How does this round of "gold rush" differ from 2013?
Guosen Securities believes that 2013 was a "bottom-fishing" behavior after the sharp decline in gold prices, leading to a serious overdraft of demand; while the current round of demand is built against the backdrop of continuously rising gold prices, with the driving force shifting from speculation to long-term pursuits of asset allocation and wealth preservation. Market resilience is more established on product craftsmanship, brand narrative, and diversification of consumption scenarios, with consumers beginning to pay for "craftsmanship" and "culture." The core of industry growth has shifted from channel expansion to product-driven, with high value-added products effectively offsetting the impact of gold price fluctuations
