These past few days, the precious metals market has been highly volatile. Silver quickly rebounded after experiencing its largest single-day drop in nearly five years, with silver futures rising nearly 7%. Gold, platinum, and copper also followed the upward trend. On Monday, the exchange raised margin requirements for metal contracts to control risk, which instead triggered a significant price correction—an old trick everyone is familiar with.

On the macro front, the Federal Reserve's December meeting minutes are set to be released this afternoon, which is the market's focus. The Fed has cut interest rates three times in a row, and the subsequent pace has become a key point of speculation. On the other hand, Trump once again made headlines Monday night, claiming he has locked in Jerome Powell's successor and even hinted at the possibility of an early replacement, as Powell's term ends in May next year. These policy changes will undoubtedly influence market expectations.

U.S. stocks opened mixed on Tuesday, with major indices slightly down but still hovering near all-time highs. Interestingly, today is the last trading day of 2025, and several international markets, including Japan, are gradually closing. The Nikkei 225 index gained 26% for the year, marking the largest annual return since 2023. Additionally, the onshore RMB against the US dollar broke through the 7 yuan mark for the first time since May 2023, reflecting new market expectations for the RMB. The entire market is digesting these new signals.