白银基金跌停 2月2日，国内贵金属期货开盘普跌，沪银主力合约跌停。 跟踪国内白银期货的国投白银LOF复牌跌停，上周五溢价率为58.64%，最新溢价率收窄至43.8%。 国投瑞银基金分析，本次调整或并非由单一利空所致，而是多种因素叠加引发的连锁反应。一是货币政策预期 突变，如美国总统特朗普提名前美联储理事凯文·沃什为下任美联储主席，市场普遍视其为偏"鹰派"人选；二 是避险情绪短期退潮，如格陵兰岛争端有所降温，特朗普近期也释放了与伊朗谈判的信号等；三是技术性获利 了结与杠杆踩踏，白银在前期涨幅过大、涨速过快，积累了不少获利盘，消息面风吹草动或触发集中获利了 结；四是监管风控举措的累积效果，海内外主要交易所多次提示风险，并持续加强风控措施抑制了投机情绪， 下跌中部分杠杆资金或出现被动离场。 国投白银LOF今日复牌即一字跌停。 受白银资产大跌影响，上期所白银期货主力合约以17%跌幅跌停，而国投白银LOF复牌后一字跌停。不过，溢 价率仍接近44%。 值得注意的是，场外公募基金产品基金净值没有涨跌幅限制，跟踪白银期货的国投瑞银白银期货LOF场外基金 净值跌幅将于今晚披露，备受关注。 基金公司也多次提示风险并采取各种限购措 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 2026年2月2日，早盘开盘，国内期货主力合约跌多涨少，沪银、铂封跌停，钯跌超15%，沪金、沪锡跌 超9%，沪铜、国际铜、碳酸锂跌超5%，沪镍跌超4%。涨幅方面，烧碱涨超2%。 | 序号 | 台约名称 | 最新 | 那手 | 买价 | 零价 | 涨幅≤1 | 或量 | 香蕉 | 成交量 | 湯器 | 持合量 | 日增仓 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | J | 沪银2604M | 24832 | 8 | | 24832 | -17.0096 | | --- 27769 | 671576 -5087 | | 253392 | -7477 | | 2 | 铝2606 M | 553.20 | 48 | 552.85 | 554.15 | -15.84% | 2 | 3 | | 982104.10 | 27044 | 62 | | 3 | 纽2606 M | 416.95 | 30 | 415.30 | 416.95 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 2026年1月30日，商品期货开盘，BR橡胶主力合约涨超4%，焦煤、沪银、焦炭、燃料油涨超3%，原 油、PTA、液化气、甲醇涨超2%。铝合金跌超2%，沪铝、氧化铝跌超1%。 | 序号 | 合约名称 | 量新 | 现手 | 2017 | 李伯 | XXIEXT | 天堂 | 不难 | 成交量 | SEST | 持仓量 | 日增仓 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | BR有限交2603 M | 13780 | 481 | 13775 | 13780 | 4.24% | 3 | पी | 362765 | 560 | 65431 | -2753 | | 2 | 集煤2605 M | 1185.5 | 1613 | 1185.0 | 1185.5 | 3.95% | 374 | 7 | 637002 | 45.0 | 485466 | 8000 | | 3 | 护银2604 M | 30861 | 452 | 30 ...

Report Summary 1. Overnight Market Trends - International oil prices rose collectively, with the US crude oil main contract up 0.15% at $59.43 per barrel and the Brent crude oil main contract up 0.08% at $64.18 per barrel [4]. - London base metals rose across the board, with LME tin up 3.87% at $49840.0 per ton, LME nickel up 3.23% at $18145.0 per ton, etc. [4]. - As of 23:00, most domestic futures main contracts fell. Coke, glass, etc. fell more than 2%, while palm oil and PVC rose nearly 1% [4]. - As of 2:30, the Shanghai gold main contract rose 1.35%, the Shanghai silver main contract rose 5.88%, and the SC crude oil main contract fell 0.52% [5]. 2. Important Information Macro Information - In 2025, China's GDP was 1401879 billion yuan, up 5.0% year - on - year. The added value of the primary, secondary, and tertiary industries increased by 3.9%, 4.5%, and 5.4% respectively [8]. - The IMF raised China's economic growth rate forecast for 2025 by 0.2 percentage points to 5% and also raised the forecast for 2026. The world economy is expected to grow 3.3% in 2026 and 3.2% in 2027 [8]. - As of January 19, 2026, the Shanghai Export Container Settlement Freight Index (Europe route) was 1954.19 points, down 0.1% from the previous period [9]. Energy and Chemical Futures - In December 2025, China's crude oil imports were 5597000 tons, up 17.4% year - on - year; refined oil imports were 399000 tons, up 21.1% year - on - year; and refined oil exports were 537000 tons, up 43.6% year - on - year [11]. - India's Mangalore Refinery and Petrochemicals Ltd is considering buying Venezuelan oil and stopping importing Russian oil [11]. Metal Futures - In December 2025, China's polysilicon imports were 1873 tons, down 42.8% year - on - year; alumina exports were 210000 tons, up 9.3% year - on - year [14]. - PT Vale Indonesia may face a shortage of mining production quota for its new smelter [14]. - In December 2025, China's primary aluminum output was 3870000 tons, up 3.0% year - on - year; ten non - ferrous metals output was 7210000 tons, up 4.9% year - on - year [14]. - From January 21, 2026, the daily price limit of lithium carbonate futures contracts will be adjusted to 11%, and the margin standards for speculative and hedging trades will be adjusted to 13% and 12% respectively [15][43]. - Chile's copper output is expected to peak at 6.06 million tons in 2033 and then slow down to 5.86 million tons in 2034 [16]. Black - series Futures - Yijinhuoluoqi Dongbo Coal Mine was ordered to suspend production for 2 days due to major safety hazards [19]. - From January 12 - 18, 2026, the total arrival volume of iron ore at 47 ports in China was 28977000 tons, a decrease of 1173000 tons from the previous period [19]. - In 2025, real estate development enterprises' funds in place decreased by 13.4% year - on - year, construction area decreased by 10.0% year - on - year, and new commercial housing sales area decreased by 8.7% year - on - year [20]. - In December 2025, China's crude steel output was 68.18 million tons, down 10.3% year - on - year; coal output was 437.03 million tons, down 1.0% year - on - year [20]. Agricultural Product Futures - The new China - Canada economic and trade agreement is a positive development for Canadian rapeseed growers, but key details need clarification [22]. - It is expected that the average price of palm oil in 2026 will be 4125 ringgit per ton, down 2.55% year - on - year; Malaysia's output will be 19.75 million tons, down 2.61% year - on - year; and Indonesia's output will reach a record 51.2 million tons, up 0.39% year - on - year [24]. - In 2025, China's total grain output was 714.88 million tons, up 1.2% year - on - year; pig, cattle, sheep, and poultry meat output was 100.72 million tons, up 4.2% year - on - year [24]. - In January, the arrival volume of imported soybeans decreased. The weekly soybean crushing volume of oil mills was below 2 million tons, and the monthly crushing volume is expected to be about 8 million tons [24]. - As of last Thursday, the soybean harvest rate in Brazil's 2025/26 season was 2%, slightly higher than 1.7% in the same period last year [25]. - It is expected that Brazil's soybean exports in 2026 will be 105 million tons, and the total supply will reach 183.79 million tons, up 5% year - on - year [25]. 3. Financial Market Financial - The Supreme People's Procuratorate deployed to safeguard economic and financial security and punish securities crimes [29]. - On Monday, the A - share market had a narrow - range oscillation, with the Shanghai Composite Index up 0.29% at 4114 points [29]. - The Hong Kong Hang Seng Index fell 1.05% to 26563.9 points [29]. - A total of 451 A - share listed companies disclosed their 2025 performance forecasts, with 156 pre - announcing good news [30]. - Insurance funds' investment preferences may affect the market style, and the AI and non - ferrous metal sectors have investment opportunities [32]. - Zhejiang Securities Regulatory Bureau fined and banned "Jinyongrong" from the securities market for market manipulation [32]. - A fund manager's different operations between personal and fund accounts have sparked controversy [32]. - Rumors about false accounts for Hong Kong stock IPO subscriptions are untrue [32]. - Yunbao Intelligence launched its A - share IPO process, aiming to be the first domestic DPU stock [33]. Industry - Five departments jointly deployed the construction of zero - carbon factories, aiming to cultivate them in multiple industries by 2027 and expand to traditional high - energy - consuming industries by 2030 [34]. - In December 2025, housing prices in 70 large and medium - sized cities generally declined month - on - month and the year - on - year decline widened [34]. - China successfully launched the 19th group of satellite Internet low - orbit satellites [35]. - Domestic refined oil prices are expected to rise on January 21, 2026 [36]. - Micron Technology warned of a shortage of memory chips due to the surging demand for high - end semiconductors in AI infrastructure [36]. - High - end spirits demand has shrunk, leading to inventory backlogs and production shutdowns in the industry [36]. Overseas - The IMF raised the global economic growth forecast for 2026 to 3.3% and also raised the forecasts for China, the US, the Eurozone, and Japan [37]. - The EU will hold an emergency summit to discuss Trump's tariff measures and consider counter - measures [37]. - Germany restarted electric vehicle purchase subsidies of 1500 - 6000 euros, open to all car manufacturers [38]. - Japanese Prime Minister Takamori Sanae will dissolve the House of Representatives on January 23, 2026 [38]. - Ueno Zoo in Tokyo will return the giant panda twins "Xiaoxiao" and "Leilei" to China [39]. International Stock Markets - European stock markets fell across the board, with the German DAX index down 1.34%, the French CAC40 index down 1.78%, and the UK FTSE 100 index down 0.39% [40]. - Asian stock markets had a mixed performance. The Japanese market had a "double - kill" of stocks and bonds, while the South Korean Composite Index hit a new high [40]. - Norway's central bank investment management company significantly reduced its holdings of London small and medium - cap stocks [40]. - US investor Elliott opposed Toyota Industries' privatization proposal [41]. Commodity - The price limit and margin standards of lithium carbonate futures contracts on the GZEX will be adjusted from January 21, 2026 [43]. - International oil prices rose, and London base metals also increased [43]. Bond - The domestic bond market was weak, with most treasury bond futures closing down [44]. Foreign Exchange - The on - shore RMB against the US dollar rose 54 points to 6.9636 at 16:30 on Monday [45]. - The US dollar index fell 0.32% to 99.05, and non - US currencies mostly rose [47]. - Hedge funds increased their short positions on the yen before the Japanese election [47]. - JPMorgan Chase downgraded the ratings of emerging market currencies and the South African rand [47]. 4. Upcoming Events - There will be 358.6 billion yuan of reverse repurchases due in the Chinese central bank's open market at 09:20 [49]. - Press conferences will be held by the State Council Information Office at 10:00 and 15:00 [49]. - Executives from BlackRock, the EU Commission, the UK Treasury, Canada, etc. will speak at the World Economic Forum [49]. - The 40th AAAI Artificial Intelligence Conference and the 2026 Alibaba Cloud PolarDB Developer Conference will be held [49]. - Netflix and 3M will release their financial reports [49].

Report Industry Investment Rating - Gold: Cautiously bullish [8] - Silver: Cautiously bullish [8] - Arbitrage: Short the gold-silver ratio at high levels [8] - Options: On hold [9] Core Viewpoints - Geopolitical risks have pushed up the safe-haven premium of precious metals. The market risk sentiment has increased, leading to a potential slight rise in the demand for gold investment. The gold and silver prices are expected to maintain a volatile pattern, and the gold-silver ratio is expected to narrow again [1][8]. Market Analysis - Geopolitically, US President Trump plans to "manage" Venezuela for many years and extract its oil reserves, and proposes to increase the US military budget from $1 trillion to $1.5 trillion in fiscal year 2027. In terms of employment data, the number of initial jobless claims in the US last week rose to 208,000, slightly lower than market expectations, and still in a historically low range. The number of layoffs in December last year was 35,553, the lowest in 17 months [1]. Futures Quotes and Trading Volumes - On January 8, 2026, the Shanghai gold futures main contract opened at 999.40 yuan/gram and closed at 997.94 yuan/gram, a change of -0.10% from the previous trading day's close. The trading volume was 41,087 lots, and the open interest was 129,725 lots. The night session closed at 1001.82 yuan/gram, up 0.39% from the afternoon close. The Shanghai silver futures main contract opened at 19,103.00 yuan/kg and closed at 18,450.00 yuan/kg, a change of -4.35% from the previous trading day's close. The trading volume was 2,142,360 lots, and the open interest was 281,631 lots. The night session closed at 18,368 yuan/kg, down 0.44% from the afternoon close [2]. US Treasury Yield and Spread Monitoring - On January 8, 2026, the yield of the 10-year US Treasury bond closed at 4.163%, a change of +0.015% from the previous trading day. The 10-2 year spread was 0.677%, a change of -0.1 BP from the previous trading day [3]. Changes in Positions and Trading Volumes of Gold and Silver on the SHFE - On January 8, 2026, on the Au2602 contract, the long positions decreased by 3,317 lots compared with the previous day, and the short positions decreased by 2,803 lots. The total trading volume of the Shanghai gold contract on the previous trading day was 316,913 lots, a change of -2.78% from the previous trading day. On the Ag2604 contract, the long positions increased by 531 lots, and the short positions increased by 8,738 lots. The total trading volume of the silver contract on the previous trading day was 3,113,931 lots, a change of -4.02% from the previous trading day [4]. Tracking of Precious Metal ETF Positions - The position of the gold ETF was 1,067.13 tons, unchanged from the previous trading day. The position of the silver ETF was 16,100 tons, a decrease of 18 tons from the previous trading day [5]. Tracking of Precious Metal Arbitrage - On January 8, 2026, the domestic premium of gold was -4.20 yuan/gram, and the domestic premium of silver was -439.81 yuan/kg. The price ratio of the main gold and silver contracts on the SHFE was about 54.09, a change of 4.45% from the previous trading day. The overseas gold-silver ratio was 56.46, a change of -0.49% from the previous trading day [6]. Fundamentals - On January 8, 2026, the trading volume of gold on the Shanghai Gold Exchange T+d market was 48,788 kg, a change of -22.72% from the previous trading day. The trading volume of silver was 2,833,448 kg, a change of 244.04% from the previous trading day. The delivery volume of gold was 11,872 kg, and the delivery volume of silver was 3,000 kg [7]. Strategy - Gold: The price is expected to fluctuate between 990 yuan/gram and 1010 yuan/gram [8]. - Silver: The price is expected to fluctuate between 17,500 yuan/kg and 19,000 yuan/kg [8]. - Arbitrage: Short the gold-silver ratio at high levels [8].

Report Industry Investment Rating - Gold: Cautiously bullish [8] - Silver: Neutral [8] - Arbitrage: Go long on the gold-silver ratio on dips [8] - Options: On hold [9] Report's Core View - The market may price in more-than-expected monetary easing based on the statements of Hassett or Trump, so the gold price is expected to be in a volatile and slightly bullish pattern in the near term, with the Au2602 contract oscillating between 940 yuan/gram and 980 yuan/gram [8] - The macro logic of silver is similar to that of gold, but the tightness of the physical market has boosted the price to a new high. The silver price is expected to remain in a volatile pattern, but one should be wary of the risk of price decline after the new high when the macro easing catalyst materializes [8] Summary by Related Catalogs Market Analysis - The Fed is expected to cut interest rates for the third consecutive time with internal differences, and officials may then signal a pause. The CME FedWatch tool shows that the market has highly priced in a 25-basis-point rate cut. Kevin Hassett believes the Fed still has much room for rate cuts. Trump says he will use support for an immediate and significant rate cut as a "touchstone" for choosing the new Fed chairman and may adjust tariff policies to help lower the prices of some goods [1] Futures Quotes and Volumes - On December 9, 2025, the Shanghai gold futures main contract opened at 958.04 yuan/gram and closed at 951.54 yuan/gram, down 0.75% from the previous trading day. The trading volume was 41,087 lots, and the open interest was 129,725 lots. In the night session, it opened at 955.70 yuan/gram and closed at 955.82 yuan/gram, up 0.45% from the afternoon close [2] - On December 9, 2025, the Shanghai silver futures main contract opened at 13,726.00 yuan/kg and closed at 13,607.00 yuan/kg, down 0.72% from the previous trading day. The trading volume was 1,309,030 lots, and the open interest was 417,326 lots. In the night session, it opened at 13,761 yuan/kg and closed at 14,116 yuan/kg, up 3.74% from the afternoon close [2] US Treasury Yield and Spread Monitoring - On December 9, 2025, the yield of the 10-year US Treasury note closed at 4.184%, unchanged from the previous trading day. The spread between the 10-year and 2-year yields was 0.573%, down 4.4 basis points from the previous trading day [3] Changes in Positions and Volumes of Precious Metals on the SHFE - On the Au2602 contract, the long positions decreased by 1,520 lots, and the short positions decreased by 933 lots compared with the previous day. The total trading volume of the Shanghai gold contracts was 291,806 lots, down 21.77% from the previous trading day [4] - On the Ag2602 contract, the long positions decreased by 6,943 lots, and the short positions decreased by 7,051 lots. The total trading volume of the silver contracts was 2,048,908 lots, down 33.98% from the previous trading day [4] Precious Metals ETF Holdings Tracking - The holdings of the gold ETF remained unchanged at 1,049.11 tons compared with the previous day. The holdings of the silver ETF decreased by 36 tons to 15,889 tons [5] Precious Metals Arbitrage Tracking - On December 9, 2025, the domestic premium for gold was 0.07 yuan/gram, and the domestic premium for silver was -1,160.19 yuan/kg. The price ratio of the main gold and silver contracts on the SHFE was about 69.93, down 0.02% from the previous trading day, and the ratio in the overseas market was 72.01, down 0.35% from the previous trading day [6] Fundamental Analysis - On December 9, 2025, the trading volume of gold on the Shanghai Gold Exchange's T+d market was 35,824 kg, down 17.41% from the previous trading day. The trading volume of silver was 775,390 kg, down 12.83% from the previous trading day. The delivery volume of gold was 11,872 kg, and the delivery volume of silver was 31,920 kg [7]

Report Summary 1. Report Industry Investment Rating - Gold: Cautiously bullish [8] - Silver: Cautiously bullish [8] - Arbitrage: Go long on the gold-silver ratio on dips [9] - Options: Hold off [9] 2. Core Viewpoints - The medium- to long-term logic for being bullish on precious metals remains unchanged, although the current market risk aversion sentiment is weakening, which may slightly reduce the demand for gold investment. It is expected that the gold price will mainly show a volatile and slightly stronger pattern in the near term, and the silver price is also expected to maintain a volatile and slightly stronger pattern [8]. 3. Summary by Relevant Catalogs Market Analysis - Geopolitical aspect: Russian President Putin stated that the US President's decision was more of a postponement rather than a cancellation of the meeting. Russia always advocates dialogue [1]. - Tariff aspect: South Korea and the US are discussing a plan for South Korea to invest $200 billion in the US in phases over the next eight years to reach a tariff negotiation agreement. In the overall $350 billion plan, South Korea will provide $150 billion through credit guarantees and directly invest the remaining $200 billion [1]. Futures Quotes and Volumes - On October 23, 2025, the Shanghai Gold main contract opened at 927.66 yuan/gram and closed at 942.28 yuan/gram, a change of -1.08% from the previous trading day's close. The trading volume was 41,087 lots, and the open interest was 129,725 lots. The night session closed at 948.64 yuan/gram, up 0.67% from the afternoon close [2]. - On the same day, the Shanghai Silver main contract opened at 11,255.00 yuan/kg and closed at 11,467.00 yuan/kg, a change of 0.55% from the previous trading day's close. The trading volume was 977,615 lots, and the open interest was 377,229 lots. The night session closed at 11,517 yuan/kg, up 0.44% from the afternoon close [2]. US Treasury Yield and Spread Monitoring - On October 23, 2025, the US 10-year Treasury yield closed at 4.00%, down 0.19 BP from the previous trading day. The 10-year and 2-year spread was 0.51%, down 0.19 BP from the previous trading day [3]. Position and Volume Changes of Gold and Silver on the Shanghai Futures Exchange - On the Au2508 contract, the long position changed by -313 lots, and the short position changed by -119 lots compared to the previous day. The total trading volume of the Shanghai Gold contract was 755,210 lots, a change of -26.20% from the previous trading day [4]. - On the Ag2508 contract, the long position changed by 2 lots, and the short position changed by -2 lots. The total trading volume of the silver contract was 1,562,642 lots, a change of -40.62% from the previous trading day [4]. Precious Metal ETF Position Tracking - The gold ETF position was 1,052.37 tons, unchanged from the previous trading day. The silver ETF position was 15,469 tons, a decrease of 129 tons from the previous trading day [5]. Precious Metal Arbitrage Tracking - On October 23, 2025, the domestic gold premium was 9.64 yuan/gram, and the domestic silver premium was -943.76 yuan/kg. The price ratio of the main gold and silver contracts on the Shanghai Futures Exchange was about 82.17, a change of -1.62% from the previous trading day. The overseas gold-silver ratio was 85.46, a change of -0.15% from the previous trading day [6]. Fundamentals - On October 23, 2025, the trading volume of gold on the Shanghai Gold Exchange T+d market was 63,090 kg, a change of -36.31% from the previous trading day. The trading volume of silver was 985,702 kg, a change of -58.01% from the previous trading day. The gold delivery volume was 6,592 kg, and the silver delivery volume was 2,700 kg [7]. Strategies - Gold: It is expected that the Au2512 contract will oscillate in the range of 930 yuan/gram - 960 yuan/gram [8]. - Silver: It is expected that the Ag2512 contract will oscillate in the range of 11,000 yuan/kg - 11,800 yuan/kg [8]. - Arbitrage: Go long on the gold-silver ratio on dips [9] - Options: Hold off [9]

Report Industry Investment Rating - Gold: Neutral [8] - Silver: Neutral [8] - Arbitrage: Short the gold-silver ratio on rallies [9] - Options: Hold off [9] Core Viewpoints - With the geopolitical situation in Russia and Ukraine easing, the safe-haven premium of precious metals has faded, and the demand for gold investment may weaken slightly. Coupled with the profit-taking of investors, the prices of gold and silver are expected to be range-bound in the near term [1][8]. Summary by Relevant Catalogs Market Analysis - Geopolitical risks are easing as European leaders support a ceasefire in the Russia-Ukraine conflict through negotiations, and Japan's new Prime Minister Kishida Sanae is considering a supplementary budget to address rising prices [1]. Futures Quotes and Trading Volume - On October 21, 2025, the Shanghai gold futures main contract opened at 990.00 yuan/gram and closed at 994.06 yuan/gram, up 2.45% from the previous trading day. The trading volume was 41,087 lots, and the open interest was 129,725 lots. The night session closed at 945.44 yuan/gram, down 4.89% from the afternoon session [2]. - On the same day, the Shanghai silver futures main contract opened at 11,982.00 yuan/kilogram and closed at 11,805.00 yuan/kilogram, up 0.54% from the previous trading day. The trading volume was 1,582,985 lots, and the open interest was 424,554 lots. The night session closed at 11,285 yuan/kilogram, down 4.40% from the afternoon session [2]. US Treasury Yield and Spread Monitoring - On October 21, 2025, the yield of the 10-year US Treasury bond was 3.953%, unchanged from the previous trading day, and the spread between the 10-year and 2-year Treasury bonds was 0.508%, also unchanged [3]. Changes in Positions and Trading Volume of Gold and Silver on the Shanghai Futures Exchange - On the Au2508 contract, the long positions decreased by 522 lots, and the short positions decreased by 224 lots. The total trading volume of the Shanghai gold contracts was 695,291 lots, down 29.90% from the previous trading day [4]. - On the Ag2508 contract, the long positions increased by 2 lots, and the short positions decreased by 2 lots. The total trading volume of the Shanghai silver contracts was 2,383,616 lots, down 35.60% from the previous trading day [4]. Tracking of Precious Metal ETF Holdings - The gold ETF holdings remained unchanged at 1,058.66 tons, while the silver ETF holdings decreased by 93 tons to 15,677 tons [5]. Tracking of Precious Metal Arbitrage - On October 21, 2025, the domestic premium for gold was -31.30 yuan/gram, and the domestic premium for silver was -1,378.39 yuan/kilogram [6]. - The ratio of the prices of the main gold and silver futures contracts on the Shanghai Futures Exchange was about 84.21, up 1.90% from the previous trading day, and the ratio in the overseas market was 82.10, up 0.62% [6]. Fundamentals - On October 21, 2025, the trading volume of gold on the Shanghai Gold Exchange's T+d market was 87,030 kilograms, up 21.13% from the previous trading day, and the trading volume of silver was 2,116,166 kilograms, up 27.61% [7]. - The gold delivery volume was 16,814 kilograms, and the silver delivery volume was 139,020 kilograms [7]. Strategies - Gold: The price of gold is expected to be range-bound, with the Au2512 contract likely to trade between 930 yuan/gram and 970 yuan/gram [8]. - Silver: The price of silver is also expected to be range-bound, with the Ag2512 contract likely to trade between 10,800 yuan/kilogram and 11,600 yuan/kilogram [8]. - Arbitrage: Short the gold-silver ratio on rallies [9]. - Options: Hold off [9].