鲍威尔“鸽声”嘹亮，黄金资产再次启动？

Group 1 - Federal Reserve Chairman Jerome Powell hinted at potential interest rate cuts in the coming months during his speech at the Jackson Hole global central bank conference, with a significant increase in the probability of a September rate cut from over 80% to over 90% following his remarks, indicating a clear signal from Powell [1] - Powell's dovish comments led to a decline in the US dollar index and an increase in risk assets such as gold, with COMEX gold futures rising by 1.02% over the past week [2] - The market anticipates that the upcoming interest rate cuts could drive gold prices higher, especially as inflation in the US may remain resilient due to tariff impacts, historically benefiting gold in stagflation environments [2][4] Group 2 - Several gold mining companies reported strong performance in the first half of the year, creating a positive feedback loop between improved fundamentals and rising prices, suggesting that investors concerned about high gold prices may consider gold stocks [4] - As of August 23, major gold mining companies had an average price-to-earnings (PE) ratio of 13.3 times based on a gold price of $3,300 per ounce, indicating significant valuation recovery potential compared to the historical average PE of around 20 times [4]