Core Viewpoint - International gold prices have reached new highs, with prices surpassing $4000 on October 8, indicating a strong upward trend in the precious metals market [1] Industry Summary - The domestic gold ETF market has rapidly expanded, with several products exceeding 10 billion yuan in scale [1] - Gold-related listed companies have seen significant stock price increases, attracting high attention from institutional investors [1] - Notable gold stocks have been researched by well-known institutions, and representative gold stock ETFs have increased by over 5 billion yuan in a single month [1] Market Drivers - Expectations of interest rate cuts by the Federal Reserve and ongoing cracks in dollar credit are driving gold into a new upward cycle [1] - Historical data suggests that gold tends to perform better than other assets during recessionary or stagflation periods [1] - The market generally believes that gold is in the early stages of a "third wave" rally, with long-term reserve value and allocation advantages expected to become more prominent [1]