“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.

The current macroeconomic backdrop supports the continued strengthening of silver. On the one hand, the situation in the Middle East at the beginning of the week boosted the demand for gold and silver as safe-haven assets. On the other hand, investors sought refuge in silver amid the bullish momentum in precious metals driven by concerns over US inflation and deficits. London silver prices regained the 50-day moving average, targeting $34.87/oz, while domestic silver prices stabilized at 8,200 yuan/kg. [Economic Data] Negative: US EIA crude oil inventories for the week ending May 16 were 1.328 million barrels, compared to the previous week's 3.454 million barrels, and were expected to decrease by 1.277 million barrels. Silver: This week, macroeconomic factors supported the rebound and strengthening of silver prices. As the week drew to a close, spot premiums offered by suppliers saw a slight decline. Both supply and demand in the domestic spot market decreased. Some smelters suspended domestic spot quotes during the week due to factors such as prioritizing export demand. In the Shanghai region, tonne-scale national standard spot silver ingots available for self pick-up were quoted at a premium of 3-5 yuan/kg over TD, while large smelters' spot silver ingots were quoted at a premium of +5 to +8 yuan/kg over TD. Actual transactions at high premium quotes were relatively difficult this week. In addition, the operating rate of silver nitrate production declined in late May, with downstream demand primarily driven by long-term contract cargo pick-up, and the enthusiasm for spot order purchases significantly waned compared to April. PV: This week, the average reference price of solar cell rear-side silver paste ranged from 5,289 to 5,406 yuan/kg; the average reference price of solar cell front-side fingers ranged from 7,968 to 8,144 yuan/kg; and the average reference price of solar cell front-side busbars ranged from 7,918 to 8,094 yuan/kg. 》Check SMM precious metal spot quotes

[SMM Morning Meeting Summary: Decline in Capital Favour, Zinc Prices Fluctuate Downward] Overnight PPI data unexpectedly came in below expectations, the US dollar index fell, but most commodities have essentially entered the holiday period, with prices mainly fluctuating downward.

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Last Friday, April 11, Eastern Time, the US Customs and Border Protection (CBP) quietly released updated tariff rules, exempting import tariffs on categories including automatic data processors, computers, communication equipment, displays and modules, and semiconductor-related goods, unaffected by "reciprocal tariffs." On Saturday, Eastern Time, this exemption information was also confirmed by the White House. However, on Sunday, US President Trump and his senior trade officials released contradictory information, further intensifying confusion over his tariff plans. Trump: No Tariff "Exceptions" On Sunday afternoon, Eastern Time, Trump addressed the exemption news on his social media platform TruthSocial, stating that he would still "focus" on the semiconductor and electronics supply chain in the so-called "national security tariff investigation." "For the unfair trade balances and non-monetary tariff barriers used by other countries against us, no country can 'escape' punishment, " Trump wrote on social media, " No tariff 'exceptions' were announced last Friday... they were just moved to different tariff 'categories.' The fake news media knows this but refuses to report it. In the upcoming national security tariff investigation, we will still focus on semiconductors and the entire electronics supply chain. " Kevin Hassett, Director of the National Economic Council, stated that the US government is investigating semiconductors under Section 232 of the 1962 Trade Expansion Act. He mentioned that this clause allows the president to restrict imports of products deemed critical to US national security after an investigation. "Semiconductors are key and essential components of many defense equipment," Hassett said, "There will be a semiconductor Section 232, we will carefully study these issues and decide which products must be produced domestically." US Trade Representative Jamison Greer also stated on Sunday that although part of the executive order signed by Trump regarding exemptions was titled "Clarification of Exceptions," they are "not real exceptions." Greer said: "The reality is that this supply chain has shifted from the global tariff, reciprocal tariff system to the national security tariff system. " Earlier on Sunday, US Commerce Secretary Howard Lutnick stated on television that the exemptions for electronics and parts are only temporary, and that separate tariffs on electronics "will be introduced soon." "They are exempt from reciprocal tariffs, but they are included in the semiconductor tariffs that may be introduced in a month or two," he said, "So this is not a permanent exemption. (Trump) is just clarifying that these are not things countries can negotiate. These things are about national security, and we need to manufacture them in the US." Trump Faces a Credibility Crisis The latest statements from Trump's team have clearly dashed the hopes of consumers and the market. Tariffs mean that the import prices of US electronic goods will skyrocket, and this cost is usually passed on to consumers. This latest statement has further added to the confusion over Trump's tariff policies. In the past two weeks, Trump's tariff policies have changed multiple times. Democratic lawmakers stated on Sunday that these changes are leading to uncertainty and a credibility crisis for Trump. "President Trump now faces a credibility crisis," New Jersey Democratic Senator Cory Booker said bluntly on Sunday, "We are hearing voices from around the world. People don't know if they can trust him." Massachusetts Democratic Senator Elizabeth Warren warned that trade turmoil and uncertainty will deter businesses from investing in the US: "What we are seeing now is chaos. When Donald Trump keeps switching between red and green lights on tariffs, investors will not invest in the US."

• Sigma Lithium announces the sale of an additional 100,000 tons of high-purity lithium ore fines based on the SMM lithium concentrate price, at a price higher than the previous sale. • The company confirms that mine restart activities are progressing as planned and are expected to be completed by January 2026, consistent with its announcement on January 13, 2026. • Sigma Lithium strongly refutes recent media reports that inaccurately described an administrative procedure initiated by Brazil's Ministry of Labor and Employment regarding the company's waste piles as an "operational ban," labeling such reports as "fake news," and states it has notified relevant authorities. On January 23, Sigma Lithium announced the sale of another 100,000 tons of high-purity lithium ore fines. In its statement, the company reiterated that the remobilization of contractor equipment and personnel at the mine site is progressing according to plan and is expected to be completed in January 2026. The company firmly denied recent media reports that mischaracterized an administrative procedure initiated by the Ministry of Labor and Employment as an "operational ban," calling them "fake news." Regarding speculative reporting by some media based on this procedure about the safety of the company's waste piles, Sigma Lithium clarified that such claims are completely false and emphasized that this administrative procedure does not constitute a material event. High-Purity Lithium Ore Fines Sales Details The transaction was conducted based on the Shanghai Metals Market (SMM) lithium concentrate price, equivalent to an adjusted net price of USD 140 per ton for each 1% Li₂O content (the current SMM price quotation for 1.35% Li₂O content is USD 195 per ton). Sigma Lithium pointed out that the revenue from these high-purity fines sales represents a "green dividend" for its shareholders, made possible by the company's investment in environmental "cutting-edge technology" at its Greentech Plant. This technology enables dry-stacking of tailings and allows for the recovery of lithium by selling high-purity fines. Consequently, Sigma Lithium possesses one of the most environmentally sustainable lithium processing facilities in the industry, integrating dry-stacking, 100% water recirculation, zero use of toxic chemicals in lithium processing, and 100% renewable power supply. Clarification Regarding Inaccurate Media Reports Sigma Lithium has recently been the subject of multiple inaccurate reports. The company stated that this is part of an organized, funded online defamation campaign that has repeatedly disseminated false, inaccurate, and misleading information about the company and its management. The latest reports containing false statements about the Ministry of Labor and Employment's administrative inquiry into the company's waste piles and their safety align with the tactics of this ongoing "fake news cyber-smear campaign": approximately one month after the inquiry's initiation and merely two days after the company's positive operational update on January 13, 2026, several "paid-writer" style online media outlets suddenly published a flood of defamatory articles claiming the company had been shut down by the Ministry or even the "Brazilian Government." These allegations were primarily published by certain Brazilian online media outlets that publish sponsored content and were subsequently republished by some international mainstream online media and news agencies lacking rigorous fact-checking practices. This defamation campaign led to significant volatility in Sigma Lithium's share price on January 16, with trading volume exceeding four times the Nasdaq daily average and the stock price dropping approximately 30%, potentially benefiting short-sellers. The company has reported the matter to relevant authorities, including FINRA (under the U.S. SEC). The Brazilian Ministry of Labor and Employment initiated an administrative inquiry regarding the company's waste piles in mid-December, following a routine health and safety inspection. During this inspection, the Ministry acknowledged the company's outstanding safety record—over two years without a lost-time injury. Sigma Lithium's management believes that this inquiry did not, at its initiation nor does it currently, constitute material information requiring disclosure, and it does not affect the company's operations, including the ongoing mine restart plan. The company's restart plan is expected to sustain approximately 19,000 direct and indirect jobs in the Jequitinhonha Valley region. This objective aligns closely with the purposes of the Brazilian Ministry of Labor and Employment, the Brazilian Government, and Sigma Lithium. Sigma Lithium's commercial success significantly enhances Brazil's leadership in critical minerals, positioning the country as a key player in the global supply chain for Li₂O materials produced in an environmentally and socially sustainable manner, thereby supporting the energy transition.

Overnight Stock Market The three major US stock indices closed sharply higher, with the Nasdaq up 12.16%, marking its largest single-day percentage gain since January 3, 2001, and the second-largest record gain; the S&P 500 rose 9.52%, recording its largest single-day percentage gain since October 2008; the Dow Jones increased by 7.87%. During the US stock market session, US President Trump stated that he had authorized a 90-day tariff suspension for countries that do not take retaliatory actions. Major tech stocks surged significantly, with Tesla up over 22%, Nvidia up over 18%, and Apple up over 15%. The Philadelphia Semiconductor Index rose 19%, setting a record for its single-day gain. The Nasdaq Golden Dragon China Index closed up 4.53%. The FTSE China A50 futures index rose 1.16% in the night session. The offshore yuan against the US dollar regained the 7.35 level overnight. Commodity Market International oil prices rose. The price of light crude oil futures for May delivery on the New York Mercantile Exchange increased by $2.77, closing at $62.35 per barrel, a rise of 4.65%; the price of Brent crude oil futures for June delivery on the London ICE Futures Europe exchange increased by $2.66, closing at $65.48 per barrel, a rise of 4.23%. Market News [EU Approves First Round of Tariff Countermeasures Against the US, Imposing Up to 25% Tariffs on a Range of US Products] EU member states voted on the 9th to approve the first round of tariff countermeasures against the US, imposing up to 25% tariffs on a range of US products. This round of countermeasures primarily targets US steel and aluminum tariffs. The EU's countermeasures will be implemented in phases, with the first round taking effect on April 15. It is understood that the first round of countermeasures involves goods worth approximately 21 billion euros. [Trump Says He Will Not Allow Iran to Possess Nuclear Weapons] On April 9, US President Trump, while signing an executive order at the White House, told reporters that he hopes Iran can become strong but will not allow Iran to possess nuclear weapons. According to reports, Trump stated that if necessary, the US will take military action, with Israel deeply involved and taking a leadership role, but "no one can lead the US." [Iranian President: Will Engage in Indirect Negotiations with the US with Dignity and Necessary Guarantees] Iranian President Pezeshkian, while attending the National Nuclear Technology Day event, stated that Iran will engage in indirect negotiations with the US with dignity and necessary guarantees. [Panama Says It Will Not Accept US Military or Defense Bases in Panama] Panama's Ministry of Security and the US Department of Defense signed a memorandum of understanding on April 9. During a joint press conference, Panama's Minister of Public Security, Avrego, emphasized that Panama's President Mulino has stated that Panama will not accept the establishment of military and defense bases in Panama, but Panama is willing to continue cooperation with the US in other security areas. [Fed Meeting Minutes: Inflation Slightly High, Uncertainty in Economic Outlook Increases] The Fed meeting minutes show that inflation remains slightly high. Participants noted that uncertainty surrounding the economic outlook has increased, and when considering the extent and timing of further adjustments to the federal funds rate target range, the Committee will carefully assess subsequent data, evolving prospects, and the balance of risks. The Committee is committed to supporting full employment and returning inflation to the 2% target. In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the impact of future information on the economic outlook. If risks emerge that could hinder the Committee's goals, they will be prepared to adjust the monetary policy stance as appropriate. The Committee's assessment will consider multiple factors, including labor market conditions, inflation pressures and expectations, and financial and international developments. [Houthi Forces Claim to Use Drones to Strike US Aircraft Carrier and Other US-Israeli Military Targets] Houthi spokesman Yahya Saree stated that the Houthi forces used drones to attack a military target in the Tel Aviv area of Israel. The Houthi forces also used multiple drones to attack several US warships, including the aircraft carrier USS Harry S. Truman. [UK Announces: Carrier Strike Group to Depart for NATO Exercises] The UK Navy's flagship, the HMS Prince of Wales, will set sail from Portsmouth on April 22, 2025, leading a carrier strike group consisting of warships, supply ships, submarines, and aircraft to the Mediterranean and Indo-Pacific regions. The strike group will first assemble off the coast of Cornwall, UK, before heading to the Mediterranean to participate in NATO exercises. In the initial phase of the exercises, the strike group will be under NATO command. [German Union Party and SPD Announce Coalition Agreement] The German Union Party, composed of the Christian Democratic Union and the Christian Social Union, and the Social Democratic Party (SPD) announced a coalition agreement at a press conference on the 9th. According to the agreement, the coalition aims to reduce the burden on German citizens and businesses through tax cuts; the coalition unanimously agreed to tighten refugee policies; the coalition agreed to establish a National Security Council in the Federal Chancellery to coordinate comprehensive security policy issues and conduct joint assessments of the situation. Additionally, the agreement stipulates the distribution of ministries among the coalition parties: the Christian Democratic Union will control six ministries, including the Foreign Ministry and the Ministry of Economic Affairs and Energy, as well as the Chancellery; the SPD will control seven ministries, including the Ministry of Finance and the Ministry of Defense; the Christian Social Union will control three ministries, including the Ministry of the Interior. [Macron: France May Recognize Palestine in June] French President Macron stated on the 9th that France may recognize Palestine in June. Macron, in an interview broadcast on France 5 on the 9th, stated that France and Saudi Arabia plan to jointly host a conference on the Palestinian issue in New York, US, in June, and France may recognize Palestine at that time. He believes that recognizing Palestine at an appropriate time "is justified." Macron emphasized the importance of a political solution to the Israeli-Palestinian conflict, while calling on some countries that support Palestine to also recognize Israel. [Foxconn Plans to Launch Multiple EV Models in Japan] Foxconn Precision Industry Company stated that it will launch multiple car models in Japan by 2027 at the latest. Foxconn will collaborate with Japanese automakers to begin selling models developed based on Foxconn's compact car "Model B" in the Oceania region around 2026.

Caixin previously warned that a rapid decline in the US dollar would not be a good thing for the world. Now, the traditional European "safe haven," Switzerland, is perhaps the first to feel this deeply. The Swiss franc surged to its highest level in a decade against the US dollar last week, as investors sought refuge from the turmoil of the trade war initiated by Trump. This has sparked market speculation that the Swiss National Bank (SNB) will be forced to cut interest rates back to zero or even negative to curb the appreciation of the franc. Notably, after the Bank of Japan raised interest rates last year, the benchmark rates of all major economies are now above zero. If Switzerland returns to zero or negative rates, it would undoubtedly mean that Trump's trade war and the subsequent wave of dollar depreciation will completely shatter the global interest rate "floor." Market data shows that the USD/CHF exchange rate approached the 0.8 level last week for the first time since the 2015 Swiss franc shock. This has put Swiss policymakers in a dilemma: they need to suppress the currency to support the country's export-driven economy while avoiding drawing attention from the US, which has threatened Switzerland with high tariffs. Note: USD/CHF performance over the past two months Kit Juckes, head of FX strategy at Société Générale, pointed out that this situation has put the SNB in a "shockingly difficult position." He added that the Swiss government does not want to face significant deflationary pressures again, leaving them feeling particularly frustrated. As traders bet on the SNB cutting rates, Swiss short-term government bond yields have recently fallen back into negative territory for the first time in over two and a half years. The two-year Swiss government bond yield, which reflects interest rate expectations, closed slightly below zero last Friday... Many analysts warn that the rapid appreciation of the franc could lead to deflationary pressures in Switzerland, and the impact of Trump's trade war on economic growth will exacerbate this risk. Before the White House announced a 90-day suspension of reciprocal tariffs earlier this month, the reciprocal tariff rate on Swiss goods had reached as high as 31%, exceeding the level imposed on the EU. Over 10% of Swiss exports rely on US consumers. Intervention Difficult, Only Rate Cuts Left? In fact, Switzerland, with its rich experience in curbing currency appreciation, is no stranger to sharp exchange rate fluctuations. The current trouble is that if Swiss authorities directly intervene in the foreign exchange market, it could draw the attention of the Trump administration. Some analysts suggest that Swiss authorities are concerned that large-scale intervention to suppress the franc's rise could once again lead to the US labeling Switzerland as a "currency manipulator." Switzerland was included in the US "currency manipulator" list towards the end of Trump's first term (partly due to its foreign exchange interventions to buffer the pandemic impact) and was only removed during the Biden administration. Gregor Kapferer, head of bonds at Swiss private bank Vontobel, stated that the SNB "will certainly be concerned" and believes that increasing intervention would be a "last resort." He noted that while Switzerland was accused of currency manipulation during the previous Trump administration, it faced no substantial sanctions. However, with Trump potentially taking concrete actions now, the SNB will undoubtedly be more cautious. Francesco Pesole, FX strategist at ING, believes that "if the SNB is unhappy with the strong franc and constrained by foreign exchange intervention limits, then rate cuts may be the only option." From the perspective of the foreign exchange market, the recent rise in the franc against the euro has made this export-dependent country's relationship with its largest trading partner even more challenging. In Q1 this year, the SNB was the first among major global central banks to cut its benchmark rate to 0.25%, and many market participants believe further rate cuts are a safer policy option to curb the franc's appreciation. The SNB previously maintained negative rates for eight years to suppress excessive franc appreciation, only returning to positive territory in 2022 to address post-pandemic inflation spikes. Swap market data shows that while expectations for the SNB cutting rates into negative territory by year-end remain low, current market pricing reflects an approximately 80% probability of a rate cut to zero at the June meeting. Switzerland's current annual inflation rate of 0.3% is already near the lower limit of the central bank's 0-2% target range. Stefan Gerlach, chief economist at Swiss private bank EFG, stated that negative rates are "very likely to happen," and currency intervention may ultimately be necessary. However, Gerlach downplayed the likelihood of Switzerland being labeled a currency manipulator again. He believes that "rational decision-makers" in the US Treasury should agree that such interventions do not constitute a problem, as "deliberately devaluing a currency for competitive advantage would be controversial, but moderate regulation of a surging currency would not."

According to the website of the State Taxation Administration, recently, the Shenzhen Taxation Bureau Inspection Bureau of the State Taxation Administration, based on tax big data and relevant tax-related clues, investigated and handled, in accordance with the law, a case of tax evasion by Shenzhen Kingsda Applied Materials Co., Ltd. through illegally enjoying preferential tax treatment for additional R&D expense deductions. Upon investigation, the company engaged in false tax declarations by falsely listing expenses for gold materials in R&D expenses, illegally enjoying preferential tax treatment for additional R&D expense deductions, and underpaying corporate income tax by 16.2116 million yuan. Additionally, the company was found to have other instances of underpayment of taxes. In response to its illegal activities, the inspection department made a decision to recover the underpaid taxes, impose late fees, and impose fines totaling 36.1815 million yuan in accordance with the law. The "whereabouts unknown" of over 80 million yuan worth of gold invested in R&D In the early stage, through tax big data analysis, the Shenzhen Taxation Bureau Inspection Bureau discovered that Shenzhen Kingsda Applied Materials Co., Ltd. had made significant R&D investments, far exceeding the normal levels within the same industry. In response to this suspicious clue, inspectors compared the company's declared data, financial records, and inventory data, and found that the company had listed over 80 million yuan worth of gold investments in the "R&D expenses - direct materials" account during the inspection period, with neither corresponding finished product output nor records of scrap recovery. In response to the above suspicions, inspectors initially interviewed Zhang, the then-legal representative of the company, who claimed that the over 80 million yuan worth of gold had been lost due to purification processes. According to common knowledge, gold is an element with extremely high chemical stability in nature, easily purified, and possesses monetary attributes, with high value and strong liquidity. The over 80 million yuan worth of gold involved in this case is not a small amount. It is indeed difficult to comprehend that such a significant loss would occur due to purification processes. What is even more suspicious is that, given such a large loss, the company still listed gold expenses for each R&D project. Do all these R&D projects truly require gold investments? Inspectors could not help but raise questions. The claim of "gold loss due to purification" collapses on its own Based on the accounting books and invoices provided by the enterprise, inspectors discovered that two gold purification institutions had provided gold purification services to the company in three separate years. To verify the company's gold R&D purification loss situation, inspectors issued and delivered "Tax Assistance Inspection Notices" to these two institutions in accordance with the law. According to the feedback from the two purification institutions, the first institution had received over 1.3 million grams of gold materials from the company for purification processing, with basically no loss after processing and purification, returning gold of approximately the same weight to the company, and charging a purification fee (including loss) of 517,313 yuan; the other institution had received over 300,000 grams of gold materials from the company, and after processing and purification, returned gold of approximately the same weight to the company, charging a purification fee (including loss) of 171,760 yuan. The purification feedback from these two institutions largely confirmed the inspectors' judgment that the loss of gold during purification was low, which was clearly inconsistent with the substantial loss claimed by the enterprise. Given that the company's financial statements indicated such significant losses of gold, there should have been "traces" of this process. Did the enterprise have any relevant supporting materials? However, the inspectors did not find any records related to the company's R&D finished products or R&D scrap in the relevant materials, account books, and vouchers provided by the company for its R&D projects. Meanwhile, the enterprise was also unable to provide relevant evidence. The substantial loss of gold during purification claimed by the company was simply untenable. The chain of evidence unveiled the "veil" of tax evasion. If the reason for the gold loss was "untenable," was the substantial amount of gold truly invested? After analyzing over 30 R&D projects of the company one by one, the inspectors discovered that there were suspicions of gold usage in multiple projects of the company, with some projects having no process of using gold during R&D. Meanwhile, based on the project appraisal results issued by third-party appraisal institutions, the Inspection Bureau ultimately confirmed that the company had falsely listed expenses for gold materials and illegally enjoyed tax incentives for additional R&D expense deductions in 17 R&D projects, resulting in a total underpayment of corporate income tax of 16,211,600 yuan. In addition, during the inspection process, it was also found that the company had other acts of underpayment of taxes. The inspectors once again interviewed the company's legal representative, Zhang XX, and conducted legal education for him, informing him of the corresponding legal responsibilities that might arise. In the face of various evidence presented by the inspectors, Zhang XX still refused to admit the relevant illegal facts and was unable to provide reasonable explanations. However, in the face of conclusive evidence, the company's illegal acts could not be concealed and would ultimately be subject to legal punishment. According to the first paragraph of Article 63 of the Law of the People's Republic of China on the Administration of Tax Collection: Where a taxpayer forges, alters, conceals, or unlawfully destroys account books or accounting vouchers, or overstates expenses or fails to record or understates income in the account books, or refuses to file tax returns or makes false tax returns after being notified by the tax authorities to do so, and fails to pay or underpays the tax payable, it constitutes tax evasion. For taxpayers who evade taxes, the tax authorities shall recover the unpaid or underpaid tax, surcharge for overdue payment, and impose a fine of not less than 50% but not more than five times the amount of the unpaid or underpaid tax; if the act constitutes a crime, criminal responsibility shall be investigated according to law. The Inspection Bureau of Shenzhen Municipal Tax Service, State Taxation Administration, classified the relevant illegal acts of Shenzhen Kingstar Advanced Materials Co., Ltd. as tax evasion and made a decision to recover the unpaid tax, impose a surcharge for overdue payment, and impose a fine in accordance with the law.

Lithium, the lightest of all metals, has come to preeminence with remarkable speed as the driver of the present energy revolution. From powering our cell phones to energizing the growing wave of electric vehicles (EVs) and underpinning large-scale energy storage systems, its demand is increasingly inelastic and boundless. There lies behind this facilely simplistic tale of expanding demand, however, a complex and evolving universe of lithium exploration.