<p>黄金支持的 ETF 再次受到关注，因为黄金（或 Au）继续以看涨的轨迹攀升，接近创纪录高位，投资者越来越多地转向这些基金，以对冲因科技股估值和美国利率削减引发的股市波动，彭博社报道。</p>
<p><strong>• SPDR 黄金信托股票显示出上升趋势。 GLD 股票将走向何方？</strong></p>
<p>现货黄金在周一上涨了最多 1.2%，接近十月份的水平，延续了自去年高峰以来未见的涨势。</p>
<p>在周五交易中，金属在短暂回调后反弹，风险规避情绪影响了与人工智能技术相关的今年表现最佳的股票板块的交易。</p>
<p>黄金与股票的短期相关性在最近几个月有所增加，但在金融市场不确定时期，黄金仍然是一个有吸引力的资产。</p>
<p><strong>另请</strong> R <strong>ead: 彼得·希夫表示，他预计黄金和白银将在下周创下新高，因为黄金接近历史最高点</strong></p>
<h2><strong>黄金 ETF 受到关注</strong></h2>
<p>根据 ETF 资金流动，可以看出投资者通过实物支持的黄金投资产品展示了他们的宏观观点，而不是使用黄金期货或金条投资。彭博社引用的世界黄金协会统计报告显示，黄金投资通过 ETF 产品逐月上升，五月份是一个例外，当时股市普遍乐观。</p>
<p><strong>SPDR 黄金信托</strong> (NYSE: GLD) 继续成为机构和活跃管理者用于黄金战术投资组合的领先平台。</p>
<p>GLD 以黄金实物支持，并且是全球流动性最强的商品 ETF 之一，广泛用于在股市压力或美联储利率政策和美国经济统计等宏观事件期间对冲投资组合。周五，VettaFi 汇总的流动数据表明，流入超过 3 亿美元，尽管增幅适中。</p>
<p>对于长期投资者而言，提供类似实物敞口的低成本替代品，<strong>iShares 黄金信托</strong> (NYSE: IAU) 在周五悄然吸引了超过 2.62 亿美元的聪明资金。</p>
<p>由于 IAU 的费用比 GLD 低，大多数投资者认为它是多元化投资组合中战略性黄金投资的更可取选择，而不是专注于短期黄金价格波动。最近黄金价格的上涨增强了 IAU 在寻求对冲市场波动和潜在政策驱动的通胀风险的投资者中的受欢迎程度。</p>
<p>那些希望在保持对黄金高度重视的同时获得贵金属敞口的投资者，可以考虑将 <strong>阿伯丁实物贵金属篮子股票</strong> (NYSE: GLTR) 纳入他们的投资组合。尽管不是纯粹的黄金投资，GLTR 的多元化投资组合使投资者能够接触到黄金的避险投资以及其他贵金属投资。今年迄今，该基金已上涨 76%。</p>
<h2><strong>利率、政治、宏观趋势</strong></h2>
<p>美国货币预期是黄金和黄金 ETP 需求的另一个重要驱动因素。周二发布的美国非农就业数据疲软将提升明年降息的前景，彭博社报道指出。最近几天，美元走弱进一步推动了黄金价格。</p>
<p>政治事件增加了另一层不确定性。在上周与《华尔街日报》的采访中，美国总统 <strong>唐纳德·特朗普</strong> 重申了他积极降息的偏好。</p>
<p>今年黄金上涨了 65%，黄金 ETF 因此被证明是获取黄金敞口的有效方式，而无需承担与黄金金属交易相关的所有成本和复杂性。</p>
<p>随着投资者重新思考他们对高估股票的敞口，并为可能的低利率环境制定计划，黄金 ETF 再次确立了其在投资组合对冲中的基本重要性，表明当市场变得波动时，黄金仍然是重担。</p>
<p><strong>接下来阅读：</strong></p>
<ul>
<li><strong>为什么 Alphabet ETF 可能会因 SpaceX 的 8000 亿美元估值跳升而受益</strong></li>
</ul>
<p><em>照片：Shutterstock</em></p>

黄金 ETF - SPDR

SPDR 金 ETF

<p>投资者越来越倾向于黄金 ETF，因为黄金接近历史高点，这主要受到科技股估值担忧和美国潜在降息的推动。SPDR 黄金 ETF 和 iShares 黄金信托是对冲市场波动的热门选择。政治和宏观经济因素，包括美国货币政策预期和美元走弱，进一步推动了黄金需求。黄金 ETF 提供了高效的黄金投资方式，在波动市场中显得尤为重要</p>

<p>Gold-backed ETFs are again in focus as gold (or Au) continued its climb with a bullish trajectory towards a record high, with investors increasingly turning to such funds as a hedge against stock market volatility driven by technology stock valuations and US interest rate cuts, according to a Bloomberg report.</p>
<div class="lb-trans"><p>黄金支持的 ETF 再次受到关注，因为黄金（或 Au）继续以看涨的轨迹攀升，接近创纪录高位，投资者越来越多地转向这些基金，以对冲因科技股估值和美国利率削减引发的股市波动，彭博社报道。</p>
</div><p><strong>• SPDR Gold Shares stock is showing upward bias. Where is GLD stock headed?</strong></p>
<div class="lb-trans"><p><strong>• SPDR 黄金信托股票显示出上升趋势。 GLD 股票将走向何方？</strong></p>
</div><p>Spot gold strengthened as much as 1.2% on Monday, approaching a level seen in October, in a continuation of a streak of gains not seen since a peak last year.</p>
<div class="lb-trans"><p>现货黄金在周一上涨了最多 1.2%，接近十月份的水平，延续了自去年高峰以来未见的涨势。</p>
</div><p>The metal rallied after a brief pullback in Friday trading, in which a risk-off sentiment influenced trading in a sector of stocks among this year's top performers in relation to AI technology or artificial intelligence.</p>
<div class="lb-trans"><p>在周五交易中，金属在短暂回调后反弹，风险规避情绪影响了与人工智能技术相关的今年表现最佳的股票板块的交易。</p>
</div><p>Gold's short-term correlation with stocks increased over recent months but remains an attractive asset in a time of uncertainty in financial markets.</p>
<div class="lb-trans"><p>黄金与股票的短期相关性在最近几个月有所增加，但在金融市场不确定时期，黄金仍然是一个有吸引力的资产。</p>
</div><p><strong>Also</strong> R <strong>ead: Peter Schiff Says He Expects Gold, Silver To Hit New Highs Next Week As Yellow Metal Inches Close To All-Time High</strong></p>
<div class="lb-trans"><p><strong>另请</strong> R <strong>ead: 彼得·希夫表示，他预计黄金和白银将在下周创下新高，因为黄金接近历史最高点</strong></p>
</div><h2><strong>Gold ETFs In Focus</strong></h2>
<div class="lb-trans"><h2><strong>黄金 ETF 受到关注</strong></h2>
</div><p>Based on the ETF flows, it can be noted that investors demonstrated their macro views via physically supported gold investment products rather than using gold futures or bullion investments. Reports from World Gold Council statistics, as cited by Bloomberg, have indicated a month-by-month rise in gold investment through ETF products, with May being the exception in a period when equity markets were largely optimistic.</p>
<div class="lb-trans"><p>根据 ETF 资金流动，可以看出投资者通过实物支持的黄金投资产品展示了他们的宏观观点，而不是使用黄金期货或金条投资。彭博社引用的世界黄金协会统计报告显示，黄金投资通过 ETF 产品逐月上升，五月份是一个例外，当时股市普遍乐观。</p>
</div><p><strong>SPDR Gold Shares Trust</strong> (NYSE: GLD) continues to be a leading platform used by institutional and active managers for tactical portfolio investment in gold.</p>
<div class="lb-trans"><p><strong>SPDR 黄金信托</strong> (NYSE: GLD) 继续成为机构和活跃管理者用于黄金战术投资组合的领先平台。</p>
</div><p>Backed by gold bullion and being one of the most liquid commodity ETFs in the world, GLD is widely used in hedging a portfolio during stressful equity markets or during macro events like Fed decisions on interest rate policies and U.S. economy statistics. On Friday, flow data aggregated by VettaFi shows positive, albeit moderate, inflows of more than $300 million.</p>
<div class="lb-trans"><p>GLD 以黄金实物支持，并且是全球流动性最强的商品 ETF 之一，广泛用于在股市压力或美联储利率政策和美国经济统计等宏观事件期间对冲投资组合。周五，VettaFi 汇总的流动数据表明，流入超过 3 亿美元，尽管增幅适中。</p>
</div><p>In regard to long-term investors, a lower-cost alternative offering similar physical exposure, <strong>iShares Gold Trust</strong> (NYSE: IAU), gained traction as IAU quietly pulled in more than $262 million of smart money on Friday.</p>
<div class="lb-trans"><p>对于长期投资者而言，提供类似实物敞口的低成本替代品，<strong>iShares 黄金信托</strong> (NYSE: IAU) 在周五悄然吸引了超过 2.62 亿美元的聪明资金。</p>
</div><p>As IAU charges a smaller expense ratio compared to GLD, most investors have considered it a preferable choice for strategic gold investment in a diversified portfolio rather than focusing on short-term gold price fluctuations. The recent increase in gold prices has enhanced IAU's popularity among investors seeking hedge protection against market volatility and potential policy-driven inflation risks.</p>
<div class="lb-trans"><p>由于 IAU 的费用比 GLD 低，大多数投资者认为它是多元化投资组合中战略性黄金投资的更可取选择，而不是专注于短期黄金价格波动。最近黄金价格的上涨增强了 IAU 在寻求对冲市场波动和潜在政策驱动的通胀风险的投资者中的受欢迎程度。</p>
</div><p>Those investors looking for exposure to precious metals while maintaining a heavy emphasis on gold can consider <strong>Aberdeen Physical Precious Metals Basket Shares</strong> (NYSE: GLTR) to their portfolio. Although not a pure play gold investment, GLTR's diversified portfolio gives investors access to gold’s safe-haven investments in addition to other precious metal investments. The fund has gained 76% this year so far.</p>
<div class="lb-trans"><p>那些希望在保持对黄金高度重视的同时获得贵金属敞口的投资者，可以考虑将 <strong>阿伯丁实物贵金属篮子股票</strong> (NYSE: GLTR) 纳入他们的投资组合。尽管不是纯粹的黄金投资，GLTR 的多元化投资组合使投资者能够接触到黄金的避险投资以及其他贵金属投资。今年迄今，该基金已上涨 76%。</p>
</div><h2><strong>Rates, Politics, Macro Trends</strong></h2>
<div class="lb-trans"><h2><strong>利率、政治、宏观趋势</strong></h2>
</div><p>U.S. monetary expectations are another important driver of gold and gold ETP demand. Weak U.S. nonfarm payrolls, due Tuesday, will boost prospects for interest rate cuts next year, the Bloomberg report noted. A weaker U.S. dollar environment is a further tailwind to bullion prices over recent days.</p>
<div class="lb-trans"><p>美国货币预期是黄金和黄金 ETP 需求的另一个重要驱动因素。周二发布的美国非农就业数据疲软将提升明年降息的前景，彭博社报道指出。最近几天，美元走弱进一步推动了黄金价格。</p>
</div><p>Political events have added another degree of uncertainty. In an interview with the Wall Street Journal last week, U.S. President <strong>Donald Trump</strong> reiterated his preference to aggressively cut interest rates.</p>
<div class="lb-trans"><p>政治事件增加了另一层不确定性。在上周与《华尔街日报》的采访中，美国总统 <strong>唐纳德·特朗普</strong> 重申了他积极降息的偏好。</p>
</div><p>Gold is up by 65% this year, and gold ETFs have thus proven to be an efficient way of getting exposure to gold without incurring all the associated costs and complexities of dealing with gold metal.</p>
<div class="lb-trans"><p>今年黄金上涨了 65%，黄金 ETF 因此被证明是获取黄金敞口的有效方式，而无需承担与黄金金属交易相关的所有成本和复杂性。</p>
</div><p>As investors re-think their exposure to over-valued stocks and game-plan for a possible lower interest-rate environment, gold ETFs are again establishing their fundamental importance in portfolio hedges, demonstrating that when markets become volatile, gold remains the heavy lifter.</p>
<div class="lb-trans"><p>随着投资者重新思考他们对高估股票的敞口，并为可能的低利率环境制定计划，黄金 ETF 再次确立了其在投资组合对冲中的基本重要性，表明当市场变得波动时，黄金仍然是重担。</p>
</div><p><strong>Read Next:</strong></p>
<div class="lb-trans"><p><strong>接下来阅读：</strong></p>
</div><ul>
<li><strong>Why Alphabet ETFs Could Get A Lift From SpaceX’s $800 Billion Valuation Jump</strong></li>
</ul>
<div class="lb-trans"><ul>
<li><strong>为什么 Alphabet ETF 可能会因 SpaceX 的 8000 亿美元估值跳升而受益</strong></li>
</ul>
</div><p><em>Photo: Shutterstock</em></p>
<div class="lb-trans"><p><em>照片：Shutterstock</em></p>
</div>

从人工智能到黄金：为何投资者再次涌入黄金 ETF