双语 黄金.docVIP

人们投资黄金可不仅仅是为了规避风险。Investors Seek More Than Safety in Gold虽然黄金传统上说是投资避风港，但它近来的表现却并非如此。今年迄今为止，金价上涨了13.5%，每盎司价格达到1,000美元以上，并于9月中旬创下了每盎司1,018.90美元的历史最高水平。Gold is traditionally a safe haven, but it hasnt behaved like one lately. So far this year, the precious metal is up 13.5% to more than $1,000 an ounce, topping out at a record-high $1,018.90 in mid-September.黄金是为数不多几种无论市况好坏都有人乐于购买的投资品之一，不过人们大多在市况坏时才购买黄金。金价首次突破每盎司1,000美元是在2008年3月贝尔斯登(Bear Stearns)垮台之际。Gold is one of those rare investments beloved by some in both good times and bad -- but mostly bad. The first time gold crossed $1,000 was in March 2008, during the Bear Stearns meltdown.大约一年后，金价再度逼近每盎司1,000美元关口，当时信贷危机全面爆发、经济深陷衰退、标准普尔500指数跌至12年低点。Roughly a year later, gold approached $1,000 again, with the credit crunch in full swing, the economy deep in recession and the SP 500-stock index hitting a 12-year low.这次情况则不同。金价此次上涨之际，信贷市场看上去已不再面临迫在眉睫的冻结危险，在最近公布的这批喜忧参半经济数据之前人们曾普遍认为经济正在日益复苏，而美国股市则较3月份时的低点上涨了近52%。This time is different. Gold has gained even as credit markets no longer appear to be in imminent danger of seizure, the economy had been widely assumed to be recovering until some mixed signals recently, and the stock market is up nearly 52% from that March bottom.事实上，芝加哥期权交易所波动性指数(VIX)这一衡量投资者焦虑情绪的重要指标今年下降了29%。德国商业银行(Commerzbank)的分析师温伯格(Eugen Weinberg)说，金价通常与该指数同向而动，而不是像最近那样与该指数反向运行。Indeed, a key measure of investor anxiety, the Chicago Board Options Exchanges volatility index, or VIX, is down 29% this year. Gold usually moves with it, not in the opposite direction as it has lately, notes Commerzbank analyst Eugen Weinberg.美元的疲弱无疑刺激了更具传统特性的黄金需求。不断膨胀的政府债务和全球流动性泛滥都是美元面临的长期不利因素，这些因素将使最能对冲通货膨胀影响的黄金受益。For sure, the U.S. dollars weakness has encouraged more-traditional demand for gold. Whopping government debt and a global flood of liquidity suggest long-term pain for the dollar, which will benefit gold, a classic inflation hedge.不过，黄金价格在经济企稳迹象频频出现之际回升，则显示一些人投资黄金并不仅仅是为了规避风险。德意志银行(Deutsche Bank)旗下宏观策略集团(Macro Str