<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2013/07/18/10/56/gold-163519_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/2013/07/18/10/56/gold-163519_960_720.jpg"/></p>
<p><em>圖片來源：Pixabay</em></p>
<p>我們正面臨一個極其罕見的情況：VIX 接近一年以來的最低水平，約為 14，而黃金價格則達到了歷史新高。在正常情況下，這種共存是不存在的。被壓制的股票波動性通常伴隨着疲軟、邊際、無用的黃金。今天，情況正好相反。這不是統計異常，而是制度的變化。</p>
<p>這種分歧將從 2023 年開始逐漸顯現，VIX 保持低迷，而黃金停止修正，擺脱股市的平靜期。</p>
<p><img src="https://imageproxy.pbkrs.com/https://goldbroker.com/media/image/cms/media/images/divergence-volatilite-or/volatilite-SP500-1M.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://goldbroker.com/media/image/cms/media/images/divergence-volatilite-or/volatilite-SP500-1M.png"/></p>
<p>但 2025 年標誌着這一現象強度的明顯突破。今年，分歧不僅在繼續，而且在加速：VIX 正在下滑至一年甚至多年的低點，而黃金則在創下新紀錄。我們已經從簡單的制度轉變，轉向了人為壓縮的股票波動性與越來越明顯地反映這種控制未來成本的貨幣資產之間的結構性分歧。隨着時間的推移，信息變得越來越清晰：這不是一次臨時事故，而是今年顯著增強的基本趨勢。</p>
<p><img src="https://imageproxy.pbkrs.com/https://goldbroker.com/media/image/cms/media/images/divergence-volatilite-or/volatilite-SP500-1D.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://goldbroker.com/media/image/cms/media/images/divergence-volatilite-or/volatilite-SP500-1D.png"/></p>
<p>第一個關鍵點是，VIX 不再定價風險。它定價的是股票風險控制。波動性是通過短期波動性頭寸、非常短期期權的主導地位、交易商的正伽馬以及在關鍵到期日前避免任何干擾的明確願望機械性地壓縮的。</p>
<p>這意味着波動性並不是因為風險消失而自然下降，而是由於市場的結構被人為地保持在低位。許多參與者通過賣出波動性（稱為短波頭寸）來押注於穩定的環境，這對 VIX 施加了持續的下行壓力。同時，非常短期期權的激增，有時僅限於一天，使得可以幾乎瞬間調整敞口並中和新興的波動。在這種情況下，金融中介——交易商——經常處於正伽馬狀態：在市場稍微下跌時，他們的利益是買入，而在市場上漲時賣出，這自動緩衝了波動。最後，隨着關鍵截止日期的臨近——財報發佈、中央銀行決策、期權到期——有強烈的動機避免任何明顯的干擾，因為突然的波動可能會破壞整個系統。所有這些機制都充當了人為的穩定器，壓制波動性而不消除潛在的風險。</p>
<p>股市之所以平靜，並不是因為風險消失了，而是因為它被積極地阻止表達。</p>
<p>與此同時，黃金並不關注 VIX。它關注的是其他東西：貨幣信譽、隱性干預、系統的運作、公共債務管理，以及貨幣政策與市場穩定之間日益模糊的界限。在這一領域，信號是明確的：針對國債的定向購買、間接流動性支持、敏感宏觀統計數據的推遲、被人為 “釘住” 的市場。</p>
<p>黃金不會恐慌——它會預見。</p>
<p>VIX 與黃金之間的這種分歧講述了一個雙速的故事。一方面，我們有一個凍結的股市，徘徊在其高點下方几十點，波動性處於歷史最低水平。另一方面，是一個已經反映出這種控制未來成本的貨幣資產。波動性被壓制的時間越長，黃金傳遞的信息就越清晰：風險並沒有消失——它被轉移和推遲了。</p>
<p>這一制度最令人擔憂的方面是，它消除了反應的窗口。歷史上，壓力期是逐漸積累的。今天，市場可以直接從平靜轉向動盪。過早預測是破壞性的，因為涉及到時間價值和隱含波動性壓制。</p>
<p>對於非專業投資者來説，這意味着過早押注於壓力期或市場下跌可能會導致損失，即使你在基本面上是正確的。用於這種押注的工具，如期權，隨着時間的推移自然會貶值：這被稱為時間價值（theta）。預期的波動發生得越久，這種價值就越會侵蝕。此外，當市場保持平靜時，這些期權的價格進一步下跌，因為恐懼減退：這被稱為隱含波動性下降——著名的 IV 壓制。因此，即使衝擊最終發生，頭寸可能已經顯著貶值，甚至幾乎毫無價值。換句話説，過早正確可能和錯誤一樣代價高昂。</p>
<p>等待信號會讓你面臨突然的波動——通常以缺口的形式——而這些工具已經變得不切實際。這正是這種分歧所暗示的：在這兩種狀態之間不再存在真正的風險價格。</p>
<p>當黃金在 VIX 下跌時創下新高時，錯的不是黃金，而是股票市場在控制的影響下演變。這種配置並不能告訴我們何時會發生突破，但它確實告訴我們一個重要的事情：當突破發生時，可能不會給任何人留下適當進入的機會。</p>
<p>這不是一個平靜的市場——這是一個被鎖定的市場。</p>
<p>上一次 VIX 交易在類似水平是在 2024 年 12 月，背景與今天非常相似：表面平靜，市場被鎖定。當時，沒有即將危機的跡象——指數接近其高點，波動性被壓制，完全控制的感覺。</p>
<p><img src="https://imageproxy.pbkrs.com/https://goldbroker.com/media/image/cms/media/images/divergence-volatilite-or/volatilite-SP500-1h.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://goldbroker.com/media/image/cms/media/images/divergence-volatilite-or/volatilite-SP500-1h.png"/></p>
<p>然而，在不到三個小時內，VIX 幾乎翻了一番。這一波動既不是由於重大宏觀經濟衝擊，也不是由於明顯的地緣政治事件引發的。它主要是一個機械性突破。市場在短期波動性上重倉，短期期權占主導地位，交易員在某些技術閾值被突破後，迅速從穩定器轉變為放大器。一旦這些水平被打破，必須緊急購買對沖，觸發自我維持的連鎖反應。</p>
<p>這一事件完美地説明了當前的風險：當 VIX 處於如此低的水平時，下一次上漲並不會逐漸形成。它是突然發生的，幾乎沒有真正的調整窗口——即使在沒有任何明顯的 “壞消息” 的情況下也是如此。</p>
<p>這種類型的干擾可以在非常短的時間內發生，也可以在更晚的時候發生，使得時機幾乎無法把握。這正是提前購買看跌期權不是有效解決方案的原因：時間的推移（theta）機械性地侵蝕它們的價值，並可能在衝擊發生之前很久就使其失去效用。在這種情況下，黃金作為一種優選的對沖工具脱穎而出，因為它能夠提供對系統性和貨幣風險的保護，而不會隨着時間的推移而遭受這種逐漸的損耗。</p>
<p>這使得理解黃金在今年年底創下的新歷史高點變得更加容易。</p>
<p><img src="https://imageproxy.pbkrs.com/https://goldbroker.com/media/image/cms/media/images/divergence-volatilite-or/or-usd.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://goldbroker.com/media/image/cms/media/images/divergence-volatilite-or/or-usd.png"/></p>
<p>這一上漲並不反映出股市的明顯恐慌或即時壓力，而是投資者對風險的更微妙解讀。面對人為壓縮的波動性、異常低水平維持的 VIX，以及無法把握的干擾前景，傳統的對沖工具變得無效。過早購買保護性期權使投資者面臨其價值逐漸侵蝕的風險，而等待信號往往意味着來得太晚。</p>
<p>在這種背景下，實物黃金作為一種系統外的保險政策脱穎而出：它不依賴於衝擊的精確時機或股市的隱含波動性。因此，這種黃色金屬正在捕捉對長期保護的需求，以應對貨幣干預、波動控制的脆弱性以及這種強制穩定的未來成本。因此，這一紀錄並不是投機過剩，而是市場在尋求持久保護的環境中，風險被推回、壓縮，並且越來越難以用傳統工具對沖的邏輯結果。</p>
<hr/>
<p><em>更多來自此作者的文章：</em></p>
<p>當貴金屬解碼市場干預時</p>
<p>白銀、斐波那契與惡性通貨膨脹</p>
<p>黃金/歐元：重大拐點，但價格仍可能上漲</p>

<p>這篇文章討論了 VIX 處於低位與黃金價格處於歷史高位之間的不尋常背離。這種背離歸因於市場動態的結構性變化，股票波動性被人為壓制，而黃金則反映了對貨幣政策和市場穩定性的擔憂。這種情況表明了一種基本趨勢，而非暫時的異常，給投資者在風險評估和市場反應方面帶來了影響</p>

<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2013/07/18/10/56/gold-163519_960_720.jpg" alt="" original-src="https://cdn.pixabay.com/photo/2013/07/18/10/56/gold-163519_960_720.jpg"/></p>
<p><em>Image Source: Pixabay</em></p>
<div class="lb-trans"><p><em>圖片來源：Pixabay</em></p>
</div><p>We are facing an extremely rare situation: the VIX is close to its lowest level in a year, around 14, while the price of gold is reaching historic highs. Under normal circumstances, this coexistence does not exist. Crushed equity volatility is generally accompanied by sluggish, marginal, useless gold. Today, it is exactly the opposite. This is not a statistical anomaly, but a change in regime.</p>
<div class="lb-trans"><p>我們正面臨一個極其罕見的情況：VIX 接近一年以來的最低水平，約為 14，而黃金價格則達到了歷史新高。在正常情況下，這種共存是不存在的。被壓制的股票波動性通常伴隨着疲軟、邊際、無用的黃金。今天，情況正好相反。這不是統計異常，而是制度的變化。</p>
</div><p>The divergence will gradually emerge from 2023 onwards, with the VIX remaining subdued while gold stops correcting and breaks free from periods of calm on the equity markets.</p>
<div class="lb-trans"><p>這種分歧將從 2023 年開始逐漸顯現，VIX 保持低迷，而黃金停止修正，擺脱股市的平靜期。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://goldbroker.com/media/image/cms/media/images/divergence-volatilite-or/volatilite-SP500-1M.png" alt="" original-src="https://goldbroker.com/media/image/cms/media/images/divergence-volatilite-or/volatilite-SP500-1M.png"/></p>
<p>But 2025 marks a clear break in the intensity of the phenomenon. This year, the divergence is not only continuing, it is accelerating: the VIX is sinking to one-year or even multi-year lows, while gold is setting new records. We have moved from a simple regime shift to a structural divergence between artificially compressed equity volatility and a monetary asset that is increasingly clearly incorporating the future cost of this control. As time goes by, the message becomes clearer: this is not a temporary accident, but a fundamental trend that has strengthened sharply this year.</p>
<div class="lb-trans"><p>但 2025 年標誌着這一現象強度的明顯突破。今年，分歧不僅在繼續，而且在加速：VIX 正在下滑至一年甚至多年的低點，而黃金則在創下新紀錄。我們已經從簡單的制度轉變，轉向了人為壓縮的股票波動性與越來越明顯地反映這種控制未來成本的貨幣資產之間的結構性分歧。隨着時間的推移，信息變得越來越清晰：這不是一次臨時事故，而是今年顯著增強的基本趨勢。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://goldbroker.com/media/image/cms/media/images/divergence-volatilite-or/volatilite-SP500-1D.png" alt="" original-src="https://goldbroker.com/media/image/cms/media/images/divergence-volatilite-or/volatilite-SP500-1D.png"/></p>
<p>The first key point is that the VIX no longer prices risk. It prices equity risk control. Volatility is mechanically compressed by short volatility positioning, the dominance of very short-term options, dealers' positive gamma, and a clear desire to avoid any disruption ahead of key expiries.</p>
<div class="lb-trans"><p>第一個關鍵點是，VIX 不再定價風險。它定價的是股票風險控制。波動性是通過短期波動性頭寸、非常短期期權的主導地位、交易商的正伽馬以及在關鍵到期日前避免任何干擾的明確願望機械性地壓縮的。</p>
</div><p>This means that volatility is not naturally declining because risk has disappeared, but is being artificially kept low by the very structure of the market. Many players are betting on a stable environment by selling volatility—known as short vol positions—which puts continuous downward pressure on the VIX. At the same time, the proliferation of very short-term options, sometimes limited to a single day, makes it possible to constantly adjust exposures and neutralize emerging movements almost instantly. In this context, financial intermediaries—dealers—frequently find themselves in positive gamma: it is then in their interest to buy when the market falls slightly and sell when it rises, which automatically cushions fluctuations. Finally, as key deadlines approach—earnings releases, central bank decisions, option expirations—there is a strong incentive to avoid any visible disruption, as a sudden movement could destabilize the entire system. All of these mechanisms act as an artificial stabilizer, crushing volatility without eliminating the underlying risk.</p>
<div class="lb-trans"><p>這意味着波動性並不是因為風險消失而自然下降，而是由於市場的結構被人為地保持在低位。許多參與者通過賣出波動性（稱為短波頭寸）來押注於穩定的環境，這對 VIX 施加了持續的下行壓力。同時，非常短期期權的激增，有時僅限於一天，使得可以幾乎瞬間調整敞口並中和新興的波動。在這種情況下，金融中介——交易商——經常處於正伽馬狀態：在市場稍微下跌時，他們的利益是買入，而在市場上漲時賣出，這自動緩衝了波動。最後，隨着關鍵截止日期的臨近——財報發佈、中央銀行決策、期權到期——有強烈的動機避免任何明顯的干擾，因為突然的波動可能會破壞整個系統。所有這些機制都充當了人為的穩定器，壓制波動性而不消除潛在的風險。</p>
</div><p>The stock market is calm not because risk has disappeared, but because it is being actively prevented from expressing itself.</p>
<div class="lb-trans"><p>股市之所以平靜，並不是因為風險消失了，而是因為它被積極地阻止表達。</p>
</div><p>Gold, meanwhile, is not looking at the VIX. It is looking at something else: monetary credibility, implicit interventions, the plumbing of the system, public debt management, and the increasingly blurred line between monetary policy and market stabilization. And in this area, the signals are clear: targeted purchases of T-bills, indirect liquidity support, postponement of sensitive macro statistics, artificially “pinned” markets.</p>
<div class="lb-trans"><p>與此同時，黃金並不關注 VIX。它關注的是其他東西：貨幣信譽、隱性干預、系統的運作、公共債務管理，以及貨幣政策與市場穩定之間日益模糊的界限。在這一領域，信號是明確的：針對國債的定向購買、間接流動性支持、敏感宏觀統計數據的推遲、被人為 “釘住” 的市場。</p>
</div><p>Gold doesn't panic—it anticipates.</p>
<div class="lb-trans"><p>黃金不會恐慌——它會預見。</p>
</div><p>This divergence between the VIX and gold tells a two-speed story. On the one hand, we have a frozen stock market, hovering a few dozen points below its highs, with volatility at an all-time low. On the other, a monetary asset that already incorporates the future cost of this control. The longer volatility is suppressed, the clearer the message from gold becomes: risk has not disappeared — it has been displaced and deferred.</p>
<div class="lb-trans"><p>VIX 與黃金之間的這種分歧講述了一個雙速的故事。一方面，我們有一個凍結的股市，徘徊在其高點下方几十點，波動性處於歷史最低水平。另一方面，是一個已經反映出這種控制未來成本的貨幣資產。波動性被壓制的時間越長，黃金傳遞的信息就越清晰：風險並沒有消失——它被轉移和推遲了。</p>
</div><p>The most worrying aspect of this regime is that it removes the window for reaction. Historically, periods of stress built up gradually. Today, the market can go directly from calm to turmoil. Anticipating too early is destructive due to theta and IV crush.</p>
<div class="lb-trans"><p>這一制度最令人擔憂的方面是，它消除了反應的窗口。歷史上，壓力期是逐漸積累的。今天，市場可以直接從平靜轉向動盪。過早預測是破壞性的，因為涉及到時間價值和隱含波動性壓制。</p>
</div><p>For a non-specialist investor, this simply means that betting too early on a period of stress or a market downturn can cost money, even if you are fundamentally correct. The instruments used for this type of betting, such as options, naturally lose value over time: this is known as theta. The longer the expected movement takes to occur, the more this value erodes. On top of that, when the market remains calm, the price of these options falls further because fear subsides: this is known as the fall in implied volatility—the famous IV crush. As a result, even if the shock does eventually occur later, the position may already be significantly degraded, or even almost worthless. In other words, being right too early can be as costly as being wrong.</p>
<div class="lb-trans"><p>對於非專業投資者來説，這意味着過早押注於壓力期或市場下跌可能會導致損失，即使你在基本面上是正確的。用於這種押注的工具，如期權，隨着時間的推移自然會貶值：這被稱為時間價值（theta）。預期的波動發生得越久，這種價值就越會侵蝕。此外，當市場保持平靜時，這些期權的價格進一步下跌，因為恐懼減退：這被稱為隱含波動性下降——著名的 IV 壓制。因此，即使衝擊最終發生，頭寸可能已經顯著貶值，甚至幾乎毫無價值。換句話説，過早正確可能和錯誤一樣代價高昂。</p>
</div><p>Waiting for the signal exposes you to a sudden movement—often in the form of a gap—with instruments that have become impractical. This is precisely what this divergence suggests: there is no longer a true price of risk between the two states.</p>
<div class="lb-trans"><p>等待信號會讓你面臨突然的波動——通常以缺口的形式——而這些工具已經變得不切實際。這正是這種分歧所暗示的：在這兩種狀態之間不再存在真正的風險價格。</p>
</div><p>When gold hits new highs while the VIX is down, it is not gold that is wrong. It is the stock market that is evolving under the influence of control. This type of configuration does not tell us when the break will occur, but it does tell us something essential: when it does occur, it will probably leave no one with the opportunity to enter properly.</p>
<div class="lb-trans"><p>當黃金在 VIX 下跌時創下新高時，錯的不是黃金，而是股票市場在控制的影響下演變。這種配置並不能告訴我們何時會發生突破，但它確實告訴我們一個重要的事情：當突破發生時，可能不會給任何人留下適當進入的機會。</p>
</div><p>This is not a calm market — it is a locked market.</p>
<div class="lb-trans"><p>這不是一個平靜的市場——這是一個被鎖定的市場。</p>
</div><p>The last time the VIX traded at comparable levels was in December 2024, in a context very similar to today's: apparent calm, a locked-down market. At the time, there were no signs of an impending crisis—indices were close to their highs, volatility was crushed, and there was a sense of total control.</p>
<div class="lb-trans"><p>上一次 VIX 交易在類似水平是在 2024 年 12 月，背景與今天非常相似：表面平靜，市場被鎖定。當時，沒有即將危機的跡象——指數接近其高點，波動性被壓制，完全控制的感覺。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://goldbroker.com/media/image/cms/media/images/divergence-volatilite-or/volatilite-SP500-1h.png" alt="" original-src="https://goldbroker.com/media/image/cms/media/images/divergence-volatilite-or/volatilite-SP500-1h.png"/></p>
<p>However, in less than three hours, the VIX had almost doubled. This movement was triggered neither by a major macroeconomic shock nor by a clearly identifiable geopolitical event. It was primarily a mechanical break. The market was heavily positioned in short volatility, with very short-term options dominating, and dealers abruptly switched from stabilizers to amplifiers as soon as certain technical thresholds were crossed. Once these levels were broken, hedges had to be purchased urgently, triggering a self-sustaining chain reaction.</p>
<div class="lb-trans"><p>然而，在不到三個小時內，VIX 幾乎翻了一番。這一波動既不是由於重大宏觀經濟衝擊，也不是由於明顯的地緣政治事件引發的。它主要是一個機械性突破。市場在短期波動性上重倉，短期期權占主導地位，交易員在某些技術閾值被突破後，迅速從穩定器轉變為放大器。一旦這些水平被打破，必須緊急購買對沖，觸發自我維持的連鎖反應。</p>
</div><p>This episode perfectly illustrates the current risk: when the VIX is at such low levels, the next rise does not build gradually. It occurs abruptly, without any real window for adjustment—even in the absence of any visible “bad news.”</p>
<div class="lb-trans"><p>這一事件完美地説明了當前的風險：當 VIX 處於如此低的水平時，下一次上漲並不會逐漸形成。它是突然發生的，幾乎沒有真正的調整窗口——即使在沒有任何明顯的 “壞消息” 的情況下也是如此。</p>
</div><p>This type of disruption can occur in the very short term or much later, making it almost impossible to time. This is precisely why buying puts in advance is not an effective solution: the passage of time (theta) mechanically erodes their value and can render them unusable long before the shock materializes. In this type of scenario, gold stands out as a preferred hedging instrument, as it provides protection against systemic and monetary risk without suffering this gradual destruction over time.</p>
<div class="lb-trans"><p>這種類型的干擾可以在非常短的時間內發生，也可以在更晚的時候發生，使得時機幾乎無法把握。這正是提前購買看跌期權不是有效解決方案的原因：時間的推移（theta）機械性地侵蝕它們的價值，並可能在衝擊發生之前很久就使其失去效用。在這種情況下，黃金作為一種優選的對沖工具脱穎而出，因為它能夠提供對系統性和貨幣風險的保護，而不會隨着時間的推移而遭受這種逐漸的損耗。</p>
</div><p>This makes it much easier to understand gold's new all-time high at the end of this year.</p>
<div class="lb-trans"><p>這使得理解黃金在今年年底創下的新歷史高點變得更加容易。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://goldbroker.com/media/image/cms/media/images/divergence-volatilite-or/or-usd.png" alt="" original-src="https://goldbroker.com/media/image/cms/media/images/divergence-volatilite-or/or-usd.png"/></p>
<p>This rise does not reflect visible panic or immediate stress on the equity markets, but rather a much more subtle reading of risk by investors. Faced with artificially compressed volatility, a VIX maintained at abnormally low levels, and the prospect of a disruption that is impossible to time, traditional hedging instruments become ineffective. Buying protective options too early exposes investors to a gradual erosion of their value, while waiting for the signal often means arriving too late.</p>
<div class="lb-trans"><p>這一上漲並不反映出股市的明顯恐慌或即時壓力，而是投資者對風險的更微妙解讀。面對人為壓縮的波動性、異常低水平維持的 VIX，以及無法把握的干擾前景，傳統的對沖工具變得無效。過早購買保護性期權使投資者面臨其價值逐漸侵蝕的風險，而等待信號往往意味着來得太晚。</p>
</div><p>In this context, physical gold stands out as an insurance policy outside the system: it does not depend on the precise timing of a shock or on the implied volatility of the equity markets. The yellow metal is thus capturing demand for long-term protection against monetary interventions, the fragility of volatility control, and the future cost of this forced stability. This record is therefore not a speculative excess, but the logical consequence of a market seeking lasting protection in an environment where risk is being pushed back, compressed, and made increasingly difficult to hedge with traditional instruments.</p>
<div class="lb-trans"><p>在這種背景下，實物黃金作為一種系統外的保險政策脱穎而出：它不依賴於衝擊的精確時機或股市的隱含波動性。因此，這種黃色金屬正在捕捉對長期保護的需求，以應對貨幣干預、波動控制的脆弱性以及這種強制穩定的未來成本。因此，這一紀錄並不是投機過剩，而是市場在尋求持久保護的環境中，風險被推回、壓縮，並且越來越難以用傳統工具對沖的邏輯結果。</p>
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</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多來自此作者的文章：</em></p>
</div><p>When Precious Metals Decode Market Interventions</p>
<div class="lb-trans"><p>當貴金屬解碼市場干預時</p>
</div><p>Silver, Fibonacci And Hyperinflation</p>
<div class="lb-trans"><p>白銀、斐波那契與惡性通貨膨脹</p>
</div><p>Gold/Euro: Major Inflection Point, But Higher Prices Still Likely</p>
<div class="lb-trans"><p>黃金/歐元：重大拐點，但價格仍可能上漲</p>
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如何解釋黃金與波動性之間的歷史性分歧