突破4500美元！达利欧：黄金才是真正赢家，美股高回报是"计价幻觉"

Core Viewpoint - The rise in precious metals, particularly gold and silver, is driven by increasing geopolitical uncertainties, concerns over the dollar system, and expectations of interest rate cuts by the Federal Reserve, enhancing the attractiveness of precious metal investments [1][3] Group 1: Precious Metals Market - COMEX gold futures rose by 1.22% to $4505.70 per ounce, while COMEX silver futures increased by 5.95% to $81.22 per ounce [1] - The demand for gold is being propelled by ongoing inflation worries, geopolitical tensions, and a growing preference for assets outside traditional financial systems [3] - Morgan Stanley forecasts that gold prices will reach a new high of $4800 per ounce by Q4 2026, driven by declining interest rates, changes in Federal Reserve leadership, and increased purchases by central banks and funds [3] Group 2: Investment Insights - Ray Dalio, founder of Bridgewater Associates, emphasizes that the major investment narrative for 2025 will revolve around significant changes in currency value and global asset allocation, asserting that gold is the true winner amidst perceived stock market gains [1] - Dalio warns that the AI-driven surge in tech stocks has entered an early bubble phase, indicating potential risks in that sector [1] - Gold is increasingly viewed not just as a protective asset but as a core strategic holding, especially as confidence in paper assets fluctuates [3]