黄金高位大跌后，还能配置吗？

Core Viewpoint - The recent significant drop in gold prices, following a remarkable increase of 53% this year, raises questions about whether it is a good time to invest in gold [1][3]. Group 1: Market Performance - Gold experienced its largest single-day drop in 12 years, with a maximum decline of over 6.3% recently [1]. - Despite the recent downturn, many investors who previously did not allocate much to gold may see this as an opportunity to enter the market [3]. Group 2: Investment Strategy - The article suggests that a rational approach to investing in gold may require further waiting, especially for single investments, while dollar-cost averaging could be a viable strategy [3]. - A significant entry point for investment could be identified when gold prices have retraced by approximately 20% from their peak [3]. Group 3: Central Bank Behavior - Gold is increasingly viewed as a substitute for bonds, with central banks significantly increasing their allocations to gold, making it a core asset alongside U.S. Treasuries [4]. - The shift in central bank asset allocation indicates a declining proportion of U.S. Treasuries in favor of gold, highlighting its emerging role as a stable investment [4].