贵金属数据日报 | | | | | 国贸期货研究院 | | | 投资咨询号: Z0013700 | | | 2026/3/19 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 贵金属与新能源研究中心 白素娜 | | | 从业资格号:F3023916 | | | | | | 日期 | 伦敦金现 | 伦敦银现 | COMEX黄金 | COMEX白银 | | AU2604 | AG2604 | AU (T+D) | AG (T+D) | | 内外盘金 银15点价 | | (美元/盎司) | (美元/盎司) | (美元/盎司) | (美元/盎司) | | (元/克) | (元/千克) | (元/克) | (元/千克) | | 格龈踪 | 2026/3/18 | 5011.01 | 79.84 | 5015. 40 | 80. 00 | | 1113. 52 | 19997.00 | 1112.00 | 19948. 00 | | (本表数 | | | | | | | | | | | | 据来源: | 202 ...

1. Report Industry Investment Rating - Not provided. 2. Core Viewpoints of the Report - In the short - term, the precious metals market is expected to fluctuate, but as time passes, it is expected to return to its own operating logic with the price center rising in a fluctuating manner [6]. - In the long - run, the underlying logic of the precious metals bull market remains solid. With the probability of the Fed cutting interest rates this year, continuous global geopolitical uncertainties, and the US large - scale debt promoting the de - dollarization wave, the allocation demand from global central banks, institutions, and residents is expected to continue, and the price center of precious metals still has room to rise. Long - term strategies still suggest buying on dips [6]. 3. Summary by Relevant Catalogs 3.1 Price Tracking - **Precious Metal Spot and Futures Prices**: On March 11, 2026, the price of London Gold was 1151.98 yuan/gram, up 0.2% from March 10; the price of London Silver was 22409.00 yuan/kg, down 2.2%. COMEX gold was 5206.20 dollars/ounce, up 0.4%; COMEX silver was 87.63 dollars/ounce, down 1.8% [5]. - **Price Spreads**: The spread of gold TD - SHFE active price was - 2.06 yuan/gram on March 11, 2026, a change of - 53.8% from March 10; the spread of silver TD - SHFE active price was - 369 yuan/kg, a change of - 30.6% [5]. 3.2 Position and Inventory Data - **Position Data**: As of March 10, 2026, the gold ETF - SPDR position was 1073.57 tons, up 0.27% from March 9; the silver ETF - SLV position was 15654.56634 tons, down 0.36%. The non - commercial net long position of COMEX gold was 160145 contracts, up 0.61%; that of COMEX silver was 23338 contracts, up 4.84% [5]. - **Inventory Data**: On March 11, 2026, the SHFE gold inventory was 104910.00 kg, down 0.02% from March 10; the SHFE silver inventory was 251859.00 kg, down 2.82%. The COMEX gold inventory was 32720709 troy ounces, down 0.59%; the COMEX silver inventory was 345310443 troy ounces, down 0.28% [5]. 3.3 Market Indicator Data - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield was 4.15 on March 11, 2026, up 0.73% from March 10; the US dollar/CNY central parity rate was 6.89, down 0.09% [5]. - **Stock and Commodity Markets**: The VIX was 24.93 on March 11, 2026, down 2.24% from March 10; the S&P 500 was 6781.48, down 0.21%; the NYMEX crude oil was 86.39, up 1.54% [5]. 3.4 Market Analysis - **Market Review**: On August 11, the main contract of Shanghai gold futures closed up 0.73% to 1151.98 yuan/gram; the main contract of Shanghai silver futures closed up 0.41% to 2256 yuan/kg [5]. - **Impact Analysis**: On one hand, multiple parties jointly released signals of conflict cooling and introduced possible measures to stabilize oil prices. After the sharp fluctuations in international crude oil prices, they are oscillating at high levels, and precious metal prices are gradually stabilizing. On the other hand, although the US data in February generally met expectations, the market is generally worried about the data in August, especially the issue of the Strait of Hormuz remains unresolved, so the price of precious metals may still fluctuate in the short - term [6].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - Short - term, the market trading narrative shifts from geopolitical risks to inflation risks and economic recession concerns. Due to high uncertainty in the Middle - East geopolitical situation, the downside space for precious metal prices is limited, and they are expected to maintain high volatility. Long - term, the underlying logic for the precious metal bull market is solid. With the possibility of the Fed cutting interest rates this year, continuous global geopolitical uncertainty, and the US's huge debt promoting the de - dollarization wave, the allocation demand from global central banks, institutions, and residents is expected to continue, and the price center of precious metals still has room to rise. Long - term strategies suggest buying on dips [4] Group 3: Summary of Each Section 3.1 Price Data - On March 3, 2026, London gold spot was at $5306.69/oz, London silver spot was at $85.08/oz, COMEX gold was at $5319.80/oz, and COMEX silver was at $85.12/oz. Compared with March 2, they decreased by 1.5%, 10.4%, 1.5%, and 10.7% respectively. AU2604 was at 1182 yuan/g, and AG2604 was at 21645 yuan/kg, with decreases of 1.3% and 11.4% respectively [3] - The price difference and ratio data also showed significant changes. For example, the gold TD - SHFE active price difference changed from - 3.42 yuan/g on March 2 to - 2.2 yuan/g on March 3, a decrease of 35.7% [3] 3.2 Position Data - As of March 2, 2026, the gold ETF - SPDR was 1101.33 tons (unchanged from February 27), and the silver ETF - SLV was 15902.23557 tons, a decrease of 0.56%. COMEX gold and silver non - commercial long and short positions also had different degrees of decline [3] 3.3 Inventory Data - On March 3, 2026, SHFE gold inventory was 105060 kg (unchanged from March 2), and SHFE silver inventory was 307484 kg, a decrease of 0.63%. COMEX gold and silver inventories also decreased compared with previous periods [3] 3.4 Interest Rate/Exchange Rate/Stock Market Data - On March 3, 2026, the US dollar/CNY central parity rate was 6.91, a decrease of 0.21% compared with March 2. The US dollar index was 98.55, an increase of 0.93% compared with February 27. The 2 - year and 10 - year US Treasury yields also increased, and the VIX index and NYMEX crude oil price also had significant increases [3] 3.5 Market Review - On March 3, the main contract of Shanghai gold futures rose 0.9% to 1182 yuan/g, and the main contract of Shanghai silver futures fell 7.23% to 21405 yuan/kg. In the European and American sessions, precious metal prices further declined. London spot silver once fell more than 10%, and London spot gold once fell more than 4% and broke through the $5100/oz mark. Shanghai gold and silver night sessions also dropped significantly [3] 3.6 Impact Analysis - As the impact of geopolitical conflicts weakens marginally and risk - aversion fades, the continuation of geopolitical conflicts and the fermentation of the Strait of Hormuz issue lead to a continuous sharp rise in energy prices, reigniting market inflation concerns and economic recession concerns, causing a global stock market slump and a liquidity risk, which also affects precious metals. Rising energy prices increase US inflation risks, weakening the Fed's interest rate - cut trading expectations this year. The Fed Chairman nominee's statement on slow - paced balance - sheet reduction boosts the US dollar index and US Treasury yields, suppressing precious metal prices. The reduction of the COMEX silver March short - squeeze risk and the greater impact of economic recession on industrial attributes lead to a larger decline in silver prices [4] 3.7 Future Market Analysis - The short - term market trading focus shifts from geopolitical risks to inflation and economic recession concerns. Due to high geopolitical uncertainty in the Middle East, the downside space for precious metal prices is limited, and they will maintain high volatility. In the long run, the bull - market logic for precious metals remains strong. With possible Fed interest rate cuts, global geopolitical uncertainty, and the US debt promoting de - dollarization, the allocation demand for precious metals from global entities will continue, and long - term strategies suggest buying on dips [4]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In the short - term, precious metal prices are expected to enter a range - bound oscillation until there are new changes in tariffs or geopolitical situations. In the long - term, the underlying logic of the precious metal bull market remains solid. With the probability of the Fed cutting interest rates this year, continuous global geopolitical uncertainties, and the US's huge debt promoting the de - dollarization wave, the allocation demand of global central banks, institutions, and residents is expected to continue, and the price center of precious metals still has room to rise. Long - term strategies still recommend buying on dips [6]. 3. Summary by Relevant Catalogs 3.1 Market Review - On February 26, the main contract of Shanghai gold futures closed down 0.0% to 1,146.48 yuan/gram, and the main contract of Shanghai silver futures closed up 0.47% to 22,572 yuan/kilogram [5]. 3.2 Factor Analysis - The US Trade Representative said that the "global import tariff" rate imposed by the US on some countries may reach 15%. The short - term uncertainty of US tariff policy still exists, which may continue to support precious metal prices. On the other hand, the number of new infections is lower than expected, and the market's expectation of a rate cut in June is only half, which restricts the short - term upward rhythm of precious metal prices. For silver, the inventory of the Shanghai Futures Exchange remains at a low level, and the inventory in New York continues to decline. The market still worries that the situation may continue in March [6]. 3.3 Market Data 3.3.1 Price Data - **2026/2/26**: London gold spot price was $5,191.47/ounce, London silver spot price was $89.23/ounce, COMEX gold price was $5,207.90/ounce, COMEX silver price was $89.80/ounce, AU2604 was 1,146.48 yuan/gram, AG2604 was 22,572 yuan/kilogram, AU (T + D) was 1,143.78 yuan/gram, and AG (T + D) was 21,730 yuan/kilogram. Compared with February 25, the price changes were 0.0%, - 1.5%, - 0.1%, - 0.7%, - 0.4%, - 2.0%, - 0.3%, - 1.7% respectively [5]. - **Spread/Ratio**: On February 26, the gold ID - SHFE active price difference was - 2.7 yuan/gram, the silver TD - SHFE active price difference was - 842 yuan/kilogram, the gold internal - external price difference (TD - London) was - 11.70 yuan/gram, the silver internal - external price difference (TD - London) was - 631 yuan/kilogram, the SHFE gold - silver ratio was 50.79, the COMEX gold - silver ratio was 58.00, AU2604 - 2602 was 3.62 yuan/gram, and AG2604 - 2602 was - 286 yuan/kilogram. Compared with February 25, the changes were - 26.2%, - 8.9%, 16.9%, 0.8%, 1.6%, 0.7%, 10.4%, 17.7% respectively [5]. 3.3.2 Position Data - **2026/2/25**: The gold ETF - SPDR position was 1,097.62 tons, the silver ETF - SLV position was 16,079.74282 tons, the non - commercial long position of COMEX gold was 213,432 contracts, the non - commercial short position was 53,517 contracts, the non - commercial net long position was 159,915 contracts, the non - commercial long position of COMEX silver was 36,626 contracts, the non - commercial short position was 12,623 contracts, and the non - commercial net long position was 24,003 contracts. Compared with February 24, the changes were 0.31%, - 0.17%, 0.29%, 1.37%, - 0.06%, - 0.09%, - 7.89%, 4.57% respectively [5]. 3.3.3 Inventory Data - **2026/2/26**: SHFE gold inventory was 105,072 kilograms (unchanged from February 25), SHFE silver inventory was 346,369 kilograms (down 2.66% from February 25). COMEX gold inventory on February 25 was 33,627,539 troy ounces (down 0.22% from February 24), and COMEX silver inventory on February 25 was 361,844,401 troy ounces (down 0.59% from February 24) [5]. 3.3.4 Interest Rate/Exchange Rate/Stock Market Data - **2026/2/26**: The US dollar/Chinese yuan central parity rate was 6.92 (down 0.13% from February 25), the US dollar index was 97.66 (down 0.24% from February 25), the 2 - year US Treasury yield was 3.45% (up 0.58% from February 25), the 10 - year US Treasury yield was 4.05% (up 0.25% from February 25), the VIX was 17.93 (down 8.29% from February 25), the S&P 500 was 6,946.13 (up 0.81% from February 25), and NYMEX crude oil was $65.57 (down 0.77% from February 25) [5].

Core Viewpoint - Guotou Ruijin Fund issued a response regarding the market controversy caused by the valuation adjustment of its silver (LOF) fund, emphasizing its commitment to fair pricing and investor communication [1][4]. Group 1: Valuation Adjustment - On February 2, Guotou Ruijin announced a change in the valuation calculation rules for six silver futures contracts, leading to significant fluctuations in the fund's net value [1]. - The net asset value of the A-class shares dropped from 3.2838 yuan to 2.2494 yuan, and the C-class shares fell from 3.2621 yuan to 2.2290 yuan, with both classes experiencing a daily decline of 31.5% [1]. Group 2: Market Reaction - From February 2 to February 6, the Guotou Silver LOF experienced a continuous "limit down" for five trading days, with a total weekly decline of 40.94%, and the latest market price was reported at 3.099 yuan per share [2][5]. Group 3: Investor Communication - The company stated that it will adhere to legal compliance and actively respond to investor demands, aiming to mitigate the impact of the valuation adjustment on investors [4]. - A dedicated working group has been established to develop solutions for investors, including mediation and arbitration channels [4].

Core Viewpoint - Guotou Ruijin Fund has issued a response regarding the market controversy caused by the valuation adjustment of its silver (LOF) fund, emphasizing its commitment to investor interests and transparency [1] Group 1: Company Response - The company has outlined three key points in its announcement: prioritizing investor interests, establishing a dedicated working group to address investor claims, and ensuring the effective execution of dispute resolution methods [1] - Guotou Ruijin Fund has committed to fair pricing and protecting the legal rights of all investors, while actively communicating with them through various channels [1] Group 2: Valuation Adjustment Impact - The controversy arose from a sudden announcement on February 2, where the company adjusted the valuation calculation rules for six silver futures contracts, leading to significant fluctuations in the fund's net value [1] - Following the valuation adjustment, the net asset value of the A-class shares dropped from 3.2838 yuan to 2.2494 yuan, and the C-class shares fell from 3.2621 yuan to 2.2290 yuan, resulting in a daily decline of 31.5% for both classes [1] - The fund's market price experienced a continuous decline, with a cumulative drop of 40.94% over five trading days, closing at 3.099 yuan per share on February 6 [2]

Group 1 - The core viewpoint of the article is that Guotou Ruijin is taking proactive measures to address investor concerns following significant valuation adjustments of its silver futures investment fund [1][2]. - The company emphasizes its commitment to investor rights and will respond to investor demands while minimizing the impact of valuation adjustments [1]. - A working group has been established to facilitate investor claims through various legal channels such as mediation and arbitration [1]. Group 2 - Recent fluctuations in silver prices have prompted Guotou Ruijin to adjust the valuation method for its silver futures contracts, effective February 2, 2026 [2]. - The fund will now reference international market prices at 3 PM Beijing time for the valuation of specific silver futures contracts, aiming for a more accurate reflection of market changes [2]. - The latest net asset value of the Guotou Silver LOF fund was reported at 2.2494 yuan, representing a decline of over 31% from the previous trading day, marking a rare historical event [3].

Core Viewpoint - Guotou Ruijin Fund Management Co., Ltd. announced an adjustment to the valuation method for six silver futures contracts held by its Guotou Ruijin Silver Futures Securities Investment Fund (LOF), leading to a significant drop in the fund's net asset value by over 31% in a single day, raising concerns and controversies in the market [2][4]. Valuation Adjustment - The adjustment involves changing the valuation calculation for the six silver futures contracts (AG2604, AG2605, AG2606, AG2608, AG2610, AG2612) to reference the international market prices at 3 PM Beijing time, instead of the previous method based on the Shanghai Futures Exchange settlement price [4]. - Following this adjustment, the A-class share net value dropped from 3.2838 yuan to 2.2494 yuan, and the C-class share fell from 3.2621 yuan to 2.2290 yuan, both experiencing a decline of 31.5% [4]. Reasons for Adjustment - The adjustment was prompted by a significant drop in international silver prices, which exceeded normal fluctuations, while domestic markets were restricted by price limits, creating a disparity between domestic and international prices [5]. - Guotou Ruijin emphasized that continuing to use domestic settlement prices would misrepresent the fund's net value, leading to a "virtual high" perception of asset value [5][6]. Controversy Over Announcement Timing - The timing of the announcement, made after trading hours, has been a focal point of controversy. Guotou Ruijin explained that the international market prices needed for accurate valuation are only available after 3 PM, and that market conditions could change during trading hours [6][7]. - The company expressed concerns that an early announcement could be misinterpreted as an attempt to prevent redemptions, potentially leading to market panic and liquidity issues [7]. Market Reaction - The valuation adjustment led to a rapid response in the secondary market, with the fund's price hitting a trading limit down, closing at 4.722 yuan, while the adjusted net value was only 2.2494 yuan, resulting in a premium rate of 109.92% [8]. - To mitigate risks associated with high premiums, Guotou Ruijin issued a risk warning and announced a temporary suspension of trading for the fund [8].

Group 1: Report Industry Investment Ratings - Not provided in the content Group 2: Core Views of the Report - The A - share index has rebounded continuously, with significant inflows into broad - based ETFs recently, and the downside space is limited. The RMB exchange rate has risen significantly, and core assets are expected to rise. The post - holiday market has a strong upward momentum, and it is recommended to hold bull spread portfolios and build covered call portfolios [3]. - The current abundant capital supports the bond market, but concerns about supply and the strengthening of equities restrain the performance of long - term bonds. Market consistency behavior may amplify fluctuations, and the stabilization or repair of long - term bonds will occur after the supply structure of government bonds becomes clearer [3]. - Geopolitical risks and tight supply continue to drive up the prices of non - ferrous metals and precious metals. Gold is expected to maintain high - volatility operation in January, and silver is recommended to be lightly long - held with low positions in high - volatility markets [3]. - Steel production is being cut and inventories are being reduced, and steel prices are expected to fluctuate within a range. In the iron ore market, more steel mills are resuming production, and attention should be paid to the impact of finished product export policies [3]. - Coal prices in Shanxi are running weakly, and coking coal and coke are viewed bearishly. The market sentiment for ferrosilicon has improved, and the price of manganese silicon is affected by ore support and supply - demand contradictions [3]. - Concerns about the stability of metal supply have intensified, driving up copper prices. Aluminum prices have reached new highs, but there are signs of over - rising in the short term. Zinc prices have moved up, and tin prices are oscillating strongly [3]. - The organic silicon industry is reducing production to support prices, and the polysilicon futures have fallen after rising. The lithium carbonate market has a strong sentiment, and supply disruptions are expected to intensify [3]. - The prices of PX and PTA are expected to oscillate at high levels, and short - fiber follows the raw material fluctuations. The supply and demand of bottle chips are both decreasing in January, and the processing fee has limited upward space [3]. - Ethanol is in a seasonal inventory - building period, and the price is under pressure. The supply - demand situation of benzene is slightly improving, but high inventories still put pressure on prices [3]. - The LLDPE market has strong orders, and the price of PP has strengthened slightly. The port price of methanol is strong, and the futures of caustic soda have rebounded strongly [3]. - The PVC market has a weak supply - demand pattern, and the urea market has improved after the Indian tender results were announced. The soda ash and glass markets have rebounded due to macro factors, and attention should be paid to the sustainability of production and sales [3]. - The prices of agricultural products such as soybeans, rapeseed meal, and corn are expected to oscillate. The prices of edible oils are oscillating within a range, and the prices of sugar are rebounding slightly [3]. - The egg supply is stable, and the apple market is driven by the shortage of high - quality fruits. The price of cotton is expected to oscillate strongly, and the price of red dates has stabilized [3]. Group 3: Summaries by Relevant Catalogs Daily Selected Views - Nickel (NI2602) is expected to fluctuate strongly; Methanol (MA2605) is expected to be strong in the short term; Iron ore (I2605) is recommended for short - term long - position attempts; Live pigs (LH2603) are expected to fluctuate strongly; Silver (AG2604) is expected to fluctuate strongly [3]. Full - Variety Daily Reviews Financial Sector - **Stock Index Futures**: The A - share index has rebounded, and the stock index has reached new highs. It is recommended to hold bull spread portfolios and build covered call portfolios. Core assets and technology - leading stocks represented by IH and IC are dominant [3]. - **Treasury Bond Futures**: The bond market is supported by abundant funds, but long - term bonds are restricted. It is recommended to wait and see in the short term, focus on cash - and - carry arbitrage, and steepen the yield curve [3]. - **Precious Metals**: Geopolitical risks and tight supply drive up prices. Gold should be held long above $4300, silver should be lightly long - held with low positions, and platinum and palladium should be long - held at low positions [3]. Commodity Sector - **Steel and Iron**: Steel prices are range - bound, iron ore is recommended for short - term long - positions, coking coal and coke are bearish, ferrosilicon is expected to fluctuate strongly, and manganese silicon is for range - bound operations [3]. - **Non - Ferrous Metals**: Copper prices are rising, aluminum prices are at new highs but not recommended to be chased, zinc prices are rising, tin prices are strongly oscillating, and nickel and stainless steel are recommended for long - positions at low prices [3]. - **New Energy and Chemicals**: Organic silicon and polysilicon futures have fallen after rising, lithium carbonate is recommended to wait and see, PX and PTA are for high - level oscillations and low - level long - positions, and short - fiber follows raw material fluctuations [3]. - **Energy and Chemicals**: LLDPE is recommended for short - term long - positions, PP should focus on PDH profit expansion, methanol is recommended for long - positions at low prices, and caustic soda is recommended to wait and see [3]. - **Agricultural Products**: Soybeans, rapeseed meal, and corn are expected to oscillate, edible oils are range - bound, sugar is slightly rebounding, cotton is expected to oscillate strongly, and red dates are recommended to sell out - of - the - money call options [3].

1. Report's Industry Investment Ratings - Not provided in the given content 2. Core Views of the Report - The short - term negative factors for the index have been exhausted, and it has rebounded continuously. The broad - based ETFs have also clearly flowed back recently, with limited downside space. The volatility is showing signs of recovery, and the RMB exchange rate has risen significantly. Core assets are expected to rise. Before the festival, there may be capital withdrawals, and there will be short - term fluctuations [3]. - The sentiment in the bond market has recovered, but the overall market sentiment is fragile and sensitive to negative factors. In the short term, with unclear positive factors, the bond market may maintain a volatile trend [3]. - For precious metals, the market sentiment needs time to recover after the sharp fall in the gold market due to rapid capital outflows. The "irrational" upward trend of silver is expected to end, bringing volatility reduction [3]. - The steel market is in a state of production reduction and inventory reduction, and the price maintains a range - bound trend [3]. - The new energy market has different trends. For example, the industrial silicon futures have rebounded in a volatile manner, while the lithium carbonate market has seen significant adjustments due to the profit - taking of risk - averse funds before the festival [3]. 3. Summaries According to Different Categories 3.1 Futures Variety Views - **Non - ferrous Metals**: - Copper: The copper price has corrected, and the spot discount has narrowed. It is recommended to take profits on long positions when the price is high. The main contract focuses on the support level of 95,500 - 96,000 [3]. - Aluminum: The spot discount has widened to a high value this year. Long positions can take short - term profits when the price is high. The main contract operates in the range of 21,800 - 22,800, and long positions can be arranged after the price correction [3]. - Zinc: The decline in TC supports the price, and the spot performance is average. The main contract refers to the range of 22,800 - 23,800, with a low - buying strategy in the range, and the cross - market reverse arbitrage should be continued to hold [3]. - **Energy and Chemicals**: - PX: The short - term is in a high - level volatile state; the medium - term should be treated with a low - buying strategy; the long - short spread between PX2605 and PX2609 should be mainly long at low levels [3]. - PTA: The short - term is in a high - level volatile state; the medium - term should be treated with a low - buying strategy; the long - short spread between TA2605 and TA2609 should be mainly long at low levels [3]. - Methanol: Affected by geopolitical factors, the price has risen significantly. It is recommended to reduce the MTO spread of the 05 contract [3]. - **Agricultural Products**: - Corn: The upward momentum is insufficient, and the market has fallen after rising. It is in a weakly volatile state [3]. - Cotton: The supply - demand outlook is optimistic. Attention should be paid to the restocking situation of downstream enterprises. It is in a strongly volatile state [3]. - Apple: The demand is weak, and the price is falling. It is recommended to close long positions at an appropriate time [3]. 3.2 Futures Variety Operation Suggestions - **Stock Index Futures**: It is recommended to continue to hold the bull spread portfolio and match it with a small amount of short - selling near - month out - of - the - money call options for hedging [3]. - **Treasury Bond Futures**: In the short term, pay attention to the capital situation and the central bank's bond - buying situation. In the medium term, pay attention to the performance of the first - quarter economic start and the stock market trend. The unilateral strategy is to wait and see for the time being, continue to pay attention to the positive arbitrage in the spot - futures strategy, and still tend to steepen the yield curve in the curve strategy [3]. - **Precious Metal Futures**: Gold is recommended to be purchased at a low price after the Spring Festival. For silver, before the New Year's Day, it is recommended to close or lock the positions and wait for a suitable allocation window after the festival [3].