????直至去年，黃金價格已經連續上漲至少11年。這種貴金屬讓包括黃金投資者和政客在內的所有人產生了這樣一種想法，即美國應該回歸金本位制度。但如今他們很可能會感到緊張，因為金價已經進入熊市，今年以來跌幅已經達到了22%。

????而且，未來形勢將會變得更加糟糕，投資者正在關注美聯儲（Federal Reserve）是否會縮減經濟刺激計劃的規模，即量化寬松。高盛（Goldman Sachs）分析師表示，金價下跌將一直持續到2014年，屆時可能會跌破每盎司1,000美元，創下自2009年初以來的新低。這個變化將扭轉從2009年初到2011年秋天之間的趨勢。在此期間，金價從800美元穩步上漲到了1,900上方。17日上午，紐約的黃金交易價格為每盎司1,314.50美元。

????無論美聯儲是否會在本周或隨后縮減購債規模，其他一些因素都可能會推動金價走低。

????通脹，哪里來的通脹？

????通常情況下，黃金是對沖通貨膨脹的一種手段。金融危機爆發以來，包括美國和歐洲國家在內的很多經濟體都已經啟動了多輪量化寬松。它導致大多數發達經濟體的貨幣供應上漲了兩倍，很多人擔心這對通脹來說是火上澆油。

????除非大家消耗的全都是咸肉，否則隨著美國和世界其他國家遠離金融深淵，通脹已經不再是一個問題。事實上，全球通脹率目前正處于較低的水平，而且還在進一步下滑。Project Syndicate網站今年6月曾經發布了一篇文章，紐約大學經濟學家努里爾?魯比尼在文中預測，金價到2015年可能會下跌到每盎司1,000美元。

????魯比尼因成功預測金融危機的到來而獲得了“末日博士”的綽號，他指出，盡管貨幣供應量擴大了，但由于銀行以額外儲備金的方式來儲備貨幣，因此貨幣的實際交易量并不大。

????然而，如果銀行開始放貸，通脹的風險就可能上升。即使那樣，黃金仍然面臨其他打壓因素。

????黃金也許是安全的，但它帶來的回報在哪里？

????跟其他資產不同的是，黃金并不提供收入。金融危機之后最慘淡的那些歲月里，這個問題一直遭到了忽視。但既然現在經濟情況正在改善，那么黃金就必須跟其他投資品種，比如股票、債券以及房地產等在回報方面進行競爭。

????由于伯南克暗示美聯儲可能很快就會縮減購債規模，銀行利率已經大幅飆升，而且有望進一步上升。這個變化生生將黃金推到了困境當中，因為投資者紛紛開始拋售這種貴金屬，以尋求在股票、債券以及其他投資上獲得更高的回報。

????“購買黃金的時機是在現金和債券的實際回報率為負值以及在下滑的時候，”魯比尼寫道。 “不過，對于美國和全球經濟前景更加積極的展望意味著，隨著時間的推移，美聯儲和其他央行將退出量化寬松和零利率政策，這意味著實際利率將會上升，而不是下滑。”

????敘利亞危機已經平息（至少目前如此）

????人們普遍認為黃金是一種投資避風港，危機爆發時，投資者會紛紛涌向這種貴金屬，把它作為一種安全的價值儲存手段。

????敘利亞爆發的沖突一直牽動著市場，有可能會推高金價。然而，至少從目前看來，針對敘利亞的軍事打擊不太可能發生，因為敘利亞已經接受了俄羅斯的提議，打算放棄化學武器，交由聯合國控制。據摩根大通（JPMorgan）分析師分析，敘利亞是否會認真對待這項提議仍有待觀察，但它確實讓美國實施軍事打擊的可能性變小，至少在短期內是這樣。

????Up until last year, gold prices rose for at least 11 years in a row. The precious metal spawned a frenzy among everyone from gold bugs to politicos who think America should return to the gold standard. But today they're likely feeling nervous. Gold prices have entered bear market territory, having fallen by 22% this year.

????And it's going to get worse as investors zero in on whether the U.S. Federal Reserve will scale down its stimulus program, called quantitative easing. Goldman Sachs (GS) analysts say gold will continue dropping into 2014, possibly falling below $1,000 an ounce, a level not seen since early 2009. This is a reverse from gold's steady rise from $800 an ounce in early 2009 to more than $1,900 in the fall of 2011; on Tuesday morning, it was trading at $1,314.50 in New York.

????Regardless whether the Fed tapers its bond-buying program this week or later, a few other factors will likely drive prices lower.

????Inflation. What inflation?

????Gold is typically a hedge against rapidly rising prices. Since the financial crisis, many economies from U.S. to Europe have launched several rounds of quantitative easing. The supply of money tripled in most advanced economies, and many worried it would effectively stoke inflation.

????Unless all you consume is bacon, inflation hasn't been a problem as the U.S. and the rest of the world retreats from financial abyss. In fact, global inflation is actually low and falling further. In a June article in Project Syndicate, New York University economist Nouriel Roubini forecast that gold could fall to $1,000 by 2015.

????Roubini, nicknamed Dr. Doom for his forecasts of the financial crisis, noted that even though the supply of money has expanded it hasn't changed very many hands, largely because banks have been hoarding cash in the form of excess reserves.

????If banks start lending more, however, the risks of inflation could rise. Even then, gold faces other headwinds.

????It may be safe, but where are the returns?

????Unlike other assets, gold provides no income. That was an overlooked issue during the worst years following the financial crisis, but now that the economy is improving, gold must compete with returns on other investments, such as stocks, bonds, and real estate.

????Since Bernanke hinted it could scale back the Fed's bond-buying program soon, interest rates have surged, and they're poised to rise further. This effectively puts gold in a tough spot, as investors sell off the precious metal seeking higher returns in stocks, bonds, and other investments.

????"The time to buy gold is when the real returns on cash and bonds are negative and falling," Roubini writes. "But the more positive outlook about the U.S. and the global economy implies that over time the Federal Reserve and other central banks will exit from quantitative easing and zero policy rates, which means that real rates will rise, rather than fall."

????Crisis in Syria has subsided (at least for now)

????Gold is widely viewed as a safe-haven investment. When crisis arises, investors flock to the precious metal as a safe store of value.

????Markets have been zeroing in on conflicts in Syria, which could potentially push gold higher. At least for now, however, a military strike looks less likely as the country has accepted Russia's proposal for its chemical weapons to be given up for U.N. control. It remains to be seen if Syria is serious about its offer, but it does make U.S. military strikes less likely, at least in the near-term, according to JPMorgan analysts.