李迅雷：大国博弈是一个长期的过程，继续看好黄金的配置价值

Core Viewpoint - The ongoing geopolitical competition is a long-term process, and there is a positive outlook on gold as an asset class due to its increasing value in the current global monetary system dominated by the US dollar [1] Group 1: Central Bank Gold Holdings - Global central banks have increased their gold purchases for three consecutive years, exceeding 1,000 tons annually, significantly higher than the average of 400 to 500 tons in the previous decade [1] - 95% of central banks expect their gold reserves to continue growing over the next 12 months, with 43% planning to increase their gold holdings, a decrease from 29% in 2024 [1] - The total gold holdings of central banks currently stand at approximately 1.175 billion ounces, which is still below the 1.23 billion ounces held in 1965, indicating a reduction in gold's share despite the significant growth in global monetary supply over the past 60 years [1] Group 2: Impact on Global Monetary System - The rise of China is expected to challenge the current US dollar-dominated global monetary system, with gold reserves outside the US showing a clear substitution effect for foreign exchange reserves, a trend that is accelerating [1]