黄金：拥趸、熊市与迷思（英文版）

Gold prices today are near record highs - even in real terms - implying that forward real returns may be modest by historical standards (Figure 1). Yet gold's most compelling attribute remains its historically proven ability to enhance portfolio diversification over the long term. It is widely perceived as a safe-haven asset: during periods of market stress or crisis, investors often flock to 1gold for its stability and lack of credit risk. Central banks hold gold in their foreign exchang