The current gold market rally is truly a spectacular show in the financial world.

Let's look at the data first: spot gold prices have already broken through $4,540 per ounce, representing a 70% increase year-to-date. Honestly, this surge has left many people stunned. JPMorgan has recently set a target price of $5,400, not just $5,000, but continuing to look higher. Goldman Sachs and Bank of America have issued similar statements—$5,000 is just a stage level, not the end point.

The underlying logic is quite clear: risk aversion sentiment remains hot. Uncertainty in geopolitical situations, doubts about AI market valuations, and the pressure of dollar depreciation... these factors combined create a sustained demand for gold. More importantly, global central banks are frantically stockpiling gold. They have already purchased over 1,000 tons in 2025, and holdings are expected to continue increasing in 2026. This national-level demand support is far more convincing than any technical analysis.

Now, the question is: gold prices are soaring, so why haven't A-share gold concept stocks moved yet?

This is a typical valuation arbitrage. Once gold prices stabilize at higher levels, expectations of capacity release and declining mining costs will drive a rebound in mining company stock prices. Zijin Mining and Shandong Gold have already been aggressively acquiring mines worldwide—high-quality foreign mineral sources are being absorbed one by one. Domestically, the trend is no different; recently discovered super-large gold deposits (around 1,444 tons), seabed gold mines, and other new resources are emerging one after another.

What does this mean? Dual drivers of production and gold prices. When gold prices stay high and these companies' capacities are also expanding, profit margins will be greatly amplified. Historically, in such situations, mining stocks tend to perform exceptionally well.

To sum up the current market pattern: the gold bull market is no longer in the initial stage but is accelerating. Central banks continue to stockpile, geopolitical risk hedging persists, and gold prices hit new highs... all these factors point in one direction—the trend still has room to run. For investors wanting to participate in this wave, mining stocks might be more worth paying attention to than gold prices themselves. Capacity expansion + price support = profit explosion; this logic has been proven more than once in history.

What do you think? Will gold continue to rise? When will the rebound opportunities for mining stocks arrive? The market will soon give us the answers.