战略配置15%！达利欧：黄金是唯一“不靠他人”的“永恒、普世”货币

Core Viewpoint - Ray Dalio, founder of Bridgewater Associates, emphasizes a bullish stance on gold, viewing it as a "universal currency" that is increasingly replacing U.S. Treasuries as a core asset in investment portfolios [3][11]. Group 1: Gold as a Core Asset - Dalio suggests that investors should allocate up to 15% of their portfolios to gold, highlighting its role as an excellent diversification tool during downturns in traditional assets [3][25]. - He argues that gold's value is intrinsic and does not rely on counterparty credit, making it a safer asset compared to debt instruments like U.S. Treasuries [14][12]. - Historical data indicates that approximately 80% of currencies have disappeared since 1750, underscoring the risks associated with debt assets [12][13]. Group 2: Comparison with Other Assets - Dalio explains that while silver and platinum have inflation-hedging properties, they lack the historical acceptance and stability of gold [17]. - He acknowledges that inflation-protected securities (TIPS) are government debt and thus tied to the issuing government's creditworthiness, which can be problematic during debt crises [18][19]. - Although stocks, particularly in high-growth sectors like AI, offer high return potential, they also carry significant bubble risks, necessitating careful diversification [21][22]. Group 3: Strategic Allocation Recommendations - Dalio recommends a strategic asset allocation approach, suggesting that a 15% gold position can optimize the risk-return profile of an investment portfolio [25][26]. - He notes that while gold may have lower long-term expected returns, it performs exceptionally well during market downturns [26]. - The rise of gold ETFs has improved market liquidity, but they are not the primary driver of the current gold price increase, which is more influenced by physical gold investments and central bank holdings [28].