果然财评｜千年“硬通货”赶时髦，“数字黄金”要来了？

Core Viewpoint - The global gold market is at a transformative juncture as the World Gold Council (WGC) plans to launch a digital gold unit called "Pooled Gold Interests" (PGI) in London in Q1 next year, aiming to create a new method for gold trading, settlement, and collateralization through digitization and trust structures [1][3] Group 1: Digital Gold Initiative - The London physical gold market, valued at $900 billion, may see the introduction of a third trading model that is neither "allocated" nor "unallocated" but a new, highly standardized digital rights certificate [3] - WGC CEO David Tait emphasizes that digitization is essential for expanding market coverage and integrating with modern financial infrastructure, transforming dormant gold assets into profitable collateral management tools [3][4] Group 2: Market Dynamics - Gold prices have doubled over the past three years, reaching a historic high recently, with institutions like UBS and Morgan Stanley predicting gold could challenge $4,000 per ounce by 2026 due to ongoing central bank purchases, geopolitical risks, and fluctuations in the dollar credit system [4] - In China, there is a growing enthusiasm among retail investors for gold, with various investment options becoming significant in asset allocation, indicating a potential for broader participation in gold investment through the upcoming digital gold [4] Group 3: Challenges Ahead - The primary resistance to digital gold comes from the market's inherent inertia, as traditional stakeholders in the London gold market are hesitant to change existing models, evidenced by the slow adoption of the blockchain-based "Bar Integrity Program" [5] - Some industry experts express concerns that gold may face competition from cryptocurrencies and stablecoins linked to traditional assets, highlighting the need for a balance between digitization and the physical attributes of gold [5]