盈信量化（首源投资）热推“超配黄金、低配石油” 建议背后：黄金的时代机遇与美股危机隐现

Group 1 - Goldman Sachs suggests long-term investors should overweight gold and underweight oil over the next five years due to shifts in the global economic and financial landscape [1] - The recommendation to overweight gold is driven by concerns over the credibility of U.S. institutions and increasing global central bank demand for gold, reflecting worries about the reliability of the U.S. dollar [1][3] - The expansion of U.S. fiscal policy, rising debt levels, and the Federal Reserve's struggle to balance inflation and economic growth contribute to skepticism regarding U.S. institutional credibility [1][3] Group 2 - The importance of gold as a hedge against risk is emphasized, especially in the context of a weakening global economy and the potential for further dollar devaluation [3][4] - Historical data shows that gold tends to perform better than oil during periods of negative real returns in stocks and bonds, reinforcing its status as a safe-haven asset [4] - The actions of prominent investors, such as Jim Rogers, who have moved away from U.S. equities in favor of cash and gold, signal a growing concern about the risks in the U.S. stock market [4][5]