Zhong Guo Ji Jin Bao·2025-10-22 16:25Group 1 - The core viewpoint of the article highlights that high volatility in international gold prices has led to a significant decline in gold stocks, with notable actions taken by prominent investors like Deng Xiaofeng, who reduced his holdings in Zijin Mining for the first time this year [1][5][7] - The article discusses the recent sharp drop in gold prices, with the COMEX gold index experiencing a daily decline of 5.39% on October 21, reaching a low of approximately $4020 per ounce [2][3] - Analysts attribute the recent decline in gold prices to technical overbought conditions and profit-taking by investors, alongside improved geopolitical conditions that have reduced the demand for gold as a safe haven [3][5] Group 2 - Deng Xiaofeng's fund, Gao Yi Xiaofeng No. 2 Letter Fund, has reduced its holdings in Zijin Mining by approximately 18.6 million shares, marking the first reduction this year, while previously increasing its stake in the first and second quarters of 2025 [8][9] - The article notes that Zijin Mining's stock price has nearly doubled this year, but has faced volatility and a downward trend entering the fourth quarter [5][10] - The article emphasizes that while short-term fluctuations in gold prices are influenced by trading sentiment and major events, long-term demand from central bank purchases and investment is expected to support a rise in precious metal prices [2][3][11]