巴菲特：黄金是糟糕的投资，可金价还在涨，黄金还值得买吗？

Core Insights - The price of gold surpassed $4000 per ounce in October 2025, marking a historical high with an annual increase of over 50% [1] - Warren Buffett's long-standing criticism of gold as a poor investment contrasts with the recent surge in gold prices, raising questions about the validity of his views [1][3] Group 1: Investment Perspectives - Buffett categorizes assets into three types: monetary assets, non-productive assets like gold, and productive assets such as equities [3] - He argues that gold does not generate cash flow or dividends, making it less attractive compared to stocks like Coca-Cola [3] - Despite Buffett's skepticism, gold has maintained its allure for over 5000 years due to its physical stability and extreme scarcity [3] Group 2: Market Dynamics - Gold price fluctuations are influenced by market sentiment, dollar cycles, and monetary expansion [4] - The global debt has exceeded $307 trillion, and central banks purchased 1136 tons of gold in 2023, indicating a strategic shift towards gold [4] - Gold serves as a "ballast" in investment portfolios, with recommendations suggesting a 5-10% allocation [4] Group 3: Investment Risks and Opportunities - Ordinary investors are advised to be cautious with gold investments, with the World Gold Council recommending a maximum allocation of 5% [7] - The market shows significant divergence in gold price forecasts, with predictions ranging from $3525 to $4900 per ounce [7] - Gold's value is context-dependent, being seen as a safe haven during crises while also criticized for its lack of yield [8]