为什么黄金仍然很重要

黄金将在2025年再次成为头条新闻，这是由于避风港需求激增的新历史最高点。

Author: 0xEdwardyw

作者：0xedwardyw

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

黄金在2025年再次成为头条新闻，随着安全需求飙升，新的历史最高点。

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.

它的价格首次违反了3,000美元，这标志着“贵金属之王”的重大恢复。随着法定货币贬值和全球不稳定的担忧，投资者正在恢复黄金。

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

比特币通常被视为“数字黄金”，也看到了人们的兴趣激增，导致许多人质疑实物黄金的相关性。

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

但是，来自Chainshot的最新数据揭示了其传统形式的黄金案例。

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的年收益率达到36％，表现优于主要股票指数和比特币。

Lower volatility than Bitcoin

比比特币低的波动性

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

与比特币的价格波动相比，黄金的价格变动更为温和。

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，比特币的年度波动率约为47％，而黄金仅为12％。这意味着，平均而言，比特币的价格波动可能是黄金的四倍。对于优先考虑风险控制的投资者，这种差异至关重要。

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.

正如我们在今年年初看到的那样，尽管技术股（纳斯达克股票）在几周内下降了近15％，但黄金基本上是平坦的（增长了1％），比特币下降了约20％，几乎与股票市场同步。

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的低波动率使其成为市场动荡期间资本保存的宝贵资产，而比特币更像是一种高β风险资产。

Gold's low correlation with other assets

黄金与其他资产的低相关性

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.

在最近的市场周期中，黄金和比特币的趋势有所不同。在过去的一年中，由于通货膨胀问题和战争紧张局势，黄金稳步上升到了新的高点，而比特币在更广泛的范围内波动，其趋势更受投资者风险偏好的影响。

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，黄金与传统资产甚至负面的相关性低，这是资产分配多元化的理想选择。

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.

实际上，黄金和比特币也显示出负相关性，这意味着同时持有两者都可以进一步增强投资组合的多元化。

Tokenized Gold in 2025

象征性黄金在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.

最有趣的发展之一是黄金本身加入了区块链革命。所谓的“标记黄金”是100％由实物黄金支持的数字令牌，正在迅速增长。

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，黄金支持的加密代币的市值达到了14亿美元的历史最高点。该曲目以两个令牌为主：Pax Gold（Paxg）和Tether Gold（XAUT）。这些代币允许投资者以数字形式持有黄金，将黄金的稳定性与加密资产的灵活性相结合。

PAXG (Paxos Gold)

paxg（paxos黄金）

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）由总部位于纽约的受监管的金融机构Paxos Trust Company发行。每个PAXG代币代表伦敦金条市场协会（LBMA）认证金库中存储的一盎司精制黄金。

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根据严格的法规运作 - 令牌由实物黄金完全支持1：1，并受第三方每月审核以验证其储备。 Paxos由纽约州金融服务部（NYDFS）授权，因此它非常合规，并为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年稳步增长。目前的市值约为6.8亿美元，约占标记黄金市场的一半。 Paxg的每日交易量通常达到数千万美元。它受益于监管信任，即使在美国对Stablecoins的审查加剧之后，Paxos Gold仍保持稳定。

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交易产品也正在出现：例如，在2024年底，衍生品交易所deribit启动了PAXG的期货和期权合同，标志着机构投资者在代币化黄金中的利益上升作为交易资产。

XAUt (Tether Gold)

xaut（系绳黄金）

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）是另一个主要的金牌代币，由TG商品（与Tether相关的公司）发行。每个XAUT代表符合伦敦良好交付标准的瑞士保险柜中存储的一盎司黄金。

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

截至2025年，XAUT的市场价值约为7.7亿美元。

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

但是，XAUT的监管框架与PAXG不同。 2023年，Tether将其黄金代币业务转移到了萨尔瓦多。

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，由于黄金价格飙升，对避风港资产的需求不断增长，黄金支持的加密代币的市值达到了创纪录的14亿美元。

Among them, two major gold-backed tokens,

其中，两个主要的金牌代币，