Hedge fund manager David Einhorn predicts a historic shift in global reserves as central banks move away from U.S. dollars toward gold, citing unstable U.S. trade policy and soaring deficits.

“Gold’s status as a haven may now be tarnished in the eyes of some as the precious metal is falling in price even as war roils the Middle East and financial markets alike, and some may even be tempted to say that the third major bull run in the commodity since 1971 is now over,” says AJ Bell investment director Russ Mould.

Nickel prices were in the doldrums this week, dominated by loose supply and demand. Although the US Fed cut interest rates as expected, nickel prices failed to get an effective boost and showed a clear downtrend. The most-traded SHFE nickel contract was relatively firm at the beginning of the week, but prices accelerated their pullback later due to weak domestic demand, closing at 115,590 yuan/mt on Friday, down 1.84% WoW. LME nickel prices also weakened, falling consecutively and down 2.27% WoW. In the spot market, the average price of SMM #1 refined nickel was 119,350 yuan/mt this week, down 1,850 yuan/mt WoW. The average premium for Jinchuan nickel was 5,100 yuan/mt, up 300 yuan/mt WoW. Premiums and discounts for mainstream domestic electrodeposited nickel brands ranged from -100 to 400 yuan/mt. Spot market transactions were sluggish this week, with downstream consumers mainly stockpiling for rigid demand and adopting a wait-and-see stance.

The theme of the 2025 Lujiazui Forum is "Financial Openness, Cooperation, and High-Quality Development amid Global Economic Changes." The forum will be held in Shanghai from June 18 to 19, 2025. The forum will invite high-level leaders from governments and financial regulatory agencies around the world, as well as leaders in the financial and economic sectors, renowned experts, and scholars. Li Kexin, Deputy Director of the General Office of the People's Bank of China (PBOC), previously disclosed that Pan Gongsheng, Governor of the PBOC, will attend the opening ceremony of the forum, deliver an opening speech, and give a keynote address. Additionally, Zhu Hexin, Deputy Governor of the PBOC and Director of the State Administration of Foreign Exchange, will also attend and deliver a keynote address. Moreover, Zhou Xiaoquan, Executive Deputy Director of the Shanghai Municipal Commission of Finance, previously stated that during the 2025 Lujiazui Forum, the central financial regulatory authorities will announce several major financial policies. It is reported that the forum will discuss topics such as "Enhancing the Coordination of Global Monetary Policies," "Promoting the Sustained and Steady Development of Capital Markets," "Deepening the Cooperative Development of Shanghai and Hong Kong as International Financial Centers," "Financial Support for the Development of New Quality Productive Forces," "AI-Empowered Financial Reform and Innovation: Opportunities and Challenges," "Improving the Equity and Accessibility of Inclusive Financial Services," and "Improving Green Financial Policies, Standards, and Product Systems." The aim is to provide enlightening ideas and suggestions for promoting global economic recovery and financial stability, as well as advancing China's financial reform and opening up (for specific arrangements, please refer to the latest agenda of the forum).

In May, the People's Bank of China (PBOC) increased its gold reserves for the seventh consecutive month, but the pace of increase slowed further, while foreign exchange reserves rose steadily. According to data released by the People's Bank of China and the State Administration of Foreign Exchange (SAFE) on Saturday, China's gold reserves stood at 73.83 million ounces (approximately 2,296.37 mt) at the end of May, up 60,000 ounces (approximately 1.86 mt) MoM. This marked the seventh consecutive month of gold reserve increases. For comparison, the increase was 70,000 ounces in April and 90,000 ounces in March, indicating a further slowdown in the pace of increase in May. Regarding gold prices, spot gold fell more than 1.2% on Friday, the non-farm payrolls day, closing at $3,311.86 per ounce. Zhang Yu from Huachuang Securities believes that the world is currently in a period of comprehensive restructuring across multiple dimensions, including technology, military affairs, and wealth, and various uncertainties may persist globally in the future. Therefore, gold trading may not have ended yet. Gold not only has room for absolute price increases but can also reduce the volatility of asset portfolios, making it an important asset for allocation. Meanwhile, statistics from the SAFE showed that as of the end of May 2025, China's foreign exchange reserves stood at $3,285.3 billion, up $3.6 billion from the end of April, representing a 0.11% increase. The growth rate also slowed. The SAFE stated that in May 2025, influenced by factors such as the fiscal policies, monetary policies, and economic growth prospects of major economies, the US dollar index fluctuated slightly, and global financial asset prices showed mixed performance. Factors such as exchange rate conversion and changes in asset prices collectively contributed to the rise in foreign exchange reserves during the month. China's economy continued to rebound and improve, with the quality of economic development steadily rising, providing support for the basic stability of foreign exchange reserves.

Against the backdrop of global economic recovery, the silver industry chain has embraced new development opportunities. As one of the important precious metals, silver not only serves as a store of value and investment tool in the financial market but is also widely used in various fields such as electronics, healthcare, solar cells, and automotive manufacturing due to its excellent electrical and thermal conductivity, as well as its antimicrobial properties. To further promote the sustainable development of the silver industry and strengthen communication and cooperation among industry players, the 2025 SMM (6th) Silver Industry Chain Innovation Conference is planned to be held in May 2025. In recent years, with the growth in global demand for renewable energy and high-tech products, the industrial application demand for silver has significantly increased. Meanwhile, global economic uncertainties and changes in monetary policies have also prompted more investors to focus on silver's safe-haven properties. As a major global commodity market, Asia, North America, and Europe have gradually increased their attention to the silver industry chain. Changes in policies, technological innovations, and market demands across these regions have had a profound impact on the entire industry chain. At this conference, colleagues from upstream and downstream of the silver industry will gather to focus on various aspects of silver, including mining, processing, trading, investment, and applications, and comprehensively explore the challenges faced by the industry and future development opportunities. Click Registration Form to register immediately for the conference, jointly shape a silver future, gain insights into market trends, and collaborate on industry chain innovations. See you in Ningbo! Confirmation of Participation Dear Delegates, Thank you for your support of the "2025 SMM (6th) Silver Industry Chain Innovation Conference" hosted by SMM Information & Technology Co., Ltd. The conference will be held from May 15-16 at the Sheraton Ningbo Donggang Hotel in Zhejiang, Ningbo. Conference registration will take place at 09:00 on May 15 at the 3F Foyer of the Sheraton Ningbo Donggang Hotel. All delegates are requested to attend on time. Please bring your business card or the registration confirmation SMS to collect your delegate badge and conference materials at the registration desk. Transportation Information Sheraton Ningbo Donggang Hotel, Zhejiang, Ningbo List of Participants Long press to scan the QR code and register immediately 2025 SMM (6th) Silver Industry Chain Innovation Conference