世界黄金协会：“黄金+”长期战略配置价值凸显

Core Viewpoint - The significant rise in gold prices, particularly in RMB terms, has reignited interest in gold as a traditional safe-haven asset, with the "gold+" strategy becoming a key trend in global asset allocation [1] Group 1: Gold Price Trends - Gold prices in RMB surged by 28% in 2024 and continued to rise by over 24% in the first half of 2025, highlighting its appeal as a safe-haven asset [1] - Geopolitical risks, such as the ongoing Russia-Ukraine conflict and Middle East instability, are expected to sustain the geopolitical risk premium associated with gold [1] - The increasing U.S. debt, which grew by $13 trillion (+56%) from 2020 to 2024, alongside projected future increases, enhances gold's role as a hedge against traditional financial assets [1] Group 2: "Gold+" Strategy - The "gold+" strategy is defined as multi-asset portfolios that allocate over 5% to gold, with some products allocating as much as 30% [2] - This strategy signifies a shift from viewing gold merely as a tactical tool for inflation or market volatility to recognizing its structural value as a strategic asset [2] - Historical data shows that gold has provided an annualized return of approximately 10% over the past 20 years, outperforming many mainstream assets over 5 and 10-year periods [2] Group 3: Risk Mitigation and Portfolio Resilience - Gold's long-term returns are primarily driven by global GDP growth and diverse demand sources, including central bank purchases and jewelry [3] - The "gold+" strategy enhances portfolio resilience, as gold typically performs well during corrections in traditional stock-bond portfolios, providing a risk buffer [3] - In the current global capital system, there is a shift from "yield priority" to "certainty priority," with gold's unique attributes gaining renewed attention as a stabilizing asset [3] Group 4: Advantages of "Gold+" - The "gold+" strategy transitions from short-term speculation to long-term allocation, enhancing overall portfolio resilience and risk management [4] - Gold effectively hedges against equity volatility, making it a crucial factor for navigating through uncertain economic cycles [4]