全球资产大涨，黄金冲破4220美元，黄金为何成唯一赢家？

Group 1: Gold Market Dynamics - The spot gold price has surpassed a historical peak of $4,234, leading to a surge in demand at the Shenzhen Shui Bei Gold Trading Market, with staff adjusting prices multiple times per hour [1] - Central banks are accumulating gold at an unprecedented rate, with the World Gold Council projecting that global central bank purchases will exceed 1,000 tons for the third consecutive year by 2025, with 95% of central banks planning to increase their gold holdings [5][6] - China's central bank has increased its gold reserves for 11 consecutive months, although the September increase was only 40,000 ounces, indicating significant future accumulation potential as its reserve ratio remains at 7.7%, below the global average of 15% [5][6] Group 2: Cryptocurrency Market Volatility - The cryptocurrency market has experienced significant volatility, with over 178,000 liquidations totaling $443 million in the past 24 hours, driven by a sharp price fluctuation of Bitcoin from $101,500 to $115,357 [5] - The high leverage in the Bitcoin market has exacerbated the impact of price drops, leading to a "death spiral" of falling prices and increasing liquidations, raising questions about Bitcoin's status as "digital gold" [7] - The divergence in asset performance highlights a shift in market logic, with gold being favored as a safe haven amid global economic concerns, while Bitcoin is viewed as a high-risk speculative asset [9] Group 3: Economic and Geopolitical Influences - The Federal Reserve's shift towards a dovish policy has led to a 97% probability of interest rate cuts in October, contributing to an 8.76% decline in the dollar index this year and driving demand for gold [5][9] - Geopolitical risks, including trade tensions and government shutdowns in the U.S., have further fueled investor interest in gold as a safe haven [5][9] - Weak U.S. economic data, such as a disappointing non-farm payroll increase of only 22,000 jobs in August, has intensified market fears and contributed to the rising demand for gold [7]