Gold is not a particularly good investment. It yields no interest and pays no dividend: the only way its owners can earn a return is if other investors value the shiny metal more tomorrow than they did today. For a “haven” asset, which investors can use to preserve capital in times of crisis, it is remarkably speculative: aside from some niche industrial uses, most of the permanent demand comes from jewellery. Its rise in value this week to a near-record high of $2,000 per troy ounce reflects the fact that many other options are even less attractive, rather than any intrinsic merits.
黄金并不是特别好的投资。它不产生利息，也不支付股息：只有在未来其他投资者对这种有光泽的金属给出比现在更高的估值的情况下，其所有者才能获得回报。就一种“避险”资产（投资者可以用来在危机时期保存资本）来说，它颇具投机性：除了某些利基工业用途外，黄金的大部分永久需求来自珠宝。金价在本周上涨至接近每盎司2000美元的创纪录高位，与其说是因为黄金具有任何内在优点，不如说反映了一个事实：其他许多选择的吸引力甚至更低。