Guotai Haitong: Precious Metals Prices Experience Tremendous Fluctuations, Focus on Changes Brought by the New Chairman of the Federal Reserve

Guotai Haitong released a research report stating that precious metal prices are suppressed by crowded trading, the new Federal Reserve chairman, and the fall of US tech stocks. The nomination for the new Federal Reserve chairman has been made, and his policy path will have an important impact on the US dollar, US bonds, and other factors. Looking ahead to 2026, the increase in central bank gold purchases and gold ETF holdings will continue to be an important factor supporting gold prices. The London silver leasing rate has slightly decreased, but US silver inventory is decreasing at a faster pace. Trump has nominated Kevin Warsh, who has a hawkish stance, as the next Federal Reserve chairman, leading to market expectations of shrinking balance sheet and a stronger US dollar, putting pressure on copper prices. In the near future, the market will continue to digest macro correction pressures, but AI narratives remain active, supply disruptions frequent, and with the potential for a widening global copper mine deficit, there is support for prices at the bottom.