Recently, silver prices have embarked on an upward trend, attracting market attention.

After a period of sluggish performance, gold mining stocks have collectively strengthened today. As of press time, Chifeng Gold (06693.HK) has risen by 11.43%, Lingbao Gold (03330.HK) by 7.27%, Shandong Gold (01787.HK) by 6.15%, and China Gold International Resources (02099.HK) by 4.39%. Note: Performance of gold mining stocks Behind this unusual movement is the resurgence of international gold prices after a brief pullback. As of press time, COMEX gold futures prices have surpassed $3,370 per ounce. Gold prices' "V-shaped" reversal: Resonance of three catalysts Firstly, US President Trump announced on May 5 that a 100% tariff would be imposed on imported films produced overseas. Although this policy appears to target the film and television industry, it has triggered multiple chain reactions: On the one hand, the market fears that escalating trade frictions will impact the global supply chain, stimulating a rush of safe-haven funds into gold. On the other hand, the soaring costs of imported films may push up US inflation expectations, enhancing gold's inflation-hedging properties. Previously, Trump had already imposed tariff hikes on semiconductors, rare earths, and other sectors. Secondly, Israel declared on May 4 that it would retaliate against the Houthi forces in Yemen and Iran, escalating tensions in the Middle East once again. Finally, the US dollar index has continued to pull back recently, further boosting the attractiveness of gold prices. Gold mining stocks performed brilliantly in Q1 In addition to the three market factors boosting gold prices, miners with significant ties to gold have also benefited. Benefiting from the rise in gold prices, the performance of leading miners has continued to soar. Chifeng Gold's net profit in Q1 2025 increased by 141% YoY, while Shandong Gold's net profit growth reached 46.6%. Some institutions predict that if gold prices remain above $3,300, the annual net profits of major miners are expected to achieve 30%-50% growth. How do institutions view the subsequent performance of gold prices? Goldman Sachs released a research report stating that the bank reaffirms the logic of a "super cycle" for gold, raising its target price to $3,700 by the end of 2025 and to $4,000 by mid-2026. They also emphasized that if the credibility of the US Fed's policies is questioned, gold prices could surge to $4,500. Galaxy Securities believes that current gold prices need to digest the rapid gains from the previous period and may experience sideways movement in the range of $3,150-$3,550 in the short term. A breakthrough requires two signals: one is the initiation of an interest rate cut cycle by the US Fed, and the other is an explosion in physical demand. The institution pointed out that the scale of domestic gold ETFs has exceeded 130 billion yuan, surging by 160% YoY, and the consumption peak season in H2 may become a new catalyst.

Driven by the continuous rise in spot gold prices, Hong Kong-listed gold stocks maintained their strong performance. As of press time, Chifeng Gold (06693.HK), Tongguan Gold (00340.HK), Shandong Gold (01787.HK), and Zhaojin Gold (01818.HK) rose by 15.63%, 8.49%, 7.18%, and 6.95%, respectively. Note: The performance of gold stocks It is worth noting that gold stocks strengthened for the third consecutive trading day, with leading gains from Tongguan Gold and Chifeng Gold, which surged over 30% this week. On the news front, the US March unadjusted CPI annual rate fell to 2.4%, hitting a six-month low and below the market expectation of 2.6%. This data reinforced market expectations for the US Fed to initiate an interest rate cut in June, with the CME "Fed Watch" showing the market's pricing probability for a June rate cut rising to 98%. Meanwhile, the tariff policies implemented by the Trump administration have caused global supply chain disruptions, leading to a surge in investor demand for safe-haven assets, pushing COMEX gold futures prices above the $3,200/oz mark, with a cumulative increase of over 22% this year. Note: The trend of COMEX gold futures prices Institutions remain optimistic about the future performance of gold prices Deutsche Bank's latest report raised its gold price forecasts for this year and next to $3,139/oz and $3,700/oz, respectively, and expects prices to reach $3,350/oz in Q4. The bank emphasized that despite increased short-term market volatility, the bullish logic for gold remains solid, especially as central banks' gold purchasing demand surged from 10% in 2022 to 24%, far exceeding their demand for net bond issuance (7%-10%). BOC Securities analysis pointed out that the growth potential of global central bank gold reserves remains considerable, coupled with downward pressure on real interest rates, the value of gold as a safe-haven asset is expected to continue to rise. Carsten Menke, Head of Commodity Research at Julius Baer, noted that the "supply chain earthquake" triggered by tariff policies could severely impact US economic growth, and the value of gold as the ultimate safe-haven tool is being repriced.

[SMM Flash News: Gold Prices Approach $2,900! Precious Metals Sector "Soars" as Spot Silver Sees Limited Demand-Driven Transactions] US tariff threats have sparked market concerns, and under the dominance of risk-averse sentiment, precious metals have shown strong performance, with gold prices repeatedly hitting record highs recently! After the US postponed imposing additional tariffs on Canada and Mexico, market worries over trade conflicts have somewhat eased. However, with the US dollar continuously pulling back, precious metals still delivered impressive market performance. As of 15:16 on February 5, COMEX gold rose 0.26%, hitting a record high of $2,888.8 per ounce during intraday trading!

[Hunan Gold: YoY Increase in Selling Prices of Gold and Antimony, 2024 Net Profit Expected to Grow 60%-90% YoY] Hunan Gold previously disclosed its 2024 performance forecast, indicating that the company expects to achieve a net profit attributable to shareholders of the publicly listed firm of 782.5654 million yuan to 929.2964 million yuan, representing a YoY growth of 60%-90%. During the reporting period, the performance increase was mainly driven by the YoY rise in selling prices of the company's gold and antimony products.

[Gold and Antimony Price Increases Combined with Overseas Project Reaching Full Production, Huayu Mining Expects 2024 Net Profit to Grow Over Threefold YoY] ① Huayu Mining expects its 2024 net profit attributable to shareholders to range from 275 million yuan to 335 million yuan, an increase of 201 million yuan to 261 million yuan compared to the same period last year, up 272.19% to 353.39% YoY. ② The operational capacity of the gold and antimony project of the company's overseas subsidiary, Talco Gold Closed Joint-Stock Company, has improved. Benefiting from both volume and price increases, its profitability has strengthened.

[SMM Newsflash: Multiple Gold Companies Expect Positive Earnings, Market Risk-Aversion Sentiment Heats Up, Driving Precious Metals Sector to Strengthen Against the Trend] The US has not yet announced a clear tariff plan but hinted at the possibility of imposing tariffs on Canadian and Mexican goods as early as February 1. Amid economic and geopolitical uncertainties, market demand for safe-haven assets such as precious metals has increased. Along with the US dollar index falling for two consecutive trading days, retreating to around 108, the weakening US dollar has driven gains in precious metals futures and stocks. As of 15:13 on January 22, COMEX gold rose 0.14%, quoted at $2,763 per ounce…

[SMM Flash News: Expectations for US Fed Interest Rate Cuts Revive, Precious Metals Futures and Stocks Rise Together, SHFE Silver Up Over 3%] The US core CPI inflation pulled back for the first time in months, sparking market optimism. Expectations for the US Fed to further cut interest rates this year have risen, increasing the likelihood of at least a 25-basis-point interest rate cut at the Fed's June meeting. Precious metals futures and stocks all rose. As of 15:05 on January 16, COMEX gold was up 0.46%, quoted at $2,724.6/oz; COMEX silver was up 0.46%, quoted at $31.675/oz; SHFE gold rose 0.83%; SHFE silver surged 3.06%.

[SMM Flash News: Precious Metals Sector Rises, Chifeng Gold Leads the Gains, Silver Enterprises Actively Procure Low-Cost Supplies Despite No Holiday] The uncertainty of Trump's policies has boosted market demand for safe-haven assets, leading to some capital inflows into precious metals. However, the US non-farm payrolls data, which exceeded expectations, limited the upside potential of precious metals, causing precious metals futures to fluctuate rangebound on Monday. As of 14:12 on January 13, COMEX gold rose 0.01% to $2,715.3 per ounce; COMEX silver fell 0.36% to $31.2 per ounce; SHFE gold rose 0.55%; SHFE silver fell 0.41.

[SMM Flash News: Safe-Haven Sentiment Supports Precious Metals' Counter-Trend Rise, Pre-Holiday Restocking Drives Spot Silver Transactions Increase] On January 3, safe-haven sentiment supported precious metals futures, which rose during the first two trading days after the holiday. As of 14:50 on January 3, precious metals futures were all on the rise. Among them, COMEX gold extended its gains from the previous two trading days, rising by 0.19% to $2,674.2 per ounce; COMEX silver continued its upward trend from the previous trading day, increasing by 0.45% to $30.035 per ounce; SHFE gold also extended its gains from the previous trading day, rising by 0.87%.