张瑜：送指南，助淘“金”

Core Viewpoint - The article emphasizes that the performance of gold has consistently exceeded market expectations, characterized by an upward direction and significant volatility, indicating a shift in pricing logic beyond traditional cycles [2][4]. Group 1: Understanding Gold's New Cycle - Breaking the traditional cycle perception is essential to comprehend the evolution of gold's new paradigm and to dynamically position gold within asset allocation frameworks [3]. - The analysis from 2020 to 2023 highlights that gold has been trading around $2000 per ounce for nearly three years, with the market not giving it sufficient attention, still viewing it through a box-like mindset [4]. - A significant qualitative judgment is that a once-in-a-century global order restructuring pulse is likely to commence, driven by rising geopolitical tensions and a decline in inter-country trust [4]. Group 2: Price Movements and Market Reactions - In early 2024, gold attempted to break upwards, reaching a plateau of $2400-$2500 per ounce, while the market continued to rely on traditional analytical frameworks to predict limited future price increases [4]. - A report published in May 2024 identified that traditional pricing models could no longer fully explain gold prices, suggesting that non-traditional factors are increasingly influencing gold trading [4]. - By early 2025, gold prices reached $3000 per ounce, with the market generally believing that prices had peaked at this integer level [5]. Group 3: Extreme Scenarios and Future Projections - In March 2025, a report explored five extreme scenarios that could lead to significant price increases for gold, helping the market to break free from rigid thinking [5]. - Following this, gold prices surged to $3500 per ounce, with the market attributing the rise to tariff issues, while a report in May indicated that the price deviations from traditional factors had reached peak levels not seen since the 1970s [5]. - The "Gold Implied Order Restructuring Index (GIORI)" was introduced to capture trading signals related to global order restructuring, suggesting that future index movements could indicate a markedly different trajectory for gold prices [5]. Group 4: Educational Resources - The article introduces the "Gold Beyond Guide," which includes a condensed PPT, four detailed reports, and a course video aimed at helping investors maintain a leading understanding in an unusual gold bull market [7]. - The guide is designed to provide a comprehensive overview and facilitate a deeper understanding of gold's positioning and future potential [7].