美债的“安全神话”正在瓦解

Core Viewpoint - The trend of central banks and institutional investors shifting from U.S. Treasury bonds to gold is strengthening, with expectations that this influx into gold will continue for decades due to increasing fiscal spending and money supply, which may devalue the dollar [1][7]. Group 1: Investment Trends - There has been a significant outflow of funds from U.S. long-term bond funds, amounting to approximately $10 billion from April to June, marking the largest outflow since the market turmoil in early 2020 [4]. - Investors are increasingly reconsidering their holdings in long-term U.S. Treasury bonds, reflecting growing concerns about the U.S. fiscal situation and the potential for inflation [5][6]. - The traditional view of U.S. Treasury bonds as a stabilizing asset in investment portfolios is changing, as both stocks and bonds have shown correlated declines during recent market shocks [6]. Group 2: Institutional Insights - The head of the securities department at the Japan Chamber of Commerce and Industry has successfully adjusted investment strategies to include gold, viewing it as a suitable asset to hedge against risks in both stocks and bonds [3]. - A report from the OMFIF indicates that one in three central banks plans to increase their gold holdings, signaling a cautious shift away from dollar-denominated assets like U.S. Treasury bonds [6].