当Z世代年轻人开始追逐黄金新消费，如何看待黄金投资逻辑？

Group 1 - The core viewpoint of the articles indicates that international precious metal futures, particularly gold and silver, have experienced a decline due to market factors such as fully priced Federal Reserve policy expectations, a short-term rebound in the dollar, and profit-taking on a technical basis, although the long-term support logic remains unchanged [1][4] - The demand for gold is experiencing a significant surge, driven by geopolitical uncertainties, supply chain restructuring, high dollar interest rates, and major central banks purchasing gold, which highlights gold's safe-haven attributes and the loss of confidence in the dollar [1][4] - A notable shift in gold consumption is observed, with younger generations, particularly Gen Z, engaging in gold purchases not just for preservation but as a new consumption narrative, indicating a potential expansion of gold's market appeal amid geopolitical instability [4] Group 2 - The pricing logic of gold is undergoing profound changes due to geopolitical uncertainties, making it necessary for institutional investors to increase their gold allocations, which suggests a more optimistic outlook for the gold market with increased institutional participation [4] - The Bank for International Settlements (BIS) warns that retail investors' "chasing behavior" is shifting gold from a safe-haven asset to a speculative one, with both gold and stock markets entering an "explosive zone" for the first time in at least 50 years [4] - The BIS report references the 1980 gold bubble collapse, indicating that after experiencing explosive phases, bubbles typically lead to sharp and rapid adjustments, raising concerns about the sustainability of current gold market dynamics [4]