CITIC Securities: Threat of tariffs boosts gold prices, warm commodity atmosphere promotes repair of gold-silver ratio.

CICC pointed out that Trump extended the suspension of equal tariffs, which was due to expire on July 9, and notified Japan, South Korea, and other countries through tariff letters that tariffs ranging from 20% to 40% will be imposed from August 1. The tariff rates are not significantly different from the equal tariffs imposed on April 2. The new round of tariff threats has triggered a rise in risk aversion and pushed up the price of gold. At the same time, expectations of "anti-internal grinding" and increased economic stimulus have significantly improved the investment atmosphere in the commodity market, which is helpful for further repair of the gold-silver ratio. Trump threatened to impose a 50% tariff on copper imports starting from August 1. Once implemented, the structure of the copper market will transition from one dominated by export speculation to one driven by global supply and demand imbalances, keeping copper prices high.