Source: Zhitong Finance "Since 1950, the S&P 500 index has risen more than 10% 21 times as of the end of May. In about 90% of these cases, the S&P 500 index rose for the rest of the year. There were only two instances of declines for the rest of the year, in 1987 (-13%) and 1986 (-0.1%)." With the rebound of the stock market, the old adage "Sell in May and Go Away" seems to have been a bad advice once again. Last month, the S&P 500 index rose 4.8%, the best May performance since 2009. The NASDAQ 100 index rose nearly 6.2%, and the NASDAQ Composite Index rose 6.9%. Goldman Sachs FICC & Equities Trading Division said: "History doesn't really support this saying. Don't sell, leave the market (go on vacation), and enjoy the good times." The rising trend is still to be continued? If history is any guide, it may indicate that the rise of the stock market is not over yet. Looking ahead to the rest of 2024, Scott Rubner, Managing Director of the Goldman Sachs Global Markets Division and tactical expert, pointed out the following historical background for investors. Rubner stated that the S&P 500 index has risen 10.7% year-to-date, and since 1950, the S&P 500 index has risen more than 10% 21 times as of the end of May. In about 90% of these cases, the S&P 500 index rose for the rest of the year. There were only two instances of declines for the rest of the year, in 1987 (-13%) and 1986 (-0.1%). "Since 1950, the median return of the last 7 months of each year (June 1 to December 31) is 5.4%. In the aforementioned 21 cases, the average performance of the last 7 months increased to 8.1%." Rubner added. Rubner also pointed out that the NASDAQ index has risen for 16 consecutive Julys, with an average return of about 4.64%.

Golden industrial concept generally opened high and continued to rise, as of the time of publication, $ZHAOJIN MINING (01818.HK)$ Up 4.42%, at 14.16 Hong Kong dollars; $SD GOLD (01787.HK)$ Up 4.34%, at 17.78 Hong Kong dollars;$LINGBAO GOLD (03330.HK)$ Up 4.17%, at 3 Hong Kong dollars; $ZIJIN MINING (02899.HK)$ Rose by 2.42%, trading at HKD 16.96.

International gold price continues to be strong, reaching the milestone of $2700 per ounce for the first time, hitting a historical high. Latest trading at $2704.12 per ounce, with a 0.42% intraday increase.

On the news front, retail sales in the USA increased in September, strengthening the expectations of a 25 basis point rate cut. In addition, geopolitically, the Israeli Defense Forces announced on Thursday that Hamas leader Sinwar was killed in an attack in the Gaza Strip, accused by Israel of being the mastermind behind the "Aksa Flood Operation" on October 7 last year.

Benefiting from the continuous rise in gold prices, several listed gold mining companies have released positive profit forecasts for the first three quarters. Among the companies listed on the Hong Kong Stock Exchange, sd gold is expected to achieve a net income attributable to the owners of the parent company of RMB 1.85 billion to RMB 2.25 billion for the first three quarters, an increase of 37.52% to 67.26% year-on-year. In addition, zhaojin mining's net profit attributable to the parent company for the first three quarters was RMB 0.881 billion, up by 141.07% year-on-year.

Editor / jayden