于是一番扭捏拉扯，最后美帝靠着手段高明，拳头过硬，终于干死了金本位裸奔。虽然勾搭了一个石油，看起来好像锚定了石油，但问题是，产油多少 跟美元的发行量没有一毛钱的关系。实际上美元并没有锚，你以为是美债？呵呵，笑死了，美债现在余额37万亿美元，美元到底发了多少？美联储敢给 人查查吗？ 今年早些时候，马斯克异想天开，想去查美联储的账，结果最后自己都被踢出白宫，跟懂王在网上隔空互骂，感情破裂。虽然彼此也传出了有求和的意 思，但信任肯定是没有了，特马在政坛上永远回不到从前了。 每个大周期都是一个赖账的循环，周而复始。 当你弄明白这个道理，就会明白，在信用货币时代，哪里有什么通缩。遇到短暂的通缩周期，这就是上天给你捡钱的机会。这个时候如果选择了恐惧， 真的只能说一句，祝你幸福。 印钞机人人都有，但无脑无节制的印钞必然会直接干崩货币信用，结果就是本币没有人愿意用，国际结算中，别人不收你咋办？ 70年代美国好莱坞的明星甚至都开始耍大牌不收美元了，更受欢迎的是当时的南非兰特。因为美元不能直接兑换黄金了，但兰特可以啊，毕竟地球上的 黄金一半多都埋在南非地底下呢。 只不过后来FBI出面，发出著名的FBI WARNING，不肯接受美 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the gold sector, highlighting the impact of geopolitical risks and the long-term trend of US dollar depreciation on gold prices. The escalation of the Middle East situation has provided a short-term boost to gold prices, although extreme scenarios like a blockade of the Strait of Hormuz are considered unlikely [1][5][4]. Core Insights and Arguments - **Central Bank Gold Purchases**: There is an increasing demand for gold from global central banks. China's gold reserves as a percentage of foreign exchange reserves have risen from 1% to 6%, still below the global average, indicating a sustained demand for safe assets [1][6][7]. - **Gold Price Dynamics**: The gold market has shown significant volatility this year, with prices rising from $2,400-$2,500 at the end of last year to over $3,500. The long-term logic of gold as an asset remains valid, with current high prices suggesting caution against over-investment [2][3]. - **Retail Sector Performance**: The gold jewelry retail sector is expected to benefit from the release of pent-up consumer demand, improved willingness of franchisees to stock products, and optimistic sales forecasts for Q3, driven by wedding demand and low base effects from the previous year [1][17][18]. - **Global Trade Trends**: The import trade of precious metal jewelry has been growing, with domestic brands like Chow Tai Fook and Lao Feng Xiang actively expanding overseas, indicating a consensus on globalization within the industry [1][19]. Additional Important Insights - **Investment Opportunities**: Hong Kong-listed gold companies are seen as undervalued, with strong internal growth prospects. Smaller stocks show greater elasticity, while larger stocks still have valuation discount space [3][23][24]. - **Market Trends**: The gold jewelry industry is undergoing a transformation, with a shift towards gold products over traditional K-gold or inlaid products, driven by rising investment attributes and improved design and branding [27][32]. - **Valuation Changes**: The valuation of gold jewelry companies is shifting towards consumer goods PEG valuation, reflecting their evolving market position and consumer appeal [32]. - **Emerging Brands**: New brands like Mankalon are maintaining stable sales data and accelerating same-store growth, leveraging product strength and brand recognition to mitigate gold price volatility [29][33]. Recommendations for Investors - **Core Stock Picks**: Recommended A-share stocks include Chow Tai Fook, Mankalon, and Lai Shen Tong Ling for their product logic and performance certainty. Other stocks like Zhou Dazheng and Cai Bai Co. are noted for their low valuations and significant marginal catalysts [22]. - **Focus on Overseas Expansion**: Companies like Lao Pu Gold are expanding into international markets, with plans for new stores in Singapore and potential future expansions into Japan and the Middle East [26][25]. This summary encapsulates the key points discussed in the conference call, providing insights into the gold industry, market dynamics, and investment opportunities.