Zheng Quan Shi Bao·2025-10-08 21:54Core Viewpoint - International gold prices have reached new highs, with prices surpassing $4000 on October 8, leading to a strong upward trend in the precious metals market and significant growth in domestic gold ETFs [1][2] Group 1: Gold Price Trends - The recent surge in gold prices has driven the rapid expansion of domestic gold ETFs, with several products exceeding 10 billion yuan in scale [1] - As of September 30, five representative gold ETFs have surpassed 10 billion yuan, with Huaan Gold ETF reaching 68.263 billion yuan, an increase of 10.862 billion yuan in the last month [2] - The market anticipates that gold is in the early stages of a "third wave" bull market, with its long-term reserve value and allocation advantages expected to become more pronounced [1][5] Group 2: Institutional Interest and ETF Growth - Gold stocks have gained significant attention from investors, leading to a rapid expansion of gold stock ETFs [3] - Notable companies such as Shandong Gold International and Zhaojin Mining have attracted interest from over a hundred institutions, indicating heightened institutional engagement [3] - The performance of gold stock ETFs has been impressive, with the Yongying CSI Hong Kong and Shanghai Gold Industry Stock ETF rising by 86.73% this year, and its scale increasing by 5.417 billion yuan in the past month [3] Group 3: Market Outlook - Analysts suggest that the current market conditions, including expectations of Federal Reserve interest rate cuts and ongoing dollar credit cracks, may lead to a new bull market for gold [5][6] - Historical data indicates that gold tends to perform better during recessionary or stagflation periods, reinforcing its appeal as a safe-haven asset [5] - The correlation between gold prices and U.S. Treasury yields has weakened since 2016, with gold increasingly being valued for its reserve function rather than just its trading value [6]