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US President Trump praised FIFA President Vantino as a smart man.
2026-07-06
US President Trump praised FIFA President Vantino as a smart man.
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2026-07-06
Henry Hu, a senior commodities analyst, stated that in the past few years, gold jewelry stocks have largely moved in tandem with gold prices, leading many investors to consider them as an adjunct to gold mining stocks. However, this logic has begun t
Henry Hu, a senior commodities analyst, stated that in the past few years, gold jewelry stocks have largely moved in tandem with gold prices, leading many investors to consider them as an adjunct to gold mining stocks. However, this logic has begun to shift. Since 2025, investment gold bars have accounted for over half of the market, becoming the dominant force. While personal enjoyment and wedding-related demand are relatively inelastic, they are highly budget-dependent, leading consumers to adopt a wait-and-see approach when gold prices fluctuate at high levels. Even with the decline in gold prices in the first half of this year, sales did not show a significant rebound. Fixed-price products are significantly affected by the lag in price adjustments, resulting in vastly different responses from different companies. Weighted gold products have been relatively resilient, with Chao Hongji showing a sequential increase in growth in the second quarter, indicating a continued sales trend. More importantly, stock prices have clearly deviated from fundamentals. The actual impact of falling gold prices on different companies varies in direction and magnitude, yet the sector's stock prices have collectively plummeted. Currently, many companies' price-to-book ratios (PB ratios) are ridiculously low (e.g., Chow Sang Sang's is only around 0.4), and unless gold prices halve again, these valuations are already very cheap.
2026-07-06
Spot silver touched $62 per ounce, down 0.61% on the day.
Spot silver touched $62 per ounce, down 0.61% on the day.
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