黄金又创历史新高，后市怎么看？如何借道ETF掘金？

Core Viewpoint - The article highlights the significant rise in gold stocks, with an average increase of over 70%, driven by the leverage effect surpassing the record high gold prices, which have recently exceeded $3,660 for spot gold and $3,700 for COMEX gold, marking historical peaks [1][3][4]. Group 1: Gold Price Performance - As of September 9, 2023, spot gold has seen a year-to-date increase of 39%, making it one of the most profitable assets globally [4]. - COMEX gold prices reached a record high of $3,704.4, with a daily increase of $27 [4]. Group 2: Gold ETF Performance - The average net asset growth rate for 14 gold ETFs this year is 51.9%, with those tracking gold stocks showing an even higher average increase of 74.8% [5]. - The largest gold stock ETF, 517520.SH, has risen by 76.8% year-to-date, reflecting the strong performance of gold-related equities [5][6]. Group 3: Leverage Effect of Gold Stocks - Gold stock ETFs have demonstrated a "leveraged" characteristic, often outperforming the price increases of gold itself during bullish trends, while also experiencing more severe declines when gold prices fall [7]. - On September 9, gold ETFs had an average daily increase of 1.3%, while gold stock ETFs averaged a daily increase of 4.7% [7]. Group 4: Market Dynamics and Future Outlook - The article discusses the impact of recent U.S. economic data, which has led to heightened expectations for interest rate cuts by the Federal Reserve, further supporting gold prices [15][16][20]. - The upcoming Federal Open Market Committee meeting is anticipated to be a focal point for market participants, with expectations of a rate cut being nearly certain [19]. - The current strong market for gold is driven by both fundamental and capital market factors, with gold stock ETFs amplifying returns due to their operational and financial leverage [22].