<p>黃金作為價值儲存的地位可以追溯到數千年前，這也是為什麼它在許多美國州仍被視為法定貨幣。然而，考慮到每盎司黃金價格的快速上漲，現在很難找到有人用黃金購買日常必需品。</p><p>2025 年，黃金的價值飆升了 64%，而在 2026 年又上漲了 18%。相比之下，<strong>標準普爾 500</strong>（^GSPC +0.77%）股市指數今年僅上漲了 1%。投資者紛紛湧入這種貴金屬，以對沖政府支出激增、國家債務膨脹和經濟不確定性上升的後果。這種幅度的回報顯然並不典型，但目前的條件仍然理想，未來可能會有進一步的上漲空間。</p><p>購買實物黃金是隨着這種閃亮的黃色金屬升值而獲利的最可靠方式，但對於大多數投資者來説，購買像 <strong>SPDR 黃金 ETF</strong>（GLD 1.41%）這樣的交易所交易基金可能是一個更簡單的選擇。它跟蹤黃金的價格，而不需要承擔擁有實物金條所帶來的存儲和保險麻煩。以下是為什麼現在加入一些黃金到你的投資組合還不算晚（但保持現實的期望是關鍵）。</p><figure class="image"><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg1NzQ1MC9hLXN0YWNrLW9mLWdvbGQtYmFycy1zaXR0aW5nLW9uLXRvcC1vZi1hbWVyaWNhbi1kb2xsYXJzLmpwZxZ3PTM4NDAWb3A9cmVzaXpl?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg1NzQ1MC9hLXN0YWNrLW9mLWdvbGQtYmFycy1zaXR0aW5nLW9uLXRvcC1vZi1hbWVyaWNhbi1kb2xsYXJzLmpwZxZ3PTM4NDAWb3A9cmVzaXpl"/></figure><p>圖片來源：Getty Images。</p><h2 id="yx9ntita">貨幣供應量的增加可能推動黃金價格上漲</h2><p>黃金作為價值儲存的聲譽部分歸因於其稀缺性。人類歷史上僅開採了 219,890 噸黃金，而其他商品如鐵礦石和煤炭的開採量則達到數十億噸。即使是銀的開採量也遠遠超過黃金，目前已開採約 170 萬噸。</p><p>黃金的價值是全球幾乎所有人都認同的少數幾樣東西之一，因為投資者、政府甚至中央銀行都是持續的買家。事實上，在過去，許多國家甚至將其國內貨幣的價值與這種閃亮的黃色金屬掛鈎，這種政策通常被稱為 “金本位”。這限制了政府可以印製的紙幣數量，因為他們需要擁有等量的實物金屬來匹配。</p><p>美國在 1971 年之前一直採用金本位，放棄這一政策導致了一個非常可預測的結果：貨幣供應量的爆炸性增長。自那時以來，美國美元的購買力大約下降了 90%，因此儘管黃金不產生任何收入或收益，但其以美元計價的價值隨之飆升。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2026/e101b63fd02eb73c397bcad13e24a517?x-oss-process=style/lg" width="720" height="473" original-src="https://pub.pbkrs.com/uploads/2026/e101b63fd02eb73c397bcad13e24a517"/></figure><p>黃金價格（美元） 數據來源於 YCharts</p><p>在過去一年中，投資者以比平常更積極的速度購買黃金，因為他們擔心貨幣供應量的增長不可避免地會因美國政府不可持續的財政軌跡而加速。在 2025 財年（截至 9 月 30 日），政府的預算赤字達到了 1.8 萬億美元，國家債務飆升至歷史最高的 38 萬億美元。</p><p>去年，對沖基金傳奇人物 Ray Dalio 建議投資者將最多 15% 的投資組合分配給黃金，以對沖當前的財政狀況。另一位對沖基金億萬富翁 Paul Tudor Jones，最近也投資了 SPDR 黃金 ETF，因為他説歷史上，文明總是試圖通過印製更多貨幣來 “通貨膨脹化解債務”。</p><h2 id="g94is90n">投資者應調整未來的期望</h2><p>在過去 30 年中，黃金的年均複合回報率約為 8%，因此投資者在過去 12 個月中享受的收益可能並不可持續。然而，美國政府在 2026 財年有望再次出現萬億美元的預算赤字，因此對貨幣供應量增長的擔憂可能不會消失。</p><p>但即使這是真的，歷史表明黃金並不一定是最佳的投資資產。儘管它目前的表現優於標準普爾 500 指數，但該基準股市指數在過去三十年中提供了更高的年均複合回報率，達到了 10.7%。因此，那些當時將資金投入標準普爾 500 指數而非黃金的投資者今天會好得多。</p><p>展開</p><figure class="image"><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvR0xELnBuZxZ3PTEyOBZvcD1yZXNpemU?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="SPDR 黃金 ETF 股票報價" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvR0xELnBuZxZ3PTEyOBZvcD1yZXNpemU"/></figure><h2 id="gz2u0j0x">NYSEMKT: GLD</h2><p>SPDR 黃金 ETF</p><p>今日變動</p><p>(-1.41%) $-6.77</p><p>當前價格</p><p>$474.51</p><h3 id="runubz6mr">關鍵數據點</h3><p>日內區間</p><p>$469.58 - $475.42</p><p>52 周區間</p><p>$261.25 - $509.70</p><p>成交量</p><p>974K</p><p>在我看來，黃金的短期回報優於標準普爾 500 指數，而標準普爾 500 指數的長期回報則更為優越，這突顯了多樣化的重要性。像 Ray Dalio 這樣的專業投資者可能是對的，在當前政治氣候下持有更多黃金是個好主意，但股票仍然是多樣化投資組合中占主導地位的資產類別，其中黃金的配置為 15%。</p><h2 id="aghbeymto">購買黃金的簡單方法</h2><p>購買實物黃金需要存儲和保險費用，如果持有者需要現金，快速出售也很困難。這就是為什麼 SPDR Gold Shares ETF 可能是大多數投資者的正確選擇。它不需要存儲，並且可以通過每個主要投資平台進行買賣。</p><p>該 ETF 的費用比率為 0.4%，這是每年從基金中扣除的比例，用於覆蓋管理成本，因此投資 10,000 美元將產生 40 美元的年度費用。然而，這可能仍然比擁有實物黃金便宜。</p>

易方達黃金ETF

黃金 ETF - iShares

初級黃金礦股 ETF

<p>黃金價格在 2025 年上漲了 64%，在 2026 年又上漲了 18%，顯著超過了僅上漲 1% 的標準普爾 500 指數。投資者紛紛湧向黃金，以對沖政府支出增加和經濟不確定性。SPDR 黃金信託 ETF 提供了一種更簡單的投資黃金的方式，無需承擔實物擁有的麻煩。儘管黃金近期表現良好，歷史數據表明標準普爾 500 指數在長期內提供了更高的回報。專家建議在當前財政挑戰下，投資者應考慮多元化投資組合，可能將 15% 的資金配置到黃金上</p>

<p>Gold's status as a store of value dates back thousands of years, which is why it's still considered legal tender in many U.S. states today. However, you would be hard-pressed to find someone using gold to buy everyday essentials right now, given how fast the price per ounce is rising.</p>
<div class="lb-trans"><p>黃金作為價值儲存的地位可以追溯到數千年前，這也是為什麼它在許多美國州仍被視為法定貨幣。然而，考慮到每盎司黃金價格的快速上漲，現在很難找到有人用黃金購買日常必需品。</p>
</div><p>Gold soared in value by 64% in 2025, and it's already up by a further 18% in 2026. The <strong>S&amp;P 500</strong>( ^GSPC +0.77%) stock market index, on the other hand, is up just 1% this year. Investors are piling into the precious metal to hedge against the consequences of soaring government spending, a ballooning national debt, and rising economic uncertainty. Returns of this magnitude certainly aren't typical, but conditions remain ideal for further potential upside from here.</p>
<div class="lb-trans"><p>2025 年，黃金的價值飆升了 64%，而在 2026 年又上漲了 18%。相比之下，<strong>標準普爾 500</strong>（^GSPC +0.77%）股市指數今年僅上漲了 1%。投資者紛紛湧入這種貴金屬，以對沖政府支出激增、國家債務膨脹和經濟不確定性上升的後果。這種幅度的回報顯然並不典型，但目前的條件仍然理想，未來可能會有進一步的上漲空間。</p>
</div><p>Buying physical gold is the surest way to profit as the shiny yellow metal rises in value, but purchasing an exchange-traded fund (ETF) like the <strong>SPDR Gold Shares ETF</strong>( GLD 1.41%) might be a much simpler option for most investors. It tracks the price of gold without the storage and insurance headaches that come with owning physical bullion. Here's why it's not too late to add some gold to your portfolio (but maintaining realistic expectations is key).</p>
<div class="lb-trans"><p>購買實物黃金是隨着這種閃亮的黃色金屬升值而獲利的最可靠方式，但對於大多數投資者來説，購買像 <strong>SPDR 黃金 ETF</strong>（GLD 1.41%）這樣的交易所交易基金可能是一個更簡單的選擇。它跟蹤黃金的價格，而不需要承擔擁有實物金條所帶來的存儲和保險麻煩。以下是為什麼現在加入一些黃金到你的投資組合還不算晚（但保持現實的期望是關鍵）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NTc0NTAvYS1zdGFjay1vZi1nb2xkLWJhcnMtc2l0dGluZy1vbi10b3Atb2YtYW1lcmljYW4tZG9sbGFycy5qcGcmdz0zODQw" alt="A stack of gold bars is sitting on top of American dollars." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F857450%2Fa-stack-of-gold-bars-sitting-on-top-of-american-dollars.jpg&amp;w=3840&amp;op=resize"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>A rising money supply could fuel higher gold prices</h2>
<div class="lb-trans"><h2>貨幣供應量的增加可能推動黃金價格上漲</h2>
</div><p>Some of gold's reputation as a store of value is attributable to its scarcity. Only 219,890 tons have been pulled from the ground throughout human history, whereas <em>billions</em> of tons of other commodities like iron ore and coal have been mined. Even silver is far more abundant, with roughly 1.7 million tons extracted so far.</p>
<div class="lb-trans"><p>黃金作為價值儲存的聲譽部分歸因於其稀缺性。人類歷史上僅開採了 219,890 噸黃金，而其他商品如鐵礦石和煤炭的開採量則達到數十億噸。即使是銀的開採量也遠遠超過黃金，目前已開採約 170 萬噸。</p>
</div><p>Gold's value is one of the few things the entire world seems to agree on, because investors, governments, and even central banks are consistent buyers. In fact, in the past, many countries even pegged the value of their domestic currency to the shiny yellow metal, a policy which is often referred to as the &#34;gold standard.&#34; It limited the amount of paper money governments could print, because they needed to have an equal amount of physical metal to match.</p>
<div class="lb-trans"><p>黃金的價值是全球幾乎所有人都認同的少數幾樣東西之一，因為投資者、政府甚至中央銀行都是持續的買家。事實上，在過去，許多國家甚至將其國內貨幣的價值與這種閃亮的黃色金屬掛鈎，這種政策通常被稱為 “金本位”。這限制了政府可以印製的紙幣數量，因為他們需要擁有等量的實物金屬來匹配。</p>
</div><p>The U.S. was on the gold standard until 1971, and abandoning the policy led to a very predictable outcome: an explosive increase in money supply. The U.S. dollar has since lost around 90% of its purchasing power, so even though gold doesn't produce any revenue or earnings, its value in dollar terms has subsequently skyrocketed.</p>
<div class="lb-trans"><p>美國在 1971 年之前一直採用金本位，放棄這一政策導致了一個非常可預測的結果：貨幣供應量的爆炸性增長。自那時以來，美國美元的購買力大約下降了 90%，因此儘管黃金不產生任何收入或收益，但其以美元計價的價值隨之飆升。</p>
</div><p></p>
<div class="lb-trans"><p></p>
</div><p>Gold Price in US Dollars data by YCharts</p>
<div class="lb-trans"><p>黃金價格（美元） 數據來源於 YCharts</p>
</div><p>Over the past year, investors have bought gold at a more aggressive pace than usual, as they fear the growth in money supply will inevitably accelerate because of the U.S. government's unsustainable fiscal trajectory. During fiscal 2025 (ended Sept. 30), the government ran a budget deficit of $1.8 trillion, which sent the national debt skyrocketing to an all-time high of $38 trillion.</p>
<div class="lb-trans"><p>在過去一年中，投資者以比平常更積極的速度購買黃金，因為他們擔心貨幣供應量的增長不可避免地會因美國政府不可持續的財政軌跡而加速。在 2025 財年（截至 9 月 30 日），政府的預算赤字達到了 1.8 萬億美元，國家債務飆升至歷史最高的 38 萬億美元。</p>
</div><p>Last year, hedge fund legend Ray Dalio recommended investors allocate as much as 15% of their portfolios to gold as a hedge against the current fiscal situation. Another hedge fund billionaire, Paul Tudor Jones, recently piled into the SPDR Gold ETF because he says throughout history, civilizations have always tried to &#34;inflate away their debt&#34; by printing more money.</p>
<div class="lb-trans"><p>去年，對沖基金傳奇人物 Ray Dalio 建議投資者將最多 15% 的投資組合分配給黃金，以對沖當前的財政狀況。另一位對沖基金億萬富翁 Paul Tudor Jones，最近也投資了 SPDR 黃金 ETF，因為他説歷史上，文明總是試圖通過印製更多貨幣來 “通貨膨脹化解債務”。</p>
</div><h2>Investors should temper their expectations going forward</h2>
<div class="lb-trans"><h2>投資者應調整未來的期望</h2>
</div><p>Over the last 30 years, gold has averaged a compound annual return of around 8%, so the gains investors have enjoyed over the past 12 months probably aren't sustainable. However, the U.S. government is on track to run another trillion-dollar budget deficit in fiscal 2026, so fears about a growing money supply probably aren't going away.</p>
<div class="lb-trans"><p>在過去 30 年中，黃金的年均複合回報率約為 8%，因此投資者在過去 12 個月中享受的收益可能並不可持續。然而，美國政府在 2026 財年有望再次出現萬億美元的預算赤字，因此對貨幣供應量增長的擔憂可能不會消失。</p>
</div><p>But even if that's true, history suggests gold isn't necessarily the best asset to own. Although it's crushing the S&amp;P 500 right now, the benchmark stock market index has delivered a much higher compound annual return of 10.7% over the last three decades. As a result, investors who parked their money in the S&amp;P 500 instead of gold back then would be much better off today.</p>
<div class="lb-trans"><p>但即使這是真的，歷史表明黃金並不一定是最佳的投資資產。儘管它目前的表現優於標準普爾 500 指數，但該基準股市指數在過去三十年中提供了更高的年均複合回報率，達到了 10.7%。因此，那些當時將資金投入標準普爾 500 指數而非黃金的投資者今天會好得多。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展開</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0dMRC5wbmcmdz0xMjg" alt="SPDR Gold Shares Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FGLD.png&amp;w=128&amp;op=resize"/></p>
<h2>NYSEMKT: GLD</h2>
<div class="lb-trans"><h2>NYSEMKT: GLD</h2>
</div><p>SPDR Gold Shares</p>
<div class="lb-trans"><p>SPDR 黃金 ETF</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日變動</p>
</div><p>(-1.41%) $-6.77</p>
<div class="lb-trans"><p>(-1.41%) $-6.77</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>當前價格</p>
</div><p>$474.51</p>
<div class="lb-trans"><p>$474.51</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>關鍵數據點</h3>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日內區間</p>
</div><p>$469.58 - $475.42</p>
<div class="lb-trans"><p>$469.58 - $475.42</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周區間</p>
</div><p>$261.25 - $509.70</p>
<div class="lb-trans"><p>$261.25 - $509.70</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>974K</p>
<div class="lb-trans"><p>974K</p>
</div><p>In my view, gold's superior <em>short-term</em> returns and the S&amp;P 500's superior <em>long-term</em> returns simply highlight the importance of diversification. Professional investors like Ray Dalio are probably right that it's a good idea to hold more gold in the current political climate, but stocks would still be the dominant asset class in a diversified portfolio where the yellow metal has a 15% allocation.</p>
<div class="lb-trans"><p>在我看來，黃金的短期回報優於標準普爾 500 指數，而標準普爾 500 指數的長期回報則更為優越，這突顯了多樣化的重要性。像 Ray Dalio 這樣的專業投資者可能是對的，在當前政治氣候下持有更多黃金是個好主意，但股票仍然是多樣化投資組合中占主導地位的資產類別，其中黃金的配置為 15%。</p>
</div><h2>A simple way to buy gold</h2>
<div class="lb-trans"><h2>購買黃金的簡單方法</h2>
</div><p>Buying physical gold comes with storage and insurance costs, and it's also hard to sell quickly if the owner needs access to cash. That's why the SPDR Gold Shares ETF might be the right choice for most investors. It doesn't require storage, and it can be bought and sold through every major investing platform.</p>
<div class="lb-trans"><p>購買實物黃金需要存儲和保險費用，如果持有者需要現金，快速出售也很困難。這就是為什麼 SPDR Gold Shares ETF 可能是大多數投資者的正確選擇。它不需要存儲，並且可以通過每個主要投資平台進行買賣。</p>
</div><p>The ETF does have an expense ratio of 0.4%, which is the proportion of the fund deducted each year to cover management costs, so an investment of $10,000 would incur an annual fee of $40. However, it's probably still cheaper than owning physical gold.</p>
<div class="lb-trans"><p>該 ETF 的費用比率為 0.4%，這是每年從基金中扣除的比例，用於覆蓋管理成本，因此投資 10,000 美元將產生 40 美元的年度費用。然而，這可能仍然比擁有實物黃金便宜。</p>
</div>

The SPDR Gold Shares ETF Soared by 64% in 2025, and It's Already Crushing the Stock Market in 2026. Is It Too Late to Buy?

Motley Fool

Van Eck Associates Corp.

SPDR 金 ETF

2 倍做多金礦指數 ETF - Direxion

德銀貴金屬基金 - PowerShares

貴金屬股 ETF -ETFS

金礦小盤股 ETF - VanEck Vectors

3 倍做多黃金礦業 ETN - MicroSectors

華夏黃金ETF

YieldMax Gold Miners Opt Inc Strgy ETF

全球黃金礦業股 MSCI ETF - iShares

ETFS Capital Ltd.

Roundhill Gold Miners Weeklypay ETF

VanEck Vectors Gold Miners UCITS ETF

金礦股 ETF - VanEck Vectors

黃金勘探商 ETF - GlobalX

SPDR Gold Shares ETF 在 2025 年上漲了 64%，並且在 2026 年已經超越了股市。現在購買是否為時已晚？