Core Insights - Gold prices have reached an all-time high of $4,300 per ounce, driven by investor preference for safe-haven assets amid trade tensions between the U.S. and China [1] - Silver has also surged, hitting $52 per ounce, marking a 60% increase since April [1] Group 1: Market Dynamics - The rally in precious metals may be influenced by both speculative trading and fundamental factors [2] - The commodities sector, particularly precious metals, is less susceptible to retail trader influence compared to individual stocks [3] - Factors driving investment in gold and silver include a weak U.S. dollar, political instability, central bank buying, and increased industrial demand [7] Group 2: Investment Vehicles - Exchange-traded funds (ETFs) are recommended for gaining exposure to precious metals without the challenges of physical ownership [4] - iShares Silver Trust (SLV) offers high liquidity and holds physical silver, with $26.95 billion in assets under management [8][9] - abrdn Physical Precious Metals Basket Shares ETF (GLTR) provides diversified exposure to multiple precious metals, with a focus on gold [10][11] - Invesco DB Precious Metals Fund (DBP) invests in futures contracts to minimize tax implications, with a unique tax treatment under Section 1256 of the tax code [12][13][14]

Core Viewpoint - A-Mark Precious Metals, Inc. will hold a conference call on November 6, 2025, to discuss its fiscal first quarter results for the period ending September 30, 2025 [1] Company Overview - A-Mark Precious Metals, Inc. is a fully integrated precious metals platform founded in 1965, offering a range of products including gold, silver, platinum, palladium, and copper bullion, as well as numismatic coins [4] - The company operates through three segments: Wholesale Sales & Ancillary Services, Direct-to-Consumer, and Secured Lending [4] Wholesale Sales & Ancillary Services - This segment distributes and purchases precious metal products from various mints, including the U.S. Mint, and sells over 200 different products to various customers [5] - A-Mark provides managed storage options and logistics services for precious metals, including inventory management and secure shipping [6] Direct-to-Consumer Segment - A-Mark operates as an omni-channel retailer through subsidiaries like JM Bullion and Goldline, targeting specific niches in the precious metals market [10] - The company markets products through various channels, including television and online platforms [10] Secured Lending Segment - The Secured Lending segment is operated through Collateral Finance Corporation, which provides loans secured by bullion and numismatic coins [11] Conference Call Details - The conference call will take place at 4:30 p.m. Eastern time, with access available via a U.S. dial-in number and an international number [2] - A replay of the call will be available after the event until November 20, 2025 [3]

Core Viewpoint - Sandstorm Gold Ltd. has completed its arrangement with Royal Gold, Inc., resulting in Royal Gold acquiring all outstanding common shares of Sandstorm [1][2]. Summary by Sections Arrangement Details - Sandstorm shareholders received 0.0625 of a share of Royal Gold for each Sandstorm Share held as part of the arrangement [2]. - The Sandstorm Shares are expected to be delisted from both the Toronto Stock Exchange and the New York Stock Exchange within two to three business days following the announcement [3]. - Sandstorm will apply to cease being a reporting issuer in applicable jurisdictions and will deregister its shares under the U.S. Securities Exchange Act of 1934 [3]. Shareholder Instructions - Shareholders are advised to review the Management Information Circular dated September 8, 2025, for details on receiving the consideration for their shares [4][5]. - Registered shareholders must complete and return the letter of transmittal along with their share certificates to Computershare Investor Services Inc. [5]. - Non-registered shareholders should contact their intermediaries for instructions on receiving the consideration [5]. Additional Information - Due to the ongoing Canada Post strike, registered shareholders are encouraged to use courier services or hand deliver their documentation to the depositary [6].

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints of the Report - In the short - term, after the significant adjustment of precious metal prices on the night of last Friday, they may turn to a volatile trend due to the easing of Sino - US trade tensions and the mitigation of political turmoil in Japan. However, due to the ongoing US government shutdown and the expected interest rate cut by the Fed in October, precious metal prices are unlikely to continue to decline. Silver may face further adjustment risks if the physical shortage in London eases [6]. - In the long - term, the gold price is likely to continue to rise as the Fed still has room to cut interest rates this year, global geopolitical uncertainties persist, US debt is unsustainable, and central banks around the world continue to buy gold. Long - term investors are advised to go long on dips [6]. 3) Summary by Relevant Catalogs a) Market Review - On October 17, the main contract of Shanghai gold futures closed up 3.82% at 999.8 yuan/gram, and the main contract of Shanghai silver futures closed up 2.06% at 12,249 yuan/kilogram [3][5]. b) Price and Spread Data - **Price Changes**: From October 16 to 17, London spot gold rose 3.2% to 4360.01 dollars/ounce, London spot silver rose 2.6% to 54.21 dollars/ounce. COMEX gold rose 3.2% to 4372.50 dollars/ounce, and COMEX silver rose 2.3% to 53.15 dollars/ounce. Shanghai gold futures (AU2512) rose 3.5% to 999.80 yuan/gram, and Shanghai silver futures (AG2512) rose 1.9% to 12249.00 yuan/kilogram [5]. - **Spread Changes**: The spread of gold TD - SHFE active price changed from - 1.82 yuan/gram on October 16 to - 2.8 yuan/gram on October 17, with a change rate of 53.8%. The spread of silver TD - SHFE active price changed from - 27 yuan/kilogram to - 29 yuan/kilogram, with a change rate of 7.4% [5]. c) Position and Inventory Data - **Position Changes**: From October 16 to 17, the non - commercial long positions of COMEX gold increased by 1.85% to 332,808 contracts, and the non - commercial short positions increased by 9.43% to 66,059 contracts. The non - commercial long positions of COMEX silver increased by 0.97% to 72,318 contracts, and the non - commercial short positions decreased by 0.21% to 20,042 contracts [5]. - **Inventory Changes**: From October 16 to 17, SHFE gold inventory increased by 4.50% to 84,606 kilograms, and SHFE silver inventory decreased by 6.33% to 920,103 kilograms. COMEX gold inventory decreased by 0.10% to 39,107,098 troy ounces, and COMEX silver inventory decreased by 0.53% to 509,459,321 troy ounces [5]. d) Interest Rate, Exchange Rate and Stock Market Data - On October 17, the US dollar/yuan central parity rate was 7.09, the US dollar index was 98.56, the 2 - year US Treasury yield was 3.46%, the 10 - year US Treasury yield was 4.02%, the VIX was 20.78, the S&P 500 was 6664.01, and NYWEX crude oil was 57.25 [5].

Core Viewpoint - The three major stock indices experienced fluctuations in the morning session, with the ChiNext Index rising over 2% in half a day [1] Sector Performance - The coal mining and processing sector remained strong, with companies such as Antai Group, Dayou Energy, and Yunmei Energy hitting the daily limit [1] - The CPO sector saw a strong rebound, with companies like Huilv Ecology and Cambridge Technology also reaching the daily limit [1] - The robotics concept was active, with Huari Co. and Zhongwei Electronics both hitting a 20% limit up [1] - Conversely, the precious metals sector showed weakness, with Hunan Silver hitting the daily limit down [1] - The rare earth permanent magnet sector declined, with Xinlaifu leading the drop [1] - The banking sector experienced significant declines, with Yunnan Rural Commercial Bank leading the losses [1] Market Overview - Overall, there was a broad increase in individual stocks, with over 4,200 stocks rising [1] - As of the midday close, the Shanghai Composite Index was at 3,866.12 points, up 0.69%; the Shenzhen Component Index was at 12,863.53 points, up 1.38%; and the ChiNext Index was at 3,008.56 points, up 2.49% [1] - The F5G concept, electric motors, and coal mining and processing sectors led the gains, while precious metals, gold concepts, and lead metal sectors saw the largest declines [1]

Group 1 - The core viewpoint emphasizes that despite recent volatility, the overall trend for gold remains bullish, with expectations for upward movement in the coming week [1][2][3] - Gold experienced a significant drop of $200, from $4380 to $4188, but this is viewed as a deep adjustment rather than a trend reversal [2] - The technical analysis indicates that as long as the 5-day moving average support is not broken, the bullish state remains intact, with potential upward targets of $4350 and $4500 [2][3] Group 2 - The silver market is also projected to maintain a bullish trend, with a target of $55, although it faced a drop to $50.5 last week [4] - Domestic gold prices are advised to be cautious, with recommendations to avoid chasing highs and to consider buying at lower levels, such as $965 for沪金 and $960 for融通金 [3][4] - The oil market is currently in a bearish trend, with a recommendation to observe rather than aggressively trade, as it may test previous lows around $54.5 [5]

Core Viewpoint - The Hong Kong stock market saw a collective decline in gold stocks, attributed to a drop in international gold prices, which fell by 1.76% to $4,252.98 per ounce, marking a significant decrease of $127 from the intraday high [1] Group 1: Market Performance - Everest Gold (珠峰黄金) experienced a decline of 7.14%, with a latest price of 1.950 and a market capitalization of 2.414 billion [2] - Chifeng Jilong Gold Mining (赤峰黄金) fell by 5.11%, priced at 30.100 with a total market value of 57.202 billion [2] - China Silver Group (中国白银集团) decreased by 4.94%, trading at 0.770 and a market cap of 2.089 billion [2] - Zijin Gold International (紫金黄金国际) dropped 5.07%, with a latest price of 140.300 and a market capitalization of 375.49 billion [2] - Lingbao Gold (灵宝黄金) saw a decline of 3.95%, priced at 18.710 and a market cap of 24.079 billion [2] - Shandong Gold (山东黄金) decreased by 3.64%, with a latest price of 36.520 and a market capitalization of 168.355 billion [2] - Tongguan Gold (潼关黄金) fell by 3.37%, trading at 2.870 and a market cap of 1.262 billion [2] - Zhaojin Mining (招金矿业) declined by 2.79%, priced at 30.680 with a market capitalization of 108.681 billion [2] - Changchun Mining (常全矿业) saw a decrease of 2.21%, trading at 31.880 and a market cap of 84.729 billion [2] - Jihai Resources (集海资源) fell by 1.73%, priced at 1.700 with a market cap of 4.08 billion [2] - China Gold International (中国黄金国际) experienced a slight decline of 0.68%, trading at 131.600 with a market capitalization of 52.168 billion [2]

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Group 1: Precious Metals Market - Gold and silver prices have been rallying, with gold surging over 60% this year, driven by central bank purchases and inflows into bullion-backed ETFs [3] - Silver experienced a significant drop of more than 6% on Friday, marking its largest decline in six months after reaching an all-time high of approximately $54.50 per ounce earlier in the week [3] Group 2: Global Trade and Shipping - The global trade landscape is shifting as governments adjust trade alliances and companies seek alternative markets to mitigate the impact of high US tariffs, the highest since the 1930s [4] - Clarksons Plc forecasts a nearly 3% contraction in shipping volumes this year in the transpacific corridor, which is crucial for US-China trade, while other shipping lanes are experiencing moderate growth [4] Group 3: Pension Systems - Singapore has achieved a top-tier position in the annual global pension index for the first time, while the Netherlands maintains the number one ranking [5] - The Mercer CFA Institute Global Pension Index assesses 52 retirement systems based on adequacy, sustainability, and integrity [5]

Core Viewpoint - The article emphasizes that gold is currently the best asset to invest in, with prices reaching historical highs and a significant increase in demand from various market participants [1][15]. Market Dynamics - Gold prices have surged over 60% since the beginning of the year, with international spot gold reaching $4,300 per ounce on October 17 [1]. - The Shenzhen Shui Bei gold market has become a hub for gold trading, attracting a diverse range of buyers including wholesalers and individual consumers [3][6]. Pricing and Competition - Over 50% of China's gold jewelry wholesale comes from the Shui Bei market, where prices are significantly lower than retail, with a difference of 100 to 200 yuan per gram compared to major brands [6][7]. - The market operates on a wholesale model that minimizes costs by reducing middlemen, allowing for lower prices and higher sales volume [7]. Product Variety and Innovation - The Shui Bei market hosts over 8,000 gold enterprises, leading to intense competition and a wide variety of gold products, including unconventional items like household goods [8][9]. - New designs are frequently introduced, with shops receiving new styles every few days to meet consumer demand [9]. Consumer Behavior - Consumers are increasingly drawn to the Shui Bei market for its high cost-performance ratio in terms of design, price, and variety [10][11]. - The market has seen a rise in online sales and live-streaming sales, with a significant portion of sales occurring through digital platforms [12]. Economic Factors - The rise in gold prices is attributed to multiple factors, including geopolitical uncertainties, inflation concerns, and increased demand from central banks and global ETFs [15]. - The current economic environment, including the Federal Reserve's policies, has created a favorable backdrop for gold as a hedge against inflation [15].