黄金不再恐高！散户入场才刚刚开始

Core Viewpoint - Despite record-high gold prices, Western investors' demand for gold continues to rise, driven by increasing government debt and strong central bank purchases [1][10] Group 1: Market Dynamics - The American Gold Exchange reports that U.S. investors have primarily been net sellers of gold and silver during the ongoing bull market, cashing in profits as prices rise [1] - As of October 9, trading volume for the most active gold futures contracts on the Comex reached 448,407 contracts, the highest since April 12, 2024 [4] - The SPDR Gold Trust ETF saw trading volume rise to nearly 33.7 million shares on October 9, marking the highest level since April 22, 2025 [4] Group 2: Investor Behavior - U.S. retail investors only recently began participating as buyers in the gold and silver markets after the Federal Reserve signaled a dovish shift in late August [3] - The World Gold Council indicates that from June to September, North American gold ETFs experienced higher monthly inflows compared to Asia, despite gold prices reaching historical highs [7] - Tavi Costa from Crescat Capital notes that Western investors have only recently engaged in the current gold rally, influenced by the competitive performance of other asset classes [7] Group 3: Structural Changes - The current ETF infrastructure is more mature than in previous crises, allowing for faster capital inflows into the gold market [6] - The demand for physical gold is being driven by both retail investors and central banks, which are competing for the same physical gold [6] - Will Rhind from GraniteShares highlights that many new investors are more familiar with products like the SPDR Gold Trust ETF, leading to increased purchases [8] Group 4: Economic Context - The rise in gold trading volume reflects the severity of global economic imbalances, with central banks indicating a strong demand for gold to stabilize their currencies [8] - Samuelson from the American Gold Exchange argues that the current gold bull market is driven by unprecedented physical buying, rather than merely being a reaction to currency devaluation [10] - The ongoing inflation is eroding purchasing power, making gold and silver more attractive as stores of value compared to depreciating fiat currencies [10]