央行连续第11个月增持，黄金为何仍是金融安全的“稳定器”？

Core Viewpoint - In recent years, gold has gained increasing attention as a financial asset in China, reflecting a shift in asset allocation focus from "dollars" and "U.S. Treasuries" to gold, driven by factors such as monetary credit, geopolitical tensions, and global risks [1][2]. Group 1: Central Bank's Logic for Increasing Gold Reserves - The continuous increase in gold reserves by the central bank is a strategic consideration aimed at enhancing financial security and reducing dependence on U.S. dollar assets, thereby mitigating the influence of dollar hegemony [2][3]. - Gold's strong value preservation attributes make it an effective hedge against inflation and asset depreciation, especially in the context of global monetary expansion and persistent inflationary pressures [2][3]. Group 2: Historical Price Evolution of Gold - Gold has historically been used as currency, with its value stability primarily determined by its scarcity, peaking during the gold standard era in the 19th century [4]. - The price of gold experienced significant fluctuations post-1971, particularly during the 1970s oil crisis and the 2000s financial crises, highlighting its role as a crisis hedge [5][6]. Group 3: Current "Gold Rush" and Future Implications - The recent trend of increasing gold reserves by central banks, including China, reflects a broader global demand for asset safety and diversification amid a complex international political and economic environment [7][8]. - The ongoing geopolitical conflicts and rising inflation expectations are likely to sustain upward pressure on gold prices, as investors seek refuge in gold during times of uncertainty [7][8]. Group 4: Structural Differences in the Current Gold Market - Unlike previous gold bull markets, the current "gold rush" is characterized by collective buying from multiple central banks, including Russia and India, indicating a systemic hedge against dollar credit [8]. - The rapid transformation of the financial system, driven by the rise of digital currencies and blockchain technology, is reshaping the traditional monetary landscape and enhancing gold's value proposition [8].