SWHY(SZ:000166) Mei Ri Jing Ji Xin Wen·2025-11-14 03:03Core Viewpoint - The article highlights the ongoing trends in gold investment, particularly the actions of central banks and the implications for gold prices in the context of monetary policy changes and market conditions [1]. Group 1: Central Bank Actions - The Federal Reserve is expected to lower interest rates by 25 basis points in October, aligning with market expectations [1]. - The People's Bank of China has increased its gold holdings for 12 consecutive months, purchasing 30,000 ounces of gold in October, indicating a long-term trend towards gold accumulation [1]. Group 2: Market Conditions and Price Trends - Short-term gold prices are experiencing a pullback due to easing tensions in Russia-Ukraine and improved China-U.S. trade relations [1]. - However, the long-term outlook suggests that the restructuring of monetary credit conditions and rising U.S. fiscal deficit rates will support an upward trend in gold prices [1]. - The current valuation of precious metals is at the lower end of historical averages, indicating potential for continued recovery [1]. Group 3: Investment Strategies - The decline in real interest rates post-rate cut is expected to attract inflows into gold ETFs [1]. - Investors are advised to consider participating in the market during subsequent pullbacks and to gradually accumulate positions [1]. - Direct investment in physical gold is recommended, as it is exempt from value-added tax, alongside gold ETFs that cover the entire industry chain [1].