金价屡创新高，现在是考虑套现的时候了吗？

Core Viewpoint - The performance of gold investments has exceeded expectations, with prices reaching over 30 historical closing highs this year, prompting discussions on the future of gold as an investment asset [1][6]. Investment Logic - Despite the recent surge in gold prices, the investment rationale remains unchanged, with recommendations for portfolio allocations of 5%-10% in gold [2][3]. - Gold is viewed as a form of insurance, and its allocation should be adjusted based on market conditions rather than eliminated [2][3]. Market Conditions - The current financial market is described as "bubble-like," indicating a need for disciplined investment strategies as the era of high returns in equities may not last [2][3]. - Factors such as rising U.S. debt, concerns over the independence of the Federal Reserve, and the trend of de-dollarization are influencing the rationale for holding gold [1][3]. Changing Role of Gold - Gold's role is evolving from a traditional safe-haven asset to a strategic reserve asset for institutional investors and sovereign nations, reflecting a shift in market perception [5][6]. - The demand for gold is being driven by geopolitical tensions and economic uncertainties, which are amplifying its appeal as a hedge against inflation and currency devaluation [6][7]. Recent Trends - There has been a notable increase in investment interest in gold, with global gold-backed ETFs attracting $5.5 billion in August alone, marking the second-highest inflow in history [6]. - Central banks have been purchasing gold at unprecedented rates, with annual purchases exceeding 1,000 tons over the past three years, compared to an average of 400-500 tons in the previous decade [6]. Future Outlook - Analysts suggest that the upward trend in gold prices may continue, supported by persistent inflation and geopolitical factors that reinforce gold's role as a long-term hedge [7].