财富杂志 黄金为何受到疯狂追捧(2)

Investing in Gold

投资黄金

Some investors¹ have always speculated in gold, buying coins, jewelry² or even bars.

一些投资者一直在做黄金投机买卖，购买金币、珠宝，甚至是金条。

In recent years, popular funds such as the SPDR Gold Trust ETF have made it easier to incorporate gold into a traditional investment portfolio⁴.

近些年，黄金ETF基金等受欢迎的基金使得将黄金纳入传统投资组合变得更加容易。

Some financial planners recommend owning a small amount of gold, alongside stocks and bonds, to guard against market volatility⁵.

一些金融规划师建议持有少量黄金，同时持有股票和债券，以防止市场波动。

Most say gold shouldn't amount to more than 5% over your overall investment portfolio.

大多数人表示，黄金占整个投资组合的比例不得超过5%。

One of the biggest drawbacks to owning gold is that it doesn't pay any kind of a dividend⁶, and its value depends on rising demand.

持有黄金最大的缺点之一就是它不支付任何形式的利息，并且它的价值取决于不断增长的需求。

"Gold is not going to pay you any income," says Rob Haworth, senior investment strategist at U.S. Bank Wealth Management.

“黄金不会给你带来任何收入，”美国银行财富管理公司的高级投资分析师Rob Haworth说到。

"In order for you to make money on gold, it has to be worth more to someone tomorrow."

“为了让你能从黄金中挣到钱，对别人来说，明天的黄金要更有价值才行。”

But today's market dynamics⁷ make this disadvantage less significant.

但现在的市场动态使这一缺点不那么明显。

"Classically, people have used long-maturity Treasury⁸ bonds and notes" as a hedge against volatility while still earning returns, Haworth says,

“传统上，人们一直在使用长期国库债券”作为防止市场波动的手段，同时还能获得回报，Haworth表示，

but there's not too much to get excited about there, with the benchmark 10-year Treasury bond yield hovering⁹ around a paltry¹⁰ 0.6% or so.

但这也没有什么值得兴奋的，因为10年期国债收益率的基准仅在区区0.6%左右徘徊。

"Gold becomes a more interesting portfolio diversifier," he says.

“黄金成为了一种更有趣的的分散投资组合工具，”他说。

Low corporate³ bond yields and the tendency of riskier¹¹ corporate debt to move in tandem¹² with, rather than inversely¹³ to,

低公司债券收益率和风险较高的公司债券与股票市场走势同步（而非相反）的趋势

the movement of the equities¹⁴ market has prompted more people to seek out an investment that is decoupled from the market.

促使更多人寻求一种与市场脱钩的投资。

Gold's value -- however arbitrary it may seem -- isn't dependent on factors that underpin¹⁵ other market valuations.

黄金价值——不论看似有多么随意——都不取决于巩固其他市场估价的因素。

"Gold is uncorrelated to many other assets. It's uncorrelated to stocks and bonds," Giannotto says.

“黄金与很多其他资产都不相关。它和股票以及债券不相关，”Giannotto说到。

While this is somewhat true of other "real" asset classes like the broader commodities sector¹⁶ and real estate,

而这也适用于其他“真正的”资产类别，如更广泛的大宗商品部门和房产，

these other categories still are exposed to a certain degree of market fluctuations¹⁷, especially with the current increase in volatility.

这些其他类别仍然面临一定程度的市场波动，特别是在目前波动加剧的情况下。

1 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

2 jewelry   

n.（jewllery）（总称）珠宝

参考例句：

• The burglars walked off with all my jewelry.夜盗偷走了我的全部珠宝。
• Jewelry and lace are mostly feminine belongings.珠宝和花边多数是女性用品。

3 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

4 portfolio   

n.公事包；文件夹；大臣及部长职位

参考例句：

• He remembered her because she was carrying a large portfolio.他因为她带着一个大公文包而记住了她。
• He resigned his portfolio.他辞去了大臣职务。

5 volatility   

n.挥发性，挥发度，轻快，（性格）反复无常

参考例句：

• That was one reason why volatility was so low last year.这也是去年波动性如此低的原因之一。
• Yet because volatility remained low for so long,disaster myopia prevailed.然而，由于相当长的时间里波动性小，灾难短视就获胜了。

6 dividend   

n.红利，股息；回报，效益

参考例句：

• The company was forced to pass its dividend.该公司被迫到期不分红。
• The first quarter dividend has been increased by nearly 4 per cent.第一季度的股息增长了近 4%。

7 dynamics   

n.力学，动力学，动力，原动力；动态

参考例句：

• In order to succeed,you must master complicated knowledge of dynamics.要取得胜利，你必须掌握很复杂的动力学知识。
• Dynamics is a discipline that cannot be mastered without extensive practice.动力学是一门不做大量习题就不能掌握的学科。

8 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

9 hovering   

鸟( hover的现在分词 )； 靠近（某事物）； （人）徘徊； 犹豫

参考例句：

• The helicopter was hovering about 100 metres above the pad. 直升机在离发射台一百米的上空盘旋。
• I'm hovering between the concert and the play tonight. 我犹豫不决今晚是听音乐会还是看戏。

10 paltry   

adj.无价值的，微不足道的

参考例句：

• The parents had little interest in paltry domestic concerns.那些家长对家里鸡毛蒜皮的小事没什么兴趣。
• I'm getting angry;and if you don't command that paltry spirit of yours.我要生气了，如果你不能振作你那点元气。

11 riskier   

冒险的，危险的( risky的比较级 )

参考例句：

• Now they are starting to demand higher returns on riskier assets. 而今他们开始在风险更高的资产上要求更高的回报。
• The problem with that: RIM's business is getting riskier every quarter. 不过问题也随之而来：RIM面临的业务风险正逐季增大。

12 tandem   

n.同时发生；配合；adv.一个跟着一个地；纵排地；adj.（两匹马）前后纵列的

参考例句：

• Malcolm's contract will run in tandem with his existing one.马尔科姆的合同将与他手头的合同同时生效。
• He is working in tandem with officials of the Serious Fraud Office.他正配合欺诈重案办公室的官员工作。

13 inversely   

adj.相反的

参考例句：

• Pressure varies directly with temperature and inversely with volume. 压力随温度成正比例变化，与容积成反比例变化。 来自《简明英汉词典》
• The amount of force needed is inversely proportional to the rigidity of the material. 需要的力度与材料的硬度成反比。 来自《简明英汉词典》

14 equities   

普通股，股票

参考例句：

• These are invested mainly in the OECD bonds and equities. 这些资产主要投资于经济合作及发展组织的债券与股票市场。
• They are also advantage of the global rebound in equities. 它们还在利用全球股市反弹的机会。

15 underpin   

v.加固，支撑

参考例句：

• China needs regional stability to underpin its continued economic growth.中国需要地区稳定来巩固其持续的经济增长。
• These developments are underpinned by solid progress in heavy industry.重工业的稳固发展为这些进展打下了基础。

16 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

17 fluctuations   

波动，涨落，起伏( fluctuation的名词复数 )

参考例句：

• He showed the price fluctuations in a statistical table. 他用统计表显示价格的波动。
• There were so many unpredictable fluctuations on the Stock Exchange. 股票市场瞬息万变。