多只黄金股最大回撤已超20%

Core Viewpoint - The global precious metals market experienced a significant decline on October 21, with COMEX gold futures and London gold spot prices dropping over 5%, and London silver spot prices falling more than 7% [1][8]. Volatility Indicators - The GVZ index, which measures expected volatility in the gold market, surged by 20.87% on October 16, reaching a new high since April, indicating increased market risk [1][5]. - The GVZ index has been rising since October 6, moving out of the normal volatility range of 15 to 25, and reached above 30, signaling heightened potential price fluctuations [5][6]. Market Reactions - Following the volatility increase, both domestic and international exchanges issued risk warnings, and the Shanghai Gold Exchange announced measures to adjust margin requirements and trading limits for gold and silver futures [6][9]. - On October 21, gold prices fell sharply after failing to break through previous highs, with London gold spot prices dropping from $4,381.48 to $4,002.89 per ounce, and COMEX gold futures falling from $4,398 to $4,021.20 per ounce [8][9]. Stock Market Sentiment - The secondary market has shown a cautious attitude towards gold stocks, with a divergence between gold prices and stock performance. For instance, while London gold rose by about 10% in October, stocks like Zijin Mining only increased by 1.05% [13][14]. - The Wind precious metals index has seen a maximum drawdown of approximately 16.4% from mid-October highs, with some stocks experiencing drawdowns exceeding 20% [14][19]. Long-term Outlook - Despite recent price corrections, the long-term trend for precious metals remains bullish, supported by a declining dollar credit. The sector is viewed as having strategic allocation value [11][19]. - If gold and silver prices rise again but individual stocks like Zijin Mining and Shandong Gold do not follow suit, it may indicate a nearing cyclical peak [23].