达利欧最新发文：黄金是最安全的货币！

Core Viewpoint - Gold is considered the lowest risk currency, maintaining value over millennia and having a lower "confiscation risk" compared to other currencies [1] Historical Value Preservation - Historically, currencies are either backed by hard assets or are fiat currencies; those backed by hard assets, like gold, have limited supply and global recognition [2] - Currency systems collapse when debt is too high, leading to either defaults or excessive money printing, resulting in inflation and rising gold prices [2][3] - The last two collapses of gold-backed currency systems occurred in 1933 and 1971, marking a shift to fiat currency systems [2][3] Current Economic Context - In the current fiat currency system, central banks tend to print money during high debt situations, leading to inflation and increased gold prices [3] - Gold has historically performed well as an alternative to paper currency, maintaining purchasing power better than other currencies [3] Investment Strategy - While paper currencies can yield interest, gold does not; thus, when interest rates are high enough to offset the risks of holding paper currency, it may be wise to hold those currencies [3] - A balanced approach could involve holding a certain amount of gold alongside cash, as both have low real return rates [3] Confiscation Risk - Gold is favored for its lower confiscation risk, as its value does not depend on others fulfilling obligations, making it harder to seize [4] - During financial crises or wars, when confiscation risks rise, gold tends to retain its value better than other currencies [4] Long-term Value - Gold has been a fundamental currency for a long time, matching value with living costs over extended periods [5]