The performance of gold has been so dreary as to encourage a growing number of hedgefunds to bet against the asset, notwithstanding its price decline of 8 per cent year to date(and 16 per cent over the past 12 months). Indeed, positioning reports point to large shorts.
黄金的表现实在令人沮丧,于是鼓励了越来越多的对冲基金押注于金价下跌,尽管今年到目前为止金价已下跌8%(过去12个月下跌了16%)。事实上,持仓报告已指向大规模做空。
Several reasons may be advanced to explain these historical anomalies. They suggest thatwhile cyclical factors have played a role, the main drivers are much more structural and secularin nature.
或许可提出几个原因来解释这一历史性的异常现象。从这几个原因看,虽然周期性因素发挥了作用,但主要驱动力远更具有结构性,以及长期性。
First, investors have found more direct ways to express their views about the future,particularly in a world in which central banks have had such an important influence on assetprices — from the explosion in equity exchange traded funds globally to the deepening ofinterest rate and credit products.
首先,投资者已经找到了更直接的方式来表达他们对未来的看法,从交易所交易基金(ETF)出现全球性爆发,到利率和信贷产品深化。在央行对资产价格具有重大影响的当今世界尤其如此。
【黄金失去魅力的七个理由】相关文章:
最新
2020-09-15
2020-09-15
2020-09-15
2020-09-15
2020-09-15
2020-09-15