“黃金的故事還沒有結束”：股市上漲並不意味著投資者忘記了他們的恐懼-RBC Capital Markets
Anna Golubova
Monday November 16, 2020 12:23
A rally in the stock market does not mean investors have forgotten their fear, which is why "gold's story is not over yet," according to a report by RBC Capital Markets.
RBC資本市場的一份報告顯示，股市上漲並不意味著投資者已經忘記了恐懼，這就是為什麼“黃金的故事還沒有結束”的原因。
"After a precipitous vaccine news-driven decline, gold's current price levels still leave unanswered questions," RBC's commodity strategists wrote last week. "Despite seemingly buoyant markets, we do not think that investors have forgotten their fear; thus gold's story is not yet over amid ongoing the economic, financial and political uncertainty.
加拿大皇家銀行的商品策略師在上週寫道：“在疫苗新聞驅動的急劇下跌之後，黃金的當前價格水平仍然沒有得到解答。” “儘管市場看似活躍，但我們認為投資者並未忘記他們的擔憂；因此，在持續的經濟，金融和政治不確定性的情況下，黃金的故事尚未結束。
Vaccine news does not automatically fix the economic downturn the U.S. has seen this year. It does not solve all the other problems, including inflation and unemployment, the report noted.
疫苗新聞並不能自動解決美國今年以來的經濟衰退。報告指出，這並不能解決所有其他問題，包括通貨膨脹和失業。
"2020 has been a year of uncertainty, underscored by a pandemic, an economic crisis, heightened political tensions, and a confluence of gold-positive drivers. While we may have seen a reset of sorts in gold's valuation, its path is not predetermined as we barrel towards 2021," the strategists said.
“ 2020年是充滿不確定性的一年，大流行，經濟危機，政治緊張局勢加劇以及金價上漲的推動因素共同凸顯了這一點。儘管我們可能已經看到金價的各種重置，但其路徑尚不確定，我們將向2021年邁進。”策略分析學家說。
Last Monday, Pfizer/BioNTech vaccine news saw gold prices tumble $100, followed by step-by-step recovery. This Monday, Moderna's vaccine news also sent gold sown more than $25. But this time around, losses were very quickly recovered.
上週一，輝瑞/ BioNTech疫苗新聞稱金價暴跌了100美元，隨後逐步回升。本週一，Moderna的疫苗新聞也播種了黃金25美元下跌。但是這次，損失很快得到了回彈。
At the time of writing, December Comex gold futures were trading at $1,891.00, up 0.25% on the day.
在撰寫本文時，12月Comex黃金期貨交易價格為1,891.00美元，當天上漲0.25％。
Gold's drop last week represented "a reset of gold-related pandemic expectations, a repricing of stimulus expectations by gold investors, a realignment of inflation fears, and a shift in mindset around post-election political uncertainty," RBC strategists pointed out.
RBC策略師指出，黃金上週的下跌代表“與黃金相關的大流行預期的重新設定，黃金投資者對刺激預期的重新定價，通脹擔憂的重新調整以及選舉後政治不確定性的觀念轉變。”
But this reset does not mean gold's moves higher are over, they added.
他們補充說，但是這種重置並不意味著黃金的上漲已經結束。
"Gold's story is not over yet in our view, even if there is a perceived 'light at the end of the tunnel.' While perhaps a near-term overcorrection, this reset may have helped gold find a new equilibrium," the strategists wrote. "Yet even after the first vaccine shipments, there will still be distribution and uptake challenges. Thus the health crisis will not come to an immediate close."
“在我們看來，黃金的故事還沒有結束，即使在隧道盡頭有一個預期的'光明'。儘管可能是近期的過度修正，但這種重新設置可能有助於黃金找到新的平衡。” “然而，即使在第一批疫苗出廠後，仍然存在分發和吸收方面的挑戰。因此，疫情危機不會立即結束。”
資料來源:
Kitco News
https://www.kitco.com/news/2020-11-16/-Gold-s-story-is-not-over-Rallying-stocks-don-t-mean-investors-forgot-their-fear-RBC-Capital-Markets.html
Shiny黃金白銀交易所
2020/11/17
Anna Golubova
Monday November 16, 2020 12:23
A rally in the stock market does not mean investors have forgotten their fear, which is why "gold's story is not over yet," according to a report by RBC Capital Markets.
RBC資本市場的一份報告顯示，股市上漲並不意味著投資者已經忘記了恐懼，這就是為什麼“黃金的故事還沒有結束”的原因。
"After a precipitous vaccine news-driven decline, gold's current price levels still leave unanswered questions," RBC's commodity strategists wrote last week. "Despite seemingly buoyant markets, we do not think that investors have forgotten their fear; thus gold's story is not yet over amid ongoing the economic, financial and political uncertainty.
加拿大皇家銀行的商品策略師在上週寫道：“在疫苗新聞驅動的急劇下跌之後，黃金的當前價格水平仍然沒有得到解答。” “儘管市場看似活躍，但我們認為投資者並未忘記他們的擔憂；因此，在持續的經濟，金融和政治不確定性的情況下，黃金的故事尚未結束。
Vaccine news does not automatically fix the economic downturn the U.S. has seen this year. It does not solve all the other problems, including inflation and unemployment, the report noted.
疫苗新聞並不能自動解決美國今年以來的經濟衰退。報告指出，這並不能解決所有其他問題，包括通貨膨脹和失業。
"2020 has been a year of uncertainty, underscored by a pandemic, an economic crisis, heightened political tensions, and a confluence of gold-positive drivers. While we may have seen a reset of sorts in gold's valuation, its path is not predetermined as we barrel towards 2021," the strategists said.
“ 2020年是充滿不確定性的一年，大流行，經濟危機，政治緊張局勢加劇以及金價上漲的推動因素共同凸顯了這一點。儘管我們可能已經看到金價的各種重置，但其路徑尚不確定，我們將向2021年邁進。”策略分析學家說。
Last Monday, Pfizer/BioNTech vaccine news saw gold prices tumble $100, followed by step-by-step recovery. This Monday, Moderna's vaccine news also sent gold sown more than $25. But this time around, losses were very quickly recovered.
上週一，輝瑞/ BioNTech疫苗新聞稱金價暴跌了100美元，隨後逐步回升。本週一，Moderna的疫苗新聞也播種了黃金25美元下跌。但是這次，損失很快得到了回彈。
At the time of writing, December Comex gold futures were trading at $1,891.00, up 0.25% on the day.
在撰寫本文時，12月Comex黃金期貨交易價格為1,891.00美元，當天上漲0.25％。
Gold's drop last week represented "a reset of gold-related pandemic expectations, a repricing of stimulus expectations by gold investors, a realignment of inflation fears, and a shift in mindset around post-election political uncertainty," RBC strategists pointed out.
RBC策略師指出，黃金上週的下跌代表“與黃金相關的大流行預期的重新設定，黃金投資者對刺激預期的重新定價，通脹擔憂的重新調整以及選舉後政治不確定性的觀念轉變。”
But this reset does not mean gold's moves higher are over, they added.
他們補充說，但是這種重置並不意味著黃金的上漲已經結束。
"Gold's story is not over yet in our view, even if there is a perceived 'light at the end of the tunnel.' While perhaps a near-term overcorrection, this reset may have helped gold find a new equilibrium," the strategists wrote. "Yet even after the first vaccine shipments, there will still be distribution and uptake challenges. Thus the health crisis will not come to an immediate close."
“在我們看來，黃金的故事還沒有結束，即使在隧道盡頭有一個預期的'光明'。儘管可能是近期的過度修正，但這種重新設置可能有助於黃金找到新的平衡。” “然而，即使在第一批疫苗出廠後，仍然存在分發和吸收方面的挑戰。因此，疫情危機不會立即結束。”
資料來源:
Kitco News
https://www.kitco.com/news/2020-11-16/-Gold-s-story-is-not-over-Rallying-stocks-don-t-mean-investors-forgot-their-fear-RBC-Capital-Markets.html
Shiny黃金白銀交易所
2020/11/17
