2021/0306
鮑威爾無視債券市場的拋售，黃金感到熱度
Gold is feeling the heat as Powell ignores bond market selloff
鮑威爾無視債券市場的拋售，黃金感到熱度
Neils Christensen Friday March 05, 2021 16:28
Just when it looked like gold was finding a bottom around $1,700, Federal Reserve Chair Jerome Powell decided to throw the market a shovel and told investors to start digging.
就在黃金似乎在1,700美元附近探底時，美聯儲主席杰羅姆·鮑威爾（Jerome Powell）決定向市場扔鐵鍬，並告訴投資者開始挖礦。
Gold prices fell solidly below $1,700 an ounce late Thursday after Powell, speaking at the Wall Street Journal Jobs Summit, said that he wasn't too concerned with the selloff in the bond market. He said that it would take more than just a rise in bond yields for the central bank to adjust its monetary policy. While the rise in bond yields attracted his attention, he said that monetary policy is not based on one number.
鮑威爾在《華爾街日報喬布斯峰會》（Wall Street Journal Jobs Summit）上表示，他不太擔心債券市場的拋售，週四晚些時候，金價穩步跌破每盎司1,700美元。他說，央行調整貨幣政策不僅需要提高債券收益率。儘管債券收益率的上升吸引了他的注意力，但他說貨幣政策並非基於一個數字。
"I would be concerned with disorder in the financial market or unwanted tightening. It's not about one particular price," he said.
他說：“我將擔心金融市場的混亂或不必要的緊縮。這與一個特定的價格無關。”
Powell's comments pushed bond yields to a one-year high above 1.6%. Heading into the weekend, yields on 10-year notes are still at elevated levels above 1.5%.
鮑威爾的評論將債券收益率推升至1.6％以上的一年高點。進入周末，十年期國債的收益率仍處於1.5％以上的較高水平。
The question a lot of investors and market players have been asking is at what point does the Federal Reserve jump in a cap bond yields, which have risen more than 200% from its lows in August. The answer the market keeps getting from Powell is "not any time soon."
許多投資者和市場參與者一直在問的問題是，美聯儲在什麼時候提高上限債券收益率，該收益率已從8月份的低點上漲了200％以上。市場不斷從鮑威爾那裡得到的答案是“不會很快”。
To make a long story short, storm clouds will continue to brew over the gold market as bond yields can continue to rise unchecked. According to some analysts, if gold can't gold support at $1,680, we could see significantly lower prices with potentially $1,600 as a looming target.
簡而言之，由於債券收益率可以不受限制地繼續上升，烏雲籠罩著整個黃金市場。一些分析師認為，如果金價不能支撐在1,680美元，我們可能會看到價格大幅下跌，潛在的1,600美元是迫在眉睫的目標。
"Wherever the top in yields is, it will be the bottom for gold," said Phillip Streible, chief market strategist at Blue Line Futures, in a comment to Kitco News, Friday.
Blue Line Futures首席市場策略師Phillip Streible在周五對Kitco News的評論中說：“無論收益率最高，它將是黃金的最低價。”
While there is clearly negative sentiment in the marketplace in the near-term, many investors are not ready to give up on gold in the long-term. Although most people are focused on the growing potential for a strong economic recovery, the inflation threat continues to grow.
儘管短期內市場顯然存在負面情緒，但許多投資者仍未準備好長期放棄黃金。儘管大多數人將重點放在增長強勁的經濟復甦潛力上，但通貨膨脹威脅仍在繼續增長。
Gold's price action has been lackluster lately. However, the broader commodity market is on fire, with everything from grains to lumber to base metals seeing unprecedented rallies. For many analysts, these higher prices could unleash a tidal wave of inflation that could drive gold prices higher.
黃金的價格走勢近來表現平淡。然而，整個大宗商品市場都火上澆油，從穀物到木材再到工業金屬的各種商品都出現了空前的上漲。對於許多分析師而言，這些較高的價格可能會引發一波通貨膨脹，這可能會推高金價。
"Historically, gold has tended to underperform a commodity-led reflationary period in the first six months but has generally outperformed in the subsequent six to 36 months," said analysts at the World Gold Council in a report published earlier this week.
世界黃金協會的分析師在本週早些時候發布的一份報告中表示：“從歷史上看，黃金在前六個月中往往表現落後於大宗商品主導的通貨膨脹期，但在隨後的六個月至36個月中總體上跑贏大盤。”
With so much going on in financial markets, the ongoing debate between gold and cryptocurrencies feels like a sideshow that completely ignores the bigger event.
在金融市場上發生瞭如此多的事情，黃金與加密貨幣之間正在進行的辯論就像一場雜耍，完全忽略了這一大事件。
This week billionaire investor Mark Cuban jumped into the debate and battled it out with bitcoin critic Peter Schiff on Twitter. Cuban declared, "Gold is dead Peter. Move on."
本週的億萬富翁投資者馬克·庫班（Mark Cuban）跳入了辯論，並在推特上與比特幣評論家彼得·希夫（Peter Schiff）進行了抗爭。庫班宣布：“黃金已死，彼得。你應當繼續前進。”
However, Schiff shot back, saying that bitcoin was "a waste of energy."
但是，希夫回擊說，比特幣是``浪費能源''。
I personally think this debate is a waste of time because ultimately the two assets are doing the exact same thing. Bitcoin and gold are hedges used to protect investors from global currency debasement in an environment of rising inflation.
我個人(作者)認為這場辯論是浪費時間，因為最終這兩種資產在做完全相同的事情。比特幣和黃金是用於在通貨膨脹加劇的環境中保護投資者免受全球貨幣貶值影響的對沖工具。
With that, I am going to let famed investor Frank Giustra have the final say in this dispute.
"Both @mcuban & @PeterSchiff are misguided. Bitcoin is here to stay, for a while anyway. Gold is far from dead. Stop fighting each other. All #BTC fans, gold is the least of your worries. Your real battle will be with governments, CB's," he said on Twitter.
因此，我將讓著名的投資者弗蘭克·朱斯特拉（Frank Giustra）在這場爭議中擁有最終決定權。“ @mcuban和@PeterSchiff都被誤導了。無論如何，比特幣在這裡停留了一段時間。黃金還遠未消亡。停止互相爭鬥。所有#BTC粉絲，黃金是您最省心的事情。您真正的戰鬥將是與政府，即CB。”他在Twitter上說。
By Neils Christensen
Kitco News
Shiny黃金白銀交易所
引用: Kitco News
鮑威爾無視債券市場的拋售，黃金感到熱度
Neils Christensen Friday March 05, 2021 16:28
Just when it looked like gold was finding a bottom around $1,700, Federal Reserve Chair Jerome Powell decided to throw the market a shovel and told investors to start digging.
就在黃金似乎在1,700美元附近探底時，美聯儲主席杰羅姆·鮑威爾（Jerome Powell）決定向市場扔鐵鍬，並告訴投資者開始挖礦。
Gold prices fell solidly below $1,700 an ounce late Thursday after Powell, speaking at the Wall Street Journal Jobs Summit, said that he wasn't too concerned with the selloff in the bond market. He said that it would take more than just a rise in bond yields for the central bank to adjust its monetary policy. While the rise in bond yields attracted his attention, he said that monetary policy is not based on one number.
鮑威爾在《華爾街日報喬布斯峰會》（Wall Street Journal Jobs Summit）上表示，他不太擔心債券市場的拋售，週四晚些時候，金價穩步跌破每盎司1,700美元。他說，央行調整貨幣政策不僅需要提高債券收益率。儘管債券收益率的上升吸引了他的注意力，但他說貨幣政策並非基於一個數字。
"I would be concerned with disorder in the financial market or unwanted tightening. It's not about one particular price," he said.
他說：“我將擔心金融市場的混亂或不必要的緊縮。這與一個特定的價格無關。”
Powell's comments pushed bond yields to a one-year high above 1.6%. Heading into the weekend, yields on 10-year notes are still at elevated levels above 1.5%.
鮑威爾的評論將債券收益率推升至1.6％以上的一年高點。進入周末，十年期國債的收益率仍處於1.5％以上的較高水平。
The question a lot of investors and market players have been asking is at what point does the Federal Reserve jump in a cap bond yields, which have risen more than 200% from its lows in August. The answer the market keeps getting from Powell is "not any time soon."
許多投資者和市場參與者一直在問的問題是，美聯儲在什麼時候提高上限債券收益率，該收益率已從8月份的低點上漲了200％以上。市場不斷從鮑威爾那裡得到的答案是“不會很快”。
To make a long story short, storm clouds will continue to brew over the gold market as bond yields can continue to rise unchecked. According to some analysts, if gold can't gold support at $1,680, we could see significantly lower prices with potentially $1,600 as a looming target.
簡而言之，由於債券收益率可以不受限制地繼續上升，烏雲籠罩著整個黃金市場。一些分析師認為，如果金價不能支撐在1,680美元，我們可能會看到價格大幅下跌，潛在的1,600美元是迫在眉睫的目標。
"Wherever the top in yields is, it will be the bottom for gold," said Phillip Streible, chief market strategist at Blue Line Futures, in a comment to Kitco News, Friday.
Blue Line Futures首席市場策略師Phillip Streible在周五對Kitco News的評論中說：“無論收益率最高，它將是黃金的最低價。”
While there is clearly negative sentiment in the marketplace in the near-term, many investors are not ready to give up on gold in the long-term. Although most people are focused on the growing potential for a strong economic recovery, the inflation threat continues to grow.
儘管短期內市場顯然存在負面情緒，但許多投資者仍未準備好長期放棄黃金。儘管大多數人將重點放在增長強勁的經濟復甦潛力上，但通貨膨脹威脅仍在繼續增長。
Gold's price action has been lackluster lately. However, the broader commodity market is on fire, with everything from grains to lumber to base metals seeing unprecedented rallies. For many analysts, these higher prices could unleash a tidal wave of inflation that could drive gold prices higher.
黃金的價格走勢近來表現平淡。然而，整個大宗商品市場都火上澆油，從穀物到木材再到工業金屬的各種商品都出現了空前的上漲。對於許多分析師而言，這些較高的價格可能會引發一波通貨膨脹，這可能會推高金價。
"Historically, gold has tended to underperform a commodity-led reflationary period in the first six months but has generally outperformed in the subsequent six to 36 months," said analysts at the World Gold Council in a report published earlier this week.
世界黃金協會的分析師在本週早些時候發布的一份報告中表示：“從歷史上看，黃金在前六個月中往往表現落後於大宗商品主導的通貨膨脹期，但在隨後的六個月至36個月中總體上跑贏大盤。”
With so much going on in financial markets, the ongoing debate between gold and cryptocurrencies feels like a sideshow that completely ignores the bigger event.
在金融市場上發生瞭如此多的事情，黃金與加密貨幣之間正在進行的辯論就像一場雜耍，完全忽略了這一大事件。
This week billionaire investor Mark Cuban jumped into the debate and battled it out with bitcoin critic Peter Schiff on Twitter. Cuban declared, "Gold is dead Peter. Move on."
本週的億萬富翁投資者馬克·庫班（Mark Cuban）跳入了辯論，並在推特上與比特幣評論家彼得·希夫（Peter Schiff）進行了抗爭。庫班宣布：“黃金已死，彼得。你應當繼續前進。”
However, Schiff shot back, saying that bitcoin was "a waste of energy."
但是，希夫回擊說，比特幣是``浪費能源''。
I personally think this debate is a waste of time because ultimately the two assets are doing the exact same thing. Bitcoin and gold are hedges used to protect investors from global currency debasement in an environment of rising inflation.
我個人(作者)認為這場辯論是浪費時間，因為最終這兩種資產在做完全相同的事情。比特幣和黃金是用於在通貨膨脹加劇的環境中保護投資者免受全球貨幣貶值影響的對沖工具。
With that, I am going to let famed investor Frank Giustra have the final say in this dispute.
"Both @mcuban & @PeterSchiff are misguided. Bitcoin is here to stay, for a while anyway. Gold is far from dead. Stop fighting each other. All #BTC fans, gold is the least of your worries. Your real battle will be with governments, CB's," he said on Twitter.
因此，我將讓著名的投資者弗蘭克·朱斯特拉（Frank Giustra）在這場爭議中擁有最終決定權。“ @mcuban和@PeterSchiff都被誤導了。無論如何，比特幣在這裡停留了一段時間。黃金還遠未消亡。停止互相爭鬥。所有#BTC粉絲，黃金是您最省心的事情。您真正的戰鬥將是與政府，即CB。”他在Twitter上說。
By Neils Christensen
Kitco News
Shiny黃金白銀交易所
引用: Kitco News
