{"id":618207,"date":"2026-02-01T16:37:41","date_gmt":"2026-02-02T00:37:41","guid":{"rendered":"https:\/\/nai500.com\/?p=618207"},"modified":"2026-02-01T16:37:41","modified_gmt":"2026-02-02T00:37:41","slug":"%e9%87%91%e9%8a%80%e7%8b%82%e9%a3%86%e4%b8%80%e5%a4%9c%e5%b4%a9%e5%a1%8c%ef%bc%9a%e6%a0%b9%e6%ba%90%e5%9c%a8%e4%b8%ad%e5%9c%8b%e6%8b%8b%e5%94%ae%ef%bc%8c%e9%82%84%e6%98%af%e7%be%8e","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2026\/02\/%e9%87%91%e9%8a%80%e7%8b%82%e9%a3%86%e4%b8%80%e5%a4%9c%e5%b4%a9%e5%a1%8c%ef%bc%9a%e6%a0%b9%e6%ba%90%e5%9c%a8%e4%b8%ad%e5%9c%8b%e6%8b%8b%e5%94%ae%ef%bc%8c%e9%82%84%e6%98%af%e7%be%8e\/","title":{"rendered":"\u91d1\u9280\u201c\u72c2\u98c6\u201d\u4e00\u591c\u5d29\u584c\uff1a\u6839\u6e90\u5728\u4e2d\u570b\u62cb\u552e\uff0c\u9084\u662f\u7f8e\u806f\u5132\u63db\u5e25\uff1f"},"content":{"rendered":"

\u4e00\u5834\u53f2\u8a69\u7d1a\u7684\u66b4\u8dcc\uff0c\u5728\u4e0d\u523024\u5c0f\u6642\u5167\u5e2d\u6372\u4e86\u5168\u7403\u8cb4\u91d1\u5c6c\u5e02\u5834\u3002<\/p>\n

\u4e0a\u9031\u4e94\uff0c\u73fe\u8ca8\u9ec3\u91d1\u4e00\u5ea6\u66b4\u8dcc\u81f3\u6bcf\u76ce\u53f8$4,941.50\uff0c\u55ae\u65e5\u8dcc\u5e45\u8d85\u904e6%\uff1b\u767d\u9280\u7684\u8d70\u52e2\u5247\u66f4\u70ba\u6158\u70c8\uff0c\u66b4\u8dcc26%\uff0c\u5275\u4e0b\u6b77\u53f2\u8a18\u9304\u3002\u5c31\u5728\u524d\u4e00\u5929\uff0c\u9ec3\u91d1\u525b\u525b\u89f8\u53ca$5,595\u7684\u9ad8\u4f4d\uff0c\u767d\u9280\u885d\u7834$121\uff0c\u9285\u50f9\u7a81\u7834\u6bcf\u5678$14,500\u3002\u9019\u4e00\u5207\u7684\u9006\u8f49\uff0c\u901f\u5ea6\u5feb\u5f97\u8b93\u5168\u7403\u4ea4\u6613\u54e1\u63aa\u624b\u4e0d\u53ca\u3002<\/p>\n

\u201c\u9019\u7d55\u5c0d\u662f\u6211\u8077\u696d\u751f\u6daf\u4e2d\u898b\u904e\u7684\u6700\u760b\u72c2\u884c\u60c5\uff0c\u201d\u5168\u7403\u9818\u5148\u7684\u9ec3\u91d1\u7cbe\u7149\u5546Heraeus Precious Metals\u7684\u4ea4\u6613\u4e3b\u7ba1Dominik Sperzel\u8868\u793a\uff0c\u201c\u9ec3\u91d1\u662f\u7a69\u5b9a\u7684\u8c61\u5fb5\uff0c\u4f46\u9019\u6a23\u7684\u8d70\u52e2\u7d55\u975e\u7a69\u5b9a\u4e4b\u5146\u3002\u201d<\/p>\n

\u76f4\u63a5\u5c0e\u706b\u7d22\uff1a\u7f8e\u806f\u5132\u7684\u201c\u65b0\u638c\u9580\u201d<\/h2>\n

\u66b4\u8dcc\u7684\u5e8f\u5e55\uff0c\u59cb\u65bc\u4e00\u689d\u4f86\u81ea\u83ef\u76db\u9813\u7684\u6d88\u606f\u3002\u64daBloomberg\u7b49\u5a92\u9ad4\u5831\u9053\uff0c\u7f8e\u570b\u7e3d\u7d71\u7279\u6717\u666e\u8a08\u5283\u63d0\u540dKevin Warsh\u70ba\u4e0b\u4e00\u4efb\u7f8e\u806f\u5132\u4e3b\u5e2d\u3002\u9019\u4e00\u6d88\u606f\u77ac\u9593\u63a8\u9ad8\u4e86\u7f8e\u5143\uff0c\u800c\u901a\u5e38\u8207\u7f8e\u5143\u8d70\u52e2\u53cd\u5411\u7684\u91d1\u9280\u5247\u61c9\u8072\u91cd\u632b\u3002<\/p>\n

\u5e02\u5834\u5c07\u6b64\u89e3\u8b80\u70ba\u4e00\u500b\u6f5b\u5728\u7684\u4e0d\u5229\u4fe1\u865f\u3002Commerzbank\u5927\u5b97\u5546\u54c1\u8207\u5916\u532f\u7814\u7a76\u4e3b\u7ba1Thu Lan Nguyen\u6307\u51fa\uff0cWarsh\u88ab\u8996\u70ba\u6bd4\u6b64\u524d\u71b1\u9580\u4eba\u9078Kevin Hassett\u201c\u66f4\u4e0d\u9d3f\u6d3e\u201d\u7684\u9078\u64c7\u3002\u5118\u7ba1Nguyen\u8a8d\u70ba\u73fe\u5728\u5c31\u65b7\u8a00Warsh\u66f4\u9df9\u6d3e\u70ba\u6642\u904e\u65e9\uff0c\u4f46\u5979\u5f37\u8abf\uff0c\u95dc\u9375\u5728\u65bc\u5e02\u5834\u61f7\u7591Warsh\u5c0d\u7279\u6717\u666e\u7684\u201c\u5fe0\u8aa0\u5ea6\u201d\u662f\u5426\u8db3\u5920\u3002<\/p>\n

\u201c\u7279\u6717\u666e\u5df2\u7d93\u76f8\u5c0d\u660e\u78ba\u5730\u8868\u9054\u4e86\u5e0c\u671b\u5f9e\u65b0\u4e3b\u5e2d\u90a3\u88e1\u5f97\u5230\u4ec0\u9ebc\uff08\u4f4e\u5229\u7387\uff09\uff0c\u201dNguyen\u8868\u793a\uff0c\u201c\u5982\u679c\u9019\u4f4d\u4e3b\u5e2d\u6c92\u6709\u505a\u5230\uff0c\u90a3\u9ebc\u5c0d\u7f8e\u806f\u5132\u7684\u653b\u64ca\u4e0d\u592a\u53ef\u80fd\u5e73\u606f\u3002\u201d\u5979\u8a8d\u70ba\uff0c\u9019\u53cd\u800c\u589e\u52a0\u4e86\u7f8e\u806f\u5132\u8feb\u65bc\u58d3\u529b\uff0c\u964d\u606f\u5e45\u5ea6\u8d85\u904e\u7576\u524d\u5e02\u5834\u9810\u671f\u7684\u53ef\u80fd\u6027\uff0c\u800c\u9019\u5f9e\u9577\u9060\u770b\u6703\u5c0d\u91d1\u50f9\u5f62\u6210\u652f\u6490\u3002\u9031\u4e94\u7684\u66b4\u8dcc\uff0c\u5728Nguyen\u770b\u4f86\uff0c\u66f4\u50cf\u662f\u5e02\u5834\u5728\u50f9\u683c\u5feb\u901f\u4e0a\u6f32\u5f8c\u201c\u7b49\u5f85\u4e00\u500b\u7372\u5229\u4e86\u7d50\u7684\u6a5f\u6703\u201d\u3002<\/p>\n

\u6df1\u5c64\u6839\u6e90\uff1a\u4e2d\u570b\u6295\u6a5f\u71b1\u6f6e\u7684\u201c\u9000\u6f6e\u201d<\/h2>\n

\u7136\u800c\uff0c\u7f8e\u806f\u5132\u63db\u5e25\u53ef\u80fd\u53ea\u662f\u4e00\u6839\u9ede\u71c3\u4e86\u706b\u85e5\u6876\u7684\u5f15\u7dda\u3002\u6578\u5468\u4ee5\u4f86\uff0c\u63a8\u52d5\u91d1\u9280\u9285\u7b49\u91d1\u5c6c\u50f9\u683c\u812b\u96e2\u57fa\u672c\u9762\uff0c\u201c\u6399\u812b\u5730\u5fc3\u5f15\u529b\u201d\u5f0f\u4e0a\u6f32\u7684\u6838\u5fc3\u529b\u91cf\u662f\u4f86\u81ea\u4e2d\u570b\u7684\u6295\u6a5f\u6027\u71b1\u9322\u3002\u5f9e\u500b\u4eba\u6295\u8cc7\u8005\u5230\u5927\u578b\u80a1\u7968\u57fa\u91d1\uff0c\u4e2d\u570b\u8cc7\u91d1\u6e67\u5165\u5927\u5b97\u5546\u54c1\u5e02\u5834\uff0c\u5c07\u50f9\u683c\u63a8\u81f3\u524d\u6240\u672a\u6709\u7684\u9ad8\u5ea6\u3002\u8da8\u52e2\u8ddf\u8e64\u578b\u5546\u54c1\u4ea4\u6613\u9867\u554f\uff08CTA\uff09\u7684\u8ddf\u98a8\u8cb7\u5165\uff0c\u66f4\u662f\u5728\u9019\u5834\u72c2\u6b61\u4e2d\u6dfb\u4e86\u4e00\u628a\u706b\u3002<\/p>\n

\u201c\u5927\u7d04\u4e09\u56db\u5468\u524d\uff0c\u6211\u5011\u5c31\u5224\u65b7\u9019\u5df2\u7d93\u8b8a\u6210\u4e86\u4e00\u7a2e\u52d5\u91cf\u4ea4\u6613\uff0c\u800c\u975e\u57fa\u672c\u9762\u4ea4\u6613\uff0c\u201d\u5c0d\u6c96\u57fa\u91d1Infrastructure Capital Advisors\u7684\u9996\u5e2d\u6295\u8cc7\u5b98Jay Hatfield\u8aaa\uff0c\u201c\u6211\u5011\u53ea\u662f\u9806\u52e2\u800c\u70ba\uff0c\u7b49\u5f85\u9019\u7a2e\u4e8b\u60c5\uff08\u66b4\u8dcc\uff09\u767c\u751f\u3002\u201d\u9019\u7a2e\u72c2\u71b1\u5728\u767d\u9280\u5e02\u5834\u9ad4\u73fe\u5f97\u5c24\u70ba\u6975\u81f4\u3002\u767d\u9280\u5e02\u5834\u898f\u6a21\u8f03\u5c0f\uff0c\u56e0\u6b64\u6ce2\u52d5\u6027\u88ab\u6025\u5287\u653e\u5927\u3002\u4e0a\u9031\u4e94\uff0c\u5168\u7403\u6700\u5927\u7684\u767d\u9280ETF\u2014\u2014iShares Silver Trust (SLV)\u2014\u2014\u6210\u4ea4\u984d\u8d85\u904e400\u5104\u7f8e\u5143\uff0c\u6210\u70ba\u5168\u7403\u4ea4\u6613\u6700\u6d3b\u8e8d\u7684\u8b49\u5238\u4e4b\u4e00\uff0c\u800c\u6578\u6708\u524d\u7684\u65e5\u6210\u4ea4\u984d\u5f88\u5c11\u8d85\u904e20\u5104\u7f8e\u5143\u3002<\/p>\n

\u81f4\u547d\u7684\u8f49\u6298\u767c\u751f\u5728\u4e0a\u9031\u56db\u5317\u7f8e\u6642\u6bb5\u4e4b\u5f8c\u3002\u7576\u7f8e\u5143\u8d70\u5f37\uff0c\u91d1\u50f9\u958b\u59cb\u56de\u843d\u6642\uff0c\u6b64\u524d\u4e00\u76f4\u662f\u8cb7\u76e4\u4e3b\u529b\u4e26\u5728\u6bcf\u500b\u4e9e\u6d32\u65e9\u76e4\u63a8\u52d5\u50f9\u683c\u4e0a\u6f32\u7684\u4e2d\u570b\u6295\u8cc7\u8005\uff0c\u9019\u6b21\u9078\u64c7\u4e86\u7372\u5229\u4e86\u7d50\u3002\u201c\u4e2d\u570b\u8ce3\u51fa\u4e86\uff0c\u73fe\u5728\u6211\u5011\u6b63\u5728\u627f\u53d7\u5f8c\u679c\uff0c\u201d Bridgewater Associates\u524d\u5927\u5b97\u5546\u54c1\u4e3b\u7ba1Alexander Campbel\u4e00\u91dd\u898b\u8840\u5730\u6307\u51fa\u3002<\/p>\n

\u9031\u4e94\u7684\u5168\u9762\u5d29\u76e4\u5c31\u6b64\u9444\u6210\u3002\u5c0d\u65bc\u9023\u591c\u76ef\u76e4\uff0c\u751a\u81f3\u4e0d\u60dc\u5728\u9577\u9014\u822a\u73ed\u4e0a\u4ea4\u6613\u7684\u6b50\u7f8e\u4ea4\u6613\u54e1\u800c\u8a00\uff0c\u4ed6\u5011\u76ee\u7779\u4e86\u52d5\u529b\u65b9\u5411\u7684\u5fb9\u5e95\u9006\u8f49\u3002\u4e0a\u5468\u5728\u5fb7\u570b\u8209\u884c\u7684\u4e16\u754c\u6700\u5927\u9322\u5e63\u6703\u8b70\u4e0a\uff0c\u9ad8\u7ba1\u5011\u6c89\u9ed8\u5730\u76ef\u8457\u624b\u6a5f\u5c4f\u5e55\uff0c\u770b\u8457\u9019\u5834\u5371\u6a5f\u5c55\u958b\u3002MKS PAMP SA\u7684\u91d1\u5c6c\u7b56\u7565\u4e3b\u7ba1Nicky Shiels\u7528\u201c\u629b\u7269\u7dda\u5f0f\u7684\u201d\u3001\u201c\u72c2\u71b1\u7684\u201d\u3001\u201c\u7121\u6cd5\u4ea4\u6613\u7684\u201d\u4f86\u5f62\u5bb9\u9031\u4e94\u7684\u5e02\u5834\u3002\u5979\u8a8d\u70ba\uff0c2026\u5e741\u6708\u5c07\u6210\u70ba\u201c\u8cb4\u91d1\u5c6c\u6b77\u53f2\u4e0a\u6ce2\u52d5\u6700\u5287\u70c8\u7684\u6708\u4efd\u201d\u3002<\/p>\n

\u98a8\u66b4\u4e4b\u5f8c\uff1a\u5e02\u5834\u4f55\u53bb\u4f55\u5f9e\uff1f<\/h2>\n

\u66b4\u8dcc\u4e4b\u5f8c\uff0c\u6240\u6709\u4eba\u7684\u76ee\u5149\u518d\u6b21\u6295\u5411\u4e86\u6771\u65b9\u2014\u2014\u4e2d\u570b\u5e02\u5834\u3002\u4ea4\u6613\u54e1\u5011\u6b63\u5bc6\u5207\u95dc\u6ce8\u4e0a\u6d77\u5e02\u5834\u7684\u8868\u73fe\uff0c\u89c0\u5bdf\u7d93\u6b77\u66b4\u8dcc\u885d\u64ca\u5f8c\uff0c\u4e2d\u570b\u7684\u91d1\u5c6c\u9700\u6c42\u662f\u5426\u6703\u5fa9\u8607\u3002\u7531\u65bc\u4e2d\u570b\u4ea4\u6613\u6240\u5c0d\u767d\u9280\u5408\u7d04\u8a2d\u670916%-19%\u7684\u65e5\u6f32\u8dcc\u5e45\u9650\u5236\uff0c\u4e0a\u6d77\u9280\u50f9\u53ef\u80fd\u9700\u8981\u6642\u9593\u8207\u5168\u7403\u5e02\u5834\u201c\u63a5\u8ecc\u201d\u3002\u7136\u800c\uff0c\u81e8\u8fd1\u50b3\u7d71\u7684\u8cfc\u8cb7\u65fa\u5b63\u2014\u2014\u8fb2\u66c6\u65b0\u5e74\uff0c\u6b64\u6b21\u56de\u8abf\u4e5f\u53ef\u80fd\u70ba\u932f\u5931\u524d\u4e00\u6ce2\u4e0a\u6f32\u7684\u96f6\u552e\u6295\u8cc7\u8005\u63d0\u4f9b\u4e00\u500b\u201c\u5165\u5834\u9ede\u201d\u3002<\/p>\n

\u64da\u4e2d\u570b\u8cbf\u6613\u5546\u7a31\uff0c\u5728\u4e3b\u8981\u7684\u9ec3\u91d1\u4ea4\u6613\u4e2d\u5fc3\u6c34\u8c9d\uff0c\u767d\u9280\u7684\u7dca\u5f35\u72c0\u6cc1\u5df2\u6709\u6240\u7de9\u89e3\uff0c\u9031\u672b\u51fa\u73fe\u4e86\u66f4\u591a\u8ce3\u76e4\u800c\u975e\u8cb7\u76e4\uff0c\u4f46\u4e26\u672a\u51fa\u73fe\u6050\u614c\u6027\u62cb\u552e\u3002\u8207\u6b64\u540c\u6642\uff0c\u591a\u5bb6\u4e2d\u570b\u9280\u884c\u9031\u4e94\u5ba3\u4f48\u4e86\u65b0\u7684\u63aa\u65bd\uff0c\u4ee5\u63a7\u5236\u8207\u96f6\u552e\u9ec3\u91d1\u7a4d\u5b58\u7522\u54c1\u76f8\u95dc\u7684\u98a8\u96aa\uff0c\u9019\u53ef\u80fd\u6703\u7d66\u5168\u7403\u5e02\u5834\u7684\u72c2\u71b1\u9032\u4e00\u6b65\u964d\u6eab\u3002\u201c\u9ec3\u91d1\u76f8\u5c0d\u5805\u633a\uff1b\u6211\u770b\u5230\u904e\u53bb\u5169\u5929\u6709\u5f88\u591a\u9022\u4f4e\u8cb7\u5165\u8005\u5728\u8fb2\u66c6\u65b0\u5e74\u524d\u8cfc\u8cb7\u73e0\u5bf6\u548c\u91d1\u689d\uff0c\u201d\u6df1\u5733\u570b\u661f\u8cb4\u91d1\u5c6c\u516c\u53f8\u7684\u98a8\u96aa\u4e3b\u7ba1Liu Shunmin\u8868\u793a\uff0c\u201c\u800c\u5c0d\u65bc\u767d\u9280\uff0c\u4eba\u5011\u5247\u6709\u5f37\u70c8\u7684\u89c0\u671b\u50be\u5411\u3002\u201d<\/p>\n

\u4e00\u5834\u7531\u4e2d\u7f8e\u56e0\u7d20\u4ea4\u7e54\u5f15\u767c\u7684\u91d1\u878d\u98a8\u66b4\u66ab\u6642\u5e73\u606f\uff0c\u4f46\u6839\u6e90\u672a\u89e3\u3002\u7f8e\u806f\u5132\u672a\u4f86\u7684\u7368\u7acb\u6027\uff0c\u4e2d\u7f8e\u5169\u570b\u6295\u8cc7\u8005\u7684\u60c5\u7dd2\uff0c\u4ecd\u5c07\u662f\u61f8\u5728\u8cb4\u91d1\u5c6c\u5e02\u5834\u4e0a\u65b9\u7684\u9054\u6469\u514b\u5229\u65af\u4e4b\u528d\u3002\u9019\u5834\u6b77\u53f2\u6027\u7684\u66b4\u8dcc\uff0c\u6216\u8a31\u53ea\u662f\u4e00\u500b\u65b0\u6642\u4ee3\u5287\u70c8\u6ce2\u52d5\u7684\u958b\u5834\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u4e00\u5834\u53f2\u8a69\u7d1a\u7684\u66b4\u8dcc\uff0c\u5728\u4e0d\u523024\u5c0f\u6642\u5167\u5e2d\u6372\u4e86\u5168\u7403\u8cb4\u91d1\u5c6c\u5e02\u5834\u3002 \u4e0a\u9031\u4e94\uff0c\u73fe\u8ca8\u9ec3\u91d1\u4e00\u5ea6\u66b4\u8dcc\u81f3\u6bcf\u76ce\u53f8$4,941.50\uff0c […]<\/p>\n","protected":false},"author":27,"featured_media":569043,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1522,431,2197],"tags":[801,565,2162,561],"class_list":["post-618207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1522","category-trends-strategies-zh-hant","category-2197","tag-801","tag-565","tag-2162","tag-561","sectors-gold-zh-hant","locations-china-zh-hant","locations-us-zh-hant"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/618207","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/comments?post=618207"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/618207\/revisions"}],"predecessor-version":[{"id":618210,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/618207\/revisions\/618210"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media\/569043"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=618207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=618207"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=618207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}