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<p>本周股市经历了大起大落，标准普尔 500 指数（^GSPC）下跌了 2.6%，但在周五又恢复了一些涨幅。</p>
<p>然而，比特币（BTC-USD）和黄金（GC=F），这两种现代和传统的 “价值储存工具”，的波动更为剧烈，分别下跌了约 20% 和 7%。</p>
<p>与股票一样，它们也恢复了一些涨幅。</p>
<p>这些大数字，尤其是黄金的表现，突显了投资者正在逐渐认识到的一个真相：价值储存工具已经不再如往昔那般可靠。尤其是黄金，这一千年历史的财富储存工具，正在经历其经典角色因波动性而被颠覆。</p>
<p>从某种意义上说，这对拥有黄金的人来说是积极的——本周价格上涨，接近 5000 美元。到目前为止，今年价格上涨了约 14%。而且我们很可能会看到它进一步上涨。</p>
<p>例如，摩根大通的分析师们对黄金持乐观态度，预测中央银行和投资者的需求将推动价格在年底前达到每盎司 6300 美元。这将标志着大约 25% 的增长。</p>
<p><em>阅读更多：</em> <em>考虑购买黄金？投资者应该关注哪些因素。</em></p>
<p>地缘政治不稳定、法定货币的 “贬值” 以及未解决的债务问题推动了黄金的历史性上涨。资产的疲软促使投资者依赖于实物资产。</p>
<p>尽管这些涨幅反映了一些疯狂的、类似于 “迷因股票” 的数字，但至少在某种程度上削弱了黄金作为价值储存工具的效用。因为，正如我们所知，涨得如此快的东西也可能跌得如此快。</p>
<p>本周早些时候的崩盘突显了某位专家所描述的 “令人叹为观止且深感恐惧” 的贵金属上涨。</p>
<p>价格波动创造的图表看起来像是股票的图表。分析师可以解释波动背后的原因，但一些投资者选择了静观其变。</p>
<p>其他人则抓住时机，无论是在短期内还是在我们更大的文化转变向赌场般的娱乐中，选择了逢低买入。</p>
<p>关于避险资产的一个令人不安的想法是，思考其成功所需的经济和政治条件。</p>
<p>不过，如果您持有任何加密货币，您可能现在不想过于深入思考任何事情。</p>
<p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/ifWQfBPMowvts23C.CkrPw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MA--/https://s.yimg.com/os/creatr-uploaded-images/2026-02/e3b75ac0-0399-11f1-ab5f-555252061270?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://s.yimg.com/ny/api/res/1.2/ifWQfBPMowvts23C.CkrPw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MA--/https://s.yimg.com/os/creatr-uploaded-images/2026-02/e3b75ac0-0399-11f1-ab5f-555252061270"/></p>
<p>金条在照片插图中展示，反映了由于通胀担忧和中央银行政策前景驱动的黄金价格近期波动。（Jonathan Raa/NurPhoto via Getty Images）</p>
<p>股票的回升和黄金的惊人上涨形成了痛苦的对比。比特币价格在周四跌至 61000 美元。即使在周五回升至 70000 美元，这一顶级数字货币仍比 10 月份的峰值下跌了约 44%。</p>
<p>加密货币的倡导者可能将比特币视为 21 世纪的数字黄金。但新的黄金并不是比特币——它只是更为波动的黄金。</p>
<p>在这一切中，尽管美元波动，但与之相比显得相对稳定。</p>
<p>如果您在寻找稳定的价值，可能会有一些地方和时刻可以找到。但在本周——以及今年的市场故事中，有一个明确的赢家：多元化。</p>
<p><em>Hamza Shaban 是 Yahoo Finance 的记者，报道市场和经济。请在 X 上关注 Hamza @hshaban</em> <em>.</em></p>
<p><strong>点击这里获取最新股市新闻和影响股价的事件的深入分析</strong></p>
<p><strong>阅读 Yahoo Finance 的最新财经和商业新闻</strong></p>

<p>黄金越来越被视为一种波动性投资，而非避险资产，类似于迷因股票。本周，黄金价格年初至今上涨近 14%，预测到年底可能上涨至每盎司 6,300 美元，主要受到中央银行需求和地缘政治不稳定的推动。然而，近期的波动性引发了人们对黄金作为价值储存工具可靠性的担忧。黄金与加密货币的表现对比凸显了投资策略多样化的必要性</p>

<p><strong><em>This is The Takeaway from today's Morning Brief, which you can</em></strong> <strong><em>sign up</em></strong> <strong><em>to receive in your inbox every morning along with:</em></strong></p>
<div class="lb-trans"><p><strong><em>这是今天早间简报的要点，您可以</em></strong> <strong><em>注册</em></strong> <strong><em>以便每天早上在您的邮箱中接收：</em></strong></p>
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<li>What we're reading</li>
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<li>我们关注的内容</li>
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</div><p>The stock market got a major roller-coaster ride this week, with the S&amp;P 500 (^GSPC) falling 2.6% before clawing back gains on Friday.</p>
<div class="lb-trans"><p>本周股市经历了大起大落，标准普尔 500 指数（^GSPC）下跌了 2.6%，但在周五又恢复了一些涨幅。</p>
</div><p>But both bitcoin (BTC-USD) and gold (GC=F), the modern and traditional &#34;stores of value,&#34; had even wilder runs, falling around 20% and 7%, respectively.</p>
<div class="lb-trans"><p>然而，比特币（BTC-USD）和黄金（GC=F），这两种现代和传统的 “价值储存工具”，的波动更为剧烈，分别下跌了约 20% 和 7%。</p>
</div><p>Both, like stocks, got some of their gains back.</p>
<div class="lb-trans"><p>与股票一样，它们也恢复了一些涨幅。</p>
</div><p>Those big numbers, especially for gold, highlight a truth investors are learning to reckon with: Stores of value just aren't what they used to be. Particularly for gold, a millennia-old store of wealth, which is seeing its classical role upended by volatility.</p>
<div class="lb-trans"><p>这些大数字，尤其是黄金的表现，突显了投资者正在逐渐认识到的一个真相：价值储存工具已经不再如往昔那般可靠。尤其是黄金，这一千年历史的财富储存工具，正在经历其经典角色因波动性而被颠覆。</p>
</div><p>In a sense, it's positive — if you own gold. Prices are up for the week, sitting at just under $5,000. They've risen about 14% so far this year. And there's a good chance we'll see it rise more.</p>
<div class="lb-trans"><p>从某种意义上说，这对拥有黄金的人来说是积极的——本周价格上涨，接近 5000 美元。到目前为止，今年价格上涨了约 14%。而且我们很可能会看到它进一步上涨。</p>
</div><p>JPMorgan analysts, for instance, have doubled down on gold, forecasting demand from central banks and investors to push prices to $6,300 per ounce by the end of the year. That would mark a roughly 25% increase.</p>
<div class="lb-trans"><p>例如，摩根大通的分析师们对黄金持乐观态度，预测中央银行和投资者的需求将推动价格在年底前达到每盎司 6300 美元。这将标志着大约 25% 的增长。</p>
</div><p><em>Read more:</em> <em>Thinking of buying gold? Here's what investors should watch for.</em></p>
<div class="lb-trans"><p><em>阅读更多：</em> <em>考虑购买黄金？投资者应该关注哪些因素。</em></p>
</div><p>Geopolitical instability, the &#34;debasement&#34; of fiat currencies, and unresolved questions over debt loads have fueled gold's historic rise. A weakened insert-your-asset-of-choice has encouraged investors to cling to hard assets.</p>
<div class="lb-trans"><p>地缘政治不稳定、法定货币的 “贬值” 以及未解决的债务问题推动了黄金的历史性上涨。资产的疲软促使投资者依赖于实物资产。</p>
</div><p>Gains though they are, they reflect some wild, meme-stocky numbers that at least somewhat diminish gold's utility as a place to park value. Because, as we all know, what goes up that fast can also go down that fast.</p>
<div class="lb-trans"><p>尽管这些涨幅反映了一些疯狂的、类似于 “迷因股票” 的数字，但至少在某种程度上削弱了黄金作为价值储存工具的效用。因为，正如我们所知，涨得如此快的东西也可能跌得如此快。</p>
</div><p>The crash earlier in the week punctuated what one expert described as a &#34;breathtaking and profoundly scary&#34; rise in precious metals.</p>
<div class="lb-trans"><p>本周早些时候的崩盘突显了某位专家所描述的 “令人叹为观止且深感恐惧” 的贵金属上涨。</p>
</div><p>The price action created charts that looked like they belonged to stocks. Analysts could explain the moves behind the volatility, but some investors decided to just wait it out.</p>
<div class="lb-trans"><p>价格波动创造的图表看起来像是股票的图表。分析师可以解释波动背后的原因，但一些投资者选择了静观其变。</p>
</div><p>Others, seizing the moment, both in the immediate sense and in our larger cultural shift toward casino-like amusements, bought the dip.</p>
<div class="lb-trans"><p>其他人则抓住时机，无论是在短期内还是在我们更大的文化转变向赌场般的娱乐中，选择了逢低买入。</p>
</div><p>An uncomfortable idea surrounding safe-haven assets is to think about the economic and political conditions required for their success.</p>
<div class="lb-trans"><p>关于避险资产的一个令人不安的想法是，思考其成功所需的经济和政治条件。</p>
</div><p>If you hold any crypto, though, you may not want to think too deeply about anything right now.</p>
<div class="lb-trans"><p>不过，如果您持有任何加密货币，您可能现在不想过于深入思考任何事情。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/ifWQfBPMowvts23C.CkrPw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MA--/https://s.yimg.com/os/creatr-uploaded-images/2026-02/e3b75ac0-0399-11f1-ab5f-555252061270" alt="" original-src="https://s.yimg.com/ny/api/res/1.2/ifWQfBPMowvts23C.CkrPw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MA--/https://s.yimg.com/os/creatr-uploaded-images/2026-02/e3b75ac0-0399-11f1-ab5f-555252061270"/></p>
<p>Gold bars are displayed in a photo illustration, reflecting recent movements in gold prices driven by inflation concerns and central bank policy outlooks. (Jonathan Raa/NurPhoto via Getty Images)</p>
<div class="lb-trans"><p>金条在照片插图中展示，反映了由于通胀担忧和中央银行政策前景驱动的黄金价格近期波动。（Jonathan Raa/NurPhoto via Getty Images）</p>
</div><p>The comeback in stocks and gold's staggering climb make for a painful contrast. Bitcoin prices fell as low as $61,000 on Thursday. And even with a recovery on Friday to $70,000, the top digital currency is down about 44% from its October peak.</p>
<div class="lb-trans"><p>股票的回升和黄金的惊人上涨形成了痛苦的对比。比特币价格在周四跌至 61000 美元。即使在周五回升至 70000 美元，这一顶级数字货币仍比 10 月份的峰值下跌了约 44%。</p>
</div><p>Crypto evangelists may have pitched bitcoin as 21st-century digital gold. But the new gold isn't bitcoin — it's just more volatile gold.</p>
<div class="lb-trans"><p>加密货币的倡导者可能将比特币视为 21 世纪的数字黄金。但新的黄金并不是比特币——它只是更为波动的黄金。</p>
</div><p>Amid all this, the dollar, for all its movement, looks stable in comparison.</p>
<div class="lb-trans"><p>在这一切中，尽管美元波动，但与之相比显得相对稳定。</p>
</div><p>If you're looking for stable value, there are probably places and moments to find it. But there's one clear winner in this week's — and this year's — market story: diversification.</p>
<div class="lb-trans"><p>如果您在寻找稳定的价值，可能会有一些地方和时刻可以找到。但在本周——以及今年的市场故事中，有一个明确的赢家：多元化。</p>
</div><p><em>Hamza Shaban is a reporter for Yahoo Finance covering markets and the economy. Follow Hamza on X</em> <em>@hshaban</em> <em>.</em></p>
<div class="lb-trans"><p><em>Hamza Shaban 是 Yahoo Finance 的记者，报道市场和经济。请在 X 上关注 Hamza @hshaban</em> <em>.</em></p>
</div><p><strong>Click here for in-depth analysis of the latest stock market news and events moving stock prices</strong></p>
<div class="lb-trans"><p><strong>点击这里获取最新股市新闻和影响股价的事件的深入分析</strong></p>
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黄金的 “避险天堂” 正在像迷因股一样进行交易