<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2014/11/01/22/33/gold-513062_960_720.jpg?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://cdn.pixabay.com/photo/2014/11/01/22/33/gold-513062_960_720.jpg"/></p>
<p><em>图片来源：Pixabay</em></p>
<p>从纸质资产转向实物资产的趋势正在加速。</p>
<p>在最近的分析中，我们注意到，实物资产正在经历一次千载难逢的转变，数千亿美元（甚至可能是数万亿美元）的资本已开始流入这一领域。</p>
<p>这一重大趋势背后的几个关键驱动因素包括：</p>
<ol>
<li>美国和中国之间的人工智能军备竞赛需要巨量的实物资产/自然资源（铜、硅、稀土、钢铁，甚至水等）。特朗普政府显然对此 “全力以赴”，将 60 种矿物指定为对国家安全 “至关重要”，削减监管/加快这些矿物的国内生产，甚至直接投资于相关公司。</li>
</ol>
<ol>
<li>全球各国政府正在转向财政主导来融资经济增长。这意味着增加债务发行，进而意味着中央银行需要更多印钞来购买债务并维持债券市场的稳定。这对实物资产/通胀对冲有利。</li>
</ol>
<ol>
<li>中央银行现在每年购买 1,000 吨黄金。40 年来，黄金在外汇储备中的比例首次超过国债（按百分比计算）。</li>
</ol>
<p>这确实是一次构造性的转变。从目前的情况来看，这一趋势远未结束。</p>
<p>黄金/标准普尔 500 指数的比率正在形成明显的杯柄形态。这是一个极其看涨的发展，预示着黄金即将进入相对于股票的重大超额表现期。</p>
<p><img src="https://imageproxy.pbkrs.com/https://43s.159.myftpupload.com/wp-content/uploads/2026/01/GPC1726.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://43s.159.myftpupload.com/wp-content/uploads/2026/01/GPC1726.png"/></p>
<p>如果这一趋势真正启动，黄金的超额表现可能会令人瞠目结舌。在过去的 15 年里，股票相对于黄金的表现一直占优。即使是小幅的 “均值回归” 也可能导致黄金在未来大幅超越股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://43s.159.myftpupload.com/wp-content/uploads/2026/01/GPC17262.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://43s.159.myftpupload.com/wp-content/uploads/2026/01/GPC17262.png"/></p>
<p>那些正确布局的投资者可能会获得改变人生的回报。</p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>人工智能革命即将点燃实物资产的重大牛市</p>
<p>美国在委内瑞拉采取行动的真正原因</p>
<p>深入探讨贵金属矿业、人工智能与市场</p>

<p>从纸质资产向实物资产的转变正在加速，推动因素包括人工智能军备竞赛和政府债务发行的增加。各国中央银行现在正在购买大量黄金，黄金在外汇储备中的比例已超过国债。黄金与标准普尔 500 指数的比率正在形成一个看涨的杯柄形态，这表明黄金可能很快会超越股票。这一转变可能为投资于黄金的投资者带来可观的回报，因为黄金在未来几年可能会 “压制” 股票</p>

<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2014/11/01/22/33/gold-513062_960_720.jpg" alt="" original-src="https://cdn.pixabay.com/photo/2014/11/01/22/33/gold-513062_960_720.jpg"/></p>
<p><em>Image Source: Pixabay</em></p>
<div class="lb-trans"><p><em>图片来源：Pixabay</em></p>
</div><p>The move from paper assets into hard assets is now accelerating.</p>
<div class="lb-trans"><p>从纸质资产转向实物资产的趋势正在加速。</p>
</div><p>In recent analysis, we’ve noted that hard assets are experiencing a once-in-a-lifetime transition as hundreds of billions of dollars in capital (and possibly even trillions) have begun moving into the space.</p>
<div class="lb-trans"><p>在最近的分析中，我们注意到，实物资产正在经历一次千载难逢的转变，数千亿美元（甚至可能是数万亿美元）的资本已开始流入这一领域。</p>
</div><p>Some of the key drivers behind this mega-trend include:</p>
<div class="lb-trans"><p>这一重大趋势背后的几个关键驱动因素包括：</p>
</div><ol>
<li>The AI arms race between the US and China requires gargantuan amounts of hard assets/ natural resources (copper, silicon, rare earths, steel, even water, etc.). The Trump administration is clearly “all in” on this, designating 60 minerals as “critical” to national security, cutting regulations/ fast-tracking the domestic production of these minerals, and even taking direct stakes in companies themselves.</li>
</ol>
<div class="lb-trans"><ol>
<li>美国和中国之间的人工智能军备竞赛需要巨量的实物资产/自然资源（铜、硅、稀土、钢铁，甚至水等）。特朗普政府显然对此 “全力以赴”，将 60 种矿物指定为对国家安全 “至关重要”，削减监管/加快这些矿物的国内生产，甚至直接投资于相关公司。</li>
</ol>
</div><ol>
<li>Globally governments are turning to fiscal dominance to finance economic growth. This means increased debt issuance, which in turn means more money printing by central banks to buy debt and maintain stability in the bond markets. This benefits hard assets/ inflation hedges.</li>
</ol>
<div class="lb-trans"><ol>
<li>全球各国政府正在转向财政主导来融资经济增长。这意味着增加债务发行，进而意味着中央银行需要更多印钞来购买债务并维持债券市场的稳定。这对实物资产/通胀对冲有利。</li>
</ol>
</div><ol>
<li>Central banks are now buying 1,000 tons of gold per year. For the first time in 40 years, gold is a larger portion of foreign reserves than Treasuries (in percentage term).</li>
</ol>
<div class="lb-trans"><ol>
<li>中央银行现在每年购买 1,000 吨黄金。40 年来，黄金在外汇储备中的比例首次超过国债（按百分比计算）。</li>
</ol>
</div><p>This is truly a tectonic shift. And by the look of things, it’s nowhere near over.</p>
<div class="lb-trans"><p>这确实是一次构造性的转变。从目前的情况来看，这一趋势远未结束。</p>
</div><p>The Gold/ S&amp;P 500 ratio is forming a clear Cup and Handle formation. This is an extremely bullish development. And it predicts gold is about to enter a period of MAJOR outperformance relative to stocks.</p>
<div class="lb-trans"><p>黄金/标准普尔 500 指数的比率正在形成明显的杯柄形态。这是一个极其看涨的发展，预示着黄金即将进入相对于股票的重大超额表现期。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://43s.159.myftpupload.com/wp-content/uploads/2026/01/GPC1726.png" alt="" original-src="https://43s.159.myftpupload.com/wp-content/uploads/2026/01/GPC1726.png"/></p>
<p>If this trend REALLY gets going, the outperformance by gold could be truly jaw-dropping. For the better part of 15 years, stocks have outperformed gold on a relative performance. Even a small “reversion to the mean” could result in gold CRUSHING stocks going forward.</p>
<div class="lb-trans"><p>如果这一趋势真正启动，黄金的超额表现可能会令人瞠目结舌。在过去的 15 年里，股票相对于黄金的表现一直占优。即使是小幅的 “均值回归” 也可能导致黄金在未来大幅超越股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://43s.159.myftpupload.com/wp-content/uploads/2026/01/GPC17262.png" alt="" original-src="https://43s.159.myftpupload.com/wp-content/uploads/2026/01/GPC17262.png"/></p>
<p>Those investors who are correctly positioned for this could generate life-changing returns.</p>
<div class="lb-trans"><p>那些正确布局的投资者可能会获得改变人生的回报。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的文章：</em></p>
</div><p>The AI Revolution Is About To Ignite A Major Bull Market In Hard Assets</p>
<div class="lb-trans"><p>人工智能革命即将点燃实物资产的重大牛市</p>
</div><p>The Real Reason The U.S. Took Action In Venezuela</p>
<div class="lb-trans"><p>美国在委内瑞拉采取行动的真正原因</p>
</div><p>A Deep Dive Into Precious Metals Miners, AI, And The Markets</p>
<div class="lb-trans"><p>深入探讨贵金属矿业、人工智能与市场</p>
</div>

黄金是否会在 2026 年超越股票表现？