全球市场惊现“货币贬值”大戏，黄金暴涨只是开场？

Group 1 - The global financial market is undergoing significant changes, with gold prices surpassing $4000 per ounce and Bitcoin maintaining a 20% annual increase amidst unprecedented sell-offs of sovereign bonds [1][3] - The concept of "currency devaluation trade" is gaining traction, as investors withdraw from sovereign bonds and their denominated currencies due to concerns over long-term erosion of value from government debt and bond issuance [3][4] - Historical parallels are drawn to past instances of currency devaluation, raising questions about whether the world is experiencing a modern version of "bad money" devaluation [3][4] Group 2 - Major economies, including Japan, Europe, the UK, and the US, are facing similar challenges, with political and economic instability leading to sell-offs in their respective currencies and bonds [4][5] - Gold and cryptocurrencies are emerging as safe-haven assets, with gold prices increasing over 50% this year and Bitcoin up over 20%, despite short-term volatility [5][6] - Central banks are in a dilemma, as reliance on deficit spending and low-interest rates may accelerate the process of currency devaluation, leading to entrenched inflation and further devaluation of fiat currencies [6][7] Group 3 - The US faces a fiscal paradox, with the Federal Reserve raising interest rates to combat inflation while the government implements tax cuts, leading to unprecedented market turmoil [7] - The current environment suggests that digital assets may become more reliable sources of value as traditional safe assets lose their security [7]