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鮑威爾無視債券市場的拋售,黃金感到熱度 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

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.

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%.

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."

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.

"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.

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.

"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.

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.

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."

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.

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

引用: Kitco News