大A之外，还有一个资产会持续爆发！

Core Viewpoint - The article emphasizes the significant rise in gold prices, which have reached a historical high of over $3,800 per ounce, marking a nearly 45% increase this year, outperforming all other major asset classes [1][2]. Market Analysis - The rise in gold prices is attributed to the declining credibility of the US dollar and its assets, particularly due to the perceived loss of independence of the Federal Reserve, influenced by political interventions [1]. - The supply of gold has become tight, with shrinking inventories in London and increased demand from institutional buyers holding futures contracts, leading to a short-term supply crunch [1][2]. Volatility and Market Sentiment - The implied volatility of gold, measured by the SPDR Gold Trust options, is currently at 15%, significantly lower than the 26% observed in April, indicating that the market is not in a state of frenzy and still holds potential for further price increases [2][3]. Future Projections - The upward trend in gold prices is expected to continue until at least November, driven by ongoing buying pressure in the options market and the likelihood of a Federal Reserve rate cut in October [3]. - The potential for a price correction may arise in late November to December, depending on market sentiment and Federal Reserve actions [3][4]. Investment Strategy - The article suggests that despite the current price increases across various assets, there are still explosive opportunities ahead, emphasizing the importance of early positioning in the market [4][5].