The starting point of precious metals trading is not only to judge the rise and fall, but also to understand the price formation mechanism and the structure of market participants. Starting from the multi-faceted game between central banks, institutions, traders and retail traders, this article explains the price logic of "buying in anticipation of selling" and the multi-level pricing system of spot futures ETFs to help traders establish a complete market cognitive framework and improve their ability to interpret information and respond to fluctuations.