The observation that gold has been adisappointing investment of late should come as nosurprise to anyone in the investment world. The factthat this has occurred in the context ofdevelopments that would normally push gold priceshigher is notable. But the most consequentialhypothesis of all is that gold might be losing itstraditional role in a diversified investment portfolio.
对于有评论称近期的黄金投资令人失望,投资界的任何人应该都不会感到意外。值得注意的一个现象是,与此同时发生的一系列事件通常而言原本会推高金价。但在所有假设中,最重大的假设是黄金或许正失去其在多元化投资组合中的传统地位。
To say gold has underwhelmed investors in the past couple of years is an understatement. Itdid not participate in the surge upwards in nearly all financial asset prices; and it has notprovided protection in the more recent downturn in risk markets. Throughout this period, goldhas not benefited from rock-bottom interest rates that compensated for one of its maindisadvantages as a financial holding — namely, that gold holders do not earn any interest ordividend payments. It has also shown an unusual lack of sensitivity to multiple geopoliticalshocks, Greek-related concerns about the single European currency, and the vast injection ofliquidity by central banks.
说过去几年黄金让投资者感到失望,算是轻描淡写了。当几乎所有金融资产价格都在飙升时,它没有参与;而当风险市场最近出现回落时,它没有提供避险保障。低利率可以弥补黄金作为金融资产的一个主要缺点——黄金持有者不会获得任何利息或股息支付,但在这段时期里,黄金并没有从极低的利率中受益。而且对于地缘政治的多次冲击,希腊危机引起的对欧洲单一货币的担忧,以及各央行大量注入流动性,黄金的表现都异常缺乏敏感性。
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