根据《彭博社》的最新报道，一些国家正在考虑将其黄金储备交给中国保管，而其中行动最快的是中国在东南亚的主要合作伙伴——柬埔寨。 柬埔寨政府已经计划将部分黄金储备存放在位于中国深圳保税区的金库里，这个金库已经在上海黄金交易所注册。外界推测，柬埔寨政府目前手中大约有54 吨黄金，占其外汇储备的四分之一左右。这些黄金分布在不同的地方，其中大约12.4吨黄金由国父西哈努克亲王保管，存放在瑞士中央银行，其余的40多吨 则存放在英国中央银行和柬埔寨国家银行。 不过，柬埔寨并不打算转移现有的黄金储备，而是计划将未来采购的新黄金存放在深圳的金库，形成四个存储地的格局。柬方和中国方面暂时没有对外透露 更多细节，但鉴于近年来国际局势的变化，这一计划并非空穴来风。 近年来，西方国家特别是美国，越来越频繁地利用自身在国际金融领域的优势，冻结他国的外汇储备，以此来达成政治目的。像俄罗斯、委内瑞拉等国就曾 遭遇过类似的冲击。许多国家因此失去了对西方阵营的信任，开始调整自己的外汇储备结构，寻找更为多极化的储备方式，提前规避潜在风险。 在所有外汇储备中，黄金被视为最为稳定的硬通货，一旦黄金储备遭到他国扣押，必然会导致本国货币的剧烈波动。因此， ...

Core Viewpoint - The recent surge in gold prices is primarily driven by two factors: declining trust in U.S. debt and the dollar, and escalating geopolitical conflicts, rather than traditional interest rate logic [2][4][5]. Group 1: Historical Context vs Current Reality - Historically, gold price increases have been closely linked to interest rate cuts, but the current situation is different, with gold prices rising 70% over the past two years, far exceeding what could be attributed to Federal Reserve rate cuts [2]. - The driving forces behind gold prices are now seen as a significant evolution in the global financial landscape [2]. Group 2: Determining Factors - A decline in global investor trust in U.S. Treasury bonds, the dollar, and the independence of the Federal Reserve has emerged as a key factor. The increasing U.S. fiscal deficit and political tensions have led to skepticism regarding the safety of these assets [4]. - Geopolitical conflicts, such as the Russia-Ukraine war and tensions in the Middle East, have created uncertainty for global investors, further enhancing gold's appeal as a safe haven [5][6]. Group 3: Market Dynamics - There is a notable asymmetry in the gold market, with strong buying pressure and a significant decrease in selling activity. Central banks, institutions, and individuals are increasingly reluctant to sell gold due to concerns over the dollar and geopolitical instability [7][8]. - The persistent buying from central banks, particularly in emerging markets, along with institutional investments and growing interest from individual investors, especially in Asia, has contributed to the sustained upward trend in gold prices [10]. Group 4: Conclusion - The substantial increase in gold prices is not primarily related to interest rate changes but is instead a reflection of fractures in the global financial system and geopolitical turmoil. In the coming years, gold may evolve from being merely an investment asset to a central component in the rebalancing of the international financial order [12].