Guosen Securities: Maintain an optimistic view on gold in the medium to long term and follow the market's third wave opportunities.

Jin10 data, October 12 news, Guo Xin Securities released a research report stating that the opportunity for the third wave of gold may be triggered by the capital reallocation brought about by the peak of the overseas artificial intelligence technology wave, and currently there are no signs. In 2003-2004 and 2006-2007, US technology stocks and gold rose together; the same logic applies to the cessation of the technology wave and the excessive increase in gold. Risk aversion sentiment has spread from geopolitical factors to capital flows, and the third phase signal has not yet been triggered. Accompanied by the decline of the three major US stock indexes, risk aversion sentiment drives the gold price to continue to rise. The medium to long-term price movement of gold remains optimistic, with a suitable proportion of gold in residents' asset allocation being between 2-10%, while institutional allocation can be appropriately increased.