黄金“登顶”，将制衡美元霸权

21世纪经济报道06-03 21:30

“阜成门外”出品黄金已超越美债，成为全球官方储备第一大资产。　　欧洲中央银行 2日发布报告称，截至2025年年底，黄金在全球官方储备资产总额中的占比已升至27%，超越美国国债，成为全球官方储备第一大资产。　　jwview 黄金“登顶”释放什么信号？　　东方金诚研究发展部高级副总监瞿瑞对中新经纬表示，黄金占比超越美债，是央行购金的集中体现。　　根据世界黄金协会统计， 2024年全球...

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黄金“登顶”释放什么信号？\n　　东方金诚研究发展部高级副总监瞿瑞对中新经纬表示，黄金占比超越美债，是 央行购金的 集中体现。\n　　根据世界黄金协会统计， 2024年全球...</p>\n\n<a href=\"https://finance.sina.com.cn/roll/2026-06-03/doc-iniacxkk4007588.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SGDM","symbol_name":"Sprott Gold Miners ETF","start_time":0,"source_url":"https://finance.sina.com.cn/roll/2026-06-03/doc-iniacxkk4007588.shtml","article_id":"2640907036","we_media_id":null,"thumbnails":[],"rights":{"source":"sina","url":"https://finance.sina.com.cn/roll/2026-06-03/doc-iniacxkk4007588.shtml","rn_cache_url":null,"customStyle":"body{padding-top:10px;}.art_tit_h1{#titleStyle#}a{#lv2TextColor#}.art_time, .art_cite{#sourceStyle#;} .art_cite{margin-left: 3px;}","selectors":".module-article, article","filters":"header, .voice2, .tags, #norm_qrcode_link_auto, .unfold-box, 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2日发布报告称，截至2025年年底，黄金在全球官方储备资产总额中的占比已升至27%，超越美国国债，成为全球官方储备第一大资产。\n　　jwview 黄金“登顶”释放什么信号？\n　　东方金诚研究发展部高级副总监瞿瑞对中新经纬表示，黄金占比超越美债，是 央行购金的 集中体现。\n　　根据世界黄金协会统计， 2024年全球央行购金规模达1045吨，2025年为863吨。\n　　瞿瑞指出，黄金成为全球官方储备资产第一，意味着黄金已不再是央行储备中的 “边缘资产”，而是成为各国货币体系的核心组成部分。\n欧洲中央银行报告则认为，黄金在全球官方储备资产中超越美债，与黄金的估值效应有密切关系。\n\n图片来源：AI生成\n　　自 2024年以来，国际金价连续大幅上涨。Wind数据显示，2024-2025年，现货黄金价格从2063美元/盎司上涨至4550美元/盎司，价格翻了一倍多。\n　　北京师范大学教授万喆 认为，黄金储备上升虽与金价大涨有关，但更深层原因，还是全球资产配置正在经历结构性转变。\n　　“美元的信用基础及其财政可持续性，以及全球对美元资产安全性的集体信心，都在下降。而去美元化进程，正从分散、试探性的趋势，演变为范围更广的共识。”万喆谈到。\n　　此外，这一趋势与美元武器化有密切关系。\n　　万喆指出，近几年，全球地缘政治冲突集中爆发。尤其是在乌克兰危机中，美国冻结俄罗斯央行外汇储备的行为，让一些国家意识到，持有美元资产在极端情况下可能存在安全风险，转而投资黄金。\n　　万喆还认为， 逆全球化和区域化进程加速推进，区域内贸易结算越来越多地采用本币或区域内的第三方货币，对美元的需求随之减弱。与此同时，美国等国 家 的债务规模不断 创下新高，债务货币化成为常态，纸币的购买力持续被稀释，因此增持黄金的呼声进一步高涨。\n　　不过，瞿瑞强调，美元体系不会突然 崩溃，也不会回到传统的金本位制。 “ 美元仍将在较长一段时期保持相对主导地位 ，但黄金将成为制衡美元霸权、稳定全球货币体系的 重要力量 。”\n　　jwview 黄金的投资逻辑变了吗？\n　　在多极化格局加速形成的情况下，黄金的投资价值也在发生深刻变化。\n　　万喆认为，当前 黄金已从补充性资产转变为战略性 “压舱石”。对普通投资者而言， 可将 黄金从短期避险工具升级为长期核心配置资产。\n　　瞿瑞则认为，应将黄金的新投资地位定义为 “必选配置资产”，其投资价值将发生两大变化。\n　　一是黄金的长期配置价值系统性提升，对冲主权信用风险、地缘政治风险与滞胀风险的功能得到进一步验证。\n　　二是，黄金价格的波动特征或将发生变化。央行购金的长期刚性需求将平滑金价的短期波动，使得金价的底部支撑更加坚实，出现类似 2013年“黄金暴跌”的概率大幅降低。\n　　“黄金已进入长期上行通道，短期回调均是中长期布局的优质窗口。”瞿瑞进一步建议，对于中长期配置型资金，无需过度关注金价的短期波动，可采取分批定投或逢回调加仓的方式逐步布局，优先选择流动性好、跟踪误差小的黄金ETF及联接基金；而对于短期交易型资金，则仍需紧密跟踪美联储政策预期、美元指数与地缘局势变化，围绕核心震荡区间进行波段操作，严格控制仓位与杠杆风险。\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：宋雅芳","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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