财富观 | 主题ETF规模激增，黄金“疯”背后资金分歧已现

Group 1 - The continuous rise in gold prices has created a "golden fever," significantly boosting the performance of gold-related ETFs, with a total increase of nearly 1.3 times in the year-to-date scale of 20 gold ETFs [3][4] - As of September 9, the average year-to-date increase for these 20 gold ETFs is 46.63%, with stock-type gold ETFs showing particularly strong performance, averaging a 74.89% increase [4][6] - The SSH gold stocks have shown remarkable performance, with an increase of 23.09% from August 20 to September 11, and an annual increase exceeding 73.18% [3][4] Group 2 - The market is witnessing a significant divergence in fund flows among different types of gold ETFs, with gold stock ETFs attracting over 3 billion yuan in net inflows since July, while commodity-type gold ETFs have experienced net outflows exceeding 10.5 billion yuan [4][5] - Investors express mixed feelings about the current gold market, with some indicating uncertainty about future price movements despite the strong performance [5][6] - Analysts suggest that the current environment of inflation and potential interest rate cuts could provide ongoing support for gold prices, with expectations of continued central bank purchases of gold [5][6] Group 3 - UBS Wealth Management has maintained a positive outlook on gold, raising its price targets for gold to $3,600 per ounce by March 2026 and $3,700 per ounce by June 2026 [7]