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黃金即將迎來最黑暗的日子

黃金即將迎來最黑暗的日子

Nin-Hai Tseng 2013-09-22
黃金價格持續11年的漲勢已經結束,開始進入熊市。今年以來,金價已經跌去了20%。更重要的是,黃金最黑暗的日子還在前面。迫使黃金價格下行的因素并不只有美聯儲縮減購債規模的市場預期,還有低位徘徊的通脹率、黃金投資回報的下降、敘利亞危機的平息等。

????另外,即使敘利亞陽奉陰違,美國國會是否會投票支持軍事行動仍是未知之數。

????新一次債務上限可能不會引起市場波動

????我們還要考慮另一場可能影響黃金走勢的危機:債務上限。

????美國人都記得,自2011年以來已經出現兩次債務上限。第一次幾乎令美國經濟陷入災難,所有主要評級機構都下調了美國3A級別的主權評級。這個問題通過削減1萬億美元可自由支配開支、同時結合預算封存得到解決。第二次發生在奧巴馬連任之后不久,跟第一次一樣,共和黨和民主黨達成協議,再次提高了債務上限。

????今年10月中旬,美國又將迎來新一次債務上限。由于之前的債務上限問題最終都得到了解決,因此,在第三次債務上限的辯論過程中,市場很有可能不會出現波動。果真如此,黃金的下行壓力還會延續。不過,當然還有一種可能性,新一次債務上限問題出現不同的局面:共和黨人說,他們只有在預算讓步的情況下才會同意提高債務上限,而奧巴馬政府則表示不會做任何讓步。

????最終,兩黨很有可能會讓步。但正如《華盛頓郵報》( Washington Post)的以斯拉?克萊恩所指出的,現在讓他恐慌的是:“沒有人可以告訴我,在我們債務違約之前,兩黨中的一方或雙方的立場將發生什么樣的變化。”

????這種不確定性可能會金價走高,但它還沒有,至少目前來說是這樣。(財富中文網)

????And even if the offer isn't serious, it's uncertain if Congress would vote for military action.

????Another debt ceiling debate could be a snooze

????There's another crisis to consider that could sway the direction of gold: The debt ceiling.

????As Americans will recall, there has been not one deadline -- but two -- since 2011. The first almost pushed the economy into catastrophe, with a major ratings agency taking the nation's stellar triple A rating away. The issue was resolved through $1 trillion in discretionary spending cuts combined with sequestration. The second one followed shortly after Obama's re-election, and like the first one, Republicans and Democrats came to an agreement; the debt ceiling was raised.

????Come mid-October, the nation will approach another deadline. It's likely that the market might snooze through the third debt ceiling debate, as the previous ones were ultimately resolved. That would keep downward pressure on gold, but there is of course a possibility that the latest debt ceiling drama may turn out differently: Republicans say they will raise the debt ceiling only in return for budget concessions, while the Obama administration says it won't offer any.

????Eventually, either side will likely budge, but as the Washington Post's Ezra Klein points out, what alarms him now is that "no one can tell me how one or both of those positions will change before we breach the ceiling."

????That uncertainty may send gold higher, but it hasn't, at least not so far.

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