关税冲击又来了？黄金基金ETF（518800）开盘涨超2%，规模突破200亿元，关注黄金防御属性

Core Viewpoint - Trump expressed strong dissatisfaction with China's newly implemented rare earth export control policy and announced a series of countermeasures, leading to significant volatility in global risk assets [1] Market Reaction - Recent market adjustments have occurred at high levels, with the Shanghai Composite Index facing resistance around 3900 points post-National Day [1] - The renewed U.S.-China tariff disputes may lead to a contraction in market risk appetite, suggesting a return to tariff-related trading in the short term [1] Investment Strategy - It is recommended to increase allocation to defensive assets to mitigate market uncertainties [1] - The Gold ETF (518800) is directly linked to physical gold contracts traded on the Shanghai Gold Exchange, with a minimum of 90% of fund assets held in physical gold [1] - Long-term support for gold prices is anticipated due to a weakening U.S. economy and the ongoing trend of "de-dollarization" in the global monetary system [1] - Investors are encouraged to consider opportunities in Gold ETF (518800) and Gold Stock ETF (517400), with potential for buying on dips if gold prices experience short-term adjustments [1]