bandicootps4| CICC: Gold is overdrawn in a short period, but the interest rate cut transaction is not over

Under the traditional pricing framework, gold has the triple attributes of currency, commodity and finance, corresponding to currency, anti-inflation and safe-haven values. Therefore, it usually changes in the opposite direction of the US dollar and US bond interest rates. However, this pricing rule has recently "failed"bandicootps4Now, gold, interest rates and the US dollar rose together. After all three rise together, the frequency of turning into decline in the following month exceeds half, and the previous gains are often reversed within two months. Looking forward, we believe that gold is overdrawn in the short term, but the interest rate cut transaction is not over, and the center is between US$2,400 and US$2,500/ounce; long logic can be used as the basis for allocation when opportunity costs are low, including local de-dollarization needs. Whether the global monetary system is undergoing a third anchoring exercise will have a significant impact on the pricing of assets, including gold.