Core Viewpoint - The article discusses the design of a gold bull-bear signal board by the company, which helps assess the valuation of gold, similar to stock market indicators. The signal board is updated regularly to provide timely insights into gold pricing trends [1][2]. Gold Price Overview - Gold prices are primarily referenced from London gold for overseas markets and Shanghai gold for domestic markets. The common reference for gold price in China is the price per gram of Shanghai gold [5]. - Historical data shows that in November 2025, gold was rated at 1.1 stars, with the lowest valuation reaching over 4 stars in 2022. The period from 2011 to 2016 experienced a prolonged bear market for gold, which was longer than the historical bear market in A-shares. Since 2017, gold has gradually recovered from undervaluation, with significant price increases noted in 2019-2020 and from 2023 to the present [7]. Factors Influencing Gold Prices - The main factors affecting gold prices include: 1. **US Dollar**: The actual interest rate of the dollar, calculated as nominal interest rate minus inflation rate, significantly impacts gold prices. A substantial decrease in the actual interest rate typically leads to an increase in gold prices, while a rise results in a decrease [11]. 2. **Mining Costs**: As of this year, the cost of gold mining has reached approximately $1600 per ounce, which is significantly higher than in previous years. If gold prices fall below mining costs, it presents a buying opportunity, classified as a 5-star opportunity [15]. 3. **Geopolitical Risks**: Events such as regional conflicts and financial crises can drive up gold prices as it is viewed as a safe-haven asset during times of uncertainty [17]. Gold Volatility and Risk - Gold typically exhibits a volatility rate around 35% and a maximum drawdown of approximately 44%, which is comparable to a mixed fund with a 60-70% stock position. Generally, gold's risk level is slightly lower than that of average stock assets but higher than bond assets [19][21]. Investment Options in Gold - Investors can choose between gold funds and physical gold. Gold funds generally yield slightly lower returns than the actual gold price due to management fees and cash reserves held for redemptions [27][30]. - **Physical Gold**: This includes gold bars, panda coins, and gold jewelry. Gold bars are often available at minimal premiums, while panda coins, issued by the People's Bank of China, are popular for their craftsmanship. Gold jewelry typically carries higher premiums due to manufacturing costs [32][36].

Core Viewpoint - The article discusses the design of a "Golden Bull and Bear Signal Board" by the company, which helps in assessing the valuation of gold, similar to stock market indicators. The board is updated regularly to provide insights into gold price trends [1][2]. Group 1: Gold Price Dynamics - The price of gold is primarily referenced through Shanghai Gold in mainland China and London Gold internationally [6][7]. - Historical data indicates that in July 2025, gold was rated at 1.0 star, with a low valuation of over 4 stars in 2022. The period from 2011 to 2016 saw a prolonged bear market for gold, with significant opportunities for investment during this time [9]. Group 2: Factors Influencing Gold Prices - The main factors affecting gold prices include: 1. **US Dollar**: The actual interest rate of the dollar, calculated as nominal interest rate minus inflation rate, significantly impacts gold prices. A decrease in actual interest rates typically leads to an increase in gold prices, while an increase results in a decline [13][14]. 2. **Mining Costs**: As of this year, the cost of gold mining is around $1500 per ounce, which has risen due to inflation and labor costs. If gold prices fall below mining costs, it presents a significant investment opportunity [19]. 3. **Geopolitical Risks**: Events such as regional conflicts and financial crises often drive investors towards gold as a safe-haven asset, leading to price increases during such times [20][21]. Group 3: Gold Volatility and Risk - Gold typically exhibits a volatility rate of around 31% and a maximum drawdown of approximately 44%, which is comparable to a mixed fund with a 60-70% stock position. The risk level of gold is generally lower than that of average stock assets but higher than that of bond assets [24][25]. Group 4: Investment Options in Gold - Investment in gold can be approached through: 1. **Gold Funds**: These funds usually yield slightly lower returns than the actual gold price due to management fees and cash reserves. The annualized return for Shanghai Gold is approximately 6.40% [31][32]. 2. **Physical Gold**: This includes gold bars, coins (like the Panda Gold Coin), and jewelry. While physical gold tracks gold prices closely, there are risks of counterfeit products, necessitating reliable dealers [36][40]. Group 5: Current Market Insights - As of July 7, the price of a 30g Panda Gold Coin was 23,767, with a premium rate of 2.71% over Shanghai Gold priced at 771.30. The article suggests that purchasing physical gold from reputable dealers can mitigate risks associated with counterfeits [41].