Core Viewpoint - The recent divergence in trends between gold and the US dollar is influenced by fluctuating US tariff policies and uncertainties surrounding Federal Reserve interest rate cuts, leading to a stabilization in gold prices while the dollar shows signs of weakening [1][2]. Gold Market - As of July 17, gold prices have increased by 27% in London and 31% on COMEX year-to-date, although both have seen slight declines of 1.42% and 2.01% respectively in the past month [1]. - The average annualized return for gold-related investment products over the past year is 5.06%, with a recent monthly average of 5.64%, significantly outperforming other investment categories [5]. - The number of existing gold-related investment products is 30, with the highest average annualized return from Hangzhou Bank Wealth Management at 7.46% [5]. US Dollar Market - The US dollar has seen a decline in its exchange rate against the Chinese yuan, dropping from over 7.3 to 7.17, with expectations of further decreases [1][2]. - The average annualized return for dollar-denominated investment products has decreased to 3.55% in the past month, down from 3.61% [3]. - There are currently 175 dollar-denominated investment products in the market, with the highest average annualized return from Beiyin Wealth Management at 5.25% [2]. Investment Trends - Demand for both gold and dollar-denominated investment products has expanded, with financial institutions competing to increase product offerings [1]. - Recent trends indicate a reduction in the scale of dollar investment products as clients begin to redeem their investments due to the declining dollar [2]. - The long-term outlook for the dollar suggests a gradual weakening over the next 30 to 50 years, despite short-term fluctuations [3]. Economic Factors - The recent downgrade of the US sovereign credit rating by Moody's has diminished the dollar's attractiveness as a global reserve currency, while enhancing gold's appeal as a safe-haven asset [4]. - Ongoing purchases of gold by central banks, including China, continue to support gold prices, with China's gold reserves increasing to 73.9 million ounces as of June [5]. - The potential for gold prices to break previous highs appears limited without significant economic shocks or renewed fears of recession [7].

Core Viewpoint - The recent turmoil in the global economy has led investors to seek "safe havens" like gold, but the investment landscape is fraught with risks, as evidenced by the collapse of Zhejiang Yongkun Holdings, which has left many investors in financial distress [2][4][40]. Group 1: Company Overview - Zhejiang Yongkun Holdings, operating under the name Yongkun Gold, attracted investors through a gold custody model, promising returns and the ability to withdraw funds or gold within specified periods [10][8]. - The company was established in 2014 and had a registered capital of 102.3 million RMB, with its headquarters located in Hangzhou [21][20]. - As of late May 2025, the company was reported to have gone silent, with its online platform clearing out products and customer service becoming unreachable [26][30]. Group 2: Investment Model and Risks - Yongkun Gold's investment model involved both online and offline sales, with promises of guaranteed returns and high annualized yields of around 7% [10][32]. - The company faced scrutiny for its non-compliance with financial regulations, as it was not a licensed financial institution and made unrealistic promises of guaranteed returns [40][42]. - Investors reported being unable to withdraw their funds or gold, leading to significant financial losses, with some families investing millions [16][18][30]. Group 3: Legal and Regulatory Issues - Following the company's operational issues, it was placed on a list of businesses with abnormal operations due to its inaccessibility [24][26]. - Legal experts indicated that the company's practices were likely illegal, as non-financial institutions are not permitted to offer gold investment services with guaranteed returns [40][42]. - The insurance policies provided by Yongkun Gold were found to have significant loopholes, failing to cover risks associated with the company's potential collapse [26][40]. Group 4: Investor Impact - The fallout from Yongkun Gold's collapse has left many investors in dire situations, with some facing debts and financial ruin [30][34]. - Victims of the scheme are struggling to gather evidence for potential legal recourse, highlighting a lack of awareness regarding the importance of documentation in investment transactions [37][30]. - The total amount of funds involved in the scandal is estimated to be at least 4.1 billion RMB, with many investors feeling deceived by the company's promises [37][38].