黄金狂跌12%是熊市信号，还是全民大逃亡？揭秘金店排队潮后的资本游戏与人性博弈 那一周，金子似乎失去了重量。不再是压箱底的安心，倒像一块烧红的铁，在所有人手里传来传去，谁都怕最后烫到自己。金价在短短几天里向下猛冲，跌 得毫无道理，跌得菜市场大妈都开始怀疑自己戴了半辈子的金镯子是不是赝品。我家就经历了这么一遭。我妈年初满心欢喜，用1650元一克的价格请回一条 手链，觉得是把一份踏实锁在了腕上。谁能想到，这份踏实竟有保质期。2月6号清晨，她攥着那条几乎没怎么戴过的手链，像奔赴一个紧急约会，一头扎进 了菜百门口蜿蜒的长队里。两个小时，换回一张1485元每克的回购单。回来时，她脸上的表情复杂极了，懊悔里掺着解脱，嘴里反复嘀咕："就不该听老王 太太的，说什么过了年还得涨。"那时候她不知道，自己几乎是踩在了暂停键按下的前一刻。 那几天的金店门口，成了最生动的经济学课堂，尽管课堂里充满焦虑与茫然。人们攥着丝绒盒子、布袋甚至旧手帕，里面裹着各自对财富的想象。2月6号下 午，当菜百宣布周末暂停回购的告示贴出来时，门口还滞留着近两百人。有人举着手机，屏幕亮着，正在展示一张朋友圈截图：水贝的批发价已跌穿1260 元。而几步之遥的老 ...

Core Viewpoint - The international gold price has been experiencing high volatility, leading to poor performance of multiple gold-themed funds, with all 14 commodity gold ETFs showing negative returns over the past month [1][2] Group 1: Gold Price Trends - Since reaching $3,500 per ounce in April, COMEX gold futures have fluctuated between $3,100 and $3,400 per ounce for over two months [1] - As of July 11, all 14 commodity gold ETFs have recorded negative returns exceeding 2.5% over the past month, with some funds dropping more than 2.8% [1] - Over the past three months, the returns of these ETFs have been weak, with a total return of less than 2% [1] Group 2: Investment Fund Performance - Gold stock-themed funds have also shown lackluster performance, with several ETFs experiencing declines of over 4% in the past month [2] - The global physical gold ETF saw a net outflow of approximately $1.8 billion in May, marking the first monthly net outflow since November of the previous year [2] - The total assets under management (AUM) for global physical gold ETFs decreased by 1% to $374 billion, with total holdings dropping by 19 tons to 3,541 tons [2] Group 3: Divergent Short-term Views - There is a significant debate among institutions regarding the future trajectory of gold prices, with some predicting a decrease in upward momentum due to anticipated Fed rate cuts [2][3] - Citigroup forecasts that gold prices will stabilize between $3,100 and $3,500 per ounce in Q3, with a potential decline to $2,500 to $2,700 per ounce by mid-2026 [2] - HSBC's investment director suggests that the investment demand for gold will decline as geopolitical tensions ease and global economic growth prospects improve [3] Group 4: Long-term Outlook - Despite short-term uncertainties, some analysts believe that gold prices are likely to trend upward in the long term due to various macroeconomic challenges facing the U.S. [3] - Factors supporting long-term gold prices include central banks' continued interest in gold, with nearly 43% planning to increase their reserves in the next year [3] - The expectation of a depreciating dollar and increasing U.S. fiscal deficits are also seen as favorable for gold prices [3]