<p>股票市場投資者今年過得相當不錯，因為 <strong>標準普爾 500 指數</strong>(^GSPC -0.28%) 迄今上漲了 15%，而以科技股為主的 <strong>納斯達克 100 指數</strong> 上漲了 20%。那些高度暴露於人工智能（AI）等強勁趨勢的投資者可能表現得更好，領先芯片製造商 <strong>英偉達</strong> 的股票年初至今飆升了 37%。</p>
<p>然而，一種閃亮的商品在 2025 年卻在壓制股票市場，這就是_黃金_。今年迄今為止，黃金的回報率高達 53%，遠高於過去 30 年平均每年的 8% 的增幅。美國政治不確定性加劇和政府債務飆升似乎推動了近期的反彈，而這兩個問題都沒有消退的跡象。</p>
<p>得益於交易所交易基金（ETFs）的出現，投資黃金從未如此簡單，這些基金直接跟蹤黃金的表現。<strong>SPDR 黃金信託</strong>(GLD -1.85%) 是全球最大的黃金 ETF，管理資產達 1310 億美元，以下是它可能成為任何多元化投資組合的絕佳補充的原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzcyMTQvYS1wcm9zcGVjdG9ycy1wYW4tZmlsbGVkLXdpdGgtZ29sZC1udWdnZXRzLmpwZyZ3PTcwMA?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://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzcyMTQvYS1wcm9zcGVjdG9ycy1wYW4tZmlsbGVkLXdpdGgtZ29sZC1udWdnZXRzLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>黃金的完美經濟和政治環境</h2>
<p>黃金在工業環境中的用途遠不如其他商品。由於其電導性，少量這種閃亮金屬可以在半導體中找到，它在珠寶行業也非常受歡迎。</p>
<p>然而，黃金作為價值儲存的地位可以追溯到幾千年前，主要是因為其稀缺性。根據世界黃金協會的數據，歷史上僅開採出 216,000 噸黃金，而相比之下，約有 170 萬噸白銀被開採。</p>
<p>黃金被認為是如此可靠的價值儲存，以至於許多國家將其國內貨幣的價值與黃金掛鈎，包括美國，直到 1971 年才脱離金本位制。在金本位制下，一個國家必須擁有實物黃金來支持其貨幣儲備。換句話説，政府不能印製更多貨幣，除非它擁有相等數量的黃金來匹配，這限制了通貨膨脹。</p>
<p>因此，美國美元自 54 年前脱離金本位制以來，購買力幾乎損失了 90% 並不奇怪。美國政府現在不斷借款以資助其不斷增長的負債，使國家債務飆升至創紀錄的 37.8 萬億美元。僅在 2025 財年（截至 9 月 30 日），預算赤字就高達 2 萬億美元。</p>
<p>投資者擔心，控制局勢將需要大幅增加貨幣供應，因為創造通貨膨脹會增加税基，從而增加政府收入，幫助減少債務。這對參與經濟的普通人來説是個壞消息，因為這會摧毀他們的購買力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/651fd345acdde728b78b09841b69a7f7.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://media.ycharts.com/charts/651fd345acdde728b78b09841b69a7f7.png"/></p>
<p>美國消費者價格指數：消費者美元的購買力數據來源於 YCharts</p>
<p>儘管黃金在金融系統中不再發揮核心作用，但它仍然是對抗由於政府不負責任的支出和隨之而來的貨幣印刷引發的通貨膨脹的終極對沖工具。由於這種閃亮金屬以美元計價且沒有收入或收益，它的價值往往會因法定貨幣在經濟中不斷增加而上升。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f73e6a8aa83e8b0f88e46288ab0a5774.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://media.ycharts.com/charts/f73e6a8aa83e8b0f88e46288ab0a5774.png"/></p>
<p>黃金價格（以美元計）數據來源於 YCharts</p>
<h2>SPDR 黃金股票信託可能是一個不錯的投資</h2>
<p>擁有實物黃金是從其增值中獲利的最可靠方式。然而，這種策略並不總是實用，因為金屬必須安全存儲（並投保），而且出售黃金尤其是大宗出售時可能會面臨挑戰。購買 SPDR 黃金信託可以解決這些問題，因為不需要實物存儲，投資者可以通過點擊按鈕輕鬆變現其持倉。</p>
<p>投資者將為這些好處支付費用。SPDR ETF 的費用比率為 0.4%，這是每年從基金中扣除的管理費用比例。以美元計算，投資 10 萬美元每年將產生約 400 美元的費用。</p>
<p>這並不是唯一的缺點。儘管該 ETF 由實際黃金儲備支持，但股東無權提取任何實物金條。他們仍然可以以完全相同的方式從黃金的上漲中獲利，因此除非世界發生災難性事件，導致人們無法訪問其金融資產，否則這不會成為問題。</p>
<p>綜上所述，購買 SPDR 黃金信託是大多數投資者參與黃金上漲的最簡單方式，但他們應該僅將其作為其他資產（如股票）多元化投資組合的一部分。正如我之前提到的，黃金在過去 30 年中提供了約 8% 的複合年回報，這並不算差，但也有很長一段時間它幾乎沒有任何回報。</p>
<p>例如，如果你在 2011 年 6 月購買黃金，你將近十年沒有獲得任何回報。與此同時，標準普爾 500 指數在同一時期上漲了 144%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4e3ee0a2495315fc4bdcbc4eb4e64702.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://media.ycharts.com/charts/4e3ee0a2495315fc4bdcbc4eb4e64702.png"/></p>
<p>黃金價格（以美元計）數據來源於 YCharts</p>
<p>因此，儘管今年追逐黃金 53% 的驚人漲幅可能很誘人，但它在未來幾年可能會帶來平庸的回報，因此應保持小規模持倉並保持多元化。</p>

SPDR 金 ETF

<p>黃金在 2025 年的表現超過了主要股票指數，回報率為 53%，而標準普爾 500 指數為 15%，納斯達克 100 指數為 20%。這一激增歸因於美國的政治不確定性和不斷上升的政府債務。SPDR 黃金信託基金（GLD）擁有 1310 億美元的資產，為投資黃金提供了一種簡單的方法，無需面對實物存儲的挑戰。儘管其費用比率為 0.4%，但它使投資者能夠從黃金價值的增長中受益，作為對抗通貨膨脹和經濟不穩定的對沖工具，因此被推薦作為多元化投資組合的補充</p>

<p>Stock market investors are having a pretty good year because the <strong>S&amp;P 500</strong>(^GSPC -0.28%) is up 15% so far, and the tech-heavy <strong>Nasdaq-100</strong> has climbed by 20%. Investors with a high degree of exposure to powerful trends like artificial intelligence (AI) might be faring even better, with shares of leading chip maker <strong>Nvidia</strong> soaring by 37% year-to-date.</p>
<div class="lb-trans"><p>股票市場投資者今年過得相當不錯，因為 <strong>標準普爾 500 指數</strong>(^GSPC -0.28%) 迄今上漲了 15%，而以科技股為主的 <strong>納斯達克 100 指數</strong> 上漲了 20%。那些高度暴露於人工智能（AI）等強勁趨勢的投資者可能表現得更好，領先芯片製造商 <strong>英偉達</strong> 的股票年初至今飆升了 37%。</p>
</div><p>However, one shiny commodity that produces no revenue and no earnings is <em>crushing</em> the stock market in 2025. Gold has returned a whopping 53% so far this year, which is significantly higher than its average annual gain of 8% over the last 30 years. Heightened political uncertainty in the U.S. and soaring government debt seem to be fueling the recent rally, and neither issue appears to be going away.</p>
<div class="lb-trans"><p>然而，一種閃亮的商品在 2025 年卻在壓制股票市場，這就是_黃金_。今年迄今為止，黃金的回報率高達 53%，遠高於過去 30 年平均每年的 8% 的增幅。美國政治不確定性加劇和政府債務飆升似乎推動了近期的反彈，而這兩個問題都沒有消退的跡象。</p>
</div><p>Investing in gold has never been easier thanks to the availability of exchange-traded funds (ETFs), which directly track its performance. The <strong>SPDR Gold Trust</strong>(GLD -1.85%) is the largest in the world with $131 billion in assets under management, and here's why it might be a great addition to any diversified portfolio.</p>
<div class="lb-trans"><p>得益於交易所交易基金（ETFs）的出現，投資黃金從未如此簡單，這些基金直接跟蹤黃金的表現。<strong>SPDR 黃金信託</strong>(GLD -1.85%) 是全球最大的黃金 ETF，管理資產達 1310 億美元，以下是它可能成為任何多元化投資組合的絕佳補充的原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzcyMTQvYS1wcm9zcGVjdG9ycy1wYW4tZmlsbGVkLXdpdGgtZ29sZC1udWdnZXRzLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F837214%2Fa-prospectors-pan-filled-with-gold-nuggets.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>The perfect economic and political environment for gold</h2>
<div class="lb-trans"><h2>黃金的完美經濟和政治環境</h2>
</div><p>Gold isn't nearly as useful as other commodities in industrial settings. Small quantities of the shiny metal can be found in semiconductors because of its electrical conductivity, and it's also very popular in the jewelry industry.</p>
<div class="lb-trans"><p>黃金在工業環境中的用途遠不如其他商品。由於其電導性，少量這種閃亮金屬可以在半導體中找到，它在珠寶行業也非常受歡迎。</p>
</div><p>However, gold's status as a store of value dates back thousands of years, mainly because of its scarcity. According to the World Gold Council, just 216,000 tonnes have been pulled out of the ground throughout history, whereas for some perspective, around 1.7 million tonnes of silver have been mined.</p>
<div class="lb-trans"><p>然而，黃金作為價值儲存的地位可以追溯到幾千年前，主要是因為其稀缺性。根據世界黃金協會的數據，歷史上僅開採出 216,000 噸黃金，而相比之下，約有 170 萬噸白銀被開採。</p>
</div><p>Gold is considered so reliable as a store of value that many countries pegged the value of their domestic currencies to it, including the U.S. which was on the gold standard until 1971. Under the gold standard, a country had to have physical gold to back up its currency reserves. In other words, a government couldn't print more money unless it had an equal amount of gold to match, which kept a lid on inflation.</p>
<div class="lb-trans"><p>黃金被認為是如此可靠的價值儲存，以至於許多國家將其國內貨幣的價值與黃金掛鈎，包括美國，直到 1971 年才脱離金本位制。在金本位制下，一個國家必須擁有實物黃金來支持其貨幣儲備。換句話説，政府不能印製更多貨幣，除非它擁有相等數量的黃金來匹配，這限制了通貨膨脹。</p>
</div><p>Therefore, it's no surprise the U.S. dollar has lost almost 90% of its purchasing power since moving off the gold standard 54 years ago. The U.S. government now continuously borrows money to fund its growing liabilities, catapulting the national debt to a record $37.8 trillion. The budget deficit was a whopping $2 trillion in fiscal 2025 alone (which ended on Sept. 30).</p>
<div class="lb-trans"><p>因此，美國美元自 54 年前脱離金本位制以來，購買力幾乎損失了 90% 並不奇怪。美國政府現在不斷借款以資助其不斷增長的負債，使國家債務飆升至創紀錄的 37.8 萬億美元。僅在 2025 財年（截至 9 月 30 日），預算赤字就高達 2 萬億美元。</p>
</div><p>Investors fear bringing the situation under control will require a sharp increase in money supply, because creating inflation increases the tax base and, therefore, government revenue, which helps reduce debt. This is terrible for regular people participating in the economy, because it destroys their purchasing power.</p>
<div class="lb-trans"><p>投資者擔心，控制局勢將需要大幅增加貨幣供應，因為創造通貨膨脹會增加税基，從而增加政府收入，幫助減少債務。這對參與經濟的普通人來説是個壞消息，因為這會摧毀他們的購買力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/651fd345acdde728b78b09841b69a7f7.png" alt="" original-src="https://media.ycharts.com/charts/651fd345acdde728b78b09841b69a7f7.png"/></p>
<p>US Consumer Price Index: Purchasing Power Of the Consumer Dollar data by YCharts</p>
<div class="lb-trans"><p>美國消費者價格指數：消費者美元的購買力數據來源於 YCharts</p>
</div><p>Gold remains the ultimate hedge against the inflation caused by reckless government spending and subsequent money printing, even though it no longer plays a central role in the financial system. Since the shiny metal is priced in U.S. dollars and has no revenue or earnings, it tends to rise in value simply because the amount of fiat currency sloshing around the economy continues to grow.</p>
<div class="lb-trans"><p>儘管黃金在金融系統中不再發揮核心作用，但它仍然是對抗由於政府不負責任的支出和隨之而來的貨幣印刷引發的通貨膨脹的終極對沖工具。由於這種閃亮金屬以美元計價且沒有收入或收益，它的價值往往會因法定貨幣在經濟中不斷增加而上升。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f73e6a8aa83e8b0f88e46288ab0a5774.png" alt="" original-src="https://media.ycharts.com/charts/f73e6a8aa83e8b0f88e46288ab0a5774.png"/></p>
<p>Gold Price in US Dollars data by YCharts</p>
<div class="lb-trans"><p>黃金價格（以美元計）數據來源於 YCharts</p>
</div><h2>The SPDR Gold Shares Trust could be a great buy</h2>
<div class="lb-trans"><h2>SPDR 黃金股票信託可能是一個不錯的投資</h2>
</div><p>Owning physical gold is the surest way to profit from its increasing value. However, this strategy isn't always practical because the metal has to be stored securely (with insurance), and selling it can be a challenge especially in large quantities. Buying the SPDR Gold Trust can solve those problems, because there is no physical storage required, and investors can liquidate their position with the click of a button.</p>
<div class="lb-trans"><p>擁有實物黃金是從其增值中獲利的最可靠方式。然而，這種策略並不總是實用，因為金屬必須安全存儲（並投保），而且出售黃金尤其是大宗出售時可能會面臨挑戰。購買 SPDR 黃金信託可以解決這些問題，因為不需要實物存儲，投資者可以通過點擊按鈕輕鬆變現其持倉。</p>
</div><p>Investors will pay a fee for those benefits. The SPDR ETF has an expense ratio of 0.4%, which is the proportion of the fund deducted each year to cover management costs. In dollar terms, an investment of $100,000 would incur around $400 in annual fees.</p>
<div class="lb-trans"><p>投資者將為這些好處支付費用。SPDR ETF 的費用比率為 0.4%，這是每年從基金中扣除的管理費用比例。以美元計算，投資 10 萬美元每年將產生約 400 美元的費用。</p>
</div><p>That isn't the only drawback. Although the ETF is backed by actual gold reserves, shareholders aren't entitled to take delivery of any physical bullion. They will still profit from gold's upside in exactly the same way, so this won't be an issue unless the world suffers a catastrophic event that prevents people from accessing their financial assets.</p>
<div class="lb-trans"><p>這並不是唯一的缺點。儘管該 ETF 由實際黃金儲備支持，但股東無權提取任何實物金條。他們仍然可以以完全相同的方式從黃金的上漲中獲利，因此除非世界發生災難性事件，導致人們無法訪問其金融資產，否則這不會成為問題。</p>
</div><p>With all of that said, buying the SPDR Gold Trust is the simplest way for most investors to participate in gold's upside, but they should only own it as part of a diversified portfolio of other assets like stocks. As I mentioned earlier, gold has delivered a compound annual return of around 8% over the last 30 years, which isn't bad, but there were lengthy periods where it did nothing at all.</p>
<div class="lb-trans"><p>綜上所述，購買 SPDR 黃金信託是大多數投資者參與黃金上漲的最簡單方式，但他們應該僅將其作為其他資產（如股票）多元化投資組合的一部分。正如我之前提到的，黃金在過去 30 年中提供了約 8% 的複合年回報，這並不算差，但也有很長一段時間它幾乎沒有任何回報。</p>
</div><p>For example, had you bought gold in June 2011, you would have earned no return for nearly an entire decade. Meanwhile, the S&amp;P 500 climbed by a whopping 144% over the same period.</p>
<div class="lb-trans"><p>例如，如果你在 2011 年 6 月購買黃金，你將近十年沒有獲得任何回報。與此同時，標準普爾 500 指數在同一時期上漲了 144%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4e3ee0a2495315fc4bdcbc4eb4e64702.png" alt="" original-src="https://media.ycharts.com/charts/4e3ee0a2495315fc4bdcbc4eb4e64702.png"/></p>
<p>Gold Price in US Dollars data by YCharts</p>
<div class="lb-trans"><p>黃金價格（以美元計）數據來源於 YCharts</p>
</div><p>Therefore, while it might be tempting to chase gold's eye-popping 53% gain this year, there is a real chance it will deliver mediocre returns for the next several years, so keep your position size small and stay diversified.</p>
<div class="lb-trans"><p>因此，儘管今年追逐黃金 53% 的驚人漲幅可能很誘人，但它在未來幾年可能會帶來平庸的回報，因此應保持小規模持倉並保持多元化。</p>
</div>

Gold Is Obliterating the S&P 500, the Nasdaq-100, and even Nvidia Right Now. Here's a Simple Way to Buy It

- 2025 年，黃金價格上漲 53%，遠超股市表現。  
- 政治不確定性和政府債務激增推動黃金需求。  
- 投資 SPDR 黃金信託基金可簡化黃金投資，適合多元化投資組合。

黃金目前正在超越標準普爾 500 指數、納斯達克 100 指數，甚至英偉達。以下是一個簡單的購買方式