复盘黄金价格在今年4月发生的大幅回调行情，4月18日伦敦金现最高触及3500美元，5月1日第一次回调 低点为3201美元，跌幅9.15%;5月15日第二次回调的低点为3120美元，最大回撤10.85%。本轮金价在10 月20日的高点为4381美元，该行预计金价在4000美元这一关键价位有望获得支撑。中期来看，由于美国 财政赤字高企，债务问题难以解决，美元等主要国家的法币信用持续下降，仍将推升投资者中期购买黄 金，金价中期上行的逻辑保持不变。 智通财经APP获悉，东方证券发布研报称，10月21日晚，黄金与白银价格大幅下跌，其中伦敦金现当晚 最大跌幅6.3%至4002.89美元，跌破4100美元并逼近4000美元大关，创下自2013年4月以来12年最大的单 日跌幅。从赔率的角度，看好金价在4000美元这一关键价位有望获得支撑，如果后期黄金价格下跌，投 资黄金的赔率或逐渐上行;从胜率的角度，需要等待黄金ETF隐波回调至20%左右，金价或基本企稳。建 议关注全球铜金矿企龙头，矿产金产量同环比持续提升，2026年铜板块或迎来显著增长的紫金矿业 (601899.SH，买入)。 东方证券主要观点如下： 原因：不是预期是交易 ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The recent significant drop in gold and silver prices is attributed to the end of silver short squeeze trading, leading to a release of short-term volatility. The mid-term outlook for gold prices remains bullish, with expectations of support around the $4000 level [8] - The market anticipates potential easing of geopolitical tensions, particularly regarding the Russia-Ukraine conflict, which has influenced market sentiment. However, the report suggests that the primary cause of the recent price drop is related to trading dynamics rather than changes in expectations [8] - The report highlights that the high U.S. fiscal deficit and ongoing debt issues will continue to drive investor interest in gold, supporting a mid-term upward trend in gold prices [8] Summary by Sections Market Dynamics - On October 21, gold prices experienced a significant decline, with London gold dropping by 6.3% to $4002.89, marking the largest single-day drop since April 2013. This was primarily due to the end of a silver short squeeze and subsequent market adjustments [8] - The report notes that the implied volatility of gold has decreased following the price drop, indicating a potential stabilization phase for gold prices in the near future [8] Price Analysis - Historical price movements are analyzed, showing that gold reached a high of $4381 on October 20, with expectations of support at the $4000 level. Previous significant corrections in April are referenced to illustrate potential price behavior [8] - The report suggests that if gold prices decline further, the risk-reward ratio for investing in gold may improve, indicating a favorable investment opportunity [8] Investment Recommendations - The report recommends focusing on leading global copper and gold mining companies, particularly Zijin Mining (601899), which is expected to see significant growth in copper production by 2026 [8]