2300吨黄金运抵回国，失去定价权，美财长开甩锅中国，美元没救了

Core Viewpoint - The U.S. Treasury Secretary's comments on the recent volatility in the gold market reflect a deeper issue regarding the diminishing control of the U.S. over gold prices, highlighting a shift in global pricing power towards China [1][6][23] Group 1: U.S. Treasury Secretary's Statements - The U.S. Treasury Secretary attributed the recent fluctuations in gold prices to "unstable" trading conditions in China, suggesting a speculative bubble burst [3][4] - His remarks were interpreted as an attempt to simplify a complex global issue into a single narrative, shifting blame to Chinese traders rather than addressing U.S. monetary policy or geopolitical risks [3][6] Group 2: Changes in Global Gold Pricing Power - The traditional dominance of London and New York in gold pricing is being challenged by the Shanghai Gold Exchange, which introduced a yuan-denominated pricing mechanism in 2016 [6][7] - By 2025, the Shanghai Gold Exchange's average daily trading volume reached 70% of that of the New York Mercantile Exchange, indicating a significant shift in market influence [6][7] Group 3: China's Central Bank Actions - As of January 2026, China's gold reserves increased to 7,419 million ounces, marking the 15th consecutive month of gold accumulation by the People's Bank of China [9][10] - This consistent buying strategy reflects a broader trend among global central banks to increase their gold holdings, with 95% of central banks planning to continue purchasing gold in the coming year [12][10] Group 4: Global Central Bank Trends - The World Gold Council reported that global central banks net purchased 863 tons of gold in 2025, maintaining historically high levels of gold accumulation [12] - Countries like Poland and Hungary are also increasing their gold reserves significantly, indicating a collective shift towards gold as a stable asset amid concerns over the existing monetary system [12][13] Group 5: Underlying Economic Concerns - The decline in trust towards the U.S. dollar is attributed to several factors, including the independence of the Federal Reserve and the sustainability of U.S. fiscal policy, which are perceived to be under threat [16][17] - Geopolitical risks and policy uncertainties have further exacerbated concerns about the reliability of dollar-denominated assets, prompting a global trend towards gold accumulation [19][20] Group 6: Historical Context and Future Implications - The current situation is reminiscent of the 1970s when the dollar's credibility was questioned, leading to a significant rise in gold prices [20][22] - The ongoing "de-dollarization" narrative is gaining traction, with central banks increasingly viewing gold as a hedge against potential instability in the dollar-based financial system [23]