施罗德投资：黄金股估值仍具吸引力

Core Insights - Schroders Investment suggests that despite a long-term positive outlook for gold, gold stocks are currently valued at near 40-year lows, indicating potential investment opportunities even after a 50% rebound in the sector [1][2] Group 1: Valuation and Performance - Gold stocks have shown a significant upward trend, yet there has been a net outflow of approximately $5 billion from gold funds over the past 18 months, indicating a disconnect between stock performance and investor sentiment [1][2] - The cash flow profit margins of gold producers have expanded to unprecedented levels, with average total sustaining costs per ounce at $2,000, leading to a nearly 100% increase in marginal profits compared to previous highs [2][3] - Gold stocks are still considered attractive based on various valuation metrics, including P/NAV and EV/Ebitda, even when using conservative gold price assumptions [3] Group 2: Investor Sentiment and Market Dynamics - Western investors have not yet fully embraced gold as an asset class, with a notable lack of enthusiasm for gold mining stocks, which has resulted in record selling pressure [4][5] - The current gold market rally has been primarily driven by central banks and households in Eastern countries, with Western participation remaining significantly low [4] - The interest in gold investments is beginning to rise, with potential for substantial inflows into gold ETFs, which currently hold approximately 95 million ounces, suggesting a need for $380 billion in investments to reach 200 million ounces [5]