美元信任崩塌，黄金牛市或成大国博弈长期利器？

Core Insights - The dominance of the US dollar is weakening, leading to a significant rise in gold prices, which have surpassed $3500 per ounce, marking a historical high [3][10] - Central banks, particularly the People's Bank of China, are increasing their gold reserves as a strategic response to the declining trust in the dollar, with China's reserves reaching 2292 tons by March 2025 [3][6] - The shift towards gold as a safe-haven asset is driven by global economic uncertainties exacerbated by US trade policies, prompting countries to diversify away from dollar-denominated assets [3][10] Summary by Sections Dollar's Decline - The US dollar index experienced a rare drop below 100 in April 2025, causing turmoil in global financial markets [3] - The share of the dollar in global foreign exchange reserves has decreased from 71% in 2000 to 59% currently, indicating a weakening status as a reserve currency [6] Central Bank Actions - Central banks globally purchased a net total of 1045 tons of gold in 2024, with China being a significant contributor to this trend [6] - The increase in gold reserves is aimed at mitigating risks associated with the dollar and optimizing foreign exchange reserve structures [6] Investment Trends - Bridgewater Associates has significantly increased its holdings in gold ETFs, reflecting deep concerns about the traditional monetary system [8] - Individual investors are advised to approach gold investments cautiously, considering past volatility and potential losses in physical gold transactions [10] Market Dynamics - The current gold bull market is seen as a response to a restructuring of the global credit system, driven by uncertainties in the economic landscape [10] - Investing in gold mining stocks, such as Zijin Mining, may offer a more effective way to benefit from rising gold prices while avoiding the challenges of physical gold ownership [10]