Ray Dalio, founder of Bridgewater Associates, has emphasized the strategic importance of gold, describing it as the most mature form of currency. Dalio argues that gold's inability to be printed or devalued makes it a vital hedge against market crashes and credit system failures. He criticizes zero or low allocations to gold as strategic mistakes, recommending a 15% allocation for optimal risk-return balance. Dalio also points out that gold is increasingly seen as a replacement for U.S. Treasury bonds as a 'risk-free' asset. He notes that while gold ETFs have increased liquidity, they are not the primary factor driving the current price surge.