金价连创新高，公募如何看后市走向？

Core Viewpoint - The recent surge in international gold prices is driven by geopolitical risks, global credit system instability, and liquidity factors, leading to increased investment in gold-related ETFs and reinforcing the logic for gold's price increase [1][4]. Group 1: Gold Price Performance - On October 20, spot gold prices rose by 2.0% to $4,333.42 per ounce, while COMEX gold futures increased by over 3.1%, reaching a daily high of $4,351 [2]. - Year-to-date returns for several representative gold ETFs, such as Huaan Gold ETF and Bosera Gold ETF, have exceeded 60%, with some gold stock ETFs surpassing 90% [3]. Group 2: Fund Inflows and Market Dynamics - The recent historical highs in gold prices have attracted significant market attention, with multiple factors contributing to this trend, including geopolitical demand for safe-haven assets and changes in global liquidity expectations [4]. - Major gold ETFs, including SPDR, have maintained net inflows, and the People's Bank of China has increased its gold holdings for 11 consecutive months, indicating a shift in investment strategies from U.S. Treasuries to gold [4]. Group 3: Long-term Outlook and Investment Strategy - Despite potential short-term fluctuations, the long-term value of gold as a core asset remains strong, with predictions of gold prices potentially reaching between $4,600 and $5,000 per ounce next year [6][7]. - The investment strategy suggests viewing gold as a long-term hedge against sovereign currency credit risks and geopolitical tensions, emphasizing its low correlation with other asset classes [7][8].