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Summary of Precious Metals Research Report

Date: November 12, 2025
Focus: Gold and Silver analysis based on fundaments and market data.

• Gold Overview: The government shutdown continues to affect market liquidity, contributing to mixed trading conditions. Recent price data shows a slight increase, with AU2512 closing at 948.88, up 1.38%, and trends are neutral (strength index at 0). Key metrics include declining volumes and positions, with Comex gold short by 2,991 contracts compared to the previous period. ETF holdings saw a small increase in SPDR Gold ETF (4 units change), but inventories remained stable.

• Silver Overview: Silver is experiencing an oscillating rebound, with prices rising slightly—e.g., SHANGHAI silver at 11,880, up 1.40%. Trend strength is neutral (0). Volume data shows a moderate decrease in SHANGHAI silver contracts (-8,223), while Comex silver saw an increase in positions. Price spreads are relatively stable, but inventories are down significantly, affecting supply dynamics.

• Key Macro News:

  • US ADP employment data indicated a sharp decline (45,000 jobs lost), signaling potential economic weakness.
  • China's central bank emphasized easing monetary policies for stable financial growth, with expectations of reduced money supply.
  • AI-related market developments, such as AMD's revenue projections and SoftBank's investments, may indirectly influence risk appetite and commodity flows.
  • Retail metrics from "Double 11" showed strong consumer activity, potentially boosting industrial demand indirectly.

• Trend Analysis: Both gold and silver are assessed as neutral (trend strength = 0), indicating no strong bullish or bearish signals. Factors like liquidity constraints and mixed macroeconomic data require monitoring for shifts.

This report advises caution due to uncertainties, with further analysis needed for directional trades. Market participants should watch upcoming official data releases for updated insights.