达利欧谈黄金：这是最根本、最稳固的投资，应考虑战略配置而非押注涨跌

Core Viewpoint - Bridgewater founder Ray Dalio views gold not merely as a metal but as a fundamental and stable investment, describing it as a "settlement currency" that can pay for transactions without creating new debt, contrasting it with debt-based currencies [1] Group 1: Gold as an Investment - Dalio emphasizes that the supply-demand relationship between debt currencies and gold currencies is changing, leading to a gradual weakening of fiat currency's relative value [1] - The "fair price" of gold is determined by the supply-demand ratio of the two currency systems and the scale of any bubbles [1] - Dalio suggests that gold should be considered from a strategic allocation perspective rather than a speculative one, recommending an optimal allocation of about 15% in investment portfolios for the best risk-return profile [1] Group 2: Gold vs. Other Assets - While other metals can also hedge against inflation, gold holds a unique position in investors' and central banks' portfolios as the most widely accepted form of "non-fiat" currency for exchange and value storage [1] - Dalio notes that gold has partially replaced U.S. Treasury bonds as a "risk-free asset" in many investment portfolios, particularly among central banks and large institutions [1] Group 3: Historical Context of Gold - Historically, gold has proven to be a currency and store of wealth with intrinsic value, transcending time and culture [1] - Since 1750, approximately 80% of global currencies have disappeared, and the remaining 20% have experienced significant devaluation, while gold remains resilient [1]