????黃金本輪牛市恐怕馬上要到頭了。

????直到去年，黃金價格已連續11年走高。投資者購買黃金通常有兩個原因：要么是為了防范不確定的經濟時期，要么是為了抵御通脹。金融危機過后，黃金價格連著幾年飆升，而且隨著歐洲處理債務問題持續上漲。金價在2011年9月登頂，交易價格超過每盎司1,900美元。

????隨著上面提到的這些憂懼大大減弱，黃金價格現在已經開始穩步下降。本周二上午，黃金在紐約的交易價格為每盎司1,592.85美元，降幅差點就達到20％，而降幅20％一般被視為熊市的標志。

????本輪金價下調正值全球經濟回暖初現端倪之際。尤其需要注意的是美國房價隨著房市復蘇的穩步上升。盡管批評人士擔心美聯儲買入數千億美元的承諾可能導致房價過快攀升，但通脹其實一直都在美聯儲的控制之下。

????這些因素導致投資者將資金抽離黃金等避險投資，轉而買入風險較高的資產——股票。自今年年初以來，美股價格飆升，創下新高。上周，道瓊斯工業平均指數（Dow Jones Industrial Average）創下了自2007年以來的最高記錄。

????正如英國《金融時報》（Financial Times）指出，投資者正以前所未有的速度拋售黃金交易所交易基金。約有106噸黃金在2月被拋出——是記錄在案的最高單月拋售額。繼億萬富翁喬治?索羅斯等大投資者在去年底拋售持有的黃金交易所交易基金之后，黃金交易所交易基金的持有量1月份以來已經下降了140噸。

????分析師預測，這可能標志著黃金本輪牛市已經進入尾聲。

????高盛（Goldman Sachs）上月發布了一份名為《黃金周期可能拐點將至》的報告。報告預測黃金價格將一路下跌至2014年。分析師將3個月、半年以及1年的（目標）金價從1,825美元、1,805美元以及1,800美元分別下調至1615美元、1,600美元以及1,550美元。此外，他們將2013年與2014年的預期金價從每盎司1,810美元和每盎司1,750美元分別下調至每盎司1,600美元以及每盎司1,450美元。

????達米安?庫爾瓦林以及杰弗里?柯里撰寫的這份報告稱：“事實上，我們懷疑我們對金價進一步下跌的預測是否正確，黃金價格的下跌可能比我們預期的要更快、更狠。”

????It may not be much longer before the yellow metal says bye-bye to its bull run.

????Up until last year, gold prices traded higher for 11 consecutive years. Investors typically buy it for two reasons: Either to guard against uncertain economic times or to hedge against inflation. The precious metal soared in the years following the financial crisis and continued rising as Europe dealt with debt problems. Gold peaked in September 2011, trading at more than $1,900 a troy ounce.

????As much of these fears have subsided, prices have steadily fallen. On Tuesday morning in New York, gold traded at $1,592.85 an ounce, only a few percentage points away from a 20% decline, a benchmark that's generally defined as a bear market.

????This decline comes amid signs of a global recovery. In particular, U.S. home prices have steadily risen as the housing market heals. And although critics worry that the Federal Reserve's promise to buy up hundreds of billions of dollars would cause prices to rise too fast, the central bank has kept inflation under control.

????These factors have led investors to take their money out of gold and other safe-haven investments and park them in riskier assets -- namely, stocks, which have soared to new records since the start of the year. Last week, the Dow Jones Industrial Average (INDU) pierced through levels last seen in 2007.

????As the Financial Times noted, investors have sold gold exchange-traded funds at a record pace. About 106 tonnes of bullion was dumped in February -- the biggest monthly sell-off on record. Since January, gold ETF holdings have declined 140 tonnes, after big investors such as billionaire George Soros sold off their gold ETF holdings at the end of last year.

????From analysts' forecasts, this could mark the beginning of the end of gold's bull run.

????"The turn in the gold cycle is likely already underway," read the title of a Goldman Sachs report released last month. The report predicted prices for the precious metal would decline well into 2014. Analysts lowered their 3-, 6- and 12- month gold price to a respective $1,615, $1,600 and $1,550 an ounce from $1,825, $1,805 and $1,800. For 2013 and 2014, they lowered expectations respectively to $1,600 an ounce and $1,450 from $1,810 an ounce and $1,750.

????"In fact, we suspect that if indeed our forecast for further declines in gold prices proves correct, the fall in prices could end up being faster and larger than we expect," notes Goldman's report by Damien Courvalin and Jeffrey Currie.