反转再反转！资金大变脸？

Group 1 - The core point of the news is the volatility of gold prices, with significant fluctuations observed during the Asian trading session, driven by various market factors [1][3][4] - Gold prices saw a sharp increase, reaching a high of $3414.706 per ounce before experiencing a decline to a low of $3319.835 per ounce, indicating a drop of over $90 from the peak [1][3] - Goldman Sachs reported that the recent surge in gold prices was primarily due to active buying by Asian officials, with most price movements occurring during Asian trading hours [7][8] Group 2 - The data from the ETF market shows a net outflow of over 7 billion, while the SGE Gold 9999 ETF recorded a net inflow of 936 million, highlighting a shift in investment preferences [9][11] - The report indicates that Bitcoin ETFs have seen significant inflows, surpassing those of gold ETFs, with the BlackRock Bitcoin ETF receiving $6.96 billion this year, compared to $6.5 billion for the largest gold ETF [13] - The People's Bank of China has increased its gold reserves for six consecutive months, with a total of 73.77 million ounces as of the end of April, reflecting a slower growth rate compared to previous months [14] Group 3 - The public fund industry in China has introduced a significant reform document aimed at transitioning from a focus on scale to one on quality, with 25 reform measures outlined [19][20] - Key measures include establishing a performance-based fee structure for funds, enhancing long-term performance assessments, and promoting the growth of equity investment within public funds [19][20] - This reform is expected to have a profound impact on the industry landscape and wealth management for residents, emphasizing the importance of returns over mere asset accumulation [20]