<p>不僅僅是股票，泡沫可能正在形成。</p>
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<p>國際清算銀行（BIS）發出警告，稱正在形成所謂的 “雙重泡沫”，涉及股票和黃金。BIS 的經濟學家在一份新論文中指出，黃金和股票價格同步飆升的現象在過去至少五十年中未曾出現。</p>
<p>作為全球中央銀行的傘形組織，BIS 表示，儘管與人工智能（AI）相關的股市持續飆升，但今年黃金價格上漲 60% 將是自 1979 年以來的最大漲幅。黃金價格的上漲主要是由於中央銀行作為避險資產購買貴金屬的強勁需求。</p>
<h2><strong>對投資者的潛在危險</strong></h2>
<p>BIS 貨幣與經濟部門負責人申炫松在該機構 2025 年的最終報告中寫道：“今年黃金的表現與其通常模式截然不同。” “這次有趣的現象是，黃金變得更像是一種投機資產。”</p>
<p>被稱為全球中央銀行的中央銀行，國際清算銀行多年來定期發出關於潛在股市泡沫和對投資者潛在危險的警告。但現在，BIS 警告投資者面臨雙重危險，即股票和黃金的泡沫。</p>
<p>BIS 的分析確定，今年是黃金和基準標準普爾 500 指數在過去 50 年中首次共同表現出 “爆炸性行為”。報告最後詢問，如果股票和黃金同時崩潰，投資者將何處避難？</p>
<h2><strong>SPDR 黃金股票 ETF 值得購買嗎？</strong></h2>
<p>大多數分析師對 SPDR 黃金股票（GLD）交易所交易基金（ETF）沒有評級。因此，我們將查看其年初至今的表現。如下面所示，GLD ETF 今年上漲了 60%，與其跟蹤的貴金屬價格相呼應。</p>

<p>國際清算銀行警告稱，股票和黃金存在 “雙重泡沫”，並指出它們價格的前所未有的同步飆升。這一現象是由中央銀行大量購買黃金所推動，給投資者帶來了潛在的風險。國際清算銀行強調，黃金和標準普爾 500 指數均表現出爆炸性的波動，這引發了人們對如果兩個市場同時崩潰，投資者將何處避難的擔憂</p>

<p>It's not just stocks where a bubble might be forming.</p>
<div class="lb-trans"><p>不僅僅是股票，泡沫可能正在形成。</p>
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<div class="lb-trans"><h3>TipRanks 網絡星期一促銷</h3>
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</div><p>The Bank for International Settlements (BIS) is sounding the alarm on what it calls a &#34;double bubble&#34; that's forming in both stocks and gold. Economists at the BIS note in a new paper that the combination of gold and share prices soaring in unison is a phenomenon that has not occurred in at least half a century.</p>
<div class="lb-trans"><p>國際清算銀行（BIS）發出警告，稱正在形成所謂的 “雙重泡沫”，涉及股票和黃金。BIS 的經濟學家在一份新論文中指出，黃金和股票價格同步飆升的現象在過去至少五十年中未曾出現。</p>
</div><p>The BIS, which is a global umbrella organization for the world's central banks, says that while equity markets continue to surge on anything related to artificial intelligence (AI), the 60% rise in gold's price this year is set to be its biggest since 1979. Gold has been running higher alongside stocks due largely to robust buying on the part of central banks that are purchasing the precious metal as a safe-haven asset.</p>
<div class="lb-trans"><p>作為全球中央銀行的傘形組織，BIS 表示，儘管與人工智能（AI）相關的股市持續飆升，但今年黃金價格上漲 60% 將是自 1979 年以來的最大漲幅。黃金價格的上漲主要是由於中央銀行作為避險資產購買貴金屬的強勁需求。</p>
</div><h2><strong>Potential Danger for Investors</strong></h2>
<div class="lb-trans"><h2><strong>對投資者的潛在危險</strong></h2>
</div><p>&#34;Gold has behaved very differently this year compared to its usual pattern,&#34; writes Hyun Song Shin, Head of the Monetary and Economic Department at the BIS, in the institution's final report of 2025. &#34;The interesting phenomenon this time has been that gold has become much more like a speculative asset.&#34;</p>
<div class="lb-trans"><p>BIS 貨幣與經濟部門負責人申炫松在該機構 2025 年的最終報告中寫道：“今年黃金的表現與其通常模式截然不同。” “這次有趣的現象是，黃金變得更像是一種投機資產。”</p>
</div><p>Dubbed the central bank to the world's central banks, the Bank for International Settlements has given regular warnings over the years about potential stock market bubbles and the potential dangers for investors. But now, the BIS warns that dangers to investors are two-fold, a bubble in stocks and gold.</p>
<div class="lb-trans"><p>被稱為全球中央銀行的中央銀行，國際清算銀行多年來定期發出關於潛在股市泡沫和對投資者潛在危險的警告。但現在，BIS 警告投資者面臨雙重危險，即股票和黃金的泡沫。</p>
</div><p>The BIS' analysis determines that this year has been the first time that gold and the benchmark S&amp;P 500 index have jointly exhibited &#34;explosive behavior&#34; in the last 50 years. The report concludes by asking where investors will shelter if stocks and gold both crash at the same time?</p>
<div class="lb-trans"><p>BIS 的分析確定，今年是黃金和基準標準普爾 500 指數在過去 50 年中首次共同表現出 “爆炸性行為”。報告最後詢問，如果股票和黃金同時崩潰，投資者將何處避難？</p>
</div><h2><strong>Is The SPDR Gold Shares ETF a Buy?</strong></h2>
<div class="lb-trans"><h2><strong>SPDR 黃金股票 ETF 值得購買嗎？</strong></h2>
</div><p>Most analysts don't rate the SPDR Gold Shares (GLD) exchange-traded fund (ETF). So instead, we'll look at its year-to-date performance. As one can see below, the GLD ETF has risen 60% this year, mirroring the price of the precious metal that it tracks.</p>
<div class="lb-trans"><p>大多數分析師對 SPDR 黃金股票（GLD）交易所交易基金（ETF）沒有評級。因此，我們將查看其年初至今的表現。如下面所示，GLD ETF 今年上漲了 60%，與其跟蹤的貴金屬價格相呼應。</p>
</div>

國際清算銀行警告黃金和股票市場存在 “雙重泡沫”