买不起金条的「大妈们」，涌入了ETF

Core Viewpoint - The article discusses the significant rise in gold prices, driven by various factors including increased demand for gold ETFs and the failure of traditional safe-haven assets like U.S. Treasuries, yen, and Swiss franc to attract investment during times of uncertainty [4][8][12]. Group 1: Gold Price Performance - Since the beginning of 2026, gold prices have continued their strong performance from 2025, with prices rising from $4,300 per ounce to a peak of $4,650 per ounce, marking a historical high [6]. - The price of gold saw a dramatic increase of 90% within a year, from under $3,000 per ounce to over $4,400 per ounce by late October [6][7]. - Gold's long-term performance has been exceptional, with a cumulative increase of over 600% from 2000 to 2025, significantly outperforming major stock indices and bonds [10]. Group 2: Factors Driving Gold Prices - The core logic supporting the current rise in gold prices includes sustained purchases by central banks, steady demand from private investors, and the strengthening of gold's status as a safe-haven asset [12][13]. - In 2025, major economies entered a rate-cutting cycle, historically correlating with rising gold prices due to increased liquidity, reduced opportunity costs for holding gold, and a weakening dollar [15]. - The unusual rise in U.S. Treasury yields during the current rate-cutting cycle has raised concerns about the dollar's credibility, further driving investors towards gold [18]. Group 3: Changes in Market Participation - Gold ETFs have emerged as a significant source of new capital driving gold prices higher, with retail investors increasingly participating through these vehicles due to lower barriers to entry and higher liquidity compared to physical gold [20][22]. - The shift towards gold ETFs has altered the perception of gold, enhancing its financial attributes while diminishing its traditional role as a store of value [22][24]. - The influx of retail investment through gold ETFs has amplified market activity and contributed to the rapid price increases observed in 2025 [20][22]. Group 4: Broader Metal Market Trends - The overall metal market in 2025 has shown strength, with both precious and base metals experiencing significant price increases, driven by concerns over global resource supply chains [26][28]. - The protective trade policies of the Trump administration have heightened global anxieties regarding resource security, prompting countries to stockpile strategic metals like silver, copper, and aluminum [28][29]. - Silver and other precious metals have outperformed gold in 2025, reflecting their dual role as both safe-haven assets and essential industrial materials [29].