Group 1: Silver Market Dynamics - Silver prices have experienced a significant rebound, with a year-to-date increase exceeding 100% as of December 9, 2025, driven by both investment demand and physical supply shortages [1] - The global silver supply is projected to remain flat at 813 million ounces in 2025, while demand is expected to decline to 1.12 billion ounces, resulting in a supply gap of 100 to 118 million ounces for the fifth consecutive year [4][5] - Investment demand for silver is bolstered by strong inflows into silver ETFs, with the largest ETF, SLV, holding 15,900 tons of silver, reflecting a 7% year-on-year increase [4] Group 2: Gold Market Insights - Gold prices have risen approximately 60% year-to-date, supported by investment demand and central bank purchases, with global central banks acquiring 220 tons of gold in Q3 2025, a 28% increase from the previous quarter [2] - The total global gold demand reached a record high of 1,313 tons in Q3 2025, with investment demand accounting for 537.33 tons, a 47.3% year-on-year increase [2] - The potential for continued monetary easing by central banks may sustain upward pressure on gold prices, although geopolitical tensions and a decline in investment demand could limit short-term gains [2][8] Group 3: Federal Reserve and Economic Outlook - The independence of the Federal Reserve is at risk, which could exacerbate domestic inflation and undermine the dollar's purchasing power, potentially leading to increased gold purchases by global central banks [3] - The labor market shows signs of slowing, with the annualized hiring rate dropping to approximately 21.5%, indicating a shift in employee retention behavior [7] - The possibility of the Federal Reserve lowering interest rates in December 2025 is high, but the central bank may issue hawkish statements to prevent market dependency on automatic policy adjustments [6][7]

Group 1: Silver Market Insights - Silver prices have experienced a significant rebound, with a year-to-date increase of over 100% as of December 9, driven by strong investment demand and supply shortages [1] - The global silver supply is expected to remain flat at 813 million ounces in 2025, while demand is projected to decline to 1.12 billion ounces, resulting in a supply gap of 100 to 118 million ounces for the fifth consecutive year [4][5] - Industrial demand for silver, particularly from the photovoltaic and electric vehicle sectors, is expected to grow, with silver usage in the photovoltaic industry projected to reach 7,560 tons by 2025, significantly increasing its share of total silver demand [4] Group 2: Gold Market Dynamics - Gold prices have risen approximately 60% year-to-date, supported by investment demand and central bank purchases, with global central banks buying 220 tons of gold in Q3 2025, a 28% increase from the previous quarter [2] - The largest gold ETF, SPDR, held about 1,049.11 tons of gold as of December 8, reflecting a 20.5% year-on-year increase despite a slight decline from October [2] - The potential for continued monetary easing by the Federal Reserve could sustain upward momentum in gold prices, although there are concerns about a possible correction following interest rate cuts [1][8] Group 3: Federal Reserve and Economic Outlook - The independence of the Federal Reserve is at risk, which could exacerbate domestic inflation and undermine confidence in the dollar, potentially leading to increased gold purchases by global central banks [3] - The labor market in the U.S. is showing signs of slowing, with the hiring rate dropping to approximately 21.5%, indicating a shift in employee retention behavior [7] - Investors are currently favoring safer assets, moving funds from riskier equities and precious metals into money market funds in response to market uncertainties [7]

Group 1: Market Overview - The metal market in 2023 is described as "full of changes" and "exciting," with significant trading activity in metals like gold, silver, and cobalt [1] - CME Group's gold futures have an average daily nominal trading volume of approximately $85 billion this year, projected to decrease to about $60 billion in 2024 [1] - The average daily trading volume for CME's micro silver futures has increased by 22% year-on-year, reaching 22,000 contracts [1] Group 2: Retail Investor Activity - Overall trading volume for CME's gold futures and options has increased by 20% this year, following a record level last year [2] - Retail investors are significantly returning to the gold market, with trading volumes for micro gold futures and the newly launched one-ounce gold futures both doubling [2] - The average daily trading volume for micro gold futures exceeds 1 million contracts, while the one-ounce gold futures average around 180,000 contracts [2] Group 3: Central Bank Influence - A structural change is occurring in the gold market, primarily driven by continuous gold purchases by global central banks [2] - Central banks, including those from China, the U.S., Europe, and Japan, are increasing their gold reserves, which boosts demand for physical gold and impacts other precious metals like silver and platinum [2] Group 4: Market Dynamics and Trends - Despite increased volatility in gold prices since October, the overall performance of the gold futures market is considered healthier than before, with rising market participation [3] - The trading activity in the Asia-Pacific region is noteworthy, with Asian trading hours now accounting for nearly one-third of global trading volume [3] Group 5: Cobalt Market Insights - The cobalt market has experienced significant fluctuations due to export restrictions from the Democratic Republic of Congo, leading to a substantial price increase [4] - Demand for cobalt is rising as companies seek to lock in costs and hedge risks, with current positions in CME's cobalt products reaching approximately 20,000 contracts [4] Group 6: Risk Management Tools - The frequency of black swan events has increased the demand for risk management tools, prompting CME to introduce short-term options for gold and silver [5] - Market participants are increasingly utilizing short-term options in response to rapid macroeconomic changes [5] Group 7: China's Market Participation - Chinese clients are increasingly influential in CME trading, demonstrating high technical understanding and a preference for regulated trading environments [6] - China's demand for copper accounts for over 40% of global consumption, highlighting its significant role in the metal market [6] - The ongoing transition to carbon neutrality is expected to sustain long-term demand for both industrial and precious metals [6]

Core Insights - The metal market in 2023 is characterized as "full of changes" and "exciting," with significant trading activity in gold, silver, and cobalt, driven by various market dynamics [1][4]. Trading Activity - CME Group's gold futures have seen an average daily nominal trading volume of approximately $85 billion in 2023, with projections of around $60 billion per day for 2024 [1]. - The trading volume for micro silver futures has increased by 22% year-on-year, averaging 22,000 contracts per day [1]. - Overall, CME's gold futures and options trading volume has increased by 20% compared to last year, reaching record levels [2]. Retail Investor Participation - Retail investors are significantly returning to the gold market, with micro gold futures and newly launched one-ounce gold futures seeing trading volumes more than doubling [2]. - The average daily trading volume for micro gold futures exceeds 1 million contracts, while one-ounce gold futures average around 180,000 contracts [2]. Central Bank Demand - Continuous gold purchases by global central banks, including those from China, the U.S., Europe, and Japan, are driving demand for physical gold, which also positively impacts other precious metals like silver and platinum [2]. Market Health and Activity - Despite increased volatility in gold prices since October, the overall performance of the gold futures market is described as healthier than before, with new positions being established alongside some profit-taking [3]. - The participation rate in the precious metals market remains strong, particularly in the Asia-Pacific region, where the trading volume during Asian hours has increased from 25% to nearly one-third of the global total [3]. Cobalt Market Dynamics - The cobalt market has experienced significant fluctuations due to export restrictions from the Democratic Republic of Congo, leading to a rise in cobalt prices [4]. - The demand for cobalt is driven by companies looking to lock in costs and hedge risks, with current positions in CME's cobalt products reaching approximately 20,000 contracts [4]. Risk Management Tools - The frequency of black swan events has increased the demand for risk management tools, prompting CME to introduce short-term options for gold and silver [5]. Chinese Market Participation - Chinese clients are increasingly influential in CME trading, showing a preference for regulated trading environments and contributing significantly to global demand, particularly in copper, where they account for over 40% of global consumption [6]. - The ongoing transition to carbon neutrality is expected to sustain long-term demand for both industrial and precious metals, with a focus on infrastructure and energy storage needs [6]. - The recycling of metals is anticipated to gain momentum, with China making notable progress in enhancing resource utilization efficiency through large-scale recycling initiatives [6].

Group 1: Market Overview - The metal market in 2023 is characterized as "full of changes" and "exciting," with significant trading activity in metals like gold, silver, and cobalt [1] - CME Group's gold futures have an average daily nominal trading volume of approximately $85 billion this year, projected to decrease to about $60 billion in 2024 [1] - The average daily trading volume for CME's micro silver futures has increased by 22% year-on-year, reaching 22,000 contracts [1] Group 2: Retail Investor Activity - Overall trading volume for CME's gold futures and options has increased by 20% this year, building on last year's record levels [2] - Retail investors are significantly returning to the gold market, with micro gold futures and the newly launched one-ounce gold futures seeing trading volumes more than double [2] - The average daily trading volume for micro gold futures exceeds 1 million contracts, while the one-ounce gold futures average around 180,000 contracts [2] Group 3: Central Bank Influence - A structural change is occurring in the gold market, primarily driven by continuous gold purchases by global central banks [2] - Central banks, including those from China, the U.S., Europe, and Japan, are increasing their gold reserves, which boosts demand for physical gold and impacts other precious metals like silver and platinum [2] Group 4: Market Dynamics and Participation - Despite increased volatility in gold prices since October, the overall performance of the gold futures market is described as "healthier than ever" [3] - There is a notable increase in trading activity and new positions being established, indicating sustained market participation [3] - The trading volume during Asian hours has risen from 25% to nearly one-third of the global total [3] Group 5: Metal Market Challenges and Opportunities - The metal market faces various challenges, including trade tensions and tariff issues, yet gold remains a highly sought-after asset [4] - Silver is also performing well, with increased physical purchases from India and a shift of some investors from gold to silver due to high gold prices [4] - The cobalt market has experienced significant price increases due to export restrictions from the Democratic Republic of Congo, with a notable rise in CME's cobalt product holdings [4] Group 6: Risk Management and Short-Term Options - The demand for risk management tools has increased due to frequent black swan events, leading CME to introduce short-term options [5] - Market participants are increasingly utilizing short-term options to hedge against rapid macroeconomic changes [5] Group 7: China's Role in the Market - Chinese clients are increasingly influential in CME trading, showing high technical understanding and a preference for regulated trading environments [6] - China's demand accounts for over 40% of global copper consumption, highlighting its significant role in the metal market [6] - The ongoing energy transition is expected to sustain high demand for both industrial and precious metals, with a focus on recycling and resource efficiency [6]

Group 1: Market Overview - The metal market in 2023 is described as "full of changes" and "exciting," with significant trading activity in metals like gold, silver, and cobalt [1] - CME Group's gold futures have an average daily nominal trading volume of approximately $85 billion this year, projected to decrease to about $60 billion in 2024 [1] - Overall trading volume for CME's gold futures and options has increased by 20% this year, following a record level last year [1] Group 2: Retail Investor Activity - Retail investors are significantly returning to the gold market, with micro gold futures and one-ounce gold futures seeing trading volumes more than double [2] - The average daily trading volume for micro gold futures has exceeded 1 million contracts, while one-ounce gold futures have reached approximately 180,000 contracts [2] Group 3: Central Bank Demand - Central banks globally are increasing their gold reserves, which is a major driving factor for gold demand, particularly evident this year [3] - This ongoing central bank purchasing behavior is also positively impacting the demand for other precious metals like silver and platinum [3] Group 4: Market Dynamics - Despite increased volatility in gold prices since October, the overall performance of the gold futures market is considered "healthier" than before, with new positions being established [3] - The trading activity in the Asia-Pacific region has increased, with Asian trading hours now accounting for nearly one-third of global trading volume [3] Group 5: Silver and Cobalt Markets - Silver is performing well, often following gold's price movements, with increased physical purchases from India contributing to its demand [4] - The cobalt market has experienced significant fluctuations due to export restrictions from the Democratic Republic of Congo, leading to a rise in cobalt prices [4] Group 6: Risk Management Tools - The demand for risk management tools has increased due to frequent macro events, prompting CME to introduce short-term options for gold and silver [5] - Market participants are increasingly utilizing short-term options in response to short-term news and events [5] Group 7: China's Market Participation - Chinese clients are becoming increasingly influential in CME's trading activities, showing a preference for regulated trading models [5] - China accounts for over 40% of global copper demand, highlighting its significant role in the metal market [6] Group 8: Long-term Market Outlook - The long-term outlook for the metal market remains positive, driven by energy transition and infrastructure needs [6] - The recycling metal industry is expected to gain momentum in the energy transition, with China making notable progress in resource utilization efficiency [6]

Core Insights - The global gold spot market is experiencing explosive growth in 2025, driven by expectations of Federal Reserve interest rate cuts and escalating geopolitical risks, with gold prices surpassing $3,674 per ounce in early September, marking a 38% increase year-to-date [1] - The Asian market is particularly notable, with gold futures trading volume in the Asian session exceeding one-third of the total, and daily trading volume of micro gold futures contracts increasing fivefold compared to two years ago, indicating a significant rise in retail investor participation [1] Market Data - In China, the total transaction value of all gold varieties reached 10.70 trillion yuan in Q1 2025, a year-on-year increase of 42.85%, while domestic gold ETF holdings surged by 327.73% [3] - Central banks are on a gold-buying spree, with the People's Bank of China increasing its gold reserves for ten consecutive months, reaching 74.02 million ounces by the end of August, and global central bank purchases expected to remain between 900-950 tons in 2025 [4] Trading Platform Requirements - As the influence of the Asian trading session grows, investors' demands for gold trading platforms are evolving, necessitating three core standards: easy verification of regulatory qualifications, system stability for order execution during high volatility, and comprehensive risk management tools [3] Compliance and Security - Jinsheng Precious Metals meets the core requirements of a compliant gold trading platform, being an AA class member of the Hong Kong Gold Exchange, with transparent trading processes and independent transaction codes for trades over 0.1 lots [6] - The platform implements a "funds separation custody" system, ensuring client funds are stored separately from operational funds, and offers a rapid two-hour withdrawal service, significantly faster than the industry average [7] Investment Guidelines for New Investors - New investors are advised to verify platform regulatory qualifications, test small transaction processes, and learn basic trading rules to avoid scams [8] - It is emphasized that with gold prices at historical highs, there is no possibility of "guaranteed high returns," and investors should establish rational expectations and utilize regulated trading platforms [8]