On February 6, the precious metals sector showed signs of a partial recovery. As of writing, Hunan Gold (002155.SZ) briefly hit the daily limit-up during the session, while Guangdong Chj Industry Co.,Ltd. (002345.SZ) surged by the daily limit. Other gainers included Cuihua Jewelry (002731.SZ), Xiaocheng Technology (300139.SZ), China Gold (600916.SH), Sichuan Gold (001337.SZ), and Huayu Mining (601020.SH).
The same day, spot gold and silver staged a deep V-shaped rebound. By the time of reporting, spot gold had climbed back above $4,800 per ounce, with intraday gains expanding to 1%, after earlier falling more than 2% and breaking below $4,700. Spot silver rose above $70 per ounce, gaining over 2% during the day, following an earlier decline of more than 8% that saw it drop below the $67 mark.
According to a CCTV news report, on February 6, Iranian Army spokesman Mohammad Aghlamnia warned that U.S. military bases in the Middle East are highly vulnerable to attacks. Aghlamnia stated that Iran is fully prepared for any scenario. "We can easily access U.S. military bases, which increases their vulnerability," he said, adding that U.S. leadership must choose between compromise and war, and that Iran’s military readiness covers both possibilities. In response to potential U.S. actions, he cautioned that any conflict would spread across the region, including U.S. bases located there. Regarding the integration of 1,000 strategic drones into Iran’s four military branches, Aghlamnia noted that the move reflects the full preparedness of Iran’s armed forces to defend the country. He also mentioned that other defense systems have been upgraded and are fully operational.
Industry analysts pointed out that in the short term, market participants should remain cautious about liquidity risks. Over the medium to long term, focus should be placed on the second quarter, particularly around May. If the Federal Reserve accelerates the pace of interest rate cuts, precious metal prices are expected to stabilize and rebound, indicating that the "bull market" has not yet ended. Compared to the nearly tenfold increase in gold prices amid a weakening U.S. dollar between 2000 and 2011, current precious metal prices still have significant upside potential under the logic of de-dollarization. Silver, with its stronger commodity attributes, is more influenced by sudden supply and demand news, resulting in much higher volatility than gold. From a medium- to long-term perspective, silver also benefits from strategic stockpiling, growing industrial demand, and the Fed’s monetary easing cycle, and is likely to stabilize and rise after the second quarter.
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