澳洲人凌晨排队长队抢黄金，刚到手就暴跌6.8%，谁在背后套现？

Core Viewpoint - The recent surge in gold buying in Australia has been met with a significant price drop, raising questions about whether this was a strategic move by institutions or a genuine rush for safety by retail investors [3][20]. Group 1: Market Dynamics - On October 21, spot gold prices plummeted over 6%, reaching $4,082 per ounce, marking a cumulative decline of 6.8% over two days, the largest drop in 12 years [3][11]. - The week before the drop, Australian gold ETFs saw inflows of $999.7 million, a record high, with trading volumes exceeding physical gold by more than three times [7][18]. - The surge in gold prices earlier in the year was driven by institutional investors capitalizing on a weak dollar and banking sector turmoil, leading to retail investors entering the market as "bag holders" [16][20]. Group 2: Investor Behavior - Many retail investors, particularly retirees, still hold the belief that gold is a safe haven, expressing concerns about the depreciation of fiat currency [9][20]. - The recent price drop has left retail investors in a dilemma: whether to sell at a loss or hold on in hopes of recovery, depending on whether they are in the market for necessity or speculation [16][20]. Group 3: Economic Implications - Australia, as the world's third-largest gold producer, is projected to see gold export revenues reach AUD 60 billion this fiscal year, surpassing liquefied natural gas and becoming the second-largest export commodity after iron ore [18][22]. - Even with falling gold prices, Australian mining companies can hold onto their stockpiles, waiting for better market conditions to sell [18][22]. - The long-term trend of central banks accumulating gold remains intact, with ongoing efforts to reduce reliance on the US dollar, indicating a sustained demand for gold in the future [22].