Recently, there has been a downward trend in US economic data such as employment and inflation, and if the pace of inflation decline accelerates, then the Fed may accelerate the process of cutting interest rates. While there is still some way to go between market expectations and actual rate cuts, the occurrence of related events may prompt the Fed to adjust its policy.
Gold and copper** research and judgmentFrom a macro perspective, Fed Chair Jerome Powell noted that the Fed's policy rate has entered"Restrictive intervals"This news made the international gold price close to the record high again. Traders interpreted Powell's comments as dovish and believed that expectations of a rate cut in 2024 had not been suppressed. As a result, U.S. Treasury yields and the U.S. dollar exchange rate fell further, providing impetus for international gold and silver. Months of low inflation data have sparked speculation that the Fed could cut interest rates in May 2024 or even earlier. At the beginning of December 2023, data released by Shenyin Wanguo** showed that although the Fed's speech failed to curb the market's easing expectations, the market once bet on an interest rate cut as soon as March 2024, which also pushed the international gold price to a new high. However, with overly optimistic pricing in easing, the market then corrected and pulled back. Against the backdrop of weaker U.S. economic data and declining U.S. dollar and U.S. Treasury yields, market expectations that the Federal Reserve has completed raising interest rates and may cut interest rates ahead of schedule are gradually rising, which further promotes the continued strength of international gold and silver**. As the interest rate hike cycle gradually draws to a close, the U.S. economic data begins to weaken, and global geopolitical conflicts are frequent. International gold prices are expected to break historical records in 2024, which is mainly supported by the weakening of the dollar index, expectations of interest rate cuts by the Federal Reserve, and geopolitical factors. Commodity strategist at ING Group**, the international gold price will remain above $2,000 an ounce. Despite the decline in concentrate processing fees and the continued rapid growth of domestic copper production, downstream demand is generally stable and improving. In addition, the rapid growth of photovoltaic installations has led to an increase in power investment, and the strong sales of air conditioners have also contributed to the growth of copper production. At the same time, the increase in the penetration rate of new energy is expected to consolidate the demand for copper in the transportation equipment industry. However, the market's expectation that the Fed may delay the timing of interest rate cuts in 2024, coupled with the rapid rise in inventories, may make copper prices weak in the short term and generally range-bound. Despite this, Goldman Sachs still said in its 2024 metals outlook that international copper prices are expected to exceed $10,000 a tonne. 
Historical new ** character causesAt the beginning of December 2023, the international and domestic** gains were impressive, reaching 12% and 16% respectively, which outpaced the yields of almost all major domestic asset classes. In the long river of history, ** stands proudly with its eternal wealth value. From shells, silk silk to **, monetary materials have gone through the baptism of the times, but only ** has withstood the test and become the "monetary wealth" recognized all over the world. Whether it is China's pre-Qin **, or the ancient Greece and Rome**, it still retains its precious value. The development of new technology has injected new vitality into the market. Traditional ** products have limited appeal to young women due to their simple production process. However, in recent years, with the progress of processing technology, 3D and 5D G**, ancient methods**, hard pure gold, enamel gold, **inlay, gilt ** and other new varieties have sprung up, these products are not only fashionable, but also have a heavy cultural heritage, leading the national style and national tide, and have been warmly sought after by the public. The commercialization of lab-grown diamonds has also had a positive impact on consumption. With the advancement of technology, the cost of lab-grown diamonds has dropped dramatically, which has led some consumers to turn to new technology** products, which are both environmentally friendly and fashionable. The over-issuance of global currencies and the expansion of debt scale have further highlighted the value preservation and appreciation attributes of **. In a severe inflationary environment, the purchasing power of money is constantly decreasing. In contrast, the purchasing power of ** has shown itself to be quite stable and even upward. Over the past 30 years, the rise in the US dollar-denominated gold price has largely kept pace with the rate of over-issuance of currencies in advanced economies, suggesting that the dollar has successfully resisted depreciation pressures. Central banks around the world are also actively increasing their reserves. Since the 2008 international financial tsunami, central banks around the world have been increasing their reserves. As of the third quarter of 2023, global central banks have increased their holdings of reserves** at an all-time high. Despite this, the proportion of China's foreign exchange reserves is still low, and there is still a lot of room for improvement. Other central banks that have added more weight include those in Singapore, Poland, India and the Middle East.