為什麼黃金仍然很重要

黃金將在2025年再次成為頭條新聞，這是由於避風港需求激增的新歷史最高點。

Author: 0xEdwardyw

作者：0xedwardyw

Gold is making headlines again in 2025, hitting new all-time highs as safe-haven demand soars.

黃金在2025年再次成為頭條新聞，隨著安全需求飆升，新的歷史最高點。

Its price breached the $3,000 mark for the first time, marking a significant recovery for the ‘king of precious metals.’ As concerns over fiat currency debasement and global instability grow, investors are returning to gold.

它的價格首次違反了3,000美元，這標誌著“貴金屬之王”的重大恢復。隨著法定貨幣貶值和全球不穩定的擔憂，投資者正在恢復黃金。

Often regarded as "digital gold," Bitcoin has also seen a surge in interest, leading many to question the relevance of physical gold.

比特幣通常被視為“數字黃金”，也看到了人們的興趣激增，導致許多人質疑實物黃金的相關性。

However, the latest data from ChainShot reveals a compelling case for gold in its traditional form.

但是，來自Chainshot的最新數據揭示了其傳統形式的黃金案例。

In the first quarter of 2025, gold's annual return rate reached 36%, outperforming major stock indices and Bitcoin.

在2025年第一季度，Gold的年收益率達到36％，表現優於主要股票指數和比特幣。

Lower volatility than Bitcoin

比比特幣低的波動性

Compared to Bitcoin's wide price swings, gold's price movements are much more moderate.

與比特幣的價格波動相比，黃金的價格變動更為溫和。

For instance, in 2024, Bitcoin's annual volatility is about 47%, while gold's is only 12%. This means that on average, Bitcoin's price volatility can be nearly four times that of gold. For investors who prioritize risk control, this difference is crucial.

例如，在2024年，比特幣的年度波動率約為47％，而黃金僅為12％。這意味著，平均而言，比特幣的價格波動可能是黃金的四倍。對於優先考慮風險控制的投資者，這種差異至關重要。

As we've seen early this year, while tech stocks (NASDAQ) fell nearly 15% in a few weeks, gold was essentially flat (up about 1%), and Bitcoin fell about 20%, moving almost in sync with the stock market.

正如我們在今年年初看到的那樣，儘管技術股（納斯達克股票）在幾週內下降了近15％，但黃金基本上是平坦的（增長了1％），比特幣下降了約20％，幾乎與股票市場同步。

Gold's low volatility makes it a valuable asset for capital preservation during market turmoil, while Bitcoin is more like a high-beta risk asset.

Gold的低波動率使其成為市場動盪期間資本保存的寶貴資產，而比特幣更像是一種高β風險資產。

Gold's low correlation with other assets

黃金與其他資產的低相關性

In the recent market cycle, the trend of gold and Bitcoin has diverged. In the past year, gold has steadily risen to new highs driven by inflation concerns and war tensions, while Bitcoin has fluctuated in a wider range, and its trend is more affected by investors' risk appetite.

在最近的市場週期中，黃金和比特幣的趨勢有所不同。在過去的一年中，由於通貨膨脹問題和戰爭緊張局勢，黃金穩步上升到了新的高點，而比特幣在更廣泛的範圍內波動，其趨勢更受投資者風險偏好的影響。

It's worth noting that gold has a low correlation with traditional assets, or even negative, which is ideal for diversification in asset allocation.

值得注意的是，黃金與傳統資產甚至負面的相關性低，這是資產分配多元化的理想選擇。

In fact, gold and Bitcoin also show a negative correlation, which means that holding both at the same time can further enhance the diversification of the portfolio.

實際上，黃金和比特幣也顯示出負相關性，這意味著同時持有兩者都可以進一步增強投資組合的多元化。

Tokenized Gold in 2025

象徵性黃金在2025年

One of the most interesting developments is that gold itself has joined the blockchain revolution. So-called "tokenized gold," digital tokens that are 100% backed by physical gold, are experiencing rapid growth.

最有趣的發展之一是黃金本身加入了區塊鏈革命。所謂的“標記黃金”是100％由實物黃金支持的數字令牌，正在迅速增長。

In March 2025, the market capitalization of gold-backed crypto tokens hit an all-time high of $1.4 billion. This track is dominated by two tokens: PAX Gold (PAXG) and Tether Gold (XAUt). These tokens allow investors to hold gold in digital form, combining the stability of gold with the flexibility of crypto assets.

2025年3月，黃金支持的加密代幣的市值達到了14億美元的歷史最高點。該曲目以兩個令牌為主：Pax Gold（Paxg）和Tether Gold（XAUT）。這些代幣允許投資者以數字形式持有黃金，將黃金的穩定性與加密資產的靈活性相結合。

PAXG (Paxos Gold)

paxg（paxos黃金）

PAX Gold (PAXG) is issued by Paxos Trust Company, a regulated financial institution headquartered in New York. Each PAXG token represents one ounce of refined gold stored in a London Bullion Market Association (LBMA) certified vault.

Pax Gold（PAXG）由總部位於紐約的受監管的金融機構Paxos Trust Company發行。每個PAXG代幣代表倫敦金條市場協會（LBMA）認證金庫中存儲的一盎司精製黃金。

Importantly, Paxos operates under strict regulation - the token is fully backed 1:1 by physical gold and is subject to monthly audits by a third party to verify its reserves. Paxos is authorized by the New York State Department of Financial Services (NYDFS), so it is highly compliant and provides full confidence for holders.

重要的是，Paxos根據嚴格的法規運作 - 令牌由實物黃金完全支持1：1，並受第三方每月審核以驗證其儲備。 Paxos由紐約州金融服務部（NYDFS）授權，因此它非常合規，並為持有人提供了充分的信心。

PAXG's popularity has steadily increased in 2025. Its current market capitalization is about $680 million, accounting for about half of the tokenized gold market. PAXG's daily trading volume often reaches tens of millions of dollars. It benefits from regulatory trust, and Paxos Gold remains stable even after the United States' scrutiny on stablecoins has intensified.

帕克斯（Paxg）在2025年穩步增長。目前的市值約為6.8億美元，約佔標記黃金市場的一半。 Paxg的每日交易量通常達到數千萬美元。它受益於監管信任，即使在美國對Stablecoins的審查加劇之後，Paxos Gold仍保持穩定。

New PAXG trading products are also emerging: for example, at the end of 2024, the derivatives exchange Deribit launched futures and options contracts for PAXG, marking the rising interest of institutional investors in tokenized gold as a trading asset.

新的PAXG交易產品也正在出現：例如，在2024年底，衍生品交易所deribit啟動了PAXG的期貨和期權合同，標誌著機構投資者在代幣化黃金中的利益上升作為交易資產。

XAUt (Tether Gold)

xaut（繫繩黃金）

Tether Gold (XAUt) is another major gold-backed token, issued by TG Commodities, a company associated with Tether. Each XAUt represents one ounce of gold stored in Swiss vaults that meet the London Good Delivery standard.

Tether Gold（XAUT）是另一個主要的金牌代幣，由TG商品（與Tether相關的公司）發行。每個XAUT代表符合倫敦良好交付標準的瑞士保險櫃中存儲的一盎司黃金。

As of 2025, the market value of XAUt is approximately $770 million.

截至2025年，XAUT的市場價值約為7.7億美元。

However, XAUt's regulatory framework is different from PAXG. In 2023, Tether moved its gold token business to El Salvador.

但是，XAUT的監管框架與PAXG不同。 2023年，Tether將其黃金代幣業務轉移到了薩爾瓦多。

As of March 2025, the market capitalization of gold-backed crypto tokens hit a record high of $1.4 billion, driven by the surging price of gold and increasing demand for safe-haven assets.

截至2025年3月，由於黃金價格飆升，對避風港資產的需求不斷增長，黃金支持的加密代幣的市值達到了創紀錄的14億美元。

Among them, two major gold-backed tokens,

其中，兩個主要的金牌代幣，