Core Insights - The global gold stock index compiled by MSCI Inc. has increased by approximately 135% this year, aligning with the rise in precious metal prices [1][2] - The gold mining stock index is expected to achieve the largest annual excess return compared to the major global semiconductor index, which has risen by 40% this year [1] Group 1: Investment Trends - Gold and gold mining stocks are viewed as one of the most promising mid-term investment themes due to their safe-haven appeal and the potential for profit margin expansion and valuation re-evaluation [2] - The price of gold itself has increased by over 45% this year, reaching new highs [2] Group 2: Market Dynamics - Factors supporting gold prices include central bank purchases, Federal Reserve interest rate cuts, de-dollarization trends, and increased holdings in gold ETFs [2] - The price-to-earnings ratio of the MSCI gold mining stock index is 13 times based on future earnings expectations, slightly below the average level of the past five years [3] Group 3: Comparative Valuation - In contrast, the semiconductor stock index has a price-to-earnings ratio of 29 times, significantly higher than its five-year average [3] - Despite the near-linear rise in gold prices, the price-to-earnings ratio of mining stocks appears reasonable as earnings growth outpaces stock price increases [3]