黄金牛市背后 藏着美元霸权松动的必然逻辑

Group 1 - The core viewpoint of the article highlights the significant rise in gold prices, reaching a record high of $4639.72 per ounce, driven by the depreciation of the US dollar and the ongoing bull market in gold, which is closely linked to the weakening of dollar dominance [3][8] - In 2025, gold prices saw a cumulative increase of 64.56%, making it one of the highest-yielding asset classes, while the US dollar index fell by 9.41% during the same period [3][8] - Historical patterns indicate that periods of significant gold price increases often coincide with turmoil in the US dollar, such as the breakdown of the Bretton Woods system and ongoing fiscal deficits [9][10] Group 2 - The article discusses the criminal investigation into Federal Reserve Chairman Jerome Powell, marking the first time a sitting Fed chair has faced such scrutiny, which raises concerns about the independence of the Federal Reserve [4][10] - The investigation is seen as a result of pressure from President Trump, who has been advocating for a monetary policy that keeps interest rates below 1%, despite inflation rates exceeding the Fed's target [10][11] - The potential loss of Fed independence could lead to uncontrolled inflation and a loss of confidence in the US dollar, which is critical for its status as the world's primary reserve currency [10][11] Group 3 - The article emphasizes that the repercussions of a weakened dollar would extend globally, prompting central banks to adjust their reserve asset structures, potentially leading to increased currency volatility and reduced liquidity in cross-border transactions [5][11] - The Fed's independence is crucial for maintaining the dollar's reserve currency status, and any erosion of this independence could have severe implications for the global financial system [11][12] - The article suggests that rather than relying on the US to rectify its monetary policy, global actions such as increasing gold reserves and developing alternative settlement systems are necessary to reduce dependency on the dollar [6][11]