1. Report's Investment Rating for the Industry - There is no information about the industry investment rating in the report. 2. Core Viewpoints of the Report - Multiple factors lead to early capital allocation, and the gold price has medium - to - long - term upward potential. In the context of continuous upward revisions of precious metal price forecasts by global mainstream institutions, some investors choose to pre - allocate precious metals, reflected in the continuous increase in ETF holdings and rising derivative positions. Without clear negative factors, the short - term market will remain in a relatively strong oscillation. Unilateral long positions should follow the idea of buying on dips [1]. - In the short term, as the COMEX silver approaches the last trading day, the physical delivery demand decreases, weakening its driving force on the market. Coupled with the increase in domestic inventories, it may ease the bullish sentiment. During the sharp rise of silver, attention should be paid to changes in the number of open interest contracts and warehouse receipt inventories, as well as the implementation of regulatory risk - control measures to prevent the risk of speculative long positions taking profits at high levels. However, high volatility continues to provide upward momentum to the price. The strategy suggests continuing to hold long positions, paying attention to the restoration of the domestic premium, and reducing positions or locking positions on rallies before the Spring Festival [1]. - Platinum and palladium are strong in terms of macro and supply - demand fundamentals, and their prices are still undervalued compared to gold. Capital promotes value re - evaluation, and they are expected to continue to oscillate upward in the medium to long term. In the short term, in the domestic market, since the Guangzhou Futures Exchange's palladium futures are in the early stage of listing, the overall position liquidity needs to be improved, and the domestic market shows a premium compared to the overseas market. With strengthened regulatory risk - control measures, platinum and palladium still face short - term correction risks. Palladium may continue to correct under weak fundamentals, while platinum is relatively strong. One can buy the platinum - palladium ratio on dips [1]. 3. Summary According to Relevant Catalogs Domestic Futures Closing Prices - AU2602 contract closed at 1008.76 yuan/gram on December 25, down 5.92 yuan or 0.58% from the previous day [1]. - AG2602 contract closed at 17397 yuan/ten grams on December 25, down 212 yuan or 1.20% from the previous day [1]. - PT2606 contract closed at 686.05 yuan/gram on December 25, up 29.30 yuan or 4.46% from the previous day [1]. - PD2606 contract closed at 529.05 yuan/gram on December 25, down 49.40 yuan or 8.54% from the previous day [1]. Overseas Futures Closing Prices - COMEX gold's main contract closed at 4505.40 on December 24, down 9.60 or 0.21% from the previous day [1]. - COMEX silver's main contract closed at 71.88 on December 24, up 0.27 or 0.37% from the previous day [1]. - NYMEX platinum's main contract closed at 2272.90 dollars/ounce on December 24, down 47.20 or - 2.03% from the previous day [1]. - NYMEX palladium's main contract closed at 1821.00 on December 24, down 143.00 or 7.28% from the previous day [1]. Spot Prices - London gold was at 4479.39 on December 25, down 5.49 or 0.12% from the previous day [1]. - London silver was at 71.81 on December 25, up 0.40 or 0.56% from the previous day [1]. - Spot palladium remained unchanged at 2208.00 on December 25 compared to the previous day [1]. - Spot palladium remained unchanged at 1837.00 on December 25 compared to the previous day [1]. - Shanghai Gold Exchange's gold TD was at 1003.01 yuan/gram on December 25, down 4.21 yuan or - 0.42% from the previous day [1]. - Shanghai Gold Exchange's silver TD was at 17414 yuan/kilogram on December 25, down 300 yuan or - 1.69% from the previous day [1]. - Shanghai Gold Exchange's platinum 9995 was at 591 yuan/gram on December 25, down 16 yuan or - 2.59% from the previous day [1]. Basis - The basis of gold TD - Shanghai gold's main contract was - 5.75, up 1.71 from the previous day, with a one - year historical quantile of 6.80% [1]. - The basis of silver TD - Shanghai silver's main contract was 17, down 88 from the previous day, with a one - year historical quantile of 95.90% [1]. - The basis of London gold - COMEX gold was - 26.01, up 4.11 from the previous day, with a one - year historical quantile of 30.20% [1]. - The basis of London silver - COMEX silver was - 0.06, up 0.14 from the previous day, with a one - year historical quantile of 70.10% [1]. Price Ratios - The ratio of COMEX gold to silver was 62.68, down 0.37 or - 0.58% from the previous day [1]. - The ratio of Shanghai Futures Exchange's gold to silver was 57.98, up 0.36 or 0.63% from the previous day [1]. - The ratio of NYMEX palladium to palladium was 1.25, up 0.07 or 5.66% from the previous day [1]. - The ratio of Guangzhou Futures Exchange's platinum to palladium was 1.30, up 0.16 or 14.21% from the previous day [1]. Interest Rates and Exchange Rates - The 10 - year US Treasury yield was 4.15%, down 0.03 or - 0.7% from the previous day [1]. - The 2 - year US Treasury yield was 3.47%, down 0.01 or - 0.3% from the previous day [1]. - The 10 - year TIPS Treasury yield was 1.91%, down 0.03 or - 1.5% from the previous day [1]. - The US dollar index was 97.91, down 0.05 or - 0.05% from the previous day [1]. - The on - shore RMB exchange rate was 7.0010, down 0.0066 or - 0.09% from the previous day [1]. Inventories and Positions - The Shanghai Futures Exchange's gold inventory was 93,711 kilograms, unchanged from the previous day [1]. - The Shanghai Futures Exchange's silver inventory was 852,417 kilograms, down 29,532 kilograms or - 3.35% from the previous day [1]. - The COMEX gold inventory was 36,159,361 ounces, unchanged from the previous day [1]. - The COMEX silver inventory was 451,352,686 ounces, up 472,620 ounces or 0.10% from the previous day [1]. - The COMEX gold registered warehouse receipts were 19,361,515 ounces, up 39,612 ounces or 0.21% from the previous day [1]. - The COMEX silver registered warehouse receipts were 126,355,549 ounces, down 858,733 ounces or - 0.68% from the previous day [1]. - The SPDR gold ETF position was 1,068 tons, up 3.71 tons or 0.35% from the previous day [1]. - The SLV silver ETF position was 16,447 tons, down 56.40 tons or - 0.34% from the previous day [1].