According to Huatai Securities' research report, Federal Reserve Chairman Powell's dovish comments at the Fed's annual meeting have sent a clear signal that an interest rate cut is likely in September, prompting market expectations to align with this scenario. Huatai Securities emphasizes that this anticipated interest rate cut by the Fed is expected to drive down real interest rates in the United States, potentially attracting inflows of funds, including ETFs, which would be beneficial for gold. In the medium to long term, unless the US economy recovers to a state of high growth with low inflation expectations and can effectively reduce the deficit rate, central banks and other buyers may continue their current gold purchase strategy, sustaining the upward trend of gold prices. Currently, typical gold companies exhibit relatively superior valuation and chip structure, and are poised to benefit significantly from rising gold prices and increased production in the future. Therefore, it is recommended to focus on relevant investment opportunities in this sector. Furthermore, the convergence of the gold-silver ratio typically occurs during the economic recovery phase following a period of monetary easing, when the industrial attributes of silver come into play. Should subsequent interest rate cuts be implemented and the economy stabilize, the gold-silver ratio is anticipated to converge, underscoring the importance of exploring investment opportunities in silver.