黄金涨疯了，但多数人已提前下车

Core Viewpoint - The article highlights the significant performance of Bridgewater's fund products, particularly in the context of rising gold prices, which have contributed to their outperformance against the market. The article emphasizes the growing interest in gold as a strategic asset for both institutional and individual investors amid economic uncertainties and inflation concerns [3][4][8]. Group 1: Bridgewater Fund Performance - Bridgewater's China products achieved a return of 47% from early 2023 to the end of 2024, significantly outperforming the Shanghai Composite Index, which rose only 7.3% during the same period [3]. - Gold played a crucial role in Bridgewater's all-weather strategy, with domestic gold prices increasing by 49.6%, contributing to the fund's strong performance [4]. - From mid-2022 to the end of 2023, gold allocation contributed at least 21.62% to Bridgewater's product returns, while the Shanghai Composite Index fell by 12.51% [8]. Group 2: Gold as an Investment - The World Gold Council suggests that gold should transition from a short-term tactical tool to a long-term strategic asset, recommending a "gold+" strategy with over 5% allocation to stabilize short-term volatility and enhance long-term returns [7]. - Gold has outperformed most asset classes since 2023, with returns of 17% in 2023, 28% in 2024, and 26% in 2025 (as of August 19) [9]. - The global demand for gold surged, with investment demand reaching 1,029 tons in the first half of the year, a year-on-year increase of 118% [20]. Group 3: Institutional Interest in Gold - Increasingly, domestic asset management institutions are recognizing the importance of gold in asset allocation, with nearly 45% of 515 FOF products holding gold ETFs [14]. - Insurance asset management companies are also incorporating gold into their portfolios, with some allocating up to 30% to gold [15]. - The anticipated policy changes could bring approximately 200 billion yuan into the gold market from insurance companies, given their total asset scale of around 20 trillion yuan [16]. Group 4: Market Dynamics and Future Outlook - The article notes that gold has risen by 200% over the past decade, with a 92% increase since 2023, driven by geopolitical risks, declining global interest rates, and a weakening dollar [10][11]. - UBS has raised its gold price forecast for June 2026 from $3,500 to $3,700 per ounce, citing lower opportunity costs for holding gold amid inflation and interest rate expectations [24]. - The article suggests that investors should consider a 5% allocation to gold in their portfolios to enhance diversification and hedge against risks [24].