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Gold’s Time To Shine | Joseph Cavatoni on Central Bank Bullion Purchases, Permitting Reform in U.S., and Global Investor Demand for Gold
2025/6/29
Monetary Matters with Jack Farley
J
Joseph Cavatoni
Joseph Cavatoni: 作为世界黄金协会的高级市场策略师，我认为理解黄金市场动态的关键在于识别谁在购买以及为什么购买。近年来，我们观察到黄金价格显著上涨，这主要归功于两个主要购买群体：各国中央银行和全球投资者。中央银行将黄金视为储备投资组合中的重要组成部分，而全球投资者则寻求通过黄金来实现投资组合的多元化。值得注意的是，不同地区的投资者行为存在显著差异。例如，尽管美国投资者对黄金ETF的兴趣相对平淡，但亚洲和欧洲的投资者却在积极购买黄金。这种差异反映了各地经济状况、货币政策以及对风险的认知不同。目前，我们也观察到越来越多的西方投资者开始将黄金纳入其投资组合，这与东方投资者的策略相呼应，都旨在寻求资产的保护和多元化。总的来说，黄金市场正变得越来越全球化，更多的参与者通过多种渠道进入市场，这使得理解市场动态变得更加重要。
Deep Dive
This chapter explores the recent surge in gold demand, identifying the primary buyers geographically and by investor type. It highlights the significant role of central banks and Asian investors, contrasting this with the previous gold bull market.
- Central banks are major buyers of gold as part of reserve diversification.
- Asian and European investors show significant demand.
- U.S. investor participation has been more muted, although it is starting to pick up.
Shownotes Transcript