现货黄金持续上行，黄金基金ETF（518800）午后涨超3.5%，规模突破250亿元，连续5日净流入超28亿元

Core Viewpoint - Western Securities indicates that gold prices are currently in the early stages of the "third wave," and as the cracks in U.S. dollar credit continue to expand, a long-term bull market for gold will commence [1] Group 1: Market Analysis - The resumption of interest rate cuts implies a loss of independence for the Federal Reserve, which will continue to be undermined in the future, enhancing the reserve value of gold [1] - The current phase is identified as the early stage of a major upward trend in gold prices, referred to as the third wave [1] - Attention should be paid to the potential pullback risks due to speculative funds taking profits [1] Group 2: Investment Vehicle - The gold ETF (518800) holds underlying assets that are gold spot contracts traded on the Shanghai Gold Exchange (AU99.99), directly corresponding to physical gold stored in the Shanghai Gold Exchange vaults [1] - Investing in the gold ETF essentially equates to direct investment in physical gold, as its price fluctuations closely follow the AU9999 spot contract, which reflects domestic gold prices [1] - According to the fund contract, the proportion of physical gold held must not be less than 90% of the fund's assets [1]