机构看金市：10月20日

Group 1 - The narrative of gold becoming the ultimate safe asset is increasingly evident, driven by factors such as the Federal Reserve's pause on balance sheet reduction and rising global distrust in the financial system [1] - The Federal Reserve's recent monetary easing, including the first rate cut of the year, suggests significant potential for gold and silver price increases, despite a recent pullback [2] - Gold and silver are currently in a severely overbought zone, leading to increased price volatility, particularly in the silver market due to its lower liquidity compared to gold [3] Group 2 - Recent selling pressure in the gold market was influenced by silver sell-offs, but fundamental market conditions remain unchanged, indicating that central bank purchases will continue to support gold prices [4] - Despite a 2% drop in gold prices, the broader market context suggests that this should be viewed as part of a larger rebound, with increasing demand for gold ETFs indicating a steady market expansion [4]