中金：黄金能否替代美元？

Core Viewpoint - The recent rise in gold prices does not indicate a return to the gold standard but reflects the weakening foundation of dollar hegemony and the emergence of a multipolar currency system [1][2] Group 1: Gold's Role in the Current Economic Landscape - Gold is being revalued in the context of a changing global economic and political landscape, but it cannot replace fiat currency in terms of interest rate adjustment, liquidity provision, and asset pricing [1] - In the past, gold was central to the international monetary system, facilitating unprecedented global economic and trade prosperity under the gold standard [1] Group 2: Dollar's Declining Trust and Its Implications - The relative decline of the U.S. economy and increasing national debt have led to cracks in the institutional trust in the dollar, particularly following events like the Russia-Ukraine conflict and Trump's proposed tariffs [2] - Investors are reassessing the safety of dollar assets, contributing to the accelerated fragmentation and diversification of the international monetary system [2]