CITIC Construction Investment Securities: "Blockchain" is expected to become a carrier of a new round of financial innovation in gold

China CITIC Securities issued a document today stating that after the collapse of the gold standard, gold, as an asset, began various financial innovations to meet the needs of investors. Especially in the context of inflation, the depreciation of the US dollar and the bull market of commodities, its financial innovation tends to climax. There is often a positive feedback relationship between financial innovation and the price of gold. Rising gold prices stimulate financial innovation in gold, and financial innovation often stimulates the rise in gold prices once they are implemented. From the point of view that gold and Bitcoin have many aspects of isomorphism, and that the distributed ledger of the blockchain will enhance liquidity, "blockchain + gold" may be a potential direction for future gold financial innovation. This potential possible innovation, on the one hand, can allow gold to ride on the fintech innovation vehicle, and on the other hand, it can also enrich the application scenarios of the blockchain. However, "blockchain + gold" should highlight the asset attributes of gold rather than create a new coin. This requires guidance at the level of financial supervision, adheres to credit endorsement with physical gold or derivatives, and it is easy to lead to asset attributes because of the characteristics of the gold market itself, rather than speculation.