金价今年涨了40%！创1979年石油危机以来最大涨幅，“滞胀”风险大增

Core Insights - Gold prices have surged to record highs, reaching $3719.50 per ounce, marking the largest increase since the 1979 oil crisis, with a 40% rise this year alone [1][2] Group 1: Economic Factors - The uncertainty stemming from the Trump administration's tariff policies has significantly influenced gold prices, leading both small and large investors to flock to gold as a safe haven [2] - The U.S. dollar has experienced its weakest first half in over fifty years, contributing to the appeal of gold [2] - Investors are increasingly concerned about "stagflation," a combination of high inflation and low growth, reminiscent of the conditions during the 1979 gold price surge [2][5] Group 2: Investment Trends - High-net-worth individuals are increasing their physical gold holdings, with a notable influx of wealthy clients seeking secure storage for their gold [4] - Investment in gold ETFs has risen sharply, with net assets in physical gold ETFs listed on the New York Stock Exchange increasing by 43% this year [4] - Hedge funds have allocated 47% of their commodity net positions to gold as of early September, indicating strong market interest [4] Group 3: Market Reactions - The anticipated interest rate cuts by the Federal Reserve are attracting short-term investors to the gold market, further driving up prices [4] - Other precious metals, such as silver and copper, have also seen significant price increases, with silver reaching its highest settlement price since September 2011 [5]