达利欧谈黄金：黄金不是金属，这是最根本、最稳固的投资，应考虑战略配置而非押注涨跌！法币的相对价值正逐步削弱

Core Viewpoint - Ray Dalio, founder of Bridgewater Associates, emphasizes that gold is not merely a metal but the most fundamental and stable investment, serving as a "settlement currency" that does not create new debt unlike fiat currencies [1][3]. Group 1: Understanding Gold - Dalio views gold as a unique asset in investment portfolios, particularly for central banks, due to its status as a widely accepted "non-fiat" medium of exchange and store of value [3]. - The relative value of fiat currencies is gradually weakening, and the supply-demand dynamics between debt currencies and gold currencies are changing [1][3]. Group 2: Strategic Allocation - Dalio suggests that the optimal allocation of gold in an investment portfolio should be around 15%, based on its historical negative correlation with other assets, especially during periods of poor real returns from stocks and bonds [3]. - For most investors, a reasonable allocation of gold in their portfolios is between 10% and 15% [3]. Group 3: Gold vs. U.S. Treasuries - Dalio acknowledges that gold is increasingly replacing U.S. Treasuries as a "risk-free asset" in many investment portfolios, particularly among central banks and large institutional investors [3]. - Historically, gold has proven to be a currency and store of wealth with intrinsic value, enduring across time and cultures [3].