为什么金价跌了，你买黄金还是亏钱？业内人士绝不会说的秘密

Core Viewpoint - The article highlights the hidden traps in gold investment that can lead to significant losses, especially during price declines, emphasizing the importance of understanding costs, timing, and liquidation channels [1][10]. Cost Structure - Many retail investors overlook the "cost premium" associated with gold purchases, which includes craftsmanship and channel markups, leading to a situation where gold prices must rise significantly just to break even [3][4]. - For example, a gold bracelet priced at 1150 CNY per gram has a markup of over 25% compared to the raw material price of 917.8 CNY per gram, meaning a 10% drop in gold price requires a 25% increase to cover costs [3]. Timing and Market Signals - Investors often mistakenly believe that a price drop indicates a buying opportunity, but the true bottom is determined by macroeconomic signals rather than just price declines [6]. - The correlation between the 10-year TIPS yield and gold prices is strong, with a coefficient of -0.82, indicating that rising yields can pressure gold prices [6]. Liquidation Challenges - The process of selling gold can also lead to losses due to various hidden fees and practices, such as "color compression" and additional charges that can reduce the amount received significantly [8]. - For instance, a seller may receive 30 CNY less per gram if the gold is measured at a lower purity than purchased, leading to substantial losses upon liquidation [8]. Investment Strategy Recommendations - Investors are advised to choose low-cost gold products, such as bank investment gold bars with a premium of only 2%-3% or commission-free gold ETFs, to minimize costs [9]. - Timing for entry into the gold market should be based on specific signals, such as a decline in the 10-year TIPS yield or stabilization of gold prices above key support levels [9]. Conclusion - Understanding the hidden traps in gold investment is crucial for mitigating risks and avoiding significant losses, as gold should be viewed as a long-term asset rather than a speculative short-term investment [10].