达利欧：黄金是对抗美国抵御债务风险的盾牌

Core Viewpoint - Ray Dalio warns that the increasing debt burden in the U.S. is pushing the market towards a risk edge, suggesting that investors should allocate 10% to 15% of their portfolios to gold as a hedge against potential systemic crises [3][4]. Group 1: Debt Concerns - Dalio compares the rising debt service costs in the U.S. to plaque clogging blood vessels, indicating that this will "squeeze out other necessary government spending," potentially leading to a "heart attack" in the economy [3][4]. - The warning comes as U.S. stock markets are reaching new highs due to cooling inflation data and expectations of interest rate cuts [3][4]. Group 2: Gold as a Hedge - Dalio emphasizes that gold has a low correlation with other asset classes and tends to rise in value during crises when other assets decline [4]. - He advises that in a "debt-laden" world with increasing geopolitical tensions, investors should reflect on the nature of their investments and consider a diversified portfolio with 10% to 15% in gold [4]. Group 3: Global Market Perspectives - Bill Winters from Standard Chartered notes that while European markets like the UK and France face similar debt issues, they are under stricter market constraints compared to the U.S., suggesting that the U.S. market may not have fully absorbed its long-term fiscal risks [6].