黄金破4400美元！通胀没抬头，价格却疯涨，核心原因藏不住了

Group 1 - The core viewpoint is that the recent surge in gold prices is not driven by inflation, as global inflation rates remain stable and manageable [5][19] - Gold prices have reached significant highs, with domestic gold jewelry prices hitting 1100 RMB per gram and international spot gold at 4480 USD per ounce, reflecting a substantial increase compared to the previous year [1][5] - The traditional belief that gold prices rise due to inflation expectations has been challenged by current economic indicators showing controlled inflation across major economies [5][19] Group 2 - The underlying reason for the gold price increase is a shift in global capital pricing logic, focusing on three core elements: sovereign balance sheets, currency reliability, and the intrinsic value of hard assets like gold [3][7] - Sovereign balance sheets are critical, with global public debt surpassing 111 trillion USD and the U.S. potentially seeing debt-to-GDP ratios reach 150% by 2026, highlighting the importance of national financial health [7][9] - Gold is viewed as a unique asset that does not carry debt, making it increasingly attractive as a safe haven amid rising global debt levels [9][19] Group 3 - The quality of currency is now assessed based on its long-term value retention rather than short-term interest rates, with markets increasingly wary of high-debt nations whose currencies may depreciate over time [11][15] - The perception of gold has shifted from being an inflation hedge to a safeguard against systemic risks, with central banks increasing gold reserves to protect against asset freezes and to stabilize national balance sheets [13][15] - Despite a 19% drop in gold jewelry demand due to high prices, investment demand surged, indicating a long-term strategic shift towards gold as a store of value rather than for consumption [17]