Morgan Stanley: Investment demand for silver is likely to remain dominant, and with low inventories, there is a possibility of a physical short squeeze.

Domestic News: 1. Qiushi Journal published an important article by General Secretary Xi Jinping entitled "Expanding Domestic Demand is a Strategic Move." 2. my country's first batch of L3-level autonomous driving vehicle products received market access permits. 3. my country's annual total electricity consumption is expected to exceed 10 trillion kilowatt-hours for the first time in 2025. 4. The Ministry of Commerce and five other departments issued the "Action Plan for Promoting High-Quality Development of Service Outsourcing." 5. The State Administration of Foreign Exchange: Maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. 6. The China Securities Regulatory Commission: Launched the deepening of reforms to the ChiNext board and accelerated the implementation of the "1+6" reform measures for the Science and Technology Innovation Board. 7. National Bureau of Statistics: In November, total retail sales of consumer goods increased by 1.3% year-on-year; the added value of industrial enterprises above designated size increased by 4.8% year-on-year; the national urban surveyed unemployment rate was 5.1%; and the sales price of newly built commercial housing in first-tier cities decreased by 0.4% month-on-month. International News: 1. Nasdaq will formally apply for 5x23-hour trading. 2. According to Forbes: Musk's net worth has now reached $670 billion. 3. Indian trade department: Gold imports fell by about 60% in November. 4. US media: The White House privately criticized Netanyahu for violating the ceasefire agreement. 5. Indonesian Finance Minister: Plans to impose tariffs on coal exports starting January 1, 2026. 6. Japanese media: The Bank of Japan is expected to raise interest rates to 0.75%, the highest level in 30 years. 7. Trump: Will sign an executive order listing fentanyl as a "weapon of mass destruction." 8. Argentina plans to widen the exchange rate fluctuation band in line with monthly CPI increases starting in 2026. 9. It is reported that the US delegation in Berlin insists that Ukraine hand over the Donbas region, in exchange for security guarantees similar to NATO Article 5. Zelensky said the negotiations were productive, but the US and Ukraine have different positions on territory. Trump said that now more than ever, they are close to reaching a "peace agreement." 10. Federal Reserve – ① The race for the presidency intensifies; Hassett faces opposition from Trump's inner circle due to concerns about being too close to him. ② Williams: Slowing employment and easing inflation risks support a December rate cut, but the next meeting is uncertain. ③ Collins: Changes in the inflation outlook prompt him to support a December rate cut.

New York gold futures broke through $4,350 per ounce, up 0.34% on the day.