Core Viewpoint - Gold should be viewed as a strategic asset for macro hedging, currency hedging, and obtaining stable long-term returns, rather than a tactical tool for short-term gains [4] Group 1: Long-term Returns - Over the past 20 years, gold has achieved an annualized return exceeding 10% when calculated in RMB, outperforming most mainstream assets over 10 and 5-year periods [8] - The long-term performance of gold is primarily driven by global GDP growth and physical gold demand, including central bank purchases, financial investments, and technological uses [8] Group 2: Currency Hedging - Gold is a globally priced asset that does not rely on any country's or institution's credit backing, making it a hedge against all fiat currencies in the context of global monetary expansion [12] Group 3: Systemic Risk Mitigation - Historical data shows that during market corrections in traditional stock-bond portfolios, gold tends to perform well, providing investors with a buffer against systemic risks [16]

Group 1 - The core viewpoint is that gold is transitioning from a "tactical tool" for short-term gains to a "strategic core" for long-term investment, as evidenced by its significant price increase of 28% in 2024 and over 25% since 2025 [1][2] - The current macroeconomic environment and external shocks, such as tariffs and geopolitical conflicts, have a greater impact on RMB assets than on individual asset variables, indicating a need for a strategic approach to asset allocation [2] - Gold has provided a long-term annualized return of over 10% over the past 20 years, outperforming most mainstream assets in 10-year and 5-year dimensions, driven by global GDP growth and diverse demand sources [6][8] Group 2 - Gold serves as a hedge against currency fluctuations, being a globally priced asset that does not rely on any country's credit, making it a valuable tool in the context of global currency overproduction [10] - Historical data shows that gold performs well during market corrections in traditional stock-bond portfolios, providing a buffer against systemic risks due to its low correlation with domestic assets [11][12]

Core Viewpoint - The global capital system is undergoing a deep reassessment, with asset management institutions shifting from a "return-first" approach to a "certainty-first" strategy, highlighting the renewed importance of gold as a stabilizing asset in diverse investment portfolios [1][14]. Group 1: Gold's Role in Asset Management - Gold's unique attributes, such as independence from cash flow and sovereign credit, make it a crucial stabilizing asset, or "ballast," in various investment strategies [1][14]. - The price of gold has increased by over 27% this year, leading to a surge in "gold+" financial products, with some products achieving annual returns of 31.38% [2]. - Asset management institutions are accelerating the development of "gold+" products as a new source of stable returns amid declining fixed-income yields and increased volatility in equity assets [2][3]. Group 2: Domestic vs. Global Trends - Domestic insurance asset management institutions have a higher allocation to "gold+" compared to banks and public funds, with some products allocating up to 50% to gold [3]. - In contrast to global asset managers who view "gold+" as a strategic component for hedging against extreme market conditions, domestic managers often see it as a tactical investment tool [3][11]. - The understanding of "gold+" as a long-term strategic asset is still developing in domestic markets, with many managers focusing on short-term gains rather than long-term stability [11][12]. Group 3: Factors Driving "Gold+" Adoption - Global asset managers are increasingly adopting "gold+" strategies to hedge against stock and bond market volatility, currency depreciation, geopolitical risks, and inflation [7][8]. - The performance of gold during past financial crises has demonstrated its effectiveness as a protective asset, leading to a growing interest in increasing gold allocations in investment strategies [8]. - A report indicates that 21% of family offices globally plan to increase their allocation to gold and precious metals, particularly in the Asia-Pacific and Middle East regions, which may drive further development of "gold+" products [9]. Group 4: Challenges and Future Outlook - Domestic asset management firms face challenges in integrating "gold+" into their long-term strategies, often viewing it as a short-term tactical investment rather than a strategic asset [11][12]. - There is a need for improved communication within the industry to enhance understanding of gold's role in risk mitigation and long-term returns [4][12]. - The World Gold Council is working with domestic asset management institutions to promote the benefits of "gold+" strategies in navigating financial market risks and achieving stable returns [13].

Core Viewpoint - The rise in gold prices, exceeding 27% this year, has led to increased interest in "gold+" financial products, with some products achieving annual returns of 31.38% [2][3]. Group 1: Market Trends - Domestic asset management institutions are accelerating the development of "gold+" products as a new source of stable returns amid declining fixed-income asset yields and increased volatility in equity assets [2]. - The "gold+" investment strategy is gaining traction, with many products having gold allocation ratios between 5% and 10%, and some reaching as high as 30% [2][3]. Group 2: Institutional Adoption - Insurance asset management institutions are allocating even higher proportions to "gold+" compared to banks and public funds, with some private products having gold investment benchmarks as high as 30% [3]. - Global large asset management institutions are increasingly incorporating "gold+" into their investment strategies, with notable allocations such as 19.8% by Japan's Nikko Asset Management and 28.8% by Azerbaijan's State Oil Fund [6][7]. Group 3: Strategic Importance - "Gold+" is viewed as a crucial tool for hedging against market volatility, currency depreciation, geopolitical risks, and inflation, making it an essential component of long-term investment strategies [6][11]. - The unique attributes of gold, such as its independence from cash flow and sovereign credit, are gaining renewed attention as global capital systems undergo deep reassessment [11]. Group 4: Challenges in Domestic Market - The domestic "gold+" market is still in its infancy, with over 250 products available, but it remains relatively small compared to the overall market [9]. - Many domestic fund managers still perceive "gold+" as a tactical investment tool rather than a strategic long-term asset, which hinders broader adoption [10]. Group 5: Future Outlook - There is a growing recognition of the need for better communication within the industry to enhance understanding of "gold+" strategies and their benefits in risk management and stable returns [4][11]. - The trend of increasing allocations to gold among family offices globally, particularly in the Asia-Pacific and Middle East regions, is expected to drive further development of "gold+" products [8].

Core Viewpoint - The current gold bull market is driven by geopolitical uncertainties and a shift in the global monetary system, leading to increased demand for gold as a safe-haven asset [2][10][11]. Group 1: Historical Context and Performance - From 1971 to 1980, the price of gold surged from $35 to $850 per ounce, equivalent to $3,493 today, maintaining its purchasing power over time [1]. - The annualized return on gold from 1971 to 2023 is approximately 8%, with the past 20 years at 10.2% and the past 10 years at 13.6%, while 2024 has seen a remarkable increase of 28.2% [1]. Group 2: Market Dynamics - The relationship between gold prices and real interest rates has changed since the escalation of the Russia-Ukraine conflict in 2022, with gold prices rising despite increasing real interest rates [2]. - The decline in trust towards the US dollar and the traditional bond market is prompting investors to seek alternative safe-haven assets, including gold [3][10]. Group 3: Institutional and Retail Investment Trends - Major credit rating agencies have downgraded the US's AAA sovereign credit rating, which is influencing investor behavior towards gold as a safer investment [3]. - The "gold+" investment strategy is gaining traction, with many multi-asset portfolios allocating 5% to 10% of their assets to gold, and some reaching as high as 30% [6][8]. Group 4: Future Outlook - The ongoing geopolitical tensions and the restructuring of the global capital system are expected to sustain the demand for gold, as it is viewed as a hedge against uncertainty [10][11]. - Central banks, particularly in emerging markets, are increasingly adding gold to their reserves, with China's gold reserves reported at 73.96 million ounces, marking a continuous increase [10].

Core Viewpoint - The recent surge in gold prices, surpassing $3,400 per ounce for the first time since June 17, is primarily driven by rising expectations of interest rate cuts by the Federal Reserve and a weakening dollar [1] Group 1: Market Trends - Gold prices have been fluctuating at high levels this year, leading to an increase in the issuance of "gold+" wealth management products by various financial institutions [1] - As of July 20, over 40 wealth management products featuring "gold" in their names have been issued, mainly by bank wealth management subsidiaries [1] Group 2: Product Structure and Strategy - "Gold+" is a configuration concept that integrates gold into multi-asset portfolios, serving as a crucial factor for risk hedging and smoothing returns [1] - Wealth management companies are utilizing tools like gold ETFs and derivatives to launch "gold+" products, which lower investment thresholds while managing risks [1] - Most publicly available "gold+" wealth management products have gold allocations ranging from 5% to 10%, with some products reaching up to 30% [2] Group 3: Investment Recommendations - Experts suggest that investors should adopt a "configuration" approach rather than a speculative one, viewing gold as a long-term risk-hedging asset [3] - It is recommended that investors prioritize products with risk levels of R2 or lower and transparent strategies, while being cautious of high-leverage derivatives [3] - Investors should dynamically track macroeconomic conditions, as gold prices are influenced by factors such as the dollar index and geopolitical events [3]

Core Viewpoint - The article discusses the rising trend of "Gold+" investment strategies in response to increasing market uncertainty and the appeal of gold as a safe-haven asset amid geopolitical tensions, particularly the Russia-Ukraine conflict [1][3]. Group 1: Market Trends - As of July 14, 2023, the COMEX gold futures opened at $3,376.5 per ounce, reflecting heightened market risk aversion due to the potential escalation of the Russia-Ukraine conflict [1]. - There are currently 42 wealth management products in China that include "gold" in their names, indicating a growing interest in gold-related investment strategies [1]. - The World Gold Council's China CEO emphasizes the importance of maintaining investor psychology and behavior in the face of rising gold prices, which have outperformed most mainstream financial assets over the past two years [1]. Group 2: "Gold+" Investment Strategy - "Gold+" refers to an investment strategy that integrates gold into multi-asset portfolios, serving as a key factor for risk hedging and smoothing returns [1]. - Various public funds and bank wealth management products are now incorporating gold, with most allocating between 5% to 10% of their assets to gold, and some products reaching up to 30% [1][2]. - Banks are adopting a cautiously optimistic approach to gold asset allocation, recognizing its low correlation with stocks and bonds, which helps in diversifying risk [2]. Group 3: Investor Sentiment and Timing - Investor attitudes towards "Gold+" products are driven by factors such as risk aversion due to global economic uncertainties, inflation hedging, and the balanced risk-return profile of "fixed income+" products that include gold [3]. - The World Gold Council highlights the long-term strategic value of "Gold+" in enhancing portfolio resilience and risk management, especially in times of increased global uncertainty [3]. Group 4: Considerations for Investors - While gold has many advantages, investors are advised to approach its short-term price volatility with caution and to consider gold investment as part of a diversified asset allocation strategy [4][5].

Core Viewpoint - The significant rise in gold prices, particularly in RMB terms, has reignited interest in gold as a traditional safe-haven asset, with the "gold+" strategy becoming a key trend in global asset allocation [1] Group 1: Gold Price Trends - Gold prices in RMB surged by 28% in 2024 and continued to rise by over 24% in the first half of 2025, highlighting its appeal as a safe-haven asset [1] - Geopolitical risks, such as the ongoing Russia-Ukraine conflict and Middle East instability, are expected to sustain the geopolitical risk premium associated with gold [1] - The increasing U.S. debt, which grew by $13 trillion (+56%) from 2020 to 2024, alongside projected future increases, enhances gold's role as a hedge against traditional financial assets [1] Group 2: "Gold+" Strategy - The "gold+" strategy is defined as multi-asset portfolios that allocate over 5% to gold, with some products allocating as much as 30% [2] - This strategy signifies a shift from viewing gold merely as a tactical tool for inflation or market volatility to recognizing its structural value as a strategic asset [2] - Historical data shows that gold has provided an annualized return of approximately 10% over the past 20 years, outperforming many mainstream assets over 5 and 10-year periods [2] Group 3: Risk Mitigation and Portfolio Resilience - Gold's long-term returns are primarily driven by global GDP growth and diverse demand sources, including central bank purchases and jewelry [3] - The "gold+" strategy enhances portfolio resilience, as gold typically performs well during corrections in traditional stock-bond portfolios, providing a risk buffer [3] - In the current global capital system, there is a shift from "yield priority" to "certainty priority," with gold's unique attributes gaining renewed attention as a stabilizing asset [3] Group 4: Advantages of "Gold+" - The "gold+" strategy transitions from short-term speculation to long-term allocation, enhancing overall portfolio resilience and risk management [4] - Gold effectively hedges against equity volatility, making it a crucial factor for navigating through uncertain economic cycles [4]

Core Viewpoint - The price of gold priced in RMB has significantly increased by 28% in 2024 and continues to rise in 2025, with a more than 24% increase in the first six months. However, the CEO of the World Gold Council's China division, Wang Lixin, notes that few investors have truly benefited from this surge despite the high returns compared to mainstream financial assets [1]. Group 1: Investment Challenges - Ordinary investors face three main challenges when investing in gold: decision-making difficulties, timing issues, and holding challenges. The psychological aspect of investing is crucial, especially as gold prices reach new highs [1]. - Wang Lixin suggests that ordinary investors consider "Gold+" products, which allow professional institutions to manage gold investments [1]. Group 2: "Gold+" Products - "Gold+" products are defined as multi-asset portfolios that allocate more than 5% of their assets to gold. Currently, various public funds and bank wealth management products have emerged that include gold in their asset allocation [1]. - Most publicly available "Gold+" products allocate between 5% to 10% of their assets to gold, with some products reaching up to 30% [1]. Group 3: Broader Investment Strategy - The broader concept of "Gold+" refers to an investment philosophy that integrates gold into multi-asset portfolios as a key factor for risk hedging and smoothing returns [3]. - The number of FOF products that invest in gold ETFs has nearly doubled each year over the past few years, indicating a significant growth in direct investment in gold by professional institutions [3]. Group 4: Long-term Investment Perspective - Individual investors often engage in short-term trading of gold, which contradicts the long-term investment philosophy that gold is typically associated with. "Gold+" products aim to shift investors from short-term speculation to long-term allocation, enhancing gold's strategic role in investment portfolios [6]. - The World Gold Council emphasizes that the value of "Gold+" lies in its ability to enhance the overall resilience and risk management of investment portfolios, especially in the context of increasing global uncertainty [6].

Core Viewpoint - The article discusses the significance of gold as a hard currency, its historical context, investment methods, and associated risks, emphasizing its enduring value and various applications in modern finance and industry [1][2][3][4][5][6] Group 1: Gold as Hard Currency - Gold's value is attributed to its scarcity, with approximately 200,000 tons mined throughout human history, equating to less than 30 grams per person if divided among 8 billion people [2] - Gold possesses three main attributes: 1. Currency attribute, being one of the earliest forms of money and used extensively in trade and rewards throughout history [3] 2. Commodity attribute, characterized by its resistance to corrosion and diverse applications in various industries beyond jewelry [3] 3. Safe-haven attribute, where gold prices often surge during economic crises or loss of trust in major currencies [3] Group 2: Investment Methods - Gold investment options include: 1. Physical gold, such as gold bars, coins, and jewelry, with investment-grade gold priced lower than jewelry due to craftsmanship premiums [4] 2. Gold accumulation accounts offered by financial institutions, allowing clients to invest without holding physical gold, with low transaction costs [4] 3. Gold ETFs, which provide high liquidity but do not allow for physical gold redemption and incur management fees [4] Group 3: "Gold+" Concept - The "Gold+" concept integrates a certain percentage of gold into investment portfolios, gaining traction among institutional investors and financial products [5] Group 4: Investment Risks - Gold investment carries several risks: 1. Market price volatility influenced by global economic conditions, monetary policies, and geopolitical tensions [6] 2. Purchase channel risks, particularly when buying from unverified sources, increasing the likelihood of acquiring counterfeit or subpar gold [6] 3. Repurchase and liquidity risks, as the avenues for selling physical gold are limited and may involve significant price discrepancies [6]