Group 1 - The World Gold Council reported that global gold ETF holdings increased by 115 tons to 3,561 tons in April, marking the fifth consecutive month of net inflows and the highest level since August 2022, driven by demand from Asia [1] - According to Wanguo Securities, the recent adjustment in gold spot prices is due to a recovery in global financial market risk appetite, necessitating the digestion of previous significant price increases and excessive pricing related to panic sentiment [1] - Long-term, the upward momentum for gold remains strong due to its effective risk diversification in uncertain environments, with recommendations for investors to buy on dips [1] Group 2 - The primary reason for the recent correction in precious metals is the progress in tariff negotiations between the US and several countries, leading to a decrease in market risk aversion [1] - However, expectations of stagflation in the US are rising, with one-year inflation expectations reaching 7.3%, alongside uncertainties in trade policies and anticipated interest rate cuts by the Federal Reserve (expected 3-4 cuts in the second half of the year), which will continue to support gold's long-term investment value [1] - The reshaping of global trade patterns and the long-term weakening of the US dollar also favor gold's safe-haven attributes [1] Group 3 - The gold ETF (code: 518800) tracks the gold spot (Au99.99 contract) index issued by the Shanghai Gold Exchange, representing the trading price of high-purity (99.99%) physical gold in China [1] - This index serves as a pure tracker of gold prices, directly linked to the physical gold market, reflecting real-time changes in gold spot market prices without involving component stocks or industry allocations, providing a transparent and efficient pricing reference system for investors [1]

值得关注的是，本周市场迎来3只FOF基金(基金中基金)集中发行，与此前一周的"零发行"状态形成鲜明 对比。 深圳市前海排排网基金销售有限责任公司研究部副总监刘有华表示，这一显著变化反映出投资者资产配 置需求正在持续升温，也体现了市场对多元化投资工具的认可度提升。 从产品类型来看，上周新发基金主要集中在股票型、混合型和债券型三大类别。其中，股票型基金占据 主导地位，全周共有18只产品启动募集，占比超六成。债券型基金紧随其后，新发数量为6只，占比约 两成；混合型基金相对较少，仅有3只新发，占比一成左右。 本周新发行的基金类型更加丰富，不过权益类产品仍是市场主力。具体来看：本周发行的股票型基金有 16只，占比51.61%，其中15只为指数型基金，占比高达93.75%，显示被动投资热度不减。本周启动募 集的混合型基金有7只，环比大增133.33%，且全部为偏股型，进一步印证权益市场的吸引力。 基金发行市场保持活跃态势。公募排排网数据显示，上周(5月5日至5月11日)，全市场共有27只新基金 启动募集；而本周(5月12日至5月18日)，新发基金数量进一步增至31只，环比增长14.81%，显示出市场 发行节奏稳步加快。 ...

Core Insights - The Reserve Bank of India (RBI) has significantly increased its gold reserves, with the proportion of gold in its foreign exchange reserves nearly doubling in four years [2][4] - As of March 2025, gold accounted for 11.70% of India's total foreign exchange reserves, up from 9.32% in September 2024 and 5.87% in March 2021 [2] - The RBI holds a total of 879.59 tons of gold, with 511.99 tons stored domestically and the remainder held in secure locations abroad [4] Global Central Bank Trends - Central banks worldwide are actively increasing their gold purchases to diversify assets, enhance financial stability, and mitigate risks associated with inflation and currency fluctuations [5] - In the first quarter of 2025, global central banks net purchased 244 tons of gold, maintaining the average level seen over the past three years [5] - Factors such as geopolitical uncertainty, dollar volatility, and concerns over U.S. Treasury securities are driving central banks to increase their gold reserves [5]

Core Viewpoint - The article discusses Warren Buffett's long-standing skepticism towards gold as an investment, emphasizing its lack of productive capacity and practical utility compared to income-generating assets like stocks and bonds [3][4]. Group 1: Strategic Value of Gold - Buffett's view underestimates gold's role as a "super-sovereign reserve" and its institutional demand, as evidenced by central banks purchasing 1,045 tons of gold in 2024, with China's reserves reaching 2,292.33 tons by March 2025 [5]. - The systemic impact of de-dollarization is underestimated, with U.S. government debt reaching $36.1 trillion (120% of GDP) and the dollar index declining by 8.53% since 2025, leading to concerns about the dollar's status as a reserve currency [5]. Group 2: Fear-Driven Investment - The article argues that fear has transformed into a long-term risk hedge, with sovereign funds and insurance companies incorporating gold into their portfolios due to structural uncertainties like geopolitical conflicts and financial market vulnerabilities [7]. - Data shows that gold prices increased by 25% during the Fed's interest rate hike cycle in 2024, and by 26.7% in early 2025, outperforming the S&P 500 and Nasdaq, indicating institutional demand rather than mere speculative behavior [7][10]. Group 3: Repricing of Risk Assets - The article highlights that gold's pricing logic as a "anti-fragile asset" is often overlooked, as its value increases when dollar credit is shaken, leading to a self-reinforcing cycle of institutional allocation [9][14]. - The scarcity of gold, with central banks purchasing 1,045 tons in 2024, represents 28% of that year's mine production, providing long-term price support beyond traditional supply-demand dynamics [14]. Group 4: Non-Productive Assets in Modern Portfolios - The article critiques Buffett's assumption that asset value must derive from productivity, arguing that gold's low correlation with equities makes it an essential tool for risk diversification in modern investment portfolios [15]. - In 2025, gold's weekly correlation with the S&P 500 was -0.03, indicating its effectiveness in hedging against stock and bond volatility, especially during market downturns [15]. Group 5: Inflation Hedge and Monetary Economics - The article asserts that gold's anti-inflation properties are often ignored, as it serves as a hedge against currency devaluation, with a limited supply growth of only 1.5% annually [17]. - Historical data shows that during the high inflation period of the 1970s, gold prices surged by 1,781%, significantly outperforming stocks and bonds, underscoring its unique value during currency depreciation [17]. Group 6: Divergence in Investment Frameworks - The article concludes that Buffett's critique of gold stems from an industrial-era investment framework, while gold's current valuation is rooted in monetary economics, especially in a post-Bretton Woods context where trust in credit systems is eroding [17]. - Gold's core value has evolved from a commodity to a stabilizer of the monetary system, necessitating a reevaluation of its strategic importance in modern financial ecosystems [17].

长按即可参与 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： KYXI 来源：雪球 巴菲特1998年曾有一段非常知名的表述 ， 他说 ： " 黄金从非洲和其他地方的地底下挖出来 。 之后人们将 其熔化成型 、 打孔 ， 然后又放到地底下的金库里 ， 还要花钱找人在金库四周保护 。 黄金没有任何用途 。 要是金星人看到地球人这么看重黄金 ， 想破头也想不明白 " 。 " 你可以把所有开采出来的黄金放在一起 ， 它们可以填满一个长宽高都为67英尺的立方空间 。 按照当前 的黄金价格计算 （ 当时黄金已到每盎司1350美元上方 ） ， 和这些黄金价值相当的钱可以让你买下全部美 国耕地 ， 不是部分 ， 而是全部 。 此外 ， 你可以买下10家埃克森美孚 。 然后你还有1万亿美元的闲钱 。 或者 ， 你可以拥有一个巨大的金属立方体 。 你会选择哪种做法 ？ 哪种做法能产生更多价值 ？ " 此后的多次股东大会上 ， 他也曾明确表达过 远离黄金 的建议 。 因为在他看来 ， 黄金没有生产能力 ， 不能用已有的黄金生出更多的黄金 ； 黄金的实际用途不多 ， 只在工业和珠宝饰品领 ...

Core Viewpoint - The approval of four insurance companies as members of the Shanghai Gold Exchange marks a significant step in allowing insurance funds to invest in gold, which is expected to optimize asset allocation, diversify risks, and enhance investment returns [1][2]. Group 1: Insurance Companies' Participation - Four pilot insurance institutions, including PICC Property and Casualty, China Life, Ping An Life, and Taikang Life, have successfully initiated gold trading activities, including bidding, inquiry, pricing, and bulk trading [1]. - The pilot insurance companies have expressed their commitment to a long-term and stable investment philosophy, emphasizing the unique role of gold in their asset allocation strategies [1][3]. Group 2: Regulatory Framework and Market Impact - The National Financial Regulatory Administration announced a pilot program for insurance funds to invest in gold, allowing ten insurance companies to engage in various gold trading activities [2]. - The Shanghai Gold Exchange has established a framework to support these pilot insurance companies, including investment management systems and risk management strategies [2]. Group 3: Benefits of Gold Investment - Investing in gold is seen as a way to optimize the asset allocation structure of insurance funds, as gold has a low correlation with traditional financial assets like stocks and bonds, thus helping to mitigate investment risks [3][4]. - The entry of insurance funds into the gold market is expected to bring in substantial long-term capital, enhancing the depth and breadth of the gold market and promoting its healthy development [4]. Group 4: Future Investment Strategies - Insurance companies are advised to adopt a long-term and stable investment approach, with a focus on risk management and market analysis, especially given the current high gold prices [4][6]. - Companies are encouraged to establish comprehensive risk control systems that address market, compliance, operational, and reputational risks while collaborating with banks and the Shanghai Gold Exchange [5][6].