Fifth, the main drivers of most asset prices — liquidity injection by central banks anddeployment of some of the large corporate cash holdings via dividends, buybacks andM&A activity — have not spilled over in any meaningful way to gold; neither directlythrough reallocation of investor funds due to price movements, nor indirectly due toconcerns that all this liquidity would fuel inflation.
第五,大部分资产价格的主要驱动力——央行注入的流动性,以及部分大企业通过分红、回购以及并购对所持现金进行部署——没有对黄金产生任何有意义的影响。既没有由于价格变动影响投资者的资金配置而直接产生影响,也没有因为人们担心这么多流动性会加剧通胀而间接产生影响。
Sixth, the size of the demand response induced by the lower prices — from jewellery and otherphysical uses of gold — is too small to offset the erosion of investor interest.
第六,因为金价降低而增加的珠宝等黄金制品需求太小,不足以抵消投资者兴趣的减弱。
Finally, there is the price level argument. Before its recent lacklustre performance, the pricehad surged (eg, at one stage it had risen more than $1,000 an ounce from its November 2008level of $700). Thus, it is the earlier price move that could be deemed unusual and excessive.
最后一个理由是价格水平。在近期表现低迷之前,金价曾出现飙升(举个例子,金价一度涨至比2008年11月的每盎司700美元高出1000美元)。因此可以认为之前那轮金价变动才是异常和过度的。
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2020-09-15
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