2026年，全球央行做了一个“叛逆”决定

Core Insights - Central banks are increasingly purchasing gold, marking a significant shift in their asset allocation strategies, as gold has surpassed U.S. Treasury bonds in their reserves for the first time in nearly 30 years [4] - In 2025, gold prices reached historical highs over 50 times within a year, with an increase of over 60%, while the U.S. dollar index fell from 108 to 98, indicating a decline in dollar strength [4] - The shift towards gold is driven by concerns over the reliability of the U.S. dollar, influenced by trade tariffs, weakened multilateral rules, politicized monetary policies, high debt pressures, and the weaponization of financial sanctions [4] Summary by Categories Central Bank Actions - Central banks are making a collective statement by increasing their gold reserves, reflecting a strategic move to hedge against uncertainties and diversify risks [4] - The decision to buy gold is not an indication of the end of the dollar's importance, but rather a transition from a dollar-dominated system to a more multipolar currency competition [4] Market Dynamics - The significant rise in gold prices and the concurrent decline in the dollar index highlight a shift in market sentiment and asset preferences among institutional investors [4] - Gold is viewed as a stable asset that does not incur interest, cannot default, and is not subject to sudden rule changes, making it an attractive option for central banks [4]