从央行地库到ETF账户，黄金狂潮里的微观博弈与大国棋局

Group 1 - The core viewpoint highlights China's central bank's continuous increase in gold reserves, which aligns with a global trend of central banks accumulating gold, reflecting a strategic move amidst a turbulent monetary system [1][3][4] - China's gold reserve has reached 73.96 million ounces, which is significantly higher than the ten-year average of global central bank purchases, indicating a robust defensive strategy against economic uncertainties [1][3] - The negative correlation of 0.78 between gold and the US dollar index over the past five years emphasizes gold's role as a stabilizing asset in the reconfiguration of the international monetary system [3] Group 2 - Citibank's shift from a bearish to a bullish stance on gold, raising its three-month target price to $3,500 per ounce, reflects a broader market sentiment driven by inflationary pressures and economic stagnation [3] - The ongoing accumulation of gold by China serves not only as a hedge against the risks of the dollar system but also as a facilitator for the internationalization of the renminbi [3][4] - The historical context of gold's status, from the Bretton Woods collapse to the current financial landscape, underscores the renewed recognition of gold's ultimate safe-haven properties amid rising global debt levels [4]