金价高位站不稳？一大央行官员喊话：黄金储备“过多”，是时候卖了！

Group 1 - The central bank of the Philippines is considering selling part of its excessive gold reserves due to a decrease in safe-haven demand, with gold currently accounting for 13% of its international reserves, which is higher than other central banks in the region [1] - The ideal gold reserve ratio for the central bank should be between 8% and 12%, and as of September 2025, the total reserves are approximately $109 billion, the highest in nearly a year [1] - The central bank initially purchased gold at around $2,000 per ounce, while gold prices reached a record high of nearly $4,400 per ounce, prompting discussions on whether to sell [1] Group 2 - Earlier this year, the central bank's governor stated that gold is a poor investment with high risks and negative average returns, although it can provide good hedging as part of a large investment portfolio [2] - In the first half of 2024, the central bank quietly sold 15% of its gold reserves (approximately 25 tons), which resulted in an opportunity cost or theoretical loss of nearly $1 billion as gold prices surged nearly 50% to historical highs [2] - The central bank has begun diversifying the storage locations of its gold reserves, with some transferred to France while most remains in London, and is also seeking to diversify its foreign exchange reserves, potentially increasing its euro holdings [2]