11月26金价，大家不必等待了，接下来金价很可能会重演历史

Core Viewpoint - The global central banks are aggressively purchasing gold, with a net buying rate of 1.5 tons per hour, leading to a significant increase in gold prices and a strategic shift in investment behavior towards gold as a safe asset [1][4]. Group 1: Central Bank Activities - Central banks have purchased 634 tons of gold in the first three quarters of 2025, marking five consecutive years of net buying, which is more than double the scale during the 2015 bull market [1][4]. - The People's Bank of China has been the largest buyer, increasing its gold reserves for 18 consecutive months, surpassing 2,568 tons [1]. - The global central bank gold purchases have transitioned from isolated actions to a coordinated global movement, with significant contributions from countries like Poland and Kazakhstan [4][6]. Group 2: Market Dynamics - As of November 26, 2025, domestic gold jewelry prices have surged to 1,312 CNY per gram, reflecting a 20% increase since the beginning of the year [3]. - The demand for gold has surged, with a notable increase in inquiries about gold bars and ETFs, particularly among younger investors [3][12]. - The global annual gold production is approximately 3,500 tons, with central bank purchases now accounting for 20% of this production, up from 10% in 2015 [6]. Group 3: Economic Influences - The Federal Reserve's decision to cut interest rates has historically correlated with rising gold prices, and the current economic climate suggests a potential cumulative rate cut of 100 basis points by 2026 [8][9]. - The decline in the attractiveness of dollar assets, driven by U.S. government policies and economic uncertainties, has prompted central banks to increase their gold holdings as a strategic response [6][12]. Group 4: Investment Trends - The perception of gold has shifted from a speculative asset to a strategic component of investment portfolios, with a notable decrease in correlation with U.S. equities and bonds [14]. - Major institutional investors, including the largest gold ETF (SPDR), have increased their holdings significantly, indicating a broader acceptance of gold as a hedge against market volatility [14]. - Retail investors are advised to consider non-leveraged gold ETFs or physical gold bars for long-term investment, while cautioning against high-premium gold jewelry [14].