Are Gold Stocks Really Expensive?

Since 2025, international gold prices have surged by over 60%, exceeding $4200 per ounce. This spike has also propelled gold ETFs, with the Hua Xia Gold ETF (518850) skyrocketing by over 20% in the past month and a staggering 160% since the 2021 low point. However, it seems this gold supercycle may be far from reaching its peak. In 2022, the US froze billions of dollars in foreign reserves belonging to Russia, which had a profound impact on central banks of emerging markets worldwide. Consequently, many central banks have begun to adjust their foreign exchange assets, with the mainstream trend…