跑赢45年通胀，黄金“真历史新高”出现了……

Core Viewpoint - The recent surge in gold prices has not only reached a new historical high of over $3650 per ounce but has also surpassed the inflation-adjusted peak from January 1980, marking a significant milestone in the gold market [1][3]. Group 1: Market Dynamics - Gold is often regarded as an "anti-inflation" asset, and its current performance indicates a complete outperformance against inflation that has persisted for 45 years [3]. - The recent price increase is attributed to multiple adverse factors, including the rapid expansion of U.S. debt and deficits, questioning of the Federal Reserve's credibility, geopolitical instability, and record gold purchases by central banks, particularly from emerging markets seeking to reduce reliance on the dollar [3][4]. - The current gold price surge is reminiscent of historical events, particularly the decoupling of the dollar from gold in 1980 amid rampant inflation and the collapse of paper asset credibility [3][4]. Group 2: Investor Sentiment - The rise in gold prices often signals underlying pressures in the market, with investors either preparing for more severe inflation or seeking new safe havens due to a loss of trust in traditional assets like U.S. Treasuries and the dollar [3][4]. - The attractiveness of gold increases in a low-interest-rate environment, as it does not pay interest, making it a more appealing option compared to interest-bearing assets [5]. - According to a recent Goldman Sachs report, gold has become the most favored long position among investors, with bullish sentiment reaching an all-time high, as the ratio of bullish to bearish positions approaches 8 to 1 [5][7].