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How much longer can the myth of gold as a safe haven be trusted?

Howard Marks, founder of Oak Tree Capital, has recently been outspoken, directly addressing the core issue of gold investment—there is no cash flow support. His logic is compelling: gold prices entirely depend on market participants' psychological expectations. In other words, everyone believes it’s valuable, so it is. This is fundamentally different from assets like stocks and bonds that generate real returns.

Historical data shows that whenever a crisis truly hits, gold prices still decline. Do you think it’s a safe haven? In reality, assets without intrinsic value support are difficult to value reasonably using financial models.

This year, central banks’ gold purchases and escalating geopolitical tensions pushed gold prices up by 7%, but Marks warns clearly: the hype lacking fundamental support will eventually cool down. In contrast, assets like $BTC, though controversial, have at least clear technology and consensus mechanisms as a foundation for alternative asset allocation.

Can gold truly serve as a safe haven? This question is increasingly divisive in the investment community. What’s your view?