Group 1 - The core viewpoint of the articles indicates that gold prices are experiencing a decline, with various gold-related products also retreating, while the long-term outlook for gold remains positive due to fundamental factors such as global monetary credit restructuring and rising U.S. debt risks [1][2] - As of December 24, the gold ETF Huaxia (518850) has seen a year-to-date increase of 63.24%, with its latest scale reaching 11.532 billion yuan, growing over 1 billion yuan since the beginning of the year, representing a growth of more than 6.9 times [1] - Experts suggest that the strong performance of gold is driven by geopolitical risks, central bank gold purchases, and expectations of Federal Reserve easing, which may limit the downside for gold prices [2] Group 2 - The management and custody fees for the gold ETF Huaxia (518850) and gold stock ETF (159562) are at a competitive rate of 0.2%, which is among the lowest in similar products [2]

12月24日，现货黄金（伦敦金现）站上4500美元/盎司关口，今年累计涨逾70%。在震荡2个月后，国际 金价重回巅峰。 对此，多位专家对智通财经记者表示，黄金强势，根本性的原因是全球货币信用的重构，主要由于当前 美国债务风险持续上升，叠加美债收益率波动加大，美元资产吸引力边际下降，推动资金向黄金等避险 属性突出的资产迁移。 此前，有其他国家央行陆续公告确认出售黄金，有投资者认为此举标志着黄金最好的阶段已经过去。但 也有业内人士指出，美国明年仍在降息周期之中，全球宏观经济和秩序结构仍在不断转变，因此看好黄 金的长期配置价值。 黄金避险属性凸显 市场预计美联储未来仍有降息 12月24日，现货黄金首次站上4510美元/盎司，今年累计上涨超71%。现货黄金报4511.504美元/盎司， 再创历史新高。COMEX黄金报4549.3美元/盎司。 国内部分品牌足金饰品24日价格上涨。其中，周生生金饰克价为1411元，较前一日上涨8元，较22日上 涨44元；老凤祥为1406元，较前一日上涨7元，较22日上涨41元；周大福为1410元，较前一日上涨7元， 较22日上涨42元。 此次黄金价格一路飙高的现象，市场人士对智通财经记者 ...

Group 1: Market Dynamics and Asset Allocation - The global asset pricing system is undergoing structural reconstruction due to uncertainties from Trump's policies, AI's disruptive impact on traditional industries, and Web3 technology's transformation of financial infrastructure [1][2] - The proportion of real estate investments among Chinese residents has significantly decreased from nearly 70%, while equity investments have steadily increased to around 15% [1][4] - Investors are facing a critical question: beyond gold, what other assets can be purchased? A diversified allocation is essential to withstand uncertainties [1][3] Group 2: Gold as an Investment - Gold's price has surged over 60% this year, reflecting a reconstruction of the global monetary trust system, but its volatility poses significant trading risks [1][2] - There is a divergence in market consensus regarding gold; some view it as a strategic allocation opportunity, while others warn of potential severe corrections due to crowded trades [2][3] - For ordinary investors, gold should not be viewed in a binary manner; its defensive value against currency credit and geopolitical risks remains significant, but tactical allocation must consider individual risk tolerance [3] Group 3: Structural Opportunities and Challenges - Chinese residents are increasingly diversifying their asset allocation beyond traditional real estate, moving towards stocks, bonds, mutual funds, private equity, insurance, and commodities [4][5] - The demand for cross-border asset allocation among residents is growing, but there is a mismatch with the supply of domestic financial products, particularly in innovative areas like green finance and cross-border ETFs [5] - The gradual improvement of China's capital market is providing more space for asset allocation, with a focus on long-term returns that match risk [6] Group 4: Economic Resilience and Investment Logic - Global economic growth resilience is under severe examination, with significant volatility in asset prices becoming a new norm [7] - The overall risk appetite of Chinese investors is undergoing a complex reshaping process, as evidenced by fluctuations in monthly deposit behaviors [7][8] - Long-term value anchoring should focus on understanding the interplay of institutional evolution, technological innovation, and social change rather than chasing single asset surges [8]

（原标题：黄金4400美元关口前夜 活得久远比跑得快重要） COMEX黄金价格于10月17日一度触及4392美元/盎司的历史峰值，市场正静候其突破4400美元关口的决定性时刻。截至发稿时，COMEX黄金为 4375美元/盎司。 黄金年内累计涨幅已超过60%，金价已进入前所未有的区间。在这场历史性行情背后，市场共识正出现深刻裂痕：一方视其为全球货币信用重构 下的战略性配置良机，另一方则警示其交易拥挤与短期超买所蕴含的剧烈回调风险。对于普通投资者而言，黄金究竟是短期过热的追高陷阱，还 是长期资产配置中不可或缺的"压舱石"？4400美元可能是短期投资者"最后一棒"的风险点，但对于长期资产配置者，当前价位或许正孕育着未来5 —10年的战略机会。 临门一脚 多重推力下的价格狂飙 黄金市场的攻势在近期显得尤为凌厉。10月16日，金价首次突破4300美元大关，次日便迅速上探至4392美元。这轮看似势不可挡的涨势，由短期 风险与长期结构性因素共同铸就。 来源：东方财富 直接的催化剂来自对美国金融体系稳定性的担忧。东方金诚研究发展部副总监瞿瑞指出，一方面昨日美国区域银行也风险事件再起波澜，Zions Bancorp与Weste ...

Core Viewpoint - The recent surge in gold prices, surpassing $4,100 per ounce, reflects a significant revaluation of gold's value in the context of a depreciating dollar and a shifting international monetary system [1][2]. Group 1: Gold Price Dynamics - The rise in gold prices is attributed to systemic changes in the international monetary system rather than just cyclical supply and demand or geopolitical disturbances [2][3]. - The historical context shows that the abandonment of the gold standard in 1971 marked the first systematic revaluation of gold, leading to its current status as a key asset in the global monetary order [3]. - Recent factors contributing to the price increase include unprecedented gold purchases by central banks, high U.S. debt levels, and geopolitical tensions, which have all heightened demand for gold as a safe-haven asset [5]. Group 2: Investment Strategy and Asset Allocation - In the current macroeconomic environment, gold and equity assets (particularly technology and resource sectors) are identified as "strong assets" for investment [1][8]. - It is suggested that individual investors maintain a gold allocation of 20% to 25% in their portfolios, with the potential to adjust to 30% during long-term investments [8][9]. - The shift in Chinese household asset allocation from real estate to financial assets indicates a broader trend of "de-housing" and "financialization," with significant capital seeking new investment directions [7][8]. Group 3: Market Sentiment and Future Outlook - The volatility in gold prices is influenced by market sentiment and liquidity rather than fundamental changes, making short-term predictions challenging [6]. - The long-term outlook for gold remains positive as the underlying issues of the dollar's credit system have not been resolved, suggesting that gold will continue to be a crucial component of global asset allocation [9]. - While silver and platinum may follow gold's price movements, they do not hold the same strategic significance and are subject to higher volatility, making them less favorable for long-term investment [11].