年内涨幅超60%！达利欧最新撰文，直面回答关于黄金的六大“高能”问题

Group 1 - The article emphasizes that 2023 has been an unexpectedly significant year for gold, with prices rising over 61% as of October 17, 2025, marking it as one of the largest annual increases since 2000 [4][6]. - Jamie Dimon, CEO of JPMorgan, expressed uncertainty about gold's valuation, suggesting it could rise to $5,000 or even $10,000, indicating a shift in perception towards gold as a viable investment [5][6]. - Ray Dalio's insights on gold investment are highlighted, particularly his view that gold should be considered a form of currency rather than just a metal, emphasizing its historical role as a stable store of value [11][12][16]. Group 2 - Dalio argues that gold is unique among assets, serving as a hedge against inflation and a reliable store of value without credit risk, unlike other commodities such as silver and platinum [20][21][22]. - The article discusses the potential impact of large holders, like banks, selling gold, but Dalio maintains that a diversified portfolio should include gold to mitigate risks associated with market volatility [27][34]. - The rise of gold ETFs has made gold more accessible to retail and institutional investors, increasing market liquidity, although the ETF market remains smaller than physical gold and central bank reserves [47][48]. Group 3 - Dalio asserts that gold is increasingly replacing U.S. Treasury bonds as a "risk-free asset" in many institutional portfolios, reflecting a broader trend of reallocating assets towards gold [49][50]. - The historical context is provided, noting that gold has maintained its value over time, unlike fiat currencies, which have often depreciated or disappeared [56][57]. - The article concludes with a recommendation for investors to consider a strategic allocation of 10% to 15% of their portfolios in gold to optimize risk-return profiles [40][41].