2026-01-16 03:28:44

Investment guru Howard Marks's recent remarks have once again stirred the market—he straightforwardly stated that gold does not generate cash flow and its valuation is essentially a collective illusion. These words caused a buzz online.

Thinking carefully, his logic indeed hits the core. Traditional safe-haven assets, even in times of real crisis, can still face liquidity crises and price plunges. Seemingly solid "fortresses" are nothing more than illusions.

But here’s an interesting twist—global central banks are疯狂买入黄金, with gold prices rising by 7% this year. This appears contradictory, but it precisely reveals a truth: the value of any asset, ultimately, is built on consensus. There is no absolute store-of-value myth, only a relative game of confidence.

This logic is very similar to the essence of the crypto market. When the "Emperor's New Clothes" of traditional finance begin to show flaws, capital will inevitably seek more transparent, cash-flow-backed, and globally liquid alternatives. Bitcoin’s on-chain mechanisms, transparency of rules, and cross-border liquidity are building a brand new valuation logic.

When the old narrative framework begins to crack, it is often also the moment when new assets shine. When the myth of gold is shattered, where will you turn your gaze?

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Ser_Liquidated

· 7h ago

Max's words are very clear, but the central bank buying gold is even clearer haha

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VitalikFanAccount

· 8h ago

The central bank buying gold and retail investors bottom-fishing, at the end of the day, it's all about fear. Max is right, but the central bank doesn't know a damn thing.

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SurvivorshipBias

· 8h ago

Max said that gold is a collective illusion, and the fact that central banks are frantically buying gold is indeed ironic. Central banks know more than we do. What game are they playing? Come to think of it, no asset is not a confidence game; Bitcoin is the same. Instead of worrying about whether gold is worth it, it's better to think about what true hedging is. The trap is right here: experts say gold is water, but central banks are bottom-fishing. Who believes it, who loses. To put it simply, this is now a process of finding the next consensus.

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Liquidated_Larry

· 8h ago

Max is right, gold is just a confidence game, and central banks are betting too. When central banks buy gold, we buy Bitcoin. Basically, it's all about playing the consensus game. Wait, then why is traditional finance still stubbornly supporting the price of gold? The lack of cash flow from gold is indeed a tough pill to swallow, but Bitcoin doesn't have that either. The real question is, who should we trust? Central banks or code? The moment the consensus breaks is when the opportunity arises, brother. The gold myth has shattered, and a new myth hasn't been established yet. Right now, it's all risky. But to be fair, central banks aggressively buying gold is something retail investors simply can't compete with. At least with Bitcoin, we can all participate, and that's where the transparency lies.

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ContractCollector

· 8h ago

Marx was right, but the central bank's crazy gold hoarding is quite interesting. This thing is essentially a confidence game, just like gold and Bitcoin. In simple terms, they are all consensus values, with no fundamental difference. Wait, so how is the "transparency" in the crypto world better than traditional finance? Is on-chain transparency equal to security? I just want to know who can run when a real crisis comes. The central bank's gold hoarding is quite extreme, does it mean they no longer trust the US dollar?

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DeFi_Dad_Jokes

· 8h ago

Max says gold is an illusion, but central banks are frantically hoarding gold. Isn't that the biggest irony? Central banks understand that consensus equals value, regardless of cash flow. Gold is collapsing, Bitcoin should take off now. One fortress falls, who should be the next fortress? At its core, it's all a confidence game—who has the stronger underlying logic. The skin of traditional finance has been peeled away; it's time for on-chain assets to shine.

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