According to the CICC research report, for the gold market, we believe that the delay in the Fed's interest rate cut timing may mean that the trade in interest rate cut expectations has not ended yet. Between expectations, gold may continue to benefit from the speculative market's early pricing of interest rate expectations, plus geopolitical events and factors such as the US election may push market uncertainties. We expect gold prices to remain strong before the interest rate cut, considering that the gold market's speculative positions are already high. The maximum retracement space of COMEX gold price may be around $200/ounce in the short term. As for the second half of the year, we believe that the futures trading of interest rate expectations may continue to suppress the gold-silver ratio, but the sustainability of the manufacturing industry and the negative feedback of high silver prices on industrial demand may cause disturbances in market expectations. We expect the central COMEX silver price in the second half of the year to be higher than $25/ounce.