Nvidia(US:NVDA) Sou Hu Cai Jing·2025-09-06 02:52Group 1 - Global central banks' gold reserves have surpassed US Treasury bonds for the first time in 29 years, indicating a strategic shift towards physical assets like gold [6][7][10] - Central banks have been net buyers of gold for 14 consecutive quarters, reflecting a significant increase in gold holdings compared to the stagnation of US Treasury bonds in global reserves [10][14] - The World Gold Council reported that 95% of surveyed central banks plan to continue increasing their gold reserves in the next 12 months, the highest percentage since the survey began in 2019 [14] Group 2 - Gold is currently experiencing its third major bull market, driven by high inflation and geopolitical uncertainties, making it a key asset for central banks and investors [20][18] - Historical context shows that gold prices surged significantly during previous financial crises, such as the 1970s and the 2008 financial crisis, suggesting a pattern of gold as a safe haven during economic turmoil [19][20] - Analysts predict that gold prices could reach between $3,675 and $4,500 per ounce by 2026, reflecting a bullish outlook amid concerns over US Treasury bonds [26] Group 3 - The bond market is facing significant challenges, with long-term US Treasury yields reaching levels not seen in decades, leading to a decline in bond prices [22][25] - The current decade is projected to be one of the worst for US Treasury bonds, with a notable drop in their market value due to rising yields and inflation concerns [24][25] - Investors are increasingly questioning the sustainability of US debt, leading to a shift in preference towards gold as a more secure asset [25][26]