观察丨黄金投资热持续攀升 潜在风险不可忽视

Core Viewpoint - The article highlights the increasing interest in gold as an investment, driven by rising international gold prices and the perception of gold as a safe-haven asset during times of geopolitical uncertainty [1][2]. Group 1: Gold Price Trends - International gold prices have surged from approximately $1,000 per ounce in 2015 to around $3,200 per ounce currently, marking an increase of over 200% in ten years, significantly outperforming many equity assets during the same period [1]. - The growth in gold ETFs has been notable since 2025, with both the share and net asset value of major domestic gold ETFs increasing [1]. Group 2: Historical Context and Risks - Historically, gold prices have not only risen but have also experienced significant declines, such as the drop from over $1,900 per ounce in 2011 to just above $1,000 per ounce by 2015, indicating potential volatility [2]. - The influx of speculators has led to a stronger financial characteristic of gold, reducing the correlation between gold prices and physical supply-demand dynamics, making prices more susceptible to geopolitical events and sudden market changes [2]. Group 3: Investment Channels and Awareness - Various investment channels for gold exist, including direct purchases of gold bars, gold jewelry, gold ETFs, bank gold savings, and trading gold futures, but many investors lack awareness of the associated risks and details [3]. - For instance, individuals investing in gold jewelry may not realize the potential service fees and lower buyback prices, which could lead to losses despite rising market prices [3]. - Additionally, the leverage characteristics of gold futures can lead to significant risks for investors who do not fully understand these instruments [3].