<p>不仅仅是股票，泡沫可能正在形成。</p>
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<p>国际清算银行（BIS）发出警告，称正在形成所谓的 “双重泡沫”，涉及股票和黄金。BIS 的经济学家在一份新论文中指出，黄金和股票价格同步飙升的现象在过去至少五十年中未曾出现。</p>
<p>作为全球中央银行的伞形组织，BIS 表示，尽管与人工智能（AI）相关的股市持续飙升，但今年黄金价格上涨 60% 将是自 1979 年以来的最大涨幅。黄金价格的上涨主要是由于中央银行作为避险资产购买贵金属的强劲需求。</p>
<h2><strong>对投资者的潜在危险</strong></h2>
<p>BIS 货币与经济部门负责人申炫松在该机构 2025 年的最终报告中写道：“今年黄金的表现与其通常模式截然不同。” “这次有趣的现象是，黄金变得更像是一种投机资产。”</p>
<p>被称为全球中央银行的中央银行，国际清算银行多年来定期发出关于潜在股市泡沫和对投资者潜在危险的警告。但现在，BIS 警告投资者面临双重危险，即股票和黄金的泡沫。</p>
<p>BIS 的分析确定，今年是黄金和基准标准普尔 500 指数在过去 50 年中首次共同表现出 “爆炸性行为”。报告最后询问，如果股票和黄金同时崩溃，投资者将何处避难？</p>
<h2><strong>SPDR 黄金股票 ETF 值得购买吗？</strong></h2>
<p>大多数分析师对 SPDR 黄金股票（GLD）交易所交易基金（ETF）没有评级。因此，我们将查看其年初至今的表现。如下面所示，GLD ETF 今年上涨了 60%，与其跟踪的贵金属价格相呼应。</p>

<p>国际清算银行警告称，股票和黄金存在 “双重泡沫”，并指出它们价格的前所未有的同步飙升。这一现象是由中央银行大量购买黄金所推动，给投资者带来了潜在的风险。国际清算银行强调，黄金和标准普尔 500 指数均表现出爆炸性的波动，这引发了人们对如果两个市场同时崩溃，投资者将何处避难的担忧</p>

<p>It's not just stocks where a bubble might be forming.</p>
<div class="lb-trans"><p>不仅仅是股票，泡沫可能正在形成。</p>
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<div class="lb-trans"><h3>TipRanks 网络星期一促销</h3>
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<div class="lb-trans"><ul>
<li>申请 TipRanks Premium 享受 60% 的折扣，获取您投资所需的数据支持洞察和研究工具。</li>
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</div><p>The Bank for International Settlements (BIS) is sounding the alarm on what it calls a &#34;double bubble&#34; that's forming in both stocks and gold. Economists at the BIS note in a new paper that the combination of gold and share prices soaring in unison is a phenomenon that has not occurred in at least half a century.</p>
<div class="lb-trans"><p>国际清算银行（BIS）发出警告，称正在形成所谓的 “双重泡沫”，涉及股票和黄金。BIS 的经济学家在一份新论文中指出，黄金和股票价格同步飙升的现象在过去至少五十年中未曾出现。</p>
</div><p>The BIS, which is a global umbrella organization for the world's central banks, says that while equity markets continue to surge on anything related to artificial intelligence (AI), the 60% rise in gold's price this year is set to be its biggest since 1979. Gold has been running higher alongside stocks due largely to robust buying on the part of central banks that are purchasing the precious metal as a safe-haven asset.</p>
<div class="lb-trans"><p>作为全球中央银行的伞形组织，BIS 表示，尽管与人工智能（AI）相关的股市持续飙升，但今年黄金价格上涨 60% 将是自 1979 年以来的最大涨幅。黄金价格的上涨主要是由于中央银行作为避险资产购买贵金属的强劲需求。</p>
</div><h2><strong>Potential Danger for Investors</strong></h2>
<div class="lb-trans"><h2><strong>对投资者的潜在危险</strong></h2>
</div><p>&#34;Gold has behaved very differently this year compared to its usual pattern,&#34; writes Hyun Song Shin, Head of the Monetary and Economic Department at the BIS, in the institution's final report of 2025. &#34;The interesting phenomenon this time has been that gold has become much more like a speculative asset.&#34;</p>
<div class="lb-trans"><p>BIS 货币与经济部门负责人申炫松在该机构 2025 年的最终报告中写道：“今年黄金的表现与其通常模式截然不同。” “这次有趣的现象是，黄金变得更像是一种投机资产。”</p>
</div><p>Dubbed the central bank to the world's central banks, the Bank for International Settlements has given regular warnings over the years about potential stock market bubbles and the potential dangers for investors. But now, the BIS warns that dangers to investors are two-fold, a bubble in stocks and gold.</p>
<div class="lb-trans"><p>被称为全球中央银行的中央银行，国际清算银行多年来定期发出关于潜在股市泡沫和对投资者潜在危险的警告。但现在，BIS 警告投资者面临双重危险，即股票和黄金的泡沫。</p>
</div><p>The BIS' analysis determines that this year has been the first time that gold and the benchmark S&amp;P 500 index have jointly exhibited &#34;explosive behavior&#34; in the last 50 years. The report concludes by asking where investors will shelter if stocks and gold both crash at the same time?</p>
<div class="lb-trans"><p>BIS 的分析确定，今年是黄金和基准标准普尔 500 指数在过去 50 年中首次共同表现出 “爆炸性行为”。报告最后询问，如果股票和黄金同时崩溃，投资者将何处避难？</p>
</div><h2><strong>Is The SPDR Gold Shares ETF a Buy?</strong></h2>
<div class="lb-trans"><h2><strong>SPDR 黄金股票 ETF 值得购买吗？</strong></h2>
</div><p>Most analysts don't rate the SPDR Gold Shares (GLD) exchange-traded fund (ETF). So instead, we'll look at its year-to-date performance. As one can see below, the GLD ETF has risen 60% this year, mirroring the price of the precious metal that it tracks.</p>
<div class="lb-trans"><p>大多数分析师对 SPDR 黄金股票（GLD）交易所交易基金（ETF）没有评级。因此，我们将查看其年初至今的表现。如下面所示，GLD ETF 今年上涨了 60%，与其跟踪的贵金属价格相呼应。</p>
</div>

国际清算银行警告黄金和股票市场存在 “双重泡沫”