Core Viewpoint - Wall Street has finally recognized the historical high price trend of gold, with many professionals caught off guard by the continuous rise in gold prices this year [1][3] Group 1: Market Sentiment and Predictions - According to a recent Bank of America Merrill Lynch fund manager survey, 39% of investors do not hold gold, missing out on the current bull market gains [1] - Jamie Dimon, CEO of JPMorgan Chase, indicated that gold could easily rise to $5,000 or even $10,000 in the current environment, marking a rare moment where he considers gold allocation "semi-rational" [1][3] - Bank of America Merrill Lynch predicts that gold prices will reach $5,000 per ounce by the end of next year, driven by investment demand [5] Group 2: Factors Influencing Gold Prices - The total production cost of gold is approximately $1,500 per ounce, but this does not explain why trading prices have reached $4,200, with some forecasts suggesting a rise to $5,000 next year [3] - The narrative surrounding gold is crucial; if American households recognize gold as a necessary hedge against inflation and dollar depreciation, prices could rise without limits [7] - Goldman Sachs noted that if 1% of privately held U.S. Treasury bonds were to flow into the gold market, prices could approach $5,000 [7] Group 3: Market Dynamics and Investor Behavior - Retail investors in the U.S. have become a dominant force in the market, with high valuations no longer indicating a potential pullback [8] - The SPDR Gold Trust ETF and similar passive funds have seen significant inflows and increased trading volumes recently [6] - The ongoing increase in gold prices has led Wall Street fund managers to adjust their strategies to meet client demands, despite the inherent risks of a volatile bull market [7]
华尔街被迫“投降”：黄金涨太猛，39%基金经理踏空
Zhi Tong Cai Jing·2025-10-17 01:17