I recently looked at some data and was stunned for a while: the total global market value of gold is about $30 trillion, compared to China's peak real estate value of 300 trillion RMB—doing the math, the "safe haven king" of gold actually has a much smaller market size than many people think. But the story behind this is far more interesting than the numbers themselves.

Houses age and depreciate, but gold remains unchanged for thousands of years. One bets on growth, the other bets on stability. Over the past 20 years, people speculated in real estate to capitalize on growth dividends; now, looking back at gold, the focus is on global consensus, truly a "safe harbor in turbulent times."

**Why are central banks疯狂囤金 (buying gold like crazy) recently?**

Numbers speak: China's central bank has increased its gold holdings for 13 consecutive months, with countries like Poland and Brazil following suit. This is no coincidence; behind it is the loosening of the US dollar credit system—USD accounts for 48.46% of global payments, yet the US GDP only makes up 26% of the world. This mismatch is outrageous; central banks worldwide are using gold to hedge risks, essentially devaluing the US dollar’s credit.

Gold’s scarcity is embedded in its DNA: only 27,000 tons of extractable gold remain in the crust, with mining costs rising every year, naturally supporting its long-term value.

**But don’t be completely fooled**

Gold also has risks. From June to August 2025, due to repeated expectations of Federal Reserve rate cuts, gold prices temporarily retraced by 12%. In the short term, volatility is quite intense. Ordinary investors need to think clearly whether they are short-term speculating on rebounds or long-term allocating safe assets.