Still, Schiff remains wary. He argues that many owners are staying put only because they locked in ultra-low mortgage rates, limiting the number of homes for sale.Today’s market is different. Lending standards are tighter than during the subprime era, making widespread negative equity less common. Supply constraints are also a factor: Zillow estimates the U.S. is short roughly 4.7 million homes, a gap that has helped keep prices elevated [4].The scenario sounds familiar. During the 2008 bust, many underwate ...

As gold reached a new all-time high on Sept. 23, Binance founder and crypto billionaire Changpeng "CZ" Zhao mocked it, claiming its utility is limited by physical constraints. "Gold is great if you can carry it everywhere, through airports, for example, you have all the right sizes to pay people with, you can verify its pureness when receiving it, and they don't dig more of it out of the ground…" CZ wrote on X. Binance Co-Founder Changpeng Zhao, or CZ, delivers a speech at the opening event of Europe's ...

黄金价格表现 - 黄金期货价格周一上涨2%至每盎司3,780美元的历史新高[2] - 经通胀调整后的实际金价本月早些时候达到自1980年以来的首次纪录高位[2] - 德意志银行预测金价可能在2025年底前突破4,000美元 意味着全年回报率超过50%[3] 机构需求动态 - 世界黄金理事会调查显示95%的央行行长预计今年全球黄金储备将增加[7] - 43%的央行预计自身黄金储备将在同期增加 创下历史纪录[7] - 85%的受访央行认为黄金在危机期间的表现与其投资组合高度相关 71%认可其作为地缘政治风险对冲工具的作用[8] 美元走势影响 - 美元指数今年下跌超过10% 主要跌幅发生在3月初至7月初贸易不确定性和全球紧张局势高峰期[9] - 近四分之三的央行预计美元在全球储备中的份额将在未来一年下降 因机构增持黄金及欧元、人民币等其他货币[8] - 美元疲软预计将继续成为黄金价格的推动因素 因黄金以美元计价[11] 利率政策影响 - 美联储今年首次降息 并暂定在2025年底前再进行两次降息[12] - 较低的联邦基金利率可能导致国债收益率下降 使无息黄金对投资者更具吸引力[12] - 投资者今年已向黄金基金投入创纪录的850亿美元[12] 地缘政治因素 - 欧洲和中东冲突以及美中紧张局势促使各国央行成为黄金主要买家[7] - 特朗普政府对美联储的抨击引发对央行独立性的质疑 可能削弱投资者对美元和国债的信心[13] - 白宫可能通过明年5月任命美联储主席鲍威尔的继任者来加强对美联储的控制[14]

Bitcoin (BTC) is on track to join gold as a recognized reserve asset within the decade, German lender Deutsche Bank (DBK) said in a report Monday, though the precious metal will likely keep its lead in official holdings for now. The U.S. dollar still makes up 57% of global reserves, the report noted, but signs of diversification are emerging. China’s U.S. Treasury holdings fell $57 billion in 2024, and momentum for crypto regulation is building in major markets. Deutsche Bank argues that bitcoin and gold ...

Well-chosen properties can offer a reliable source of rental income, which can be used to cover living expenses in retirement, reducing dependency on traditional retirement savings or Social Security.Investing in real estate is widely regarded as a robust strategy for retirement planning due to its potential for generating passive income and capital appreciation over time.Here are two ways to do just that:Instead of solely relying on Social Security for your retirement, you can also take matters into your o ...

黄金价格表现 - 年初至今黄金价格上涨近40% 远超同期标普500指数12%和比特币23%的涨幅 [1] - 摩根大通预测2026年黄金均价将达到4068美元/盎司 2025年第四季度可能触及4250美元/盎司高位 [3] - 高盛警告称若预期利率削减导致国债相关资产转向黄金 金价可能达到5000美元/盎司 [3] ETF资金流向 - 实物黄金ETF今年净流入约280亿美元 显著高于2024年不足30亿美元的流入规模 [2] - SPDR Gold Trust (GLD) 获得近110亿美元净新资产 SPDR Gold Minishares Trust (GLDM) 净流入65亿美元 [2] - 矿业ETF尽管回报率高但资产收集仍处于净流出状态 流出趋势近期有所减缓 [6] 黄金投资驱动因素 - 贸易紧张局势、地缘政治风险、经济强度担忧和持续不确定性推动黄金成为避险选择 [3] - 黄金作为通胀对冲工具和投资组合风险分散器的作用得到凸显 [3] - 可能开启的新一轮降息周期继续支撑黄金投资主题 [7] 另类黄金投资策略 - 产生收入的黄金ETF表现突出 Simplify Gold Strategy Plus Income ETF (YGLD) 今年上涨60% [4] - 6月新推出的NEOS Gold High Income ETF (IAUI) 本季度上涨超过9% 分配率达12.5% [4] - 期权叠加策略被用于在黄金投资组合中产生收益 [4] 金矿商表现 - 金矿商股票表现极为强劲 Global X Gold Explorers ETF (GOEX) 年初至今上涨101% [5] - Sprott Gold Miners ETF (SGDM) 上涨近98% VanEck Gold Miners ETF (GDX) 上涨95% [5] - 杠杆产品如MicroSectors Gold Miners 3X Leveraged ETN (GDXU) 今年上涨约400% [6] 行业前景展望 - 支撑黄金的因素仍然存在 最新预测显示金价还有7-10%上涨空间 [7] - 摩根大通强调对黄金结构性牛市案例的深度确信 [3] - 第四季度黄金价格强势主题持续获得动能 [4]

Inflation has remained doggedly persistent in the United States economy since the coronavirus pandemic of 2020. Although the Consumer Price Index (CPI) has fallen dramatically from its peak of 9.1% in July 2022, prices remain elevated across a wide range of consumer goods and services, especially housing and food. Unfortunately, analysts at J.P. Morgan Asset Management warn that Americans should brace for more pain. In their estimation, the effects of the Trump administration’s tariffs have yet to fully hi ...

Gold prices have indeed soared to all-time highs in 2025, prompting headlines about a historic rally. But according to Bank of America (BofA) Global Research, the story is more nuanced: The gold sector, while booming, hasn’t returned to all of the metrics that defined previous cyclical peaks, especially regarding its value relative to the broader equity market and its own historical valuations.This year, gold surged past major thresholds, as the traditional hedge against inflation and macroeconomic uncertai ...

黄金投资观点 - 资金正从股市轮动至债券、货币市场及贵金属，因20%-30%的股市回报时代不可持续 [1] - 黄金作为"保险策略"应保持合理配置而非追涨杀跌 [1] - 尽管创历史新高，黄金投资逻辑未变，每个投资组合都应配置 [1] 价格表现 - 黄金期货年内上涨约40% [2] - 12月合约结算价创3,686.40美元/盎司纪录 [2] - 8月8日结算价3,491.30美元突破1980年通胀调整后历史高点3,472.96美元 [1] 配置建议 - 财务顾问建议投资组合配置5%-10%黄金 [6] - 宏观经济背景支持配置：去美元化趋势、美国债务增长、美联储独立性疑虑 [6] - 瑞银建议配置低于5%，因黄金无收益率存在机会成本 [7] 驱动因素 - 去美元化趋势：2022年俄乌冲突后俄罗斯储备被没收加速美元储备货币地位削弱 [3] - 美国债务/GDP比率疫情后大幅上升 [3] - 通胀风险：8月CPI同比升至2.9%为1月以来最高 [15] - 地缘政治风险：俄乌冲突、中东紧张局势、中美摩擦放大避险需求 [14] 机构动态 - 全球黄金ETF8月流入55亿美元，北美基金贡献41亿美元 [12] - 年内总流入470亿美元创历史第二高纪录 [12] - 央行购金量连续三年超千吨，远高于前十年400-500吨平均水平 [13] 战略定位演变 - 从传统避险资产演变为战略储备资产 [11] - 从"保险工具"转变为替代货币锚 [11] - 央行购金旨在分散储备和对冲货币及地缘政治风险 [13] 市场展望 - 黄金涨势仍有空间，战略作用正在强化 [16] - 粘性通胀和新关税政策继续支撑黄金作为长期对冲工具的吸引力 [15] - 尽管年内32次创收盘纪录，反弹行情尚未结束 [14]

市场观点 - 美国市场面临金融"心脏病发作"风险 因债务成本飙升挤压经济支出[1][6] - 黄金作为非相关性资产 在危机期间表现优于其他资产类别[2] - 投资者应将投资组合的10%-15%配置于黄金资产[2] 黄金市场表现 - 现货黄金价格达3,641.10美元/盎司 年内涨幅近40%[2] - 黄金期货开盘报3,680.60美元/盎司 创数十年最强年度涨幅[2] - 2008年金融危机期间黄金上涨5% 同期标普500下跌近40%[15] - 2020年疫情期间黄金突破2,000美元/盎司[15] 机构投资动态 - 央行成为黄金主要买家 推动储备多元化远离美元[14] - 中国、印度和俄罗斯今年均增加黄金储备[14] - 标普500指数年内上涨11% 纳斯达克指数上涨13%[13] - 欧洲STOXX指数2025年上涨逾8%[13] 行业推动因素 - 美联储宽松政策预期推动黄金需求增长[14] - 地缘政治风险(乌克兰、台湾)刺激避险需求[14] - 美国财政可持续性担忧促使投资者转向黄金[14] - 债务积累和货币贬值环境支撑黄金长期价值[3][4]