<p>股票市场投资者今年过得相当不错，因为 <strong>标准普尔 500 指数</strong>(^GSPC -0.28%) 迄今上涨了 15%，而以科技股为主的 <strong>纳斯达克 100 指数</strong> 上涨了 20%。那些高度暴露于人工智能（AI）等强劲趋势的投资者可能表现得更好，领先芯片制造商 <strong>英伟达</strong> 的股票年初至今飙升了 37%。</p>
<p>然而，一种闪亮的商品在 2025 年却在压制股票市场，这就是_黄金_。今年迄今为止，黄金的回报率高达 53%，远高于过去 30 年平均每年的 8% 的增幅。美国政治不确定性加剧和政府债务飙升似乎推动了近期的反弹，而这两个问题都没有消退的迹象。</p>
<p>得益于交易所交易基金（ETFs）的出现，投资黄金从未如此简单，这些基金直接跟踪黄金的表现。<strong>SPDR 黄金信托</strong>(GLD -1.85%) 是全球最大的黄金 ETF，管理资产达 1310 亿美元，以下是它可能成为任何多元化投资组合的绝佳补充的原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzcyMTQvYS1wcm9zcGVjdG9ycy1wYW4tZmlsbGVkLXdpdGgtZ29sZC1udWdnZXRzLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzcyMTQvYS1wcm9zcGVjdG9ycy1wYW4tZmlsbGVkLXdpdGgtZ29sZC1udWdnZXRzLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>黄金的完美经济和政治环境</h2>
<p>黄金在工业环境中的用途远不如其他商品。由于其电导性，少量这种闪亮金属可以在半导体中找到，它在珠宝行业也非常受欢迎。</p>
<p>然而，黄金作为价值储存的地位可以追溯到几千年前，主要是因为其稀缺性。根据世界黄金协会的数据，历史上仅开采出 216,000 吨黄金，而相比之下，约有 170 万吨白银被开采。</p>
<p>黄金被认为是如此可靠的价值储存，以至于许多国家将其国内货币的价值与黄金挂钩，包括美国，直到 1971 年才脱离金本位制。在金本位制下，一个国家必须拥有实物黄金来支持其货币储备。换句话说，政府不能印制更多货币，除非它拥有相等数量的黄金来匹配，这限制了通货膨胀。</p>
<p>因此，美国美元自 54 年前脱离金本位制以来，购买力几乎损失了 90% 并不奇怪。美国政府现在不断借款以资助其不断增长的负债，使国家债务飙升至创纪录的 37.8 万亿美元。仅在 2025 财年（截至 9 月 30 日），预算赤字就高达 2 万亿美元。</p>
<p>投资者担心，控制局势将需要大幅增加货币供应，因为创造通货膨胀会增加税基，从而增加政府收入，帮助减少债务。这对参与经济的普通人来说是个坏消息，因为这会摧毁他们的购买力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/651fd345acdde728b78b09841b69a7f7.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/651fd345acdde728b78b09841b69a7f7.png"/></p>
<p>美国消费者价格指数：消费者美元的购买力数据来源于 YCharts</p>
<p>尽管黄金在金融系统中不再发挥核心作用，但它仍然是对抗由于政府不负责任的支出和随之而来的货币印刷引发的通货膨胀的终极对冲工具。由于这种闪亮金属以美元计价且没有收入或收益，它的价值往往会因法定货币在经济中不断增加而上升。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f73e6a8aa83e8b0f88e46288ab0a5774.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f73e6a8aa83e8b0f88e46288ab0a5774.png"/></p>
<p>黄金价格（以美元计）数据来源于 YCharts</p>
<h2>SPDR 黄金股票信托可能是一个不错的投资</h2>
<p>拥有实物黄金是从其增值中获利的最可靠方式。然而，这种策略并不总是实用，因为金属必须安全存储（并投保），而且出售黄金尤其是大宗出售时可能会面临挑战。购买 SPDR 黄金信托可以解决这些问题，因为不需要实物存储，投资者可以通过点击按钮轻松变现其持仓。</p>
<p>投资者将为这些好处支付费用。SPDR ETF 的费用比率为 0.4%，这是每年从基金中扣除的管理费用比例。以美元计算，投资 10 万美元每年将产生约 400 美元的费用。</p>
<p>这并不是唯一的缺点。尽管该 ETF 由实际黄金储备支持，但股东无权提取任何实物金条。他们仍然可以以完全相同的方式从黄金的上涨中获利，因此除非世界发生灾难性事件，导致人们无法访问其金融资产，否则这不会成为问题。</p>
<p>综上所述，购买 SPDR 黄金信托是大多数投资者参与黄金上涨的最简单方式，但他们应该仅将其作为其他资产（如股票）多元化投资组合的一部分。正如我之前提到的，黄金在过去 30 年中提供了约 8% 的复合年回报，这并不算差，但也有很长一段时间它几乎没有任何回报。</p>
<p>例如，如果你在 2011 年 6 月购买黄金，你将近十年没有获得任何回报。与此同时，标准普尔 500 指数在同一时期上涨了 144%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4e3ee0a2495315fc4bdcbc4eb4e64702.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4e3ee0a2495315fc4bdcbc4eb4e64702.png"/></p>
<p>黄金价格（以美元计）数据来源于 YCharts</p>
<p>因此，尽管今年追逐黄金 53% 的惊人涨幅可能很诱人，但它在未来几年可能会带来平庸的回报，因此应保持小规模持仓并保持多元化。</p>

黄金 ETF - SPDR

<p>黄金在 2025 年的表现超过了主要股票指数，回报率为 53%，而标准普尔 500 指数为 15%，纳斯达克 100 指数为 20%。这一激增归因于美国的政治不确定性和不断上升的政府债务。SPDR 黄金信托基金（GLD）拥有 1310 亿美元的资产，为投资黄金提供了一种简单的方法，无需面对实物存储的挑战。尽管其费用比率为 0.4%，但它使投资者能够从黄金价值的增长中受益，作为对抗通货膨胀和经济不稳定的对冲工具，因此被推荐作为多元化投资组合的补充</p>

<p>Stock market investors are having a pretty good year because the <strong>S&amp;P 500</strong>(^GSPC -0.28%) is up 15% so far, and the tech-heavy <strong>Nasdaq-100</strong> has climbed by 20%. Investors with a high degree of exposure to powerful trends like artificial intelligence (AI) might be faring even better, with shares of leading chip maker <strong>Nvidia</strong> soaring by 37% year-to-date.</p>
<div class="lb-trans"><p>股票市场投资者今年过得相当不错，因为 <strong>标准普尔 500 指数</strong>(^GSPC -0.28%) 迄今上涨了 15%，而以科技股为主的 <strong>纳斯达克 100 指数</strong> 上涨了 20%。那些高度暴露于人工智能（AI）等强劲趋势的投资者可能表现得更好，领先芯片制造商 <strong>英伟达</strong> 的股票年初至今飙升了 37%。</p>
</div><p>However, one shiny commodity that produces no revenue and no earnings is <em>crushing</em> the stock market in 2025. Gold has returned a whopping 53% so far this year, which is significantly higher than its average annual gain of 8% over the last 30 years. Heightened political uncertainty in the U.S. and soaring government debt seem to be fueling the recent rally, and neither issue appears to be going away.</p>
<div class="lb-trans"><p>然而，一种闪亮的商品在 2025 年却在压制股票市场，这就是_黄金_。今年迄今为止，黄金的回报率高达 53%，远高于过去 30 年平均每年的 8% 的增幅。美国政治不确定性加剧和政府债务飙升似乎推动了近期的反弹，而这两个问题都没有消退的迹象。</p>
</div><p>Investing in gold has never been easier thanks to the availability of exchange-traded funds (ETFs), which directly track its performance. The <strong>SPDR Gold Trust</strong>(GLD -1.85%) is the largest in the world with $131 billion in assets under management, and here's why it might be a great addition to any diversified portfolio.</p>
<div class="lb-trans"><p>得益于交易所交易基金（ETFs）的出现，投资黄金从未如此简单，这些基金直接跟踪黄金的表现。<strong>SPDR 黄金信托</strong>(GLD -1.85%) 是全球最大的黄金 ETF，管理资产达 1310 亿美元，以下是它可能成为任何多元化投资组合的绝佳补充的原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzcyMTQvYS1wcm9zcGVjdG9ycy1wYW4tZmlsbGVkLXdpdGgtZ29sZC1udWdnZXRzLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F837214%2Fa-prospectors-pan-filled-with-gold-nuggets.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>The perfect economic and political environment for gold</h2>
<div class="lb-trans"><h2>黄金的完美经济和政治环境</h2>
</div><p>Gold isn't nearly as useful as other commodities in industrial settings. Small quantities of the shiny metal can be found in semiconductors because of its electrical conductivity, and it's also very popular in the jewelry industry.</p>
<div class="lb-trans"><p>黄金在工业环境中的用途远不如其他商品。由于其电导性，少量这种闪亮金属可以在半导体中找到，它在珠宝行业也非常受欢迎。</p>
</div><p>However, gold's status as a store of value dates back thousands of years, mainly because of its scarcity. According to the World Gold Council, just 216,000 tonnes have been pulled out of the ground throughout history, whereas for some perspective, around 1.7 million tonnes of silver have been mined.</p>
<div class="lb-trans"><p>然而，黄金作为价值储存的地位可以追溯到几千年前，主要是因为其稀缺性。根据世界黄金协会的数据，历史上仅开采出 216,000 吨黄金，而相比之下，约有 170 万吨白银被开采。</p>
</div><p>Gold is considered so reliable as a store of value that many countries pegged the value of their domestic currencies to it, including the U.S. which was on the gold standard until 1971. Under the gold standard, a country had to have physical gold to back up its currency reserves. In other words, a government couldn't print more money unless it had an equal amount of gold to match, which kept a lid on inflation.</p>
<div class="lb-trans"><p>黄金被认为是如此可靠的价值储存，以至于许多国家将其国内货币的价值与黄金挂钩，包括美国，直到 1971 年才脱离金本位制。在金本位制下，一个国家必须拥有实物黄金来支持其货币储备。换句话说，政府不能印制更多货币，除非它拥有相等数量的黄金来匹配，这限制了通货膨胀。</p>
</div><p>Therefore, it's no surprise the U.S. dollar has lost almost 90% of its purchasing power since moving off the gold standard 54 years ago. The U.S. government now continuously borrows money to fund its growing liabilities, catapulting the national debt to a record $37.8 trillion. The budget deficit was a whopping $2 trillion in fiscal 2025 alone (which ended on Sept. 30).</p>
<div class="lb-trans"><p>因此，美国美元自 54 年前脱离金本位制以来，购买力几乎损失了 90% 并不奇怪。美国政府现在不断借款以资助其不断增长的负债，使国家债务飙升至创纪录的 37.8 万亿美元。仅在 2025 财年（截至 9 月 30 日），预算赤字就高达 2 万亿美元。</p>
</div><p>Investors fear bringing the situation under control will require a sharp increase in money supply, because creating inflation increases the tax base and, therefore, government revenue, which helps reduce debt. This is terrible for regular people participating in the economy, because it destroys their purchasing power.</p>
<div class="lb-trans"><p>投资者担心，控制局势将需要大幅增加货币供应，因为创造通货膨胀会增加税基，从而增加政府收入，帮助减少债务。这对参与经济的普通人来说是个坏消息，因为这会摧毁他们的购买力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/651fd345acdde728b78b09841b69a7f7.png" alt="" original-src="https://media.ycharts.com/charts/651fd345acdde728b78b09841b69a7f7.png"/></p>
<p>US Consumer Price Index: Purchasing Power Of the Consumer Dollar data by YCharts</p>
<div class="lb-trans"><p>美国消费者价格指数：消费者美元的购买力数据来源于 YCharts</p>
</div><p>Gold remains the ultimate hedge against the inflation caused by reckless government spending and subsequent money printing, even though it no longer plays a central role in the financial system. Since the shiny metal is priced in U.S. dollars and has no revenue or earnings, it tends to rise in value simply because the amount of fiat currency sloshing around the economy continues to grow.</p>
<div class="lb-trans"><p>尽管黄金在金融系统中不再发挥核心作用，但它仍然是对抗由于政府不负责任的支出和随之而来的货币印刷引发的通货膨胀的终极对冲工具。由于这种闪亮金属以美元计价且没有收入或收益，它的价值往往会因法定货币在经济中不断增加而上升。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f73e6a8aa83e8b0f88e46288ab0a5774.png" alt="" original-src="https://media.ycharts.com/charts/f73e6a8aa83e8b0f88e46288ab0a5774.png"/></p>
<p>Gold Price in US Dollars data by YCharts</p>
<div class="lb-trans"><p>黄金价格（以美元计）数据来源于 YCharts</p>
</div><h2>The SPDR Gold Shares Trust could be a great buy</h2>
<div class="lb-trans"><h2>SPDR 黄金股票信托可能是一个不错的投资</h2>
</div><p>Owning physical gold is the surest way to profit from its increasing value. However, this strategy isn't always practical because the metal has to be stored securely (with insurance), and selling it can be a challenge especially in large quantities. Buying the SPDR Gold Trust can solve those problems, because there is no physical storage required, and investors can liquidate their position with the click of a button.</p>
<div class="lb-trans"><p>拥有实物黄金是从其增值中获利的最可靠方式。然而，这种策略并不总是实用，因为金属必须安全存储（并投保），而且出售黄金尤其是大宗出售时可能会面临挑战。购买 SPDR 黄金信托可以解决这些问题，因为不需要实物存储，投资者可以通过点击按钮轻松变现其持仓。</p>
</div><p>Investors will pay a fee for those benefits. The SPDR ETF has an expense ratio of 0.4%, which is the proportion of the fund deducted each year to cover management costs. In dollar terms, an investment of $100,000 would incur around $400 in annual fees.</p>
<div class="lb-trans"><p>投资者将为这些好处支付费用。SPDR ETF 的费用比率为 0.4%，这是每年从基金中扣除的管理费用比例。以美元计算，投资 10 万美元每年将产生约 400 美元的费用。</p>
</div><p>That isn't the only drawback. Although the ETF is backed by actual gold reserves, shareholders aren't entitled to take delivery of any physical bullion. They will still profit from gold's upside in exactly the same way, so this won't be an issue unless the world suffers a catastrophic event that prevents people from accessing their financial assets.</p>
<div class="lb-trans"><p>这并不是唯一的缺点。尽管该 ETF 由实际黄金储备支持，但股东无权提取任何实物金条。他们仍然可以以完全相同的方式从黄金的上涨中获利，因此除非世界发生灾难性事件，导致人们无法访问其金融资产，否则这不会成为问题。</p>
</div><p>With all of that said, buying the SPDR Gold Trust is the simplest way for most investors to participate in gold's upside, but they should only own it as part of a diversified portfolio of other assets like stocks. As I mentioned earlier, gold has delivered a compound annual return of around 8% over the last 30 years, which isn't bad, but there were lengthy periods where it did nothing at all.</p>
<div class="lb-trans"><p>综上所述，购买 SPDR 黄金信托是大多数投资者参与黄金上涨的最简单方式，但他们应该仅将其作为其他资产（如股票）多元化投资组合的一部分。正如我之前提到的，黄金在过去 30 年中提供了约 8% 的复合年回报，这并不算差，但也有很长一段时间它几乎没有任何回报。</p>
</div><p>For example, had you bought gold in June 2011, you would have earned no return for nearly an entire decade. Meanwhile, the S&amp;P 500 climbed by a whopping 144% over the same period.</p>
<div class="lb-trans"><p>例如，如果你在 2011 年 6 月购买黄金，你将近十年没有获得任何回报。与此同时，标准普尔 500 指数在同一时期上涨了 144%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4e3ee0a2495315fc4bdcbc4eb4e64702.png" alt="" original-src="https://media.ycharts.com/charts/4e3ee0a2495315fc4bdcbc4eb4e64702.png"/></p>
<p>Gold Price in US Dollars data by YCharts</p>
<div class="lb-trans"><p>黄金价格（以美元计）数据来源于 YCharts</p>
</div><p>Therefore, while it might be tempting to chase gold's eye-popping 53% gain this year, there is a real chance it will deliver mediocre returns for the next several years, so keep your position size small and stay diversified.</p>
<div class="lb-trans"><p>因此，尽管今年追逐黄金 53% 的惊人涨幅可能很诱人，但它在未来几年可能会带来平庸的回报，因此应保持小规模持仓并保持多元化。</p>
</div>

Gold Is Obliterating the S&P 500, the Nasdaq-100, and even Nvidia Right Now. Here's a Simple Way to Buy It

- 2025 年，黄金价格上涨 53%，远超股市表现。  
- 政治不确定性和政府债务激增推动黄金需求。  
- 投资 SPDR 黄金信托基金可简化黄金投资，适合多元化投资组合。

黄金目前正在超越标准普尔 500 指数、纳斯达克 100 指数，甚至英伟达。以下是一个简单的购买方式