--- title: "歷史的迴歸：德意志銀行對黃金、美元及貨幣未來的看法" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/285818986.md" description: "德意志銀行研究認為，美國主導和自由秩序的時代已經結束，標誌着 “歷史的迴歸”。美國正在從自由貿易和聯盟中撤退，導致超級大國之間的鬥爭。這一轉變對黃金和美元產生了重大影響，因為美元銀行體系已被武器化，影響了全球經濟動態" datetime: "2026-05-09T18:02:20.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285818986.md) - [en](https://longbridge.com/en/news/285818986.md) - [zh-HK](https://longbridge.com/zh-HK/news/285818986.md) --- # 歷史的迴歸：德意志銀行對黃金、美元及貨幣未來的看法 _Authored by Mallika Sachdeva and Michael Hsueh via Deutsche Bank Research Institute,_ _**In 1989, Francis Fukuyama argued that humanity had reached “the end of history”.** In the years that followed, the US became the uncontested hegemon, global trade exploded in a US-defined liberal order, developed market central banks sold gold, while emerging markets accumulated vast amounts of US dollar FX reserves. We argue that the end of history has come to an end. The world is back in a superpower struggle; the US is retreating from free trade, alliances, and security provision; the Great Economic Moderation is behind us; and the dollar banking system has been weaponized. **The “return of history” has big implications for gold and the dollar.**_ ## All that glitters ### 相關股票 - [DB.US](https://longbridge.com/zh-HK/quote/DB.US.md) - [DBK.DE](https://longbridge.com/zh-HK/quote/DBK.DE.md) - [601899.CN](https://longbridge.com/zh-HK/quote/601899.CN.md) - [600547.CN](https://longbridge.com/zh-HK/quote/600547.CN.md) - [600489.CN](https://longbridge.com/zh-HK/quote/600489.CN.md) - [GDXJ.US](https://longbridge.com/zh-HK/quote/GDXJ.US.md) - [NUGT.US](https://longbridge.com/zh-HK/quote/NUGT.US.md) - [GDXW.US](https://longbridge.com/zh-HK/quote/GDXW.US.md) - [GLDM.US](https://longbridge.com/zh-HK/quote/GLDM.US.md) - [UGL.US](https://longbridge.com/zh-HK/quote/UGL.US.md) - [SGDJ.US](https://longbridge.com/zh-HK/quote/SGDJ.US.md) - [02824.HK](https://longbridge.com/zh-HK/quote/02824.HK.md) - [JNUG.US](https://longbridge.com/zh-HK/quote/JNUG.US.md) - [IAU.US](https://longbridge.com/zh-HK/quote/IAU.US.md) - [GOEX.US](https://longbridge.com/zh-HK/quote/GOEX.US.md) - [GDX.US](https://longbridge.com/zh-HK/quote/GDX.US.md) - [02840.HK](https://longbridge.com/zh-HK/quote/02840.HK.md) - [03081.HK](https://longbridge.com/zh-HK/quote/03081.HK.md) - [09840.HK](https://longbridge.com/zh-HK/quote/09840.HK.md) - [518850.CN](https://longbridge.com/zh-HK/quote/518850.CN.md) - [03170.HK](https://longbridge.com/zh-HK/quote/03170.HK.md) - [GLD.US](https://longbridge.com/zh-HK/quote/GLD.US.md) - [SGOL.US](https://longbridge.com/zh-HK/quote/SGOL.US.md) - [UUP.US](https://longbridge.com/zh-HK/quote/UUP.US.md) - [USDU.US](https://longbridge.com/zh-HK/quote/USDU.US.md) - [GOAU.US](https://longbridge.com/zh-HK/quote/GOAU.US.md) - [GDXU.US](https://longbridge.com/zh-HK/quote/GDXU.US.md) - [GDXY.US](https://longbridge.com/zh-HK/quote/GDXY.US.md) - [09824.HK](https://longbridge.com/zh-HK/quote/09824.HK.md) - [RING.US](https://longbridge.com/zh-HK/quote/RING.US.md) - [159562.CN](https://longbridge.com/zh-HK/quote/159562.CN.md) - [82824.HK](https://longbridge.com/zh-HK/quote/82824.HK.md) - [SGDM.US](https://longbridge.com/zh-HK/quote/SGDM.US.md) - [.DJI.US](https://longbridge.com/zh-HK/quote/.DJI.US.md) - [03KB.DE](https://longbridge.com/zh-HK/quote/03KB.DE.md) - [DPB.DE](https://longbridge.com/zh-HK/quote/DPB.DE.md) ## 相關資訊與研究 - [據報香港將於七月推出全新黃金結算系統，有指容許參與者以「不記名黃金帳户」方式結算](https://longbridge.com/zh-HK/news/287012324.md) - [鉅亨速報 - Factset 最新調查：哈莫尼黃金 (HMY-US) EPS 預估下修至 2.57 元，預估目標價為 24.35 元](https://longbridge.com/zh-HK/news/286944087.md) - [【遠東商銀】美伊有望達成協議，引發美元回落](https://longbridge.com/zh-HK/news/287140693.md) - [現貨金升逾 1% 受助油價及債息下跌](https://longbridge.com/zh-HK/news/287137898.md) - [金價失守 4500 美元 創近兩個月新低](https://longbridge.com/zh-HK/news/286974334.md)