秩序重构进行时，“黄金+”能否扶摇直上？

Group 1 - The core viewpoint of the articles emphasizes the potential for a prolonged gold bull market driven by geopolitical uncertainties and shifts in the global monetary system, with gold increasingly viewed as a strategic asset rather than just a tactical hedge against inflation or market volatility [1][2][10] - Historical data shows that gold has maintained a strong annualized return, with an 8% return from 1971 to 2023, and a remarkable 28.2% return projected for 2024, indicating its resilience and attractiveness as an investment [1][5] - The demand for gold is being fueled by central banks' increasing purchases, particularly in emerging markets, as they seek to diversify their reserves and hedge against geopolitical risks, with China's central bank recently increasing its gold reserves [9][10] Group 2 - The relationship between gold prices and real interest rates has shifted, with gold prices rising despite increasing real rates since the onset of the Russia-Ukraine conflict, indicating a change in investor behavior and preferences [2][3] - The decline in confidence in U.S. debt and the dollar's status as a trusted currency is leading investors to seek alternatives, with gold emerging as a preferred asset due to its lack of sovereign credit risk and low correlation with traditional financial assets [3][9] - The "golden+" investment strategy is gaining traction, integrating gold into multi-asset portfolios to enhance risk resilience and provide a stable anchor in uncertain times, with many funds now allocating 5% to 30% of their assets to gold [5][6][7]