New high inflation shows signs of peaking, gold and silver rebound continues [institutional review]

Gold and silver futures rebounded on Thursday. As of 14:30, AU2206, the main contract for Shanghai Gold, reported a rise of 0.17% for 404.24 yuan per gram, while AG2206, the main contract for Shanghai Bank, temporarily reported 5252 yuan / kg, up 0.90%.

Fed officials have maintained their austerity stance in recent speeches. In the United States, CPI rose 8.5% in March compared with the same period last year, and core CPI rose 6.5% year-on-year, but there are signs of peaking. The core value is particularly significant, and its impact is mainly in two aspects: monetary policy, as long as inflation remains high and economic growth remains strong, it will be difficult for the Federal Reserve to change its position of tightening at this stage. However, after the minutes of the March meeting were released, precious metals have basically digested the contraction table and raised interest rates in May. 50bp Expect to change again when next month's meeting approaches. In terms of inflation expectations, as inflation is close to peaking year-on-year and inflation expectations rise above 3%, gold and silver are expected to be higher than in the future, and more gold may be better than silver at this stage. At present, inflation is still high, economic growth is expected to slow in the future, and concerns about the decline of dollar currency credit provide upward support for the monetary properties of precious metals, which are still expected to be tortuous after short-term adjustment. Operational advice: more than single to continue to hold, gold and silver than bargain test.