长远来看,全球经济的宏观基本面持续积极发展,意味着超宽松的货币环境将最终结束。投资者对黄金的兴趣正在持续消退。2014年上半年,黄金价格相较大宗商品指数呈现出不同的走势,而且波动率更高(见图1)。其从年初开始上涨,在2月下旬到3月中旬达到高点,随后持续下跌,直至6月再次开始反弹。截至6月27日,黄金价格上涨9.7%,略超CRB大宗商品现货指数的表现(上涨9%)。在市场普遍预期黄金价格进入下跌的大趋势背景下,是什么导致了今 In the long run, the macroeconomic fundamentals of the global economy will continue to be positive, which means that the ultra-loose monetary environment will eventually come to an end. Investors interest in gold is continuing to subside. In the first half of 2014, the gold price showed a different trend compared with the Commodity Index with a higher volatility (Figure 1). It started to rise from the beginning of the year, reaching a high point from late February to mid-March before continuing to fall until it started to rebound again in June. As of June 27, the price of gold rose 9.7%, slightly over the CRB Commodity Index (up 9%). In the market generally expected gold prices into the context of the downward trend, what led to today