多只黄金股最大回撤已超20%

Core Viewpoint - The global precious metals market experienced significant declines, with COMEX gold futures and London gold spot prices dropping over 5%, and London silver spot prices falling more than 7% on October 21, indicating heightened volatility and caution among investors [1][6]. Volatility Indicators - The Gold Volatility Index (GVZ) surged by 20.87% on October 16, reaching a new high since April, signaling increased market risk and heightened investor caution [1][5]. - The GVZ index has been rising since October 6, indicating a shift from normal volatility levels (15-25) to a dangerous zone above 30, reflecting growing potential price fluctuations in gold [3][5]. Market Reactions - Following the spike in volatility, the Shanghai Gold Exchange issued risk warnings, and the Shanghai Futures Exchange adjusted margin requirements for gold and silver futures to mitigate potential risks [5][6]. - On October 21, gold prices fell sharply, with London gold spot prices dropping from $4,381.48 to $4,002.89 per ounce, and COMEX gold futures declining from $4,398 to $4,021.20 per ounce [6]. Stock Market Trends - There is a noticeable divergence between gold prices and gold stocks, with gold stocks like Zijin Mining and Shandong Gold showing limited gains compared to a 10% increase in London gold prices since the beginning of October [1][9]. - The Wind precious metals index has experienced a maximum drawdown of approximately 16.37% from mid-October highs, indicating a cautious sentiment in the secondary market [9][12]. Long-term Outlook - Despite short-term adjustments, the precious metals market is viewed as being in a long-term bull market, driven by declining dollar credit, suggesting strategic allocation value in precious metals [7][15]. - The performance of gold stocks relative to gold prices may indicate potential market peaks, as historical trends show that stock prices often peak before commodity prices [15].