观点黄金

A parable of gold bulls and bubble dynamics
小心黄金起泡沫


Arcus Research分析师塔斯克:房子可住人,股票可以产生红利,黄金却什么都不会产生。因此无法评估其自身价值,而只能反映投资者对其它资产的厌恶程度。

The parable of the talents contains a timely warning for the gold market. In the biblical story, the master distributes his wealth between three servants. The first and the second put their capital to work in businesses and generate healthy profits. The third, scared of losses, buries his share in the ground. The master praises his two active managers for their performance, but consigns the proto-gold bug to “outer darkness”.

圣经中一个有关人才的寓言故事给黄金市场提出了及时的警告。在这个故事里,主人将自己的家产分给3个仆人。前二个仆人都把资金用来做生意,获得了不俗的利润。第三个仆人害怕亏损,把分得的钱埋在了地下。主人称赞了前两个积极理财者的表现,却把这个金本位支持者抛弃在“外面的黑暗”之中。

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