Goldman Sachs(US:GS) Jin Shi Shu Ju·2025-04-23 06:48Group 1 - The core viewpoint is that the US dollar is entering a prolonged downtrend, with foreign investors reassessing the risk-reward profile of dollar-denominated assets as US Treasury and stock prices decline [1][2] - Kamakshya Trivedi believes that the dollar will continue to weaken, with the trend expected to deepen, particularly against the euro and potentially the yen [2] - Trivedi highlights that the risk of recession in the US is exceptionally high, leading foreign investors to reevaluate the prospects of US assets, including stocks [2][3] Group 2 - The recent surge in gold prices, reaching an inflation-adjusted historical high of over $3,500 per ounce, indicates a shift away from dollar assets towards safer investments [3][5] - Central bank demand for gold is rising, suggesting a desire to diversify away from dollar assets, with Goldman Sachs raising its year-end gold price forecast to $3,700 per ounce due to stronger-than-expected demand [5][6] - If central bank purchases average 100 tons per month, gold prices could reach $3,810 per ounce by the end of 2025, with potential ETF inflows pushing prices even higher [6]