现货黄金加速冲上5500，黄金强周期来袭！

Core Viewpoint - The recent surge in gold prices, surpassing $5,500 per ounce, signifies a profound shift in the global macroeconomic landscape, reflecting a transition in industrial demand paradigms and a reassessment of resource strategic value [3][4]. Group 1: Market Dynamics - Gold prices have recently broken the $5,500 mark, driven by a shift from traditional inflation hedging to a focus on hedging against changes in the global monetary credit system [4][5]. - The recent increase in gold ETF inflows, with over 5% gains and net inflows exceeding 5.8 billion yuan in the last 20 trading days, indicates strong market interest [1][4]. - The total open interest in gold futures has accelerated, reflecting a robust buying force from central banks and institutional asset reallocations [4][5]. Group 2: Macro Environment - The current macro environment is characterized by "de-globalization" and "resource nationalism," leading to strategic control over key mineral resources and creating supply constraints that elevate the strategic premium of all resources [6][7]. - Political factors are increasingly influencing the supply side of mineral resources, with countries implementing policies to strengthen control over domestic resources [7][8]. Group 3: Investment Strategies - The financial environment, marked by the Federal Reserve entering a rate-cutting cycle, reduces the opportunity cost of holding non-yielding assets like gold, providing a favorable liquidity backdrop for gold price increases [5][6]. - The demand for gold is being driven by geopolitical uncertainties and the traditional role of gold as a safe-haven asset, with increasing interest from central banks as long-term buyers [5][9]. - Investment banks, including Goldman Sachs, have raised gold price forecasts, predicting a potential rise to $6,000 per ounce in the spring of 2026, driven by structural changes in central bank gold purchasing behavior [8][9].