Group 1 - The price of gold has faced a significant resistance at $3,400, with multiple attempts to break through failing, leading to a bearish sentiment in the market [1][4][9] - Gold ETF holdings have declined for 12 consecutive weeks, with a notable outflow of 10.2 tons in a single day, indicating institutional withdrawal from gold investments [1][4] - The actual interest rate, calculated as the 10-year U.S. Treasury yield minus inflation, is currently at 1.46%, which is more attractive than gold's zero yield, prompting investors to favor bonds over gold [4][9] Group 2 - Despite increased industrial demand for gold, such as a 25% rise in gold usage in Apple's new phones and a doubling in TSMC's 3nm chips, industrial gold only accounts for 10% of total demand, insufficient to drive significant price increases [2] - The price of silver remains low at around $31, despite industrial demand comprising 60% of its total usage, highlighting a significant price distortion compared to historical averages [2] Group 3 - Major gold mining companies like Newmont and Barrick Gold have seen their stock prices drop significantly, indicating a bearish outlook for the gold mining sector [6] - The recent surge in gold prices due to geopolitical tensions has been short-lived, with prices quickly retreating after initial spikes, reflecting a lack of sustained investor confidence [4][8] Group 4 - Central bank gold purchases reached a record high of 1,037 tons last year, but there has been a sharp decline in purchases in the first quarter of this year, signaling a cooling trend in demand [8] - The market's reaction to geopolitical risks has become increasingly muted, as evidenced by minimal price movements in response to significant events [8]
黄金从200克在清仓，卡在3400美元死活上不去，不想上车
Sou Hu Cai Jing·2025-07-20 02:53