金价新高，想买又不敢配买？到底要怎么买才好！

Core Viewpoint - Recently, gold has regained significant attention in the market, with domestic gold prices surpassing 1400 RMB per gram and spot gold exceeding 1000 RMB per gram, while New York spot gold prices have reached 4400 USD per ounce, continuously breaking historical records. This situation has led to a divide in investor sentiment, oscillating between the anxiety of missing out and the caution of high-level risks. The central question remains: how should gold be allocated in investment portfolios? [4] Group 1: Pricing of Gold - Gold is fundamentally a wealth storage tool rather than a traditional income-generating asset, relying on repricing processes under different macroeconomic conditions [6] - The long-term pricing of gold is influenced by three main factors: 1. Changes in the monetary system and credit environment, where doubts about fiat currency stability can lead to a reevaluation of gold [7] 2. Changes in real interest rates, as gold does not yield interest, making it less attractive in high real interest environments [8] 3. Changes in overall risk appetite, where geopolitical conflicts and economic uncertainties can increase demand for gold as a safe haven [9][10] Group 2: Volatility and Holding Experience of Gold - Many investors perceive gold as stable and resilient, but historical data shows that gold's price volatility is significant, often characterized by concentrated price increases followed by prolonged periods of stagnation or decline [12] - For instance, from 2011 to 2015, gold prices fell from nearly 1900 USD per ounce to around 1050 USD per ounce, marking a maximum decline of nearly 45% over several years [12] - Gold does not generate cash flow, making it challenging for investors to receive positive feedback during price stagnation or decline, which can lead to a depletion of patience and confidence [12][13] Group 3: Positioning and Strategy for Gold Allocation - In investment portfolios, gold should be viewed as a stabilizing asset rather than a high-return investment, serving to hedge against extreme macroeconomic risks [16] - A crucial operational principle is to maintain psychological emphasis while exercising restraint in execution, as over-allocation can lead to increased volatility [16] - For most investors, a gold allocation of 5% to 10% of total assets is recommended to effectively diversify risk, with the World Gold Council suggesting starting with a minimal allocation of 2% to 3% [18] - Gold funds provide a standardized and liquid way to incorporate gold into portfolios, facilitating easier management and rebalancing with other assets [19]