橡树资本马克斯：黄金不保值 缺乏合理定价标准

Core Viewpoint - The article discusses the rising gold prices and the skepticism expressed by Howard Marks regarding gold as a reliable store of value, emphasizing that its pricing lacks a rational basis [1][2][3]. Group 1: Gold Price Trends - In 2025, international gold prices surged over 60%, marking the largest increase since 1979, and continued to reach new highs in 2026 as investors flocked to gold as a traditional safe haven [1]. - Since the beginning of 2026, gold prices have increased by approximately 7% due to various favorable factors, including geopolitical tensions and central bank purchases [4]. Group 2: Howard Marks' Perspective - Howard Marks, co-founder of Oaktree Capital Management, argues that gold cannot be considered a reliable wealth storage tool, as it does not generate cash flow like stocks, bonds, or real estate [1][2]. - Marks highlights the inherent difficulty in determining a fair price for gold or oil, stating that the perceived value of gold is largely based on collective belief rather than any intrinsic economic value [2][3]. - He asserts that gold's status as a value storage method is solely due to public perception, and it lacks any advantages over other metals like iron for wealth storage [3].