世界黄金协会力捧黄金：应被认定为“优质资产”！

Core Viewpoint - The World Gold Council (WGC) is advocating for the Basel Committee on Banking Supervision (BCBS) to reconsider the classification of gold as a High-Quality Liquid Asset (HQLA) due to significant market volatility observed this year [2][3] Group 1: Gold's Market Performance - Gold has demonstrated key characteristics necessary for HQLA qualification, maintaining a daily volatility of 0.027%, which is comparable to 30-year U.S. Treasury bonds [3] - The average bid-ask spread for gold is approximately 2.2 basis points, which is slightly wider than the 10-year U.S. Treasury bonds at 1.8 basis points but narrower than the 30-year bonds at 3.3 basis points [3] - The average daily trading volume of gold in the London Bullion Market Association (LBMA) from November 2024 to April 2025 was $145 billion, surpassing the $143 billion for 7-10 year U.S. Treasuries [3] Group 2: Regulatory Context - Currently, physical gold held in bank vaults is classified as a Level 1 asset, while gold held as collateral in clearing institutions is subject to a 20% haircut [2] - Non-physical gold, such as paper gold, is treated as a regular commodity and incurs an 85% stable funding requirement under the Net Stable Funding Ratio (NSFR) rules, with a zero available stable funding (ASF) ratio [2] Group 3: Investment Demand and Perception - Analysts believe that gold is experiencing renewed investor demand as a safe-haven asset amid rising global debt levels and inflation, which diminishes the attractiveness of bonds [3] - The European Central Bank (ECB) recently questioned gold's role as a safe-haven asset, suggesting that a resurgence in gold investment demand could destabilize markets [4] - Despite the ECB's concerns, many analysts argue that gold markets remain liquid and relatively stable compared to other asset classes [5]