贵金属行业:美元信用下行主叙事 继续看好黄金长期大牛市

浙商证券股份有...
Jun 24, 2025

把握本轮长期黄金牛市的主旋律:美元信用的下行目前美元美债体系已进入了负反馈循环的状态,支持黄金价格不断上行。同时,特朗普系列政策旨在减少美国对外贸易逆差,出现了特里芬难题,这是美元目前无法解决的问题。作为价值贮藏的代表,在混沌期黄金理应具备更高的配置与避险价值。黄金投资新框架,长期处于舒适区本轮黄金大牛市的核心叙事是美元信用崩塌。“CPI 低+经济发展好”与美元信用危机解决两个条件都满足时,...

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