Orient Securities(SH:600958) Mei Ri Jing Ji Xin Wen·2026-02-10 06:37Group 1 - The core viewpoint is that the recent volatility in precious metals prices is a normal reaction to overly optimistic investor sentiment, and the long-term bull market for precious metals has not ended despite short-term fluctuations [1] - The long-term outlook for precious metals remains positive, with expectations for a mid-term increase in gold prices by 2026, driven by a lack of fundamental change in global trust in fiat currency systems [1] - Investors are advised to be cautious in the short term due to high prices and implied volatility, suggesting that those with a long-term view on precious metals should not rush to increase their positions [1] Group 2 - The report highlights specific investment options, including direct investment in physical gold, the tax-exempt gold ETF from Guotai (518800), and the gold stock ETF (517400) that covers the entire gold industry chain [1] - The analysis indicates that the central price of gold is expected to rise, and investors may consider participating in future pullbacks and gradually building positions [1]