Zheng Quan Shi Bao·2025-04-27 22:00Core Viewpoint - The gold market is experiencing significant volatility due to the "de-dollarization" trend and geopolitical tensions, with prices recently reaching a historical high of $3,500 per ounce before dropping to around $3,330, marking a nearly 7% decline in just three trading days [1] Group 1: Fund Manager Actions - Notable divergence in fund managers' strategies regarding gold stocks, with some, like Dong Chen from Huatai-PB, significantly reducing their positions in gold stocks after years of heavy investment [2] - Dong Chen's fund, which had a strong focus on gold stocks, has shifted to other sectors, indicating a strategic pivot based on company quality and market conditions [2] - Conversely, other fund managers, such as Yuan Weide from China Europe Fund, have increased their investments in gold stocks, highlighting a split in market sentiment [3] Group 2: Market Consensus and Trends - There is a growing consensus that gold price volatility may increase due to profit-taking by investors and the potential for a short-term decline in risk premiums [4] - Significant inflows into gold ETFs have been observed, with nearly 70 billion yuan in net inflows this year, indicating strong investor interest despite recent price fluctuations [4] - The Huazhong Gold ETF reached a record trading volume of over 10 billion yuan on April 22, coinciding with the peak gold price [4] Group 3: Future Outlook and Factors Influencing Gold Prices - Fund managers anticipate increased volatility in gold prices due to factors such as the Federal Reserve's monetary policy, global economic uncertainties, and geopolitical tensions [6] - Long-term gold pricing is expected to be influenced more by monetary factors, particularly the weakening of the US dollar and trends in currency issuance [7][8] - The interplay between US debt expansion and fiscal pressures is seen as a critical factor affecting gold's long-term value, with gold being viewed as a hedge against currency devaluation [8]