伦敦金价暴跌的原因（二）
关键字：伦敦金价暴跌的原因
1、近1年有数据显示国际资本持续流出国际金银市场、转而投向其他更具回报率的市场，其中包括大额索罗斯去年3季度买入黄金ETF合约、同年4季度就快速出手。国际资本的净流出不仅掏空了国际金银的价格支撑，更加剧了伦敦金下挫的幅度。如果说潜在的退出宽松措施是影响金银价格下跌的根本原因，那么国际资本净流入就是直接炮制贵金属价格下挫的”刀斧手”。
2、最后，商品属性及内在价值的回归。在我们固有的观念中，黄金一直是对冲风险、对抗通胀的避险品种之一，但是近2、3年随着全球性经济危机的压力逐渐减轻、全球主要经济体的经济已出现比较良好的复苏势头，虽然经常会有欧元区危机引发金融市场剧烈动荡，但是原本作为避险品种的黄金，并没能展现其避险的魅力，反而跟随风险资产同步下跌。这种情况，虽然不能证明黄金已经完全失去了避险的功能，但是就当前的情况来看，黄金更倾向于高风险的商品属性。
3、同时，黄金从1999/2000年300不到的价格，经过10多年的时间一路狂奔，直到11年9月6号刷新1920.70美元/盎司的历史高点。此间10多年大牛的涨势可以用”笑傲全球”来形容。随着国际黄金价格的逐步走高，显而易见的投资泡沫必定会伴随而来，泡沫破灭之后必将迎来的是去泡沫化及价值回归的过程。近期国际金银价格持续走低，可以说是金银市场去泡沫化及价值回归的直接体现。
本文来源： 大田环球贵金属
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