黄金价值凸显，炒金更需谨慎

Core Viewpoint - Gold is reaffirming its value as a hedge against financial turmoil, driven by concerns over U.S. tariffs, inflation pressures, and the erosion of dollar credibility [1] Summary by Relevant Sections Historical Context - Gold has been recognized as a universal value for over 4,000 years, possessing natural currency attributes due to its physical properties and scarcity [1] - The decoupling of the dollar from gold in the 1970s marked the beginning of the "de-monetization" narrative for gold, coinciding with the rise of economic globalization [1] Recent Trends - Since the dollar's decoupling from gold in 1971, gold prices have experienced three significant surges: - From $35 to $850 during the 1970-1980 stagflation period [1] - From $700 to $1920 during the 2008 financial crisis [1] - Surpassing $2000 in 2020 amid the pandemic and global monetary easing [1] - The current economic environment, characterized by U.S. tariffs and domestic financial challenges, is driving gold prices upward [1] Central Bank Actions - Central banks globally are accumulating gold at an unprecedented rate, with purchases exceeding 1,000 tons for the third consecutive year in 2024 [1] - This collective action is aimed at hedging against dollar risks and is seen as a strategic move to reshape the international monetary system [1] - An increase of 100 tons in central bank gold demand is estimated to raise gold prices by 2% [1] Investment Considerations - While gold is viewed positively, ordinary investors face risks due to potential price volatility influenced by U.S. policy changes and geopolitical shifts [1] - Historical instances of significant price drops, such as an 18% decline within three months, highlight the need for caution [1] - Financial institutions are warning about the risks of gold investment, particularly for those using high leverage [1]