财富杂志黄金为何受到疯狂追捧(2)（打印版）

Investing in Gold

投资黄金

Some investors have always speculated in gold, buying coins, jewelry or even bars.

一些投资者一直在做黄金投机买卖，购买金币、珠宝，甚至是金条。

In recent years, popular funds such as the SPDR Gold Trust ETF have made it easier to incorporate gold into a traditional investment portfolio.

近些年，黄金ETF基金等受欢迎的基金使得将黄金纳入传统投资组合变得更加容易。

Some financial planners recommend owning a small amount of gold, alongside stocks and bonds, to guard against market volatility.

一些金融规划师建议持有少量黄金，同时持有股票和债券，以防止市场波动。

Most say gold shouldn't amount to more than 5% over your overall investment portfolio.

大多数人表示，黄金占整个投资组合的比例不得超过5%。

One of the biggest drawbacks to owning gold is that it doesn't pay any kind of a dividend, and its value depends on rising demand.

持有黄金最大的缺点之一就是它不支付任何形式的利息，并且它的价值取决于不断增长的需求。

"Gold is not going to pay you any income," says Rob Haworth, senior investment strategist at U.S. Bank Wealth Management.

“黄金不会给你带来任何收入，”美国银行财富管理公司的高级投资分析师Rob Haworth说到。

"In order for you to make money on gold, it has to be worth more to someone tomorrow."

“为了让你能从黄金中挣到钱，对别人来说，明天的黄金要更有价值才行。”

But today's market dynamics make this disadvantage less significant.

但现在的市场动态使这一缺点不那么明显。

"Classically, people have used long-maturity Treasury bonds and notes" as a hedge against volatility while still earning returns, Haworth says,

“传统上，人们一直在使用长期国库债券”作为防止市场波动的手段，同时还能获得回报，Haworth表示，

but there's not too much to get excited about there, with the benchmark 10-year Treasury bond yield hovering around a paltry 0.6% or so.

但这也没有什么值得兴奋的，因为10年期国债收益率的基准仅在区区0.6%左右徘徊。

"Gold becomes a more interesting portfolio diversifier," he says.

“黄金成为了一种更有趣的的分散投资组合工具，”他说。

Low corporate bond yields and the tendency of riskier corporate debt to move in tandem with, rather than inversely to,

低公司债券收益率和风险较高的公司债券与股票市场走势同步（而非相反）的趋势

the movement of the equities market has prompted more people to seek out an investment that is decoupled from the market.

促使更多人寻求一种与市场脱钩的投资。

Gold's value -- however arbitrary it may seem -- isn't dependent on factors that underpin other market valuations.

黄金价值——不论看似有多么随意——都不取决于巩固其他市场估价的因素。

"Gold is uncorrelated to many other assets. It's uncorrelated to stocks and bonds," Giannotto says.

“黄金与很多其他资产都不相关。它和股票以及债券不相关，”Giannotto说到。

While this is somewhat true of other "real" asset classes like the broader commodities sector and real estate,

而这也适用于其他“真正的”资产类别，如更广泛的大宗商品部门和房产，

these other categories still are exposed to a certain degree of market fluctuations, especially with the current increase in volatility.

这些其他类别仍然面临一定程度的市场波动，特别是在目前波动加剧的情况下。