传奇投资人炮轰黄金：保值纯属自欺欺人，定价完全没有依据！

Core Viewpoint - Howard Marks questions the validity of gold as a wealth storage tool, arguing that its pricing cannot be rationally determined, unlike cash-flow generating assets such as stocks, bonds, and real estate [1][2] Group 1: Gold as an Investment - Marks emphasizes that gold, like other alternative assets, does not generate cash flow, making its pricing fundamentally unquantifiable [1] - He compares gold to oil, citing the 2008 price surge and subsequent crash, illustrating the unpredictability of hard asset pricing [1] - The only reason gold is considered a value storage tool is due to collective belief, not intrinsic value [1] Group 2: Historical Context and Market Trends - Marks refers to a 2010 memo where he stated that while gold appears to have ideal investment characteristics, its value as an inflation hedge is negligible [1] - Despite Marks' skepticism, analysts note that geopolitical tensions and central bank purchases have driven gold prices up by 7% since 2026 [2]