<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2014/11/01/22/33/gold-513062_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/2014/11/01/22/33/gold-513062_960_720.jpg"/></p>
<p><em>圖片來源：Pixabay</em></p>
<p>從紙質資產轉向實物資產的趨勢正在加速。</p>
<p>在最近的分析中，我們注意到，實物資產正在經歷一次千載難逢的轉變，數千億美元（甚至可能是數萬億美元）的資本已開始流入這一領域。</p>
<p>這一重大趨勢背後的幾個關鍵驅動因素包括：</p>
<ol>
<li>美國和中國之間的人工智能軍備競賽需要巨量的實物資產/自然資源（銅、硅、稀土、鋼鐵，甚至水等）。特朗普政府顯然對此 “全力以赴”，將 60 種礦物指定為對國家安全 “至關重要”，削減監管/加快這些礦物的國內生產，甚至直接投資於相關公司。</li>
</ol>
<ol>
<li>全球各國政府正在轉向財政主導來融資經濟增長。這意味着增加債務發行，進而意味着中央銀行需要更多印鈔來購買債務並維持債券市場的穩定。這對實物資產/通脹對沖有利。</li>
</ol>
<ol>
<li>中央銀行現在每年購買 1,000 噸黃金。40 年來，黃金在外匯儲備中的比例首次超過國債（按百分比計算）。</li>
</ol>
<p>這確實是一次構造性的轉變。從目前的情況來看，這一趨勢遠未結束。</p>
<p>黃金/標準普爾 500 指數的比率正在形成明顯的杯柄形態。這是一個極其看漲的發展，預示着黃金即將進入相對於股票的重大超額表現期。</p>
<p><img src="https://imageproxy.pbkrs.com/https://43s.159.myftpupload.com/wp-content/uploads/2026/01/GPC1726.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://43s.159.myftpupload.com/wp-content/uploads/2026/01/GPC1726.png"/></p>
<p>如果這一趨勢真正啓動，黃金的超額表現可能會令人瞠目結舌。在過去的 15 年裏，股票相對於黃金的表現一直佔優。即使是小幅的 “均值迴歸” 也可能導致黃金在未來大幅超越股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://43s.159.myftpupload.com/wp-content/uploads/2026/01/GPC17262.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://43s.159.myftpupload.com/wp-content/uploads/2026/01/GPC17262.png"/></p>
<p>那些正確佈局的投資者可能會獲得改變人生的回報。</p>
<hr/>
<p><em>更多來自此作者的文章：</em></p>
<p>人工智能革命即將點燃實物資產的重大牛市</p>
<p>美國在委內瑞拉採取行動的真正原因</p>
<p>深入探討貴金屬礦業、人工智能與市場</p>

<p>從紙質資產向實物資產的轉變正在加速，推動因素包括人工智能軍備競賽和政府債務發行的增加。各國中央銀行現在正在購買大量黃金，黃金在外匯儲備中的比例已超過國債。黃金與標準普爾 500 指數的比率正在形成一個看漲的杯柄形態，這表明黃金可能很快會超越股票。這一轉變可能為投資於黃金的投資者帶來可觀的回報，因為黃金在未來幾年可能會 “壓制” 股票</p>

<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2014/11/01/22/33/gold-513062_960_720.jpg" alt="" original-src="https://cdn.pixabay.com/photo/2014/11/01/22/33/gold-513062_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>The move from paper assets into hard assets is now accelerating.</p>
<div class="lb-trans"><p>從紙質資產轉向實物資產的趨勢正在加速。</p>
</div><p>In recent analysis, we’ve noted that hard assets are experiencing a once-in-a-lifetime transition as hundreds of billions of dollars in capital (and possibly even trillions) have begun moving into the space.</p>
<div class="lb-trans"><p>在最近的分析中，我們注意到，實物資產正在經歷一次千載難逢的轉變，數千億美元（甚至可能是數萬億美元）的資本已開始流入這一領域。</p>
</div><p>Some of the key drivers behind this mega-trend include:</p>
<div class="lb-trans"><p>這一重大趨勢背後的幾個關鍵驅動因素包括：</p>
</div><ol>
<li>The AI arms race between the US and China requires gargantuan amounts of hard assets/ natural resources (copper, silicon, rare earths, steel, even water, etc.). The Trump administration is clearly “all in” on this, designating 60 minerals as “critical” to national security, cutting regulations/ fast-tracking the domestic production of these minerals, and even taking direct stakes in companies themselves.</li>
</ol>
<div class="lb-trans"><ol>
<li>美國和中國之間的人工智能軍備競賽需要巨量的實物資產/自然資源（銅、硅、稀土、鋼鐵，甚至水等）。特朗普政府顯然對此 “全力以赴”，將 60 種礦物指定為對國家安全 “至關重要”，削減監管/加快這些礦物的國內生產，甚至直接投資於相關公司。</li>
</ol>
</div><ol>
<li>Globally governments are turning to fiscal dominance to finance economic growth. This means increased debt issuance, which in turn means more money printing by central banks to buy debt and maintain stability in the bond markets. This benefits hard assets/ inflation hedges.</li>
</ol>
<div class="lb-trans"><ol>
<li>全球各國政府正在轉向財政主導來融資經濟增長。這意味着增加債務發行，進而意味着中央銀行需要更多印鈔來購買債務並維持債券市場的穩定。這對實物資產/通脹對沖有利。</li>
</ol>
</div><ol>
<li>Central banks are now buying 1,000 tons of gold per year. For the first time in 40 years, gold is a larger portion of foreign reserves than Treasuries (in percentage term).</li>
</ol>
<div class="lb-trans"><ol>
<li>中央銀行現在每年購買 1,000 噸黃金。40 年來，黃金在外匯儲備中的比例首次超過國債（按百分比計算）。</li>
</ol>
</div><p>This is truly a tectonic shift. And by the look of things, it’s nowhere near over.</p>
<div class="lb-trans"><p>這確實是一次構造性的轉變。從目前的情況來看，這一趨勢遠未結束。</p>
</div><p>The Gold/ S&amp;P 500 ratio is forming a clear Cup and Handle formation. This is an extremely bullish development. And it predicts gold is about to enter a period of MAJOR outperformance relative to stocks.</p>
<div class="lb-trans"><p>黃金/標準普爾 500 指數的比率正在形成明顯的杯柄形態。這是一個極其看漲的發展，預示着黃金即將進入相對於股票的重大超額表現期。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://43s.159.myftpupload.com/wp-content/uploads/2026/01/GPC1726.png" alt="" original-src="https://43s.159.myftpupload.com/wp-content/uploads/2026/01/GPC1726.png"/></p>
<p>If this trend REALLY gets going, the outperformance by gold could be truly jaw-dropping. For the better part of 15 years, stocks have outperformed gold on a relative performance. Even a small “reversion to the mean” could result in gold CRUSHING stocks going forward.</p>
<div class="lb-trans"><p>如果這一趨勢真正啓動，黃金的超額表現可能會令人瞠目結舌。在過去的 15 年裏，股票相對於黃金的表現一直佔優。即使是小幅的 “均值迴歸” 也可能導致黃金在未來大幅超越股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://43s.159.myftpupload.com/wp-content/uploads/2026/01/GPC17262.png" alt="" original-src="https://43s.159.myftpupload.com/wp-content/uploads/2026/01/GPC17262.png"/></p>
<p>Those investors who are correctly positioned for this could generate life-changing returns.</p>
<div class="lb-trans"><p>那些正確佈局的投資者可能會獲得改變人生的回報。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</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>The AI Revolution Is About To Ignite A Major Bull Market In Hard Assets</p>
<div class="lb-trans"><p>人工智能革命即將點燃實物資產的重大牛市</p>
</div><p>The Real Reason The U.S. Took Action In Venezuela</p>
<div class="lb-trans"><p>美國在委內瑞拉採取行動的真正原因</p>
</div><p>A Deep Dive Into Precious Metals Miners, AI, And The Markets</p>
<div class="lb-trans"><p>深入探討貴金屬礦業、人工智能與市場</p>
</div>

黃金是否會在 2026 年超越股票表現？