Yongying Fund Liu Tingyu: Focus on the long-term investment value of gold and gold stocks

In the first half of this year, against the backdrop of profound changes in the global macroeconomic landscape, gold has stood out with its unique asset attributes, becoming one of the best-performing major asset classes. Liu Tingyu, the fund manager of Yongying Gold Stock ETF, believes that three main factors have driven the recent surge in gold prices: geopolitical risks, expectations of a shift in Federal Reserve policy, and increased purchases by global central banks. Looking ahead, against the backdrop of a deepening trend of de-dollarization and a reassessment of gold's strategic value, gold assets with performance elasticity and valuation advantages are ushering in a good allocation opportunity. From January to April this year, gold prices showed a rapid upward trend. In this regard, Liu Tingyu believes that this round of price increase is mainly driven by three factors: first, the escalation of geopolitical conflicts has led to a surge in safe-haven demand; second, expectations for a shift in Federal Reserve monetary policy have strengthened; and third, global central banks continue to increase their gold reserves