Goldman Sachs(US:GS) 第一财经·2025-11-18 10:18Core Viewpoint - The Future Fund of Australia highlights increasing risks of "more frequent and intense new shocks" to the global economy, prompting a shift in asset allocation towards gold, actively managed stocks, and hedge funds [3][5]. Group 1: Investment Strategies - The Future Fund has raised its allocation to gold and other commodities to provide asymmetric protection against supply-driven inflation and stagflation [5]. - The fund's strategy includes reducing nominal government bond exposure, increasing inflation-linked bonds, and expanding investments in real assets like infrastructure [5]. - The report emphasizes that physical assets, particularly commodities, can offer strong hedging effects during high unexpected inflation periods [5]. Group 2: Global Gold Demand Trends - Global gold demand increased by 1% year-on-year in the first ten months of this year, reaching 3,717 tons, with a 41% rise in value to $384 billion [3]. - Central banks have shown a strong inclination to increase gold reserves, with 47% planning to buy more gold as a strategic tool against geopolitical and financial risks [7]. - In the first three quarters of this year, global central bank gold purchases reached 220 tons, a 28% increase from the previous quarter [7]. Group 3: Future Price Projections - Goldman Sachs projects that gold prices could rise to $4,900 per ounce by the end of 2026, with current spot prices around $4,011 per ounce [3][8]. - Other financial institutions, including Bank of America and Morgan Stanley, have also raised their gold price forecasts for 2026, indicating a bullish outlook for the precious metal [8].