黄金“发疯”众生相：消费者挤爆金店，投资端“大口吃肉”，金饰品销售平淡

Core Viewpoint - The surge in gold prices, driven by geopolitical conflicts, the impact on the dollar-centric system, and uncertainties from the Trump 2.0 policies, has made gold the dominant asset in financial markets, with prices reaching unprecedented levels [1][24]. Group 1: Gold Price Surge - As of January 29, 2026, international gold prices approached $5,600 per ounce, with a daily increase of over 2.23%, marking a year-to-date rise of over 27% [1][3]. - The price of gold in Beijing's flagship stores rose significantly, with investment gold priced at 1,240.90 yuan per gram and gold jewelry at 1,622 yuan per gram [3][5]. - The price at Cai Bai Jewelry increased from 1,550 yuan per gram to 1,650 yuan per gram, a rise of 6.45%, and from 1,342 yuan per gram at the beginning of January, marking a 22.95% increase [5]. Group 2: Consumer Behavior - Consumers are flocking to gold stores, with wait times for gold buybacks exceeding two hours, indicating a strong demand for both investment and jewelry gold [9][10]. - In Shenzhen's Shui Bei market, the demand for gold jewelry remains high, particularly among young couples preparing for weddings [8][9]. - Retailers are experiencing a shift in focus from gold jewelry to investment gold, as consumers are less inclined to purchase high-priced jewelry due to rising gold prices [16]. Group 3: Supply Constraints - Many banks are facing shortages of physical gold, with reports of "sold out" statuses and the need for appointments to purchase gold products [10][11]. - The supply constraints are attributed to a structural shortage in the global silver market and increased demand driven by rising gold prices and geopolitical uncertainties [13]. Group 4: Industry Impact - Mining companies are benefiting from the price surge, with companies like Zijin Mining reporting a projected net profit increase of 59%-62% for 2025, driven by higher production and sales prices [14]. - Conversely, midstream and downstream companies, particularly those in jewelry manufacturing, are struggling as rising raw material costs suppress consumer demand [15][16]. - The shift in consumer preference from jewelry to investment gold is altering the dynamics of the gold industry, with retailers adapting their strategies accordingly [16]. Group 5: Investment Trends - Gold-related stocks and ETFs are experiencing significant gains, with multiple gold stocks hitting daily limits and ETFs seeing transaction volumes exceeding 10 billion yuan [17][18]. - Investors are showing heightened interest in gold investment products, with many actively seeking to capitalize on the rising prices [19]. - Despite the bullish sentiment, there are concerns about potential market corrections, prompting some investors to adopt a cautious approach [27][28].