Gold prices break above USD 4,400—can the precious metals rally accelerate?

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【Must-read for New Investors】Precious metals surged by as much as 50% in 20 days! Have you spotted the hidden 'low-cost entry' opportunity behind this move?

Dear investors, while market focus keeps shifting between tech stocks and macroeconomic data—leaving many feeling lost—a certain sector has quietly 'taken off,' steadily generating solid returns for astute capital.

That sector is none other than precious and base metals, led by gold and silver. As of the Hong Kong market close on August 7, 2026, related sectors have delivered strong performance.

– Base metals sector rose 2.69% in a single day

– Gold mining stocks rose 3.40% in a single day

– Copper mining stocks rose 2.71% in a single day

In terms of individual stock performance, $TONGGUAN GOLD (00340.HK)$ surged 6.74% in a single day, $CHI SILVER GP (00815.HK)$ also recorded an impressive gain of 6.67%.

Why are precious metals quietly surging? What’s the big-picture logic behind this move?

While many traditional sectors are hitting growth bottlenecks, why are precious metals soaring? This isn’t driven by short-term speculation, but rather by a confluence of deep macro and micro fundamentals:

1. Unprecedented central bank buying spree (providing strong downside support)

In recent years, heightened geopolitical tensions and subtle erosion of confidence in the U.S. dollar system have spurred strong demand among central banks for diversified reserves. According to the latest data from the World Gold Council, global gold demand reached a staggering 2,522 tonnes in the first half of 2026 alone (up 2% year-over-year), with total transaction value hitting a record high of $380 billion! Even in Q2—when gold prices repeatedly hit new all-time highs—central banks continued aggressive purchases, snapping up 288.9 tonnes in the quarter. World Bank analysts explicitly noted that this gold rally cycle differs fundamentally from any in history, primarily due to the 'unprecedented pace of central bank buying.' This provides extremely solid downside support, keeping precious metals in a 'new high-normal' range.

2. Silver’s 'dual-engine' driver: safe-haven appeal and AI-related industrial demand in sync

Silver has shown even greater price elasticity than gold in this rally. Beyond its safe-haven correlation with gold, silver also boasts strong industrial utility. It plays an irreplaceable role in fast-growing sectors like green energy (e.g., photovoltaic panels) and semiconductor and AI server manufacturing. Persistent tightness in physical silver supply-demand dynamics and continuously declining inventories have provided significant upside elasticity for silver prices.

Which stocks are in the top 5 by 20-day gains?

Using the screening criterion of 'market cap above HK$30 billion (as of market close on August 6, 2026),' we’ve selected the following for investors:Top 5 stocks with the strongest 20-day gains, breaking down each one for you:

$LINGBAO GOLD (03330.HK)$ — 20-day gain: +57.05%

Lingbao Gold is one of China's leading gold producers, primarily engaged in gold mining, processing, smelting, and sales. In recent years, the company’s proportion of self-produced gold has steadily increased, directly benefiting from higher gold prices that have improved its gross margin.

$CHIFENG GOLD (06693.HK)$ — 20-day gain: +34.42%

Chifeng Gold is an emerging star in gold mining that has achieved leapfrog growth in recent years through overseas acquisitions. It boasts exceptionally high operational efficiency. Thanks to the continued ramp-up of production at its high-quality overseas mines, such as Vientiane Mining in Laos, the company has significantly increased its gold output.

$WANGUO GOLD GP (03939.HK)$ — 20-day gain: +33.74%

Wanguo Gold primarily engages in mining and beneficiation of concentrates containing copper, lead, zinc, and gold, and holds abundant resource reserves. According to a UBS Group report, management previously guided for approximately a 10% year-over-year cost reduction by 2026 due to changes in mining contractors. However, recent geopolitical tensions in the Middle East have driven up diesel prices, which are expected to offset these savings, suggesting costs will remain broadly flat.

$ZIJIN GOLD INTL (02259.HK)$ — 20-day gain: +31.80%

As a global giant in gold and non-ferrous metal mining, Zijin Gold International owns multiple top-tier, high-quality gold and copper mines both domestically and overseas. Goldman Sachs’ commodities research team noted that under the current global macro environment, mining companies with low-risk, high-grade assets and international diversification are increasingly commanding valuation premiums. Such companies exhibit stronger fundamental resilience against global inflation and sovereign credit risks.

$ZHAOJIN MINING (01818.HK)$ —— 20-day gain: 29.49%

A leading gold producer in China and one of the country's largest gold smelting enterprises. The company’s core assets are located in Zhaoyuan, Shandong Province, and its 'Haiyu Gold Mine' is China’s first offshore ultra-large-scale gold mine, with reserves and ore grade ranking among the industry’s best.

Lowering the barrier: How to use ETFs to capture precious metals market trends with a single basket?

If you’re bullish on the overall precious metals market but unsure which individual stock to pick, you may also consider using ETFs to capture systemic opportunities.

1. Hong Kong-listed Gold ETFs

Screening criteria: As of August 7, 2026, at 14:07, via Futubull app → Market → ETFs → Hong Kong → Thematic ETFs, selecting the top 3 by assets under management

$SPDR Gold Trust (02840.HK)$: This is the world’s largest gold ETF, closely tracking the London spot gold price, with strong liquidity

$CSOP Gold ETF (03030.HK)$ and $Value Gold ETF (03081.HK)$ : A key feature of Value Gold ETF is that its shares are fully backed by physical gold stored in the Hong Kong government’s vaults. Its fees and expense ratio are comparable to those of major international ETFs, but it offers a lower minimum investment per lot.

2. U.S.-listed Gold ETFs

Screening criteria: As of 14:07 on August 7, 2026, within the Futubull app > Market > ETFs > US > Thematic ETFs, select the top 3 by assets under management.

$SPDR Gold ETF (GLD.US)$: The world's most liquid gold ETF, with extremely high average daily trading volume.

$iShares Gold Trust (IAU.US)$ : Managed by Blackrock, with a lower expense ratio (approximately 0.25%) than GLD.

$Spdr Gold Minishares Trust (GLDM.US)$ : This is a 'mini version' of GLD, designed to offer lower holding costs and a smaller investment unit size, significantly lowering the entry barrier for investors with modest capital.

3. US-listed Silver ETFs

Screening criteria: As of 14:07 on August 7, 2026, within the Futubull app > Market > ETFs > US > Thematic ETFs, select the top 5 by assets under management.

If you are bullish on silver’s industrial growth driven by the AI and new energy era, consider the following options:

– $iShares Silver Trust (SLV.US)$: The largest and longest-established physically backed silver ETF in the market, offering the best liquidity.

– $Sprott Physical Silver Trust (PSLV.US)$ : Managed by Sprott of Canada, its silver holdings are fully stored at the Royal Canadian Mint, and it allows physical silver redemption once a certain share threshold is reached—making it popular among investors who prioritize tangible assets.

– $Global X Funds Global X Silver Miners Etf (Post Rev Spl (SIL.US)$ : This is a silver equities ETF that invests in global silver mining and smelting companies. It typically exhibits higher volatility than physical silver, offering greater equity leverage.

– $Abrdn Silver ETF Trust (SIVR.US)$ Offers an extremely low annual custody fee rate, making it an excellent choice for long-term holders of physical silver contracts.

– $ProShares Ultra Silver (AGQ.US)$ This is a 2x leveraged silver ETF designed to track twice the daily return of spot silver.Note: This instrument is highly volatile and is suitable only for investors with deep market understanding engaging in ultra-short-term trading. It is not appropriate for long-term holding.

With so many ETFs to choose from, you can use the Futubull ETF tool to compare product differences and select the one that suits you:

Precious Metals Investment Risk Warning

Although the precious metals and non-ferrous metals sectors have broad prospects, investors should remain calm and rational when allocating positions and pay close attention to the following risk factors:

1. Macroeconomic Policy and Interest Rate RiskGold and silver are non-yielding assets. If the Federal Reserve delays rate cuts—or even hikes rates more aggressively than expected—due to stronger-than-anticipated economic data, this would directly exert downward pressure on gold valuations.

2. Individual Stock Operational and Policy RiskMining operations face numerous force majeure factors, such as geological disasters, geopolitical conflicts causing production halts, or policy changes. Individual mining stocks often exhibit greater volatility than physical gold itself, so investors should diversify their holdings.

3. High Volatility and Leverage Decay: Trading instruments such as silver or leveraged products (e.g., AGQ) exhibit significantly higher volatility than gold. Leveraged ETFs suffer from 'decay' in choppy markets—avoid blindly going all-in or holding leveraged positions long-term without adjustment.

4. Appropriate Allocation Ratio: Within your overall portfolio, precious and base metals are best used as a tactical 'defensive counter-punch' allocation. It is recommended they comprise only 5%–15% of total assets to prevent sharp swings in a single sector from negatively impacting your overall investment psychology.

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