70年代黄金大牛市或重演？

Group 1 - The core viewpoint of the article is that despite the significant rise in gold prices, there is still potential for further increases, driven by fundamental demand rather than speculation [1][3]. - Goldman Sachs noted that gold prices have surged approximately 65% this year, reaching a historical high of $4,380 per ounce, and this could mark the strongest increase since 1979 [1][2]. - Central banks are purchasing record amounts of gold, and with the Federal Reserve's interest rate cuts, private investors are also increasing their gold investments, indicating a return to normalcy rather than speculative frenzy [1][2]. Group 2 - Goldman Sachs raised its gold price forecast for December 2026 from $4,300 to $4,900, citing strong inflows into Western gold ETFs and sustained central bank demand [3]. - Ray Dalio, founder of Bridgewater Associates, echoed similar sentiments, suggesting that investors should allocate 15% of their portfolios to gold, as it performs well when other typical assets decline [5]. - Dalio highlighted the parallel between the current market conditions and those of the 1970s, where gold prices rose alongside the stock market [5].