Bitcoin, Gold Are The 'Debasement Trade' In Uncertain Times: JPMorgan
Bitcoin, Gold Are The 'Debasement Trade' In Uncertain Times: JPMorgan
Gold's price initially showed a muted response to recent geopolitical events but surged to almost $2,700 on Sep. 26.JPMorgan Chase and Co (NYSE:JPM) analysts are observing a trend where investors are increasingly turning to gold and Bitcoin as "safe-haven" assets amid rising geopolitical tensions and the upcoming U.S. presidential election.
根據JPMorgan Chase和Co（紐交所：JPM）的分析師觀察，投資者越來越傾向於將資金投向黃金和比特幣作爲「避險」資產，以應對不斷上升的地緣政治緊張局勢和即將到來的美國總統大選。
What Happened: This shift, referred to as the "debasement trade," is driven by concerns over economic instability and currency devaluation, The Block reported.
事件經過：這種轉變被稱爲「貶值交易」，受經濟不穩定和貨幣貶值擔憂的推動，據The Block報道。
"Rising geopolitical tensions and the coming U.S. election are likely to reinforce what some investors call the 'debasement trade' thus favoring both gold and Bitcoin (CRYPTO: BTC)," J.P. Morgan's team, including analysts Nikolaos Panigirtzoglou, Mika Inkinen, Mayur Yeole and Krutik P Mehta, noted in their recent report.
J.P.摩根的團隊，包括分析師Nikolaos Panigirtzoglou、Mika Inkinen、Mayur Yeole和Krutik P Mehta在最近的報告中指出：「不斷上升的地緣政治緊張局勢和即將到來的美國大選可能會加強一些投資者所謂的'貶值交易'，從而有利於黃金和比特幣（加密貨幣：BTC）。」
Gold's price initially showed a muted response to recent geopolitical events but surged to almost $2,700 on Sep. 26.
黃金的價格最初對最近的地緣事件表現出了冷淡的反應，但在9月26日飆升至近2700美元。
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This rise is partly due to a decline in the dollar by about 4-5% and a significant drop in real U.S. Treasury yields by 50-80 basis points.
這種上漲部分是由於美元下跌約4-5％，以及實際美國國債收益率下降50-80個點子。
Yet, the analysts argue that these factors alone do not fully explain the sharp increase in gold's value, indicating the return of the "debasement trade."
然而，分析師認爲這些因素本身並不能完全解釋黃金價值的大幅增長，這表明了「貶值交易」的回歸。
The "debasement trade" is influenced by a mix of factors, including the escalation of geopolitical uncertainties since 2022, ongoing inflation concerns, large government deficits in major economies, and a weakening confidence in fiat currencies, particularly in certain emerging markets.
「貶值交易」受到多種因素影響，包括自2022年以來地緣政治不確定性的升級、不斷加劇的通脹擔憂、主要經濟體的巨額政府赤字以及對法定貨幣的信心下降，特別是在某些新興市場。
Why It Matters: The current geopolitical climate, including conflicts like the Iran-Israel situation, has heightened market volatility. According to Santiment, the Fear and Greed Index has shifted into the fear zone, reflecting the market's uncertainty.
爲什麼重要：包括伊朗-以色列情況等衝突在內的當前地緣政治氛圍加劇了市場波動性。據Santiment稱，恐懼與貪婪指數已轉爲恐懼區間，反映了市場的不確定性。
Additionally, Charles Edwards, founder of Capriole Investments, suggested that Bitcoin's strong correlation with U.S. liquidity measures and gold's recent breakout to new highs indicate a bullish outlook for Bitcoin. He noted that Bitcoin tends to lag gold by a few months, suggesting it could follow gold's upward trajectory.
此外，Capriole Investments創始人查爾斯·愛德華茲建議，比特幣與美國流動性措施以及黃金最近突破新高之間存在強相關性，表明對比特幣持看好態度。他指出，比特幣往往滯後於黃金數月，暗示可能會跟隨黃金的上升軌跡。
What's Next: To gain further insights into these developments, the upcoming Benzinga Future of Digital Assets event on Nov. 19 will provide an ideal platform for investors and enthusiasts alike to deepen their understanding of such trends.
接下來：爲了進一步了解這些發展，即將於11月19日舉行的Benzinga數字資產未來活動將爲投資者和愛好者提供一個理想的平台，以加深對這些趨勢的理解。
- Bitcoin Drops Below $62,000 As Analysts Warn Of Potential Further Decline
- 比特幣下跌至 62,000 美元以下，分析師警告可能進一步下跌
Image: Shutterstock
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譯文內容由第三人軟體翻譯。