金价崩了，后续如何操作？先确定买黄金是为投机还是投资

Core Viewpoint - Recent volatility in international gold prices has raised significant market concerns, with prices dropping sharply, indicating potential further declines [1][3] Price Movement - On May 14, the London spot gold price fell by 2.1% to $3186 per ounce, continuing to decline on May 15, with expectations of breaking below the $3100 mark [1] - From May 7 to May 14, the cumulative decline in international gold prices reached 6.72%, prompting deep reflections within the precious metals market [3] Market Dynamics - Historical data shows that gold typically maintains an annual volatility of around 15%, contrasting sharply with the stock market's daily fluctuations of around 10% [4] - The recent adjustment in gold prices is linked to structural changes in the market environment, including a stabilization of geopolitical conflicts and a shift in macroeconomic policies [9] Geopolitical and Economic Factors - Gold prices are significantly correlated with geopolitical risks and economic uncertainties, with recent global events such as trade tensions and military conflicts driving up demand for gold as a safe-haven asset [6][7] - The recent easing of tensions in conflicts like the Russia-Ukraine situation and the India-Pakistan border has reduced the demand for gold, as the attractiveness of dollar assets has increased [9] Investment Strategy - Investors are advised to adopt a long-term asset allocation strategy for gold, distinguishing its role from risk assets like stocks, focusing on its inflation-hedging and crisis-mitigation properties [11] - The speculative nature of recent investments in gold, driven by short-term price movements, poses risks, as true value in gold investment is realized over a longer horizon of three to ten years [11] Long-term Outlook - Despite short-term pressures on gold prices, fundamental factors supporting a long-term bullish outlook remain intact, including ongoing geopolitical fragmentation and uncertainties in U.S. trade policies [13][15] - The potential for a shift in the monetary policy cycle, with the nearing end of the Federal Reserve's rate hike period, could provide significant support for gold prices in the future [13]