Core Insights - China is a significant driver of gold prices reaching record highs in 2025, influenced by central bank purchases, arbitrage trading, and increased household demand for safe-haven assets [1][2][4] - The global economic backdrop, characterized by uncertainty, is leading central banks to accumulate more gold than U.S. dollars, the traditional reserve currency [1] Group 1: Market Dynamics - Central bank buying in China has been a key factor in the rise of gold prices, with the People's Bank of China marking its 11th consecutive month of purchases in September 2025 [4] - Gold prices experienced a notable slump of 6.3% after reaching a peak of $4,381.52 an ounce, indicating market volatility amid a strengthening dollar [2] - Despite the recent downturn, gold remains up over 55% year-to-date, reflecting its status as a safe asset during economic corrections [2] Group 2: Price Projections - Gold's price surged by 50% in 2025, crossing the $4,000 per ounce mark due to geopolitical tensions and trade tariffs imposed by the U.S. on China [3] - Analysts predict that if current trends continue, gold could reach $5,000 by 2026 and potentially $10,000 by 2028, driven by inflation concerns and systemic instability in fiat currencies [3] Group 3: Demand and Supply Factors - The reported gold reserves of China reached 2,264 tonnes by mid-2025, with indications that actual holdings may be higher due to underreporting strategies [4] - The consistent buying by the People's Bank of China establishes a price floor for gold, encouraging both institutional and private investors to increase their demand [4]

Core Viewpoint - Silver is projected to reach around $400 per ounce by 2032, driven by a combination of historical undervaluation, supply deficits, and increasing demand [1][21][54]. Group 1: Silver's Undervaluation - Silver remains significantly undervalued when adjusted for inflation, with its 1980 peak of $48 per ounce equating to approximately $199 today, indicating a need for a nearly 300% increase to match historical values [5][6][7]. - The current price of silver in the low $50s suggests it would need to rise by 45% to match its 2011 real-term value [6][7]. - The disconnect between silver prices and the growth of the U.S. monetary supply and federal debt highlights its mispricing, with M2 money supply increasing over 1,200% and federal debt nearly 3,800% since 1980 [9][10][11]. Group 2: Supply and Demand Dynamics - Global silver demand has exceeded supply for five consecutive years, with a projected deficit of approximately 187 million ounces for 2025, indicating a structural shortage rather than temporary imbalances [26][27]. - Silver inventories have declined by about 32% since 2020, with significant deliveries reported in 2025, reflecting a growing preference for physical silver over paper contracts [28][31]. - Retail premiums for silver in Asia have surged, with prices reported at 107-150% above global spot prices, signaling a real scarcity in the market [31][32]. Group 3: Market Positioning and Sentiment - Recent Commitment of Traders (COT) data shows a coordinated shift in positioning among market participants, with commercials, funds, and retail investors all preparing for higher silver prices [33][41]. - Managed money players have significantly increased their long positions, indicating strong institutional interest and a bullish sentiment in the silver market [38][39]. - The overall market structure has improved, with open interest climbing over 30% since 2023 and a decrease in concentration among large banks, suggesting a more diverse and liquid market [40][41]. Group 4: Technical Outlook - Silver has broken through a 45-year resistance zone, completing a long-term cup-and-handle formation, which suggests a potential price target near $400 per ounce [44][45][46]. - Historical patterns indicate that similar setups have preceded significant price rallies, reinforcing the expectation of a substantial increase in silver prices [46][47]. Group 5: Conclusion - The combination of deep undervaluation, structural supply deficits, rising premiums, and positive market sentiment creates a compelling case for silver's revaluation, with triple-digit prices seen as a logical outcome rather than speculative [53][54].

Market Overview - The market is experiencing a "risk on" sentiment, with optimism surrounding a potential end to the government shutdown, leading to higher E-Mini S&P 500 futures [2][3] - All sectors in the S&P 500 are currently in the green, indicating broad market strength, although consumer staples have seen a slight pullback [3] Earnings and Key Companies - Upcoming earnings reports from major companies such as Netflix and Tesla are anticipated to be significant market movers, along with defense contractor Lockheed Martin and Coca-Cola, which may provide insights into consumer health [4] - Zion Bank Corp is set to report soon, with expectations for clarity on its balance sheet amid concerns regarding regional banks' exposure to credit market risks [5] Energy Market Insights - Crude oil prices are dipping, influenced by China's GDP growth of 4.8% in Q3, which, while decent, reflects a slowdown in economic momentum [7][8] - China has been reducing its strategic petroleum reserves, contributing to lower crude prices, while concerns about global economic growth persist [9][10] - Natural gas prices are spiking, up approximately 8.8%, driven by the EU's shift away from Russian energy and increased demand for liquefied natural gas [11][12] Commodity Market Trends - Gold futures saw significant trading volume, the highest since 2020, with GLD experiencing its largest volume spike since April 2013, indicating strong interest [14][15] - Despite a pullback in gold prices, positive inflows into GLD suggest continued investor interest, supported by central bank purchases and retail demand [16][17] - Silver and other precious metals like copper and platinum are also seeing upward movement in trade [17]

Core Insights - Gold is currently trading at over double its early-2023 levels, with a market capitalization exceeding USD 28 trillion [1] - The current gold price is approximately $4,250 per ounce, supported by above-ground gold stocks estimated at around 6.7 billion ounces [1] Market Analysis - The significant increase in gold prices reflects a broader trend in the commodities market, indicating strong investor interest and potential shifts in economic conditions [1] - The rise in gold prices may be influenced by macroeconomic factors, including inflation and currency fluctuations, which are critical for investors to monitor [1]

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]