, Hong Kong, and it currently has 171 members, including 30 gold group members [1]

1. Report Industry Investment Rating - No information provided on the report industry investment rating. 2. Core View of the Report - The precious metal prices have risen strongly driven by factors such as the US government shutdown, increased political uncertainties in France and Japan, strengthened interest - rate cut expectations, and continuous central bank gold purchases. In the long - term, precious metal prices still have upward space, and long - term long positions can be held. However, in the short - term, due to large and rapid price increases, strong market sentiment, and the impact of the Gaza cease - fire agreement, gold prices may experience sharp fluctuations, so short - term investors are advised to wait and see. For silver, short - term interest rates support a strong price, but the transfer of value between London and COMEX may limit the upside space. In the medium - to - long - term, factors like potential Fed rate cuts, global geopolitical uncertainties, and continuous central bank gold purchases will likely drive up the price of gold [5]. 3. Summary by Related Catalogs 3.1 Price Tracking - **Gold and Silver Prices**: On October 9, 2025, the prices of London gold spot, London silver spot, COMEX gold, COMEX silver, AU2512, AG2512, AU (T + D), and AG (T + D) were 4028.99 dollars/ounce, 48.97 dollars/ounce, 4048.10 dollars/ounce, 48.30 dollars/ounce, 914.32 yuan/gram, 11169.00 yuan/kilogram, 910.93 yuan/gram, and 11129.00 yuan/kilogram respectively. Compared with September 30, 2025, the price increases were 4.5%, 4.6%, 4.2%, 2.8%, 4.6%, 2.3%, 4.6%, and 2.9% respectively [5]. - **Price Spreads and Ratios**: The price spreads and ratios also showed certain changes. For example, the gold TD - SHFE active price spread was - 3.39 yuan/gram on October 9, 2025, with a - 0.3% change compared to September 30, 2025. The SHFE gold - silver ratio was 81.86 on October 9, 2025, with a 2.2% increase compared to September 30, 2025 [5]. 3.2 Position Data - As of October 8, 2025, the gold ETF - SPDR was 1014.58 tons, with a 0.14% increase compared to October 7, 2025. The COMEX gold non - commercial long position was 332808 contracts, with a 1.85% increase compared to October 7, 2025 [5]. 3.3 Inventory Data - On October 9, 2025, the SHFE gold inventory was 70728.00 kilograms, with no change compared to September 30, 2025. The SHFE silver inventory was 1186846.00 kilograms, with a - 0.46% decrease compared to September 30, 2025 [5]. 3.4 Interest Rates, Exchange Rates, and Stock Market Data - On October 9, 2025, the US dollar/Chinese yuan central parity rate was 7.11, with a 0.07% increase compared to September 30, 2025. On October 8, 2025, the US dollar index was 98.85, with a 0.27% increase compared to October 7, 2025 [5]. 3.5 Market Analysis and Operational Suggestions - **Market Review**: On October 9, the main contract of Shanghai gold futures rose 4.82% to 914.32 yuan/gram, and the main contract of Shanghai silver futures rose 2.22% to 11169 yuan/kilogram [5]. - **Logical Analysis and Strategy Outlook**: Precious metal prices are driven by multiple factors and are expected to rise in the long - term. Long - term long positions can be held, but short - term investors are advised to wait and see. Silver prices are supported in the short - term but may face limitations in the upside space [5].