Guosen Securities: In the medium to long term, the center of precious metal prices will continue to rise.

Shenyin Wanguo Futures Research Report indicates that in the medium to long term, the center of precious metal prices will continue to rise. On the one hand, the geopolitical risks are on the rise, and the reconstruction of the global political and economic order is still ongoing. On the other hand, the market's concerns about the sustainability of the U.S. fiscal situation are increasing, and at the same time, Trump frequently intervenes in the independence of the Federal Reserve, so the de-dollarization process will continue to advance, and global central banks will continue to increase their gold reserves. Overall, the long-term uptrend in gold remains unchanged, silver, platinum, and palladium resonate with industrial and financial attributes, following the overall sector trend, but with relatively larger fluctuations.