黄金 ETF 半年激增 2600 亿，降息预期下黄金与股市的博弈逻辑

Group 1 - The demand for gold ETFs has surged significantly, with a year-on-year increase of 173.73% in the first half of 2025, reaching a total scale of over 260.3 billion yuan [1][3] - The leading gold ETF, Huaan Yifu Gold ETF, has a scale of 59.82 billion yuan, while the Jiashi Shanghai Gold ETF and its linked funds have doubled in size [1] - The international gold price has shown resilience, rising by 0.29% to $3,323.60 per ounce, despite a 0.57% pullback in the domestic gold sector due to currency appreciation and capital rotation [1][4] Group 2 - The total holding of gold ETFs has reached 199.505 tons, reflecting an increase of over 170% compared to the previous year [3] - The global trend of gold allocation is closely linked to expectations of a Federal Reserve rate cut in September, which could enhance liquidity for both gold and equity assets [3][4] - The U.S. has imposed a 30% tariff on the EU and Mexico, contributing to market volatility and impacting gold prices [4] Group 3 - Jinsheng Precious Metals has demonstrated a competitive edge in optimizing gold trading costs, with a spread as low as $0.38 per ounce, saving high-frequency traders significant fees [5] - The company employs a three-pronged strategy of "spread discounts + zero commission + instant rebates," allowing traders to reinvest rebate funds immediately [5] - Jinsheng's technology ensures low order execution delays and effective risk management, significantly reducing the risk of liquidation [5][6] Group 4 - The current gold market is driven by dual factors: rising expectations of interest rate cuts and geopolitical risk premiums [6] - Historical data indicates that during Fed rate cut cycles, gold's average annual return can reach 18.7%, outperforming the S&P 500 index [6] - Jinsheng Precious Metals is positioned as a compliant trading platform, enhancing transparency and security for investors [7]