<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1559058922-5d29e1f00075/query-aXhpZD1leUpoY0hCZmFXUWlPakV5TURkOSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1000" height="667" original-src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1559058922-5d29e1f00075/query-aXhpZD1leUpoY0hCZmFXUWlPakV5TURkOSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA"/></p>
<p><em>图片来源：Unsplash</em></p>
<p>黄金价格在 10 年内（2015-2025）上涨超过 300%。尽管黄金具有类似股票的波动性，人们通常将这种金属视为避风港。因此，将黄金价格与消费者信心指数进行比较是很有趣的。在同样的 10 年期间，消费者信心稳步下降，而黄金价格却在攀升。这种反向关系表明，随着经济信心的减弱，投资者越来越多地将资本配置到被视为安全的避风港，如货币市场基金，以及有些矛盾地，黄金。</p>
<p><em>来源：密歇根大学，雅虎财经，《商业周刊》图表</em></p>
<p><em>此图由 Lucas Juery, CFA, CFPⓇ制作，旨在提供财务建议。</em></p>
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<p><em>更多来自此作者：</em></p>
<p>从动荡到稳定：回顾美联储的双重使命</p>
<p>今天的税收有多低？美国税收政策的 100 年回顾</p>
<p>2025 年，欧洲投资者的标准普尔 500 回报仅为 2%</p>

<p>黄金价格在 2015 年至 2025 年间上涨了超过 300%，尽管其波动性较大。这一上涨与消费者信心的持续下降形成对比，表明随着经济信心的减弱，投资者越来越倾向于转向黄金和货币市场基金等避险资产。这种反向关系突显了在经济不确定时期影响投资决策的心理因素</p>

<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1559058922-5d29e1f00075/query-aXhpZD1leUpoY0hCZmFXUWlPakV5TURkOSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA" alt="" original-src="https://images.unsplash.com/photo-1559058922-5d29e1f00075?ixlib=rb-1.2.1&amp;ixid=eyJhcHBfaWQiOjEyMDd9&amp;w=1000&amp;q=80"/></p>
<p><em>Image Source: Unsplash</em></p>
<div class="lb-trans"><p><em>图片来源：Unsplash</em></p>
</div><p>Gold prices have surged more than 300% in 10 years (2015-2025). Despite gold having stock-like volatility, people often associate the metal as a safe haven. Therefore, it is interesting to compare gold prices with the consumer sentiment index. Over the same 10-year period, consumer sentiment has steadily declined while gold prices have climbed. The inverse relationship suggests that as economic confidence weakens, investors increasingly allocate capital to perceived safe havens such as money market funds and, somewhat paradoxically, gold.</p>
<div class="lb-trans"><p>黄金价格在 10 年内（2015-2025）上涨超过 300%。尽管黄金具有类似股票的波动性，人们通常将这种金属视为避风港。因此，将黄金价格与消费者信心指数进行比较是很有趣的。在同样的 10 年期间，消费者信心稳步下降，而黄金价格却在攀升。这种反向关系表明，随着经济信心的减弱，投资者越来越多地将资本配置到被视为安全的避风港，如货币市场基金，以及有些矛盾地，黄金。</p>
</div><p><em>Source: University of Michigan, Yahoo Finance, The Business Week Graphic</em></p>
<div class="lb-trans"><p><em>来源：密歇根大学，雅虎财经，《商业周刊》图表</em></p>
</div><p><em>This graph was produced by Lucas Juery, CFA, CFPⓇ and is not intended to provide financial advice.</em></p>
<div class="lb-trans"><p><em>此图由 Lucas Juery, CFA, CFPⓇ制作，旨在提供财务建议。</em></p>
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<div class="lb-trans"><p>从动荡到稳定：回顾美联储的双重使命</p>
</div><p>How Low Are Taxes Today? A 100-Year Look At U.S. Tax Policy</p>
<div class="lb-trans"><p>今天的税收有多低？美国税收政策的 100 年回顾</p>
</div><p>2025 S&amp;P 500 Return For Euro Investors Is Only 2%</p>
<div class="lb-trans"><p>2025 年，欧洲投资者的标准普尔 500 回报仅为 2%</p>
</div>

黄金价格飙升背后的心理因素