完胜美债、日元、瑞郎！黄金是今年市场唯一信任的避风港

Group 1 - The core viewpoint of the articles emphasizes that gold is emerging as the ultimate safe haven asset, demonstrating a 30% increase in price year-to-date, currently trading around $3,390.09, and having surpassed $3,500 in April [1][15] - Traditional safe-haven assets like the US dollar and US Treasury bonds are losing their appeal, with the dollar index down nearly 10% and the 10-year Treasury yield decreasing by only 19 basis points [1][4] - The ongoing large-scale accumulation of gold by global central banks reinforces its status as a pure value storage tool, with central banks net purchasing 1,044.6 tons of gold in 2024, marking the third consecutive year of purchases exceeding 1,000 tons [14] Group 2 - The decline in confidence towards US Treasury bonds is attributed to a combination of factors, including a downgrade in the US credit rating by Moody's and concerns over fiscal discipline, leading to a significant sell-off since April 2 [4][7] - The performance of other traditional safe-haven assets, such as the Japanese yen and Swiss franc, has also been disappointing, with Japanese 10-year bond yields rising by 39 basis points since the beginning of 2025 [8][11] - The attractiveness of gold is highlighted as it is not tied to any government liabilities, making it a non-political asset with intrinsic value, unlike other assets that are government-issued [14][15]