Gold price movement is closely related to the interest rate, especially the short-term interest rate. After the Fed began to slow down the balance sheet reduction and started an interest rate cut cycle, the short-term gold pricing gradually tilted towards inflation as the short-term real interest rate was expected to decline, which pushed up the gold price. We expect the gold price to reach $2700 per ounce in 2025. In 2023, the growth rate of gold production cost will slow down. It is expected that in 2024, with the rise of gold price and stable cost control, the performance of gold stocks will be better. However, the current market value of gold stocks does not reflect a significant expectation of gold price increase, so there is a large "catch-up" space. We expect gold stocks to enter a major upward trend, and we recommend focusing on targets with low market value and high tonnage resources.

币界网报道：From September 2023 to April 2024, the prices of Ethereum and Bitcoin continued to rise for 7 months. The GDP data of the United States shows that economic growth has slowed down, leading to a weakened investor confidence in the Federal Reserve's interest rate reduction. This week, the fear and greed index has risen, indicating that market sentiment is more inclined towards greed rather than fear. In terms of technical analysis, all major cryptocurrencies are below the 50-day moving average, and the RSI indicator is also showing a downward trend. The increase in the reserve quantity of Ethereum may reflect an enhanced confidence in the market outlook. The Securities and Exchange Commission (SEC) of the United States has decided to delay the decision on several ETF applications, indicating that the agency is not in a hurry to replicate the experience in Hong Kong.