和讯投顾魏玉根：黄金定价权在谁手里

Core Insights - The price of gold has recently surpassed $4,200 per ounce, reaching a historical high, raising concerns about potential sudden declines in value [1] - The consumption market for gold and silver jewelry accounts for over 52% of gold usage, but this segment lacks pricing power as it is tied to international gold prices [1] - Investment markets, including gold bars, coins, and ETFs, represent 28% of gold usage, also lacking pricing power and showing a trend of increasing purchases as prices rise [1] - The industrial sector accounts for 8% of gold usage, similarly influenced by international pricing without pricing power [1] Pricing Power Dynamics - The true pricing power of gold lies with global central banks, which, despite only accounting for 13% of consumption, significantly influence prices through their purchasing activities [2] - Central banks continuously buy gold through established markets like the London Bullion Market Association and the New York Mercantile Exchange, leading to limited supply and rising prices [2] - The annual production from mining companies is insufficient to meet the demand from central banks, which do not sell their holdings, contributing to the upward price trend [2] Investment Strategy Recommendations - Experts suggest allocating 10% of investment portfolios to gold as a long-term asset, with opportunities to buy during price corrections of 5% [2] - It is noted that a 10% price drop is challenging to achieve, particularly for gold ETFs, as opposed to gold stocks, which can see increased supply when prices rise [2] - An example is provided of a significant shareholder in Western Gold announcing a sell-off of 18.22 million shares, indicating potential liquidity in the stock market that does not apply to gold itself [2]