#TradFi交易分享挑战

Is gold now a risk asset?
The Economic Daily reports that, as international gold prices fluctuate violently between historical highs, gold has transformed from a traditional safe-haven asset into one of the global risk assets with the strongest volatility. At the same time, international institutions have also diverged significantly in their expectations for the gold price trend.
The article notes that there are three reasons why gold is no longer a safe haven: First, trading is extremely crowded. Second, the transmission path of liquidity shocks has changed; when assets are broadly falling, investors face margin call pressure, and because gold has excellent liquidity, it becomes the asset that is prioritized for being sold off in exchange for cash. Third, the pricing logic has undergone a fundamental shift, with gold’s correlation with interest rates returning to high levels. In short, gold is no longer a safe-haven instrument, but risk itself. The factors supporting gold prices’ continued rise are gradually loosening, and suppressive forces are gathering like an undertow. Since international gold prices have previously risen clearly too far, the possibility that they may fall too far in the future cannot be ruled out as well. From the medium to long term perspective, gold prices can remain stable only at reasonable levels. Changes in international gold prices will inevitably affect domestic gold prices, so it is very necessary to enhance risk awareness. $EURCNH $WHEAT $TSLA