(Chapter 11) people, the precious metals misconceptions


(第11章)  人們,對貴價金屬的錯誤觀念

當市場風險厭惡情緒上升時,很多人錯誤地認為,貴價金屬,例如黃金和白銀,屬於避險資產。其實,這是一個錯誤的觀念。

When the market risk aversion rises, many people mistakenly believe that precious metals such as gold and silver, is safe-haven assets. In fact, this is a misconception.

真正的避險資產,我可以告訴您,是美元和美國國債。

Real safe-haven assets, I can tell you, the U.S. dollar and U.S. Treasury bonds.

當然,貴價金屬在金融市場上,可以作為抵押品,但是,貴價金屬的流動性,不如美元和美債,可作為支付結算功能。

Of course, the precious metals in financial markets,can be used as collateral, but the mobility of precious metals, as U.S. dollar debt, as, payment and settlement functions.

踏入2012年,投資貴價金屬的長期基本因素,並沒有改變,因為貴價金屬,可以對沖通貨膨脹和貨幣貶值。

Into 2012, investment in precious metals, the long-term fundamentals has not changed, because the precious metals can be a hedge against inflation and currency depreciation.

由於歐洲央行,幾乎可以肯定,會推出量化寬鬆政策,加上,聯儲局在2012第一季度,也會推出第三輪量化寬鬆政策,這一個長期基本因素,已經在最近幾個星期,越來越明顯。

As the European Central Bank, almost certainly, will launch quantitative easing policy, coupled with the Fed in the first quarter of 2012, will launch the third round of the quantitative easing policy, which is a long-term fundamentals, has in recent weeks, more was.

然而,最近,貴金屬價格的下跌,是對美元繼續強勢的最好啟示。

However, recently, precious metals prices fall, is the best strength against the U.S. dollar continues to enlightenment.

這種啟示,進一步表明,全球股票和商品市場,會在短期內,出現向下修正的壓力。

This revelation is further evidence of the global stock and commodity markets, in the short term, the pressure of a downward correction.

貴價金屬上漲,的最佳市場條件是,1 溫和的經濟增長。2低度的避險情緒。3高通脹的預期。4 美金開始轉弱勢。

Precious metals price the best market conditions 1 a moderate economic growth. 2 low degree of risk aversion. 3 high inflation expectations 4 U.S. Dollars began to turn weak.

(第十二章)美國憂慮,歐洲聯盟及國際貨幣基金會的救市行動,只是把金錢拋進大海?

(Chapter 12)U.S. concerns, the European Union and the International Monetary Fund rescue package, but the money thrown into the sea?

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