El-Erian指出，金价持续大涨，在央行强劲买盘这一重要推动力背后，El-Erian believes that the sharp rise in gold prices "seems to have deviated" from traditional historical influencing factors. Behind the strong buying interest of central banks, it may be that people's confidence in the dollar system is beginning to erode. As "de-dollarization" deepens, it may lead to a severe global system division, weakening the international influence of the dollar and the American financial system.
Benefiting from the global interest rate cutting cycle, major central banks' large-scale purchases, and other factors, spot gold has performed well this year, hitting historical highs and rising by over 32% in total.
Recently, the renowned economist Mohamed El-Erian published a column in the Financial Times, stating that the surge in gold prices seems to have deviated from traditional historical influencing factors such as interest rates, inflation, and the US dollar.
El-Erian pointed out that the continuous surge in gold prices, supported by strong buying from central banks, may reflect a weakening confidence in the US dollar system.
"The continuous purchases of gold by foreign central banks seem to be related not only to the desire to diversify foreign exchange reserves and move away from the dominance of the US dollar, but also possibly because people are seeking potential alternative solutions to the US dollar system, which has been the core of the international monetary architecture for eighty years."
