Group 1 - UBS reports that gold has become a "market consensus long position" by early 2025, with prices increasing approximately 60% within the year, reaching around 40 new highs [1] - Investor interest in gold is at a very high level, leading to a search for second and third-tier derivatives like silver, platinum, and mining stocks for higher leverage [1] - Despite strong momentum and some signs of crowded positions, UBS does not see conditions for a sustained down cycle in gold prices [1] Group 2 - After years of underperformance, gold stocks (GDX index) have performed well in 2025, rising over 100% and outperforming gold by about 70% [2] - Valuation multiples for gold stocks have recovered compared to the cyclical low from Q4 2024 to Q1 2025, but risk-reward is less attractive than at the beginning of 2025 [2] - If gold miners can continue to rebuild investor confidence, UBS expects earnings forecasts to maintain upward momentum, providing further valuation expansion potential for certain stocks [2]
瑞银：黄金交易未算“极端拥挤” 去美元化与货币贬值支撑黄金资产配置需求
智通财经网·2025-10-18 14:10