桥水一季度重仓黄金ETF！机构：金价虽现已回落，长期配置价值仍在

Group 1 - Bridgewater Associates, the world's largest hedge fund, has reduced its holdings in technology stocks while increasing its investment in gold, specifically through the SPDR Gold ETF (GLD), which became its largest new position in Q1 with a scale of $319 million [1] - The average purchase price for the GLD position was $259, indicating that the acquisition likely occurred between January and early February when spot gold prices ranged from $2600 to $2900 per ounce [3] - The SPDR Gold ETF saw a significant increase of 19% in Q1, reaching a year-to-date high of 28.49% by April 22 [3] Group 2 - Recent declines in international gold prices have seen a drop of nearly 10% from recent highs, although the long-term outlook for gold remains optimistic due to factors such as currency restructuring, tariff risks, and geopolitical tensions, particularly the crisis of confidence in the US dollar [3] - Deutsche Bank has noted that the US dollar is currently overvalued by more than 20% relative to purchasing power parity (PPP) for three consecutive years, indicating significant downward pressure on the dollar [4] - Goldman Sachs has revised its gold price forecast down to $3150 for the next three months but maintains a year-end target of $3600, citing ongoing global central bank gold purchases and irreversible debt monetization as key drivers [4]