“人人都预期”的黄金崩盘发生了，现在人人都等着抄底？

Core Viewpoint - The recent crash in the gold market, with a 6.3% drop marking the largest single-day decline since 2013, was widely anticipated and did not trigger panic among investors [1][3]. Market Reaction - Despite the crash, retail investors globally rushed to buy gold, viewing the price drop as a buying opportunity, with reports of significant purchasing activity from dealers in Singapore and the U.S. [6][7][8]. - Analysts maintain a generally optimistic outlook, suggesting that the decline is a healthy correction to clear market excesses, with expectations of a return to a bullish trajectory [9]. Analyst Perspectives - Some analysts, like Michael Hartnett from Bank of America, question the sustainability of the "devaluation trade" supporting gold prices, citing factors such as low U.S. Treasury yields, a budget surplus in September, and the resilience of the U.S. dollar index [10][11]. - Morgan Stanley's Gregory Shearer predicts that the price of gold could average over $5,000 by Q4 of next year, driven by continued buying from central banks and retail investors [9]. Historical Context - The current situation draws parallels to past market behaviors, particularly the 2011 peak when gold prices fell after reaching a high, suggesting caution despite current bullish sentiments [14].