当黄金不能避险，哪些资产还能避险？

Group 1 - Global commodities experienced a significant drop following Black Friday, with spot gold falling by 10% and spot silver declining over 16% during Asian trading hours, leading to widespread panic across markets, including A-shares and the Korean KOSPI [2] - The recent decline in precious metals has caused a temporary reversal in the trend of "de-dollarization," prompting investors to return to buying US dollars and US Treasuries, with the dollar index rebounding by 100 points to above 97.1 and 1Y SOFR dropping by 5 basis points to 3.44% [3] - The Chinese yuan's exchange rate showed only a slight adjustment of 17 pips against the backdrop of a rising US dollar index, with the yuan index rebounding significantly, indicating a divergence from the dollar's performance [5] Group 2 - The Swiss franc, traditionally seen as a safe-haven currency, has been negatively impacted by the recent drop in gold prices, with the EUR/CHF pair falling below 0.92, marking the lowest level since the decoupling in 2015 [7] - The Japanese yen has also weakened, influenced by potential fiscal stimulus plans from the ruling coalition led by Fumio Kishida, which may further establish a long-term weakening trend for the yen [9] - The overall sentiment suggests that there is no permanent safe-haven asset, emphasizing the importance of diversified asset allocation [10]