DLS MARKETS：金价创新高，危机也如约而至

Group 1 - Gold prices have surpassed $4,000 per ounce, driven by a weakening US dollar, increased geopolitical tensions, and expectations of interest rate cuts from major economies [1][3] - Central banks are continuously increasing their gold reserves to optimize foreign exchange reserve structures, while retail investors are entering the market through ETFs and physical gold, amplifying the price surge [3] - The average annual gold purchases by global central banks from 2022 to 2024 are expected to exceed 1,000 tons, more than double the average from 2012 to 2021, with China becoming the largest gold buyer [3] Group 2 - Bridgewater Associates founder Ray Dalio recommends that investors allocate about 15% of their assets to gold, which can provide a hedge without significantly dragging down overall investment returns due to gold's non-yielding nature [4] - Concerns have been raised about the sustainability of the current gold price surge, with analysts noting that if gold's correlation with other asset classes increases, its core value may significantly diminish [3] - The 2022 sanctions against Russia revealed vulnerabilities in the "dollar-centric reserve system," prompting more countries to recognize the strategic necessity of reducing dollar dependence and increasing gold holdings [3]