Mhmarkets迈汇:黄金进入新阶段

Core Viewpoint - Gold has not experienced a significant pullback after a rapid rise, indicating a market re-evaluation of its value, with stability being more attractive for long-term investors than short-term volatility [1][2]. Group 1: Market Dynamics - Gold has repeatedly set historical highs over the past year, driven by ongoing global uncertainties and concentrated allocations by central banks and institutional investors [3]. - The price stabilization after the rise suggests that the market is no longer viewing gold as a short-term speculative asset, but rather as a foundational component of investment portfolios [3][4]. Group 2: Future Expectations - Mainstream institutions expect gold prices to fluctuate within a relatively wide but supported range, with a potentially slower upward pace, while maintaining a positive direction [4]. - As long as the price remains within the elevated range established in previous cycles, the downside risk is manageable, and time may favor bullish positions [4]. Group 3: Investor Behavior - There is a noticeable shift in investor allocation towards higher strategic positions in gold, transitioning from a small holding to a more significant allocation, indicating gold's evolution from an "emergency asset" to a "regularly allocated asset" [2][4]. - Central banks continue to play a crucial role in demand, with their overall purchasing levels remaining significantly above historical averages, even if future buying rates do not match previous peaks [4].