Spot silver's strong rally has pushed it close to $40 per ounce, a level that could soon be breached. Markets are preparing for an intensive 14-trading-day period ahead, featuring important U.S. data releases and a Federal Open Market Committee meeting. Gold's strength remains the primary driving force, benefiting from increasingly firm market conviction that the Federal Reserve is about to restart rate cuts, combined with risks to Fed independence. President Trump's attempt to remove Fed board member Lise Cook - a move facing legal challenges - has prompted major Wall Street bank JPMorgan to state that continued threats to Fed independence, along with deteriorating U.S. non-farm employment data, would be the strongest bullish catalysts for gold prices. In an optimistic scenario, JPMorgan expects gold prices to advance toward a year-end target of $3,675 per ounce, with projections of reaching $4,000 per ounce as early as next year. Silver is also supported by industrial demand due to its applications in solar panels. Investors have taken notice of this situation and are flooding into silver-backed exchange-traded funds. In August, these funds expanded for the seventh consecutive month, marking the longest period of sustained inflows since 2020. Saxo Bank concludes that gold remains a key hedge against short-term global policy volatility and slowly brewing market doubts about Fed credibility; silver inherits this attribute while benefiting from additional support provided by tight silver supply-demand fundamentals - primarily driven by growing solar battery demand. Gold-related industry chain Hong Kong stocks: Zijin Mining (02899), Shandong Gold (01787), ZHAOJIN MINING (01818), Chifeng Jilong Gold Mining (06693), LINGBAO GOLD (03330), China Gold International Resources (02099), Wanguo International Mining Group (03939), Lao Pu Gold (06181), Tongguan Gold Group (00340), Jihai Resources (02489), and others. Silver industry chain related Hong Kong stocks: China Silver Group (00815): China Silver Group (00815) released interim results for the six months ended June 30, 2025, achieving revenue of RMB 2.33 billion, up 0.5% year-on-year; profit attributable to company owners was RMB 54.911 million, up 167.13% year-on-year; earnings per share were RMB 0.02.