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黃金與白銀今晨再次突破歷史新高。現貨黃金達到$4,562美元,而白銀則突破$75美元——僅今天就跳升了+5%,年初至今的漲幅令人印象深刻,達到150%。
表面上,你可能會歸因於聯準會降息或地緣政治緊張局勢。但事實是:這兩者在歷史上都曾多次發生,卻未曾引發這樣的貴金屬漲勢。所以,真正推動這波行情的原因是什麼?值得深入挖掘。目前的宏觀背景——從貨幣貶值壓力到實際利率和通脹避險需求——展現出比一般假設更為複雜的故事。黃金與白銀的持續強勢,暗示市場已經在定價一些比頭條新聞更重要的因素。