#市场过度杠杆已被出清 Gold, as a traditional asset, has characteristics that are indeed perplexing. Although the price volatility of gold is comparable to that of stock indices, it faces a significant lack of valuation theory in the investment world. This is precisely the core reason why many professional fund management institutions are reluctant to allocate a large amount of gold.

In the field of investment analysis, the stock and cryptocurrency markets have a wealth of analytical frameworks - from interpretations of monetary policy to macroeconomic trends, from industry development prospects to corporate management research, various valuation models and theoretical bases are all available. And gold? There is almost no concrete theoretical support; much of the discourse surrounding it is vague clichés. From the rigor of asset analysis, gold may even be less substantiated than industrial metals like copper.
Imagine being a fund manager and having to clearly explain to clients the investment logic behind allocating gold. This is almost an unsolvable problem. A more realistic question is: if gold really has such good investment value, can't clients just buy it directly themselves? This characteristic of lacking professional added value is also one of the reasons why professional investment institutions remain cautious about gold.