<p><strong><em>這是今天早間簡報的要點，您可以</em></strong> <strong><em>註冊</em></strong> <strong><em>以便每天早上在您的郵箱中接收：</em></strong></p>
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<p>本週股市經歷了大起大落，標準普爾 500 指數（^GSPC）下跌了 2.6%，但在週五又恢復了一些漲幅。</p>
<p>然而，比特幣（BTC-USD）和黃金（GC=F），這兩種現代和傳統的 “價值儲存工具”，的波動更為劇烈，分別下跌了約 20% 和 7%。</p>
<p>與股票一樣，它們也恢復了一些漲幅。</p>
<p>這些大數字，尤其是黃金的表現，突顯了投資者正在逐漸認識到的一個真相：價值儲存工具已經不再如往昔那般可靠。尤其是黃金，這一千年歷史的財富儲存工具，正在經歷其經典角色因波動性而被顛覆。</p>
<p>從某種意義上説，這對擁有黃金的人來説是積極的——本週價格上漲，接近 5000 美元。到目前為止，今年價格上漲了約 14%。而且我們很可能會看到它進一步上漲。</p>
<p>例如，摩根大通的分析師們對黃金持樂觀態度，預測中央銀行和投資者的需求將推動價格在年底前達到每盎司 6300 美元。這將標誌着大約 25% 的增長。</p>
<p><em>閲讀更多：</em> <em>考慮購買黃金？投資者應該關注哪些因素。</em></p>
<p>地緣政治不穩定、法定貨幣的 “貶值” 以及未解決的債務問題推動了黃金的歷史性上漲。資產的疲軟促使投資者依賴於實物資產。</p>
<p>儘管這些漲幅反映了一些瘋狂的、類似於 “迷因股票” 的數字，但至少在某種程度上削弱了黃金作為價值儲存工具的效用。因為，正如我們所知，漲得如此快的東西也可能跌得如此快。</p>
<p>本週早些時候的崩盤突顯了某位專家所描述的 “令人歎為觀止且深感恐懼” 的貴金屬上漲。</p>
<p>價格波動創造的圖表看起來像是股票的圖表。分析師可以解釋波動背後的原因，但一些投資者選擇了靜觀其變。</p>
<p>其他人則抓住時機，無論是在短期內還是在我們更大的文化轉變向賭場般的娛樂中，選擇了逢低買入。</p>
<p>關於避險資產的一個令人不安的想法是，思考其成功所需的經濟和政治條件。</p>
<p>不過，如果您持有任何加密貨幣，您可能現在不想過於深入思考任何事情。</p>
<p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/ifWQfBPMowvts23C.CkrPw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MA--/https://s.yimg.com/os/creatr-uploaded-images/2026-02/e3b75ac0-0399-11f1-ab5f-555252061270?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://s.yimg.com/ny/api/res/1.2/ifWQfBPMowvts23C.CkrPw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MA--/https://s.yimg.com/os/creatr-uploaded-images/2026-02/e3b75ac0-0399-11f1-ab5f-555252061270"/></p>
<p>金條在照片插圖中展示，反映了由於通脹擔憂和中央銀行政策前景驅動的黃金價格近期波動。（Jonathan Raa/NurPhoto via Getty Images）</p>
<p>股票的回升和黃金的驚人上漲形成了痛苦的對比。比特幣價格在週四跌至 61000 美元。即使在週五回升至 70000 美元，這一頂級數字貨幣仍比 10 月份的峯值下跌了約 44%。</p>
<p>加密貨幣的倡導者可能將比特幣視為 21 世紀的數字黃金。但新的黃金並不是比特幣——它只是更為波動的黃金。</p>
<p>在這一切中，儘管美元波動，但與之相比顯得相對穩定。</p>
<p>如果您在尋找穩定的價值，可能會有一些地方和時刻可以找到。但在本週——以及今年的市場故事中，有一個明確的贏家：多元化。</p>
<p><em>Hamza Shaban 是 Yahoo Finance 的記者，報道市場和經濟。請在 X 上關注 Hamza @hshaban</em> <em>.</em></p>
<p><strong>點擊這裏獲取最新股市新聞和影響股價的事件的深入分析</strong></p>
<p><strong>閲讀 Yahoo Finance 的最新財經和商業新聞</strong></p>

<p>黃金越來越被視為一種波動性投資，而非避險資產，類似於迷因股票。本週，黃金價格年初至今上漲近 14%，預測到年底可能上漲至每盎司 6,300 美元，主要受到中央銀行需求和地緣政治不穩定的推動。然而，近期的波動性引發了人們對黃金作為價值儲存工具可靠性的擔憂。黃金與加密貨幣的表現對比凸顯了投資策略多樣化的必要性</p>

<p><strong><em>This is The Takeaway from today's Morning Brief, which you can</em></strong> <strong><em>sign up</em></strong> <strong><em>to receive in your inbox every morning along with:</em></strong></p>
<div class="lb-trans"><p><strong><em>這是今天早間簡報的要點，您可以</em></strong> <strong><em>註冊</em></strong> <strong><em>以便每天早上在您的郵箱中接收：</em></strong></p>
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<li>What we're watching</li>
<li>What we're reading</li>
<li>Economic data releases and earnings</li>
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<div class="lb-trans"><ul>
<li>我們關注的內容</li>
<li>我們閲讀的內容</li>
<li>經濟數據發佈和財報</li>
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</div><p>The stock market got a major roller-coaster ride this week, with the S&amp;P 500 (^GSPC) falling 2.6% before clawing back gains on Friday.</p>
<div class="lb-trans"><p>本週股市經歷了大起大落，標準普爾 500 指數（^GSPC）下跌了 2.6%，但在週五又恢復了一些漲幅。</p>
</div><p>But both bitcoin (BTC-USD) and gold (GC=F), the modern and traditional &#34;stores of value,&#34; had even wilder runs, falling around 20% and 7%, respectively.</p>
<div class="lb-trans"><p>然而，比特幣（BTC-USD）和黃金（GC=F），這兩種現代和傳統的 “價值儲存工具”，的波動更為劇烈，分別下跌了約 20% 和 7%。</p>
</div><p>Both, like stocks, got some of their gains back.</p>
<div class="lb-trans"><p>與股票一樣，它們也恢復了一些漲幅。</p>
</div><p>Those big numbers, especially for gold, highlight a truth investors are learning to reckon with: Stores of value just aren't what they used to be. Particularly for gold, a millennia-old store of wealth, which is seeing its classical role upended by volatility.</p>
<div class="lb-trans"><p>這些大數字，尤其是黃金的表現，突顯了投資者正在逐漸認識到的一個真相：價值儲存工具已經不再如往昔那般可靠。尤其是黃金，這一千年歷史的財富儲存工具，正在經歷其經典角色因波動性而被顛覆。</p>
</div><p>In a sense, it's positive — if you own gold. Prices are up for the week, sitting at just under $5,000. They've risen about 14% so far this year. And there's a good chance we'll see it rise more.</p>
<div class="lb-trans"><p>從某種意義上説，這對擁有黃金的人來説是積極的——本週價格上漲，接近 5000 美元。到目前為止，今年價格上漲了約 14%。而且我們很可能會看到它進一步上漲。</p>
</div><p>JPMorgan analysts, for instance, have doubled down on gold, forecasting demand from central banks and investors to push prices to $6,300 per ounce by the end of the year. That would mark a roughly 25% increase.</p>
<div class="lb-trans"><p>例如，摩根大通的分析師們對黃金持樂觀態度，預測中央銀行和投資者的需求將推動價格在年底前達到每盎司 6300 美元。這將標誌着大約 25% 的增長。</p>
</div><p><em>Read more:</em> <em>Thinking of buying gold? Here's what investors should watch for.</em></p>
<div class="lb-trans"><p><em>閲讀更多：</em> <em>考慮購買黃金？投資者應該關注哪些因素。</em></p>
</div><p>Geopolitical instability, the &#34;debasement&#34; of fiat currencies, and unresolved questions over debt loads have fueled gold's historic rise. A weakened insert-your-asset-of-choice has encouraged investors to cling to hard assets.</p>
<div class="lb-trans"><p>地緣政治不穩定、法定貨幣的 “貶值” 以及未解決的債務問題推動了黃金的歷史性上漲。資產的疲軟促使投資者依賴於實物資產。</p>
</div><p>Gains though they are, they reflect some wild, meme-stocky numbers that at least somewhat diminish gold's utility as a place to park value. Because, as we all know, what goes up that fast can also go down that fast.</p>
<div class="lb-trans"><p>儘管這些漲幅反映了一些瘋狂的、類似於 “迷因股票” 的數字，但至少在某種程度上削弱了黃金作為價值儲存工具的效用。因為，正如我們所知，漲得如此快的東西也可能跌得如此快。</p>
</div><p>The crash earlier in the week punctuated what one expert described as a &#34;breathtaking and profoundly scary&#34; rise in precious metals.</p>
<div class="lb-trans"><p>本週早些時候的崩盤突顯了某位專家所描述的 “令人歎為觀止且深感恐懼” 的貴金屬上漲。</p>
</div><p>The price action created charts that looked like they belonged to stocks. Analysts could explain the moves behind the volatility, but some investors decided to just wait it out.</p>
<div class="lb-trans"><p>價格波動創造的圖表看起來像是股票的圖表。分析師可以解釋波動背後的原因，但一些投資者選擇了靜觀其變。</p>
</div><p>Others, seizing the moment, both in the immediate sense and in our larger cultural shift toward casino-like amusements, bought the dip.</p>
<div class="lb-trans"><p>其他人則抓住時機，無論是在短期內還是在我們更大的文化轉變向賭場般的娛樂中，選擇了逢低買入。</p>
</div><p>An uncomfortable idea surrounding safe-haven assets is to think about the economic and political conditions required for their success.</p>
<div class="lb-trans"><p>關於避險資產的一個令人不安的想法是，思考其成功所需的經濟和政治條件。</p>
</div><p>If you hold any crypto, though, you may not want to think too deeply about anything right now.</p>
<div class="lb-trans"><p>不過，如果您持有任何加密貨幣，您可能現在不想過於深入思考任何事情。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/ifWQfBPMowvts23C.CkrPw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MA--/https://s.yimg.com/os/creatr-uploaded-images/2026-02/e3b75ac0-0399-11f1-ab5f-555252061270" alt="" original-src="https://s.yimg.com/ny/api/res/1.2/ifWQfBPMowvts23C.CkrPw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MA--/https://s.yimg.com/os/creatr-uploaded-images/2026-02/e3b75ac0-0399-11f1-ab5f-555252061270"/></p>
<p>Gold bars are displayed in a photo illustration, reflecting recent movements in gold prices driven by inflation concerns and central bank policy outlooks. (Jonathan Raa/NurPhoto via Getty Images)</p>
<div class="lb-trans"><p>金條在照片插圖中展示，反映了由於通脹擔憂和中央銀行政策前景驅動的黃金價格近期波動。（Jonathan Raa/NurPhoto via Getty Images）</p>
</div><p>The comeback in stocks and gold's staggering climb make for a painful contrast. Bitcoin prices fell as low as $61,000 on Thursday. And even with a recovery on Friday to $70,000, the top digital currency is down about 44% from its October peak.</p>
<div class="lb-trans"><p>股票的回升和黃金的驚人上漲形成了痛苦的對比。比特幣價格在週四跌至 61000 美元。即使在週五回升至 70000 美元，這一頂級數字貨幣仍比 10 月份的峯值下跌了約 44%。</p>
</div><p>Crypto evangelists may have pitched bitcoin as 21st-century digital gold. But the new gold isn't bitcoin — it's just more volatile gold.</p>
<div class="lb-trans"><p>加密貨幣的倡導者可能將比特幣視為 21 世紀的數字黃金。但新的黃金並不是比特幣——它只是更為波動的黃金。</p>
</div><p>Amid all this, the dollar, for all its movement, looks stable in comparison.</p>
<div class="lb-trans"><p>在這一切中，儘管美元波動，但與之相比顯得相對穩定。</p>
</div><p>If you're looking for stable value, there are probably places and moments to find it. But there's one clear winner in this week's — and this year's — market story: diversification.</p>
<div class="lb-trans"><p>如果您在尋找穩定的價值，可能會有一些地方和時刻可以找到。但在本週——以及今年的市場故事中，有一個明確的贏家：多元化。</p>
</div><p><em>Hamza Shaban is a reporter for Yahoo Finance covering markets and the economy. Follow Hamza on X</em> <em>@hshaban</em> <em>.</em></p>
<div class="lb-trans"><p><em>Hamza Shaban 是 Yahoo Finance 的記者，報道市場和經濟。請在 X 上關注 Hamza @hshaban</em> <em>.</em></p>
</div><p><strong>Click here for in-depth analysis of the latest stock market news and events moving stock prices</strong></p>
<div class="lb-trans"><p><strong>點擊這裏獲取最新股市新聞和影響股價的事件的深入分析</strong></p>
</div><p><strong>Read the latest financial and business news from Yahoo Finance</strong></p>
<div class="lb-trans"><p><strong>閲讀 Yahoo Finance 的最新財經和商業新聞</strong></p>
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黃金的 “避險天堂” 正在像迷因股一樣進行交易