花了两周多的时间,国际金价还是没有回到4月中旬两天大跌前的水平。在触底反弹过程中,金价虽然创下了自201 1年10月以来最大的单周升幅纪录,但与30年来最大降幅这样的悲惨遭遇相比,回升的价格未免有些黯淡无光。回顾4月中旬以来的黄金市场,除了在时间平移的横轴外,在纵轴上价格波动性是许久没有遇到的。这就为投资者提出了新的问题:当一贯作为避险资产的黄金本身遭遇大幅波动时,它的“江湖地位”是否还能像过去一样稳固?其实,黄金市场并非没有波动,只是过去12年的顺风顺水,给几乎整整一代投资者造成了黄金只涨不跌的幻觉。因此,与2008年遭遇金融风暴的股市和在欧债危机中遇冷的固定收益市场相比,黄金市场仿佛存在于温室中,一直风和日丽。不过,在金融创新中大量涌现的纸货资产不光带来了乐观情绪,也酝酿着风暴。事实证明,正是 Spent more than two weeks, the international price of gold still did not return to the level of two days before the crash in mid-April. In the bottoming out, the price of gold, which recorded the largest one-week increase since October 2011, was somewhat dimmed compared with the tragedy of the worst decline in 30 years. Looking back at the gold market since mid-April, price volatility on the vertical axis has not been met for a long time, except on the horizontal axis of time shift. This poses a new question for investors: when gold, which has long been a safe haven asset, experiences substantial volatility, can its “status as a river” remain as solid as it used to be? In fact, the gold market is not without its volatility, The smooth running of the past 12 years has created the illusion of gold rising or falling almost once and for all. Therefore, compared with the stock market hit by the financial turmoil in 2008 and the fixed-income market that had suffered a cold in the debt crisis in Europe, the gold market has been enjoying a thriving period in the greenhouse. However, the proliferation of paper-based assets in financial innovation has not only brought optimism, but also brewed a storm. Facts have proved that it is