The Guojin Securities Research Report pointed out that the Federal Reserve began to slow down its contraction. After the Federal Reserve began the interest rate cut cycle, against the backdrop of short-term interest rates being locked high by the benchmark interest rate and the timing of interest rate cuts or delays, the short-term gold pricing balance gradually tilted towards the inflationary side, and the expectation of a decline in short-term real interest rates drove the price of gold up. We expect the price of gold to reach 2,700 US dollars/ounce in 2025. The growth rate of the cost of gold stocks will slow down in 2023. It is expected that in 2024, when gold prices rise and cost control is relatively stable, the performance of gold stocks will perform well, and the current market value of gold stocks does not reflect many expectations of rising gold prices, so there is plenty of room to “make up for the increase”. We expect that gold stocks will experience a major upward trend. We recommend focusing on those with lower market capitalization in tons of resources.