“央行中的央行”警告：黄金与股市走势趋同，可能是泡沫信号

Group 1 - The International Bank for Settlements (BIS) reports that for the first time in 50 years, gold and stock prices have surged simultaneously, indicating potential bubble risks in both asset classes [1][4] - Gold has seen a nearly 60% increase this year, potentially marking its largest annual gain since 1979, raising discussions about its traditional role as a safe-haven asset [2][4] - BIS's economic advisor, Hyun Song Shin, notes that gold is increasingly behaving like a speculative asset, with retail investors significantly entering the gold market [2][4] Group 2 - The BIS highlights that the simultaneous rise of gold and the S&P 500 index could pose challenges for investors seeking safe havens if both markets were to crash [2][4] - The report indicates that retail investors are heavily investing in gold, as evidenced by gold exchange-traded funds (ETFs) trading above their net asset values (NAV), suggesting strong buying pressure [4] - Factors driving the rise in gold prices include geopolitical concerns, a weakening dollar, and significant purchases by central banks, reminiscent of the 1970s [4][5] Group 3 - The BIS warns of increasing vulnerability in equity markets, particularly due to concerns over AI sector valuations and recent significant drops in cryptocurrencies like Bitcoin [5][6] - The current political environment and rising operational costs are contributing to a fragmented global economy, which may further elevate commodity prices [5] - The performance of AI companies, which are heavily investing in data centers, is a key factor for market stability, with upcoming earnings reports potentially impacting investor sentiment [6]