历史上的黄金牛市：10%的回调并不稀奇，但牛市是如何终结的？

Core Viewpoint - Recent fluctuations in gold prices, including a drop of over 5%, are considered normal corrections following significant increases, as highlighted by Bank of America [1][4] Group 1: Historical Context of Gold Bull Markets - Since 1970, significant monthly corrections exceeding 10% have been common during gold bull markets, with such corrections not marking the end of the bull cycle [4][6] - Historical data shows that after these corrections, gold prices typically rebound, with increases ranging from 50% to 200% [7] Group 2: Current Market Dynamics - The current correction in gold prices may present an opportunity for investors who have not yet fully allocated to gold, as long as the macroeconomic drivers remain unchanged [3][9] - The report emphasizes that the true end of a gold bull market occurs only when fundamental macroeconomic factors shift significantly, such as a transition from stagflation to aggressive interest rate hikes [3][8] Group 3: Future Outlook - Bank of America projects that gold prices could rise to $5,000 per ounce next year, indicating a bullish long-term outlook despite short-term volatility [7] - The report suggests that as long as the U.S. does not revert to traditional economic policies or the Federal Reserve does not adopt a hawkish stance, the macroeconomic foundations supporting gold prices will remain intact [9]