The Guotai Junan Research Report pointed out that the minutes of the Federal Reserve's April FOMC policy meeting and even discussions on interest rate hikes show that the Federal Reserve is concerned about slow progress in fighting inflation and lacks confidence in initiating interest rate cuts. Meanwhile, the US S&P global manufacturing PMI in May was 50.9, breaking through the boom and dry line, and the service sector PMI hit a 12-month high of 54.8. Interest rate cuts are expected to be adjusted. According to CME, as of May 25, the market believes that interest rate cuts are likely to be delayed until November. However, the resilience of the US economy has loosened somewhat as residents' excess savings have been exhausted, and the consumer job market has weakened. It will take time for the Federal Reserve to maintain a high interest rate policy until it reaches the 2% inflation target, making it more difficult for the economy to land softly, and even intensifying the exposure of the crisis. In this context, gold and silver will perform well. Furthermore, recent geopolitical events have been frequent, global economic uncertainty has increased, and risk aversion will help the price of precious metals rise.