华安基金首席指数投资官许之彦：黄金中长期投资价值不变

Core Viewpoint - The investment value of gold is supported by continuous central bank purchases, global geopolitical uncertainties, and the weakening of the US dollar credit system, suggesting a positive long-term outlook for gold prices [2][3][4]. Group 1: Factors Driving Gold Prices - Continuous purchases of gold by central banks are a significant driver for rising gold prices, as the limited supply of gold reserves and annual mining output of approximately 3,600 tons create increasing marginal demand [2][3]. - Global geopolitical uncertainties, such as the Ukraine crisis and Middle East conflicts, have led investors to allocate funds into gold for risk hedging [2][3]. - The weakening of the US dollar credit system, due to high debt pressure and trade policy conflicts, has diminished long-term confidence in dollar assets, prompting a shift towards gold [3][4]. Group 2: Investment Strategy and Recommendations - Investors are advised to adopt a long-term asset allocation strategy rather than engaging in short-term speculative trading, as gold's pricing is influenced by complex factors [5][6]. - The introduction of stablecoins may highlight gold's safety, as gold has physical backing and is heavily reserved by central banks, suggesting a complementary relationship between gold and stablecoins [5]. - Diversification is emphasized, with recommendations to include gold in a broader asset portfolio to mitigate risks [5][6].