#数字资产市场动态 $FRAX $DASH $ETH

🔥 How to view gold as an investment? Howard Marks' latest comments spark heated discussion: this thing is not an investment at all!

Co-founder of Oak Tree Capital directly states: gold has no cash flow, is difficult to value, and its price is driven by market sentiment. In simple terms, those who see it as the "ultimate store of value" are essentially engaging in a collective consensus game.

📉 Conversely, assets like stocks and bonds that can generate continuous income—where does gold's value support come from? Essentially, it's still believed that it’s worth something. History has shown that once a risk event occurs, the so-called "hedging properties" are easily exposed. It’s a bit like a modern version of "The Emperor’s New Clothes."

🚨 Although central banks buying gold and geopolitical tensions raised gold prices by 7% in 2026, Marks gives a clear warning: without an intrinsic return mechanism supporting the hype, it will eventually cool down. Once market consensus shifts, how much value is left in your "hedging gold"?

💎 What does this tell us—when allocating assets, it’s worth reflecting: truly reliable choices should be based on measurability, estimability, and the ability to generate real returns. Don’t let outdated beliefs hijack your wealth decisions.