Core Viewpoint - Economist Ma Guangyuan argues that gold is the worst investment in the world, a view that remains unchanged even if gold prices rise to $5,000 [1] Group 1: Historical Performance of Gold - Historically, gold has performed poorly and has mostly been in a bear market [1] - The current rise in gold prices is attributed to factors such as de-dollarization, geopolitical risks from the Russia-Ukraine conflict, and central bank purchases [1] Group 2: Speculation and Predictions - Predictions about gold reaching $10,000 require clear reasoning and the impact of each factor, but no institutions provide such detailed analysis [1] - Current market discussions about gold price increases are likened to fortune-telling, lacking substantial evidence [1] Group 3: Investment Philosophy - Gold is viewed as a pricing mechanism for future uncertainty and risk rather than a judgment on future returns or output [1] - Warren Buffett avoids gold investments due to the difficulty in predicting future uncertainties [1] - Missing out on gold and silver market trends is not a cause for regret, as these movements are considered abnormal and beyond typical expectations [1]
经济学家马光远：黄金是世界上最烂的投资，预测金价就是算命
Ge Long Hui·2026-02-02 06:59