Guo Jin Securities: In the long term, gold is expected to start a new round of bull market.

Guojin Securities pointed out that historical experience shows that gold usually performs well in a stagflation environment, but in this round, the market has focused on pricing inflation factors and overlooked the economic "stagnation" pressure. Signs of weakening growth in the US economy have emerged, and high oil prices may further accelerate the arrival of a recession. If economic stagnation resonates with the downward trend in the capital market, the liquidity expectations gap is expected to become a triggering factor for the rebound in gold. In the long term, the decline in US comprehensive national strength and the consensus of the market, gold is expected to start a new round of bull market.