李蓓：金价已明显高估，俄罗斯央行卖黄金是重要信号

Core Viewpoint - The current international gold price is significantly overvalued, but this does not imply an immediate reversal in price trends [1] Group 1: Central Bank Actions - Central bank gold purchasing behavior is identified as a core variable influencing long-term gold prices, a trend supported by historical evidence [1] - Historical context shows that from 1980 to 2000, the international gold market experienced a 20-year bear market coinciding with two major global central bank gold selling waves [1] Group 2: Recent Developments - A subtle shift in global central bank gold purchasing patterns is noted, with the Philippines central bank initiating gold sales approximately two months ago, although its limited reserves and market influence rendered this action non-significant [1] - The recent gold selling actions by the Russian central bank have garnered significant market attention, as it ranks among the top five global central banks in terms of gold reserves, even surpassing China's reserves [1]