达利欧：黄金是对抗美国抵御债务风险的盾牌

Core Viewpoint - Ray Dalio, founder of Bridgewater Associates, warns that the increasing debt burden in the U.S. is pushing its markets towards risk, suggesting that investors should allocate 10% to 15% of their portfolios to gold as a hedge against potential systemic crises [1][3]. Group 1: U.S. Debt Concerns - Dalio compares the rising debt service costs in the U.S. to plaque clogging blood vessels, indicating that this will "crowd out other spending" and could lead to a "heart attack" in the economy [1][3]. - He emphasizes that as a country spends more on debt repayment, it inevitably squeezes other necessary government expenditures, which poses significant risks [3]. Group 2: Gold as a Hedge - Dalio advocates for gold due to its low correlation with other asset classes, noting that its value often rises during crises when other assets decline [3]. - He suggests that in a "debt-laden" world with increasing geopolitical tensions, investors should reflect on the nature of their holdings and consider gold as a critical component of a diversified portfolio [3]. Group 3: Market Context - The S&P 500 and Nasdaq Composite indices have risen over 11% and 13% respectively this year, reaching all-time highs, driven by lower-than-expected inflation data and expectations of interest rate cuts by the Federal Reserve [3]. - Bill Winters, CEO of Standard Chartered, points out that while European markets are not as highly valued as the U.S., they face similar debt issues, indicating that the U.S. market may not have fully absorbed its long-term fiscal risks [2][6].