Nature of business: Exchange-traded funds

Target price: 760 yuan

Entry price: 710 yuan

Stop loss price: 690 yuan

Dragged down by the rebound in the US dollar, the price of gold adjusted from a high of 990 US dollars to the level of 930 US dollars. However, looking at the holdings of the ten largest gold ETFs in the world, there was no significant reduction, and the interest spread between US 10-year treasury bonds and TIPS had already risen to 2%, close to the high in early 2008, reflecting rising market expectations for inflation. According to experience, after the US money supply increases, inflation often begins to return two years after that. Therefore, inflation expectations should strongly keep gold prices strong. The current holdings of the State Street Gold ETF are over 1,100 tons. It is believed that after the gold price bottomed out at 920 US dollars, the ETF is expected to return to its earlier high.