[SMM Morning Meeting Minutes: SHFE tin swung wildly throughout the week at 394,000-411,000 yuan/mt; amid a supply-demand stalemate, it is expected to continue consolidating at highs.]

Gold prices have eased and ETF inflows slowed as investors rotated back into technology stocks despite geopolitical uncertainty.

Silver is once again at the center of global financial markets, with prices moving in the range of $80 to $90 per troy ounce. For many investors, this already sounds extreme. However, while the majority of investors focus primarily on price and charts, professional investors are looking at something entirely different: the structure of the market.

Artificial intelligence has once again captured traders' attention. Although Nvidia's performance exceeded expectations, its stock price remained sluggish throughout the day, ultimately closing down more than 5%, dampening market sentiment. Influenced by the weak performance of the U.S. semiconductor sector, benchmark index contracts in Japan and South Korea, where technology stocks hold a relatively high weight, declined, while contracts in Australia and Hong Kong saw slight gains. These fluctuations further indicate the market's high sensitivity to AI-related news, as participants strive to comprehend the long-term implications of this rapidly advancing technology. According to Hardika Singh, an analyst at Fundstrat Global Advisors, the market's mediocre reaction to Nvidia's better-than-expected earnings report is partly because investors now take such exceptional performance for granted.

According to Bank of America's Hartnett, the biggest risk currently stems from the rapid appreciation of the Japanese yen, South Korean won, and New Taiwan dollar, which could lead to a reversal of capital outflows in Asia and pose a threat to the liquidity environment in global markets. Hartnett is optimistic about the long-term prospects for international equities and gold, with China being his most favored market. He also predicts that gold may break through its historical high, reaching over $6,000 per ounce.