150 billion funds fled, fund manager: The core pillar supporting the medium and long-term value of gold remains solid.

Once known as the "king of safe-haven assets," gold is now experiencing a continuous rebound and retreat situation. Is this round of adjustment a short-term technical correction, or a signal of the end of the gold bull market? "The sharp drop in gold stocks this time is a typical pulse disturbance, not a structural reversal based on fundamental logic." Liu Tingyu, manager of the gold stock ETF Yongyin Fund, told First Financial that amid the spread of market panic, the core pillars supporting the long-term value of gold remain solid, and after experiencing rapid sell-offs, the investment value becomes more prominent. Against the backdrop of a weakening market, funds are accelerating their withdrawal from gold ETFs. According to statistics, as of June 9, more than 70% of gold ETFs have experienced net outflows of funds in the past month, with a total fund "hemorrhage" of 14.859 billion yuan. Among them, the largest scale of the Huaan Gold ETF has seen the most obvious outflows, with a net outflow amount of nearly 7.9 billion yuan during the same period, and the product scale has also fallen from the billion level to 98.192 billion yuan, with a significant effect of fund withdrawal from the top products. As for the difference in trends between gold stocks and gold commodities, a quantitative research analyst explained that the investment target of gold stock ETFs is the stocks of gold mining companies, which, compared to the price of gold itself, have a dual leverage effect of both gold prices and corporate profit growth, with higher potential elasticity.