黄金的安全资产认知度在提高，ETF余额1年增50%

Core Viewpoint - The demand for gold, particularly through gold ETFs, is increasing significantly, with assets surpassing $300 billion for the first time, driven by rising gold prices and heightened awareness of gold as an asset [1][2]. Group 1: Gold ETF Growth - The assets linked to physical gold ETFs reached $302 billion as of February 7, 2024, and increased to $314.1 billion by February 21, marking a 50% growth in less than a year [1]. - The largest gold ETF, SPDR Gold Shares, saw its holdings exceed 900 tons for the first time in a year and a half [1]. - BlackRock's iShares Gold Trust issued 680 million shares, reflecting an 8% increase since the end of September 2024 [2]. Group 2: Gold Price and Market Dynamics - Gold prices reached a peak of $2,974 per ounce on February 24, 2024, contributing to the increase in gold ETF investment balances [2]. - The overall market size of gold has expanded, with the "above-ground stock" of gold reaching 216,000 tons by the end of 2024, leading to a total market value of $18.1 trillion, nearly doubling in the past five years [2]. - Daily trading volume in the gold market, including ETFs and futures, reached approximately $227.1 billion in 2024, a nearly 40% increase year-on-year, surpassing major financial assets like U.S. Treasuries [2]. Group 3: Investment Sentiment and Demand - Central banks maintained record-high levels of gold purchases in 2024, with investment demand reaching a four-year high, indicating a strong and entrenched demand for gold [3]. - Market focus has shifted towards U.S. policy risks, particularly under President Trump, with ongoing uncertainty driving continued buying interest in gold [3].