Core Viewpoint - The gold market experienced significant volatility, with a historic price surge followed by a sharp decline, leading to a substantial reduction in the scale of domestic gold-themed ETFs, yet institutions reaffirm the long-term investment value of gold [1][3][7]. Group 1: Market Performance - On January 29, the international gold price reached a historic high of approximately $5598.75 per ounce, marking a year-to-date increase of 30% [3]. - Following this peak, the gold price plummeted over 15% on January 30, closing at $4880.034 per ounce, and continued to decline to $4659.29 per ounce by February 2, before rebounding in the following days [3][4]. - The overall decline in the London gold price over the week was approximately 8.29%, with domestic gold prices reflecting a similar trend, dropping about 8.26% [3][4]. Group 2: ETF Market Impact - The total scale of 20 domestic gold-themed ETFs decreased by approximately 427 billion yuan, bringing the total to 3489.54 billion yuan [1][3]. - Approximately 1.89% of the gold-themed ETF funds opted for redemption, resulting in a net outflow of about 66 billion yuan, primarily due to passive reductions from declining net values [1][4]. - Despite the significant drop in ETF scale, there was a notable attempt to "buy the dip," with 23.38 billion yuan in net subscriptions on the day of the gold price crash [4][5]. Group 3: Investor Behavior - Analysts suggest that the reduction in ETF scale was mainly due to passive shrinkage rather than panic selling, indicating a short-term emotional adjustment among investors [5]. - The funds that withdrew were primarily characterized as short-term speculative funds, stable short-term allocation funds, and passive following funds, each reacting to market conditions differently [5]. - The behavior of retail investors, often characterized by a lack of independent judgment, contributed to the volatility in fund flows, with rapid withdrawals during price declines and re-entries during rebounds [5]. Group 4: Long-term Investment Logic - Analysts believe the recent price fluctuations are a technical adjustment rather than a reversal of the long-term trend, with core support factors for gold remaining intact [7]. - Key supporting factors include the unchanged Fed rate cut cycle, ongoing central bank gold purchases, and gold's role as a hedge against geopolitical and currency risks [7][8]. - Institutions suggest maintaining a long-term perspective on gold investments, with recommendations to allocate around 20% of portfolios to gold assets for risk mitigation [9].