????比安科還指出，就黃金的凈多頭倉位來看，基金經(jīng)理們?nèi)缃窦娂妼S金看跌，其悲觀程度為過去10年所未見。而當其它人都懷疑一項投資時，往往是買入的大好時機。

????對普通投資者而言，要避免大舉投資黃金。短期內(nèi)，黃金不會取代法定貨幣體系，在金融危機和歐洲債務(wù)危機爆發(fā)后，金本位者曾聲稱將出現(xiàn)大量政府違約以及惡性通貨膨脹，但如今看來，上述情況短期內(nèi)也不會發(fā)生。

????不過，金價總有一天會觸底，不論最低價是每盎司1100美元還是每盎司500美元。而精明——或走運——的專業(yè)投資者，將適時抄底，從中大賺一筆。（財富中文網(wǎng)）

????譯者：Hunter

????Bianco also points out that money managers overall have not been as down on gold in the past 10 years than they are today, as measured by net long positions in the metal. When the rest of the crowd doubts an investment, it’s often the smartest time to buy.

????For the average investor, it makes sense to steer clear of large investments in gold. The precious metal isn’t going to replace the fiat monetary system anytime soon, nor does it look like the wave of government defaults and hyperinflation that gold bugs were calling for in the months immediately following the financial crisis and European debt crisis will be upon us any time soon.

????But gold will bottom out at some point, be it at $1,100 per ounce or $500 per ounce. And the savvy—or just plain lucky—professional investor who picks the bottom accurately, and at the right time, will stand to clean up on this trade.