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日前美联储主席伯南克表态,预计将在今年稍晚些时候放缓购债进度,并在明年年中前后结束购债。消息公布后,金价大跌,再次逼近了前期低点。近几年来黄金价格上升的主要理由就是美联储实行的货币宽松政策将导致通货膨胀,推动作为对抗通胀手段的黄金价格走高。而一旦美联储取消货币宽松政策,通货膨胀的可能性也随之下降,黄金的避险保值功能将减弱,导致金价下跌。美联储政策不仅针对黄金市场,更重要的是直接影响着美国股市,因为近年来美国股市强劲,推动了美国消费,才使得经济得以复苏。美国股市上扬与宽松货币政策息息相关。如果货币政策收紧,股市必然回落,对美国经济十分不利。这一点从伯南克讲话之后美国股市大跌就可以看出来。美联储这次再度描绘了一幅美丽图景:预计今年第四季度同比经济增长可以达到2.3%～2 6%,2014年增加到
Federal Reserve Chairman Ben Bernanke said a few days ago that it is expected to slow down the progress of the debt purchase later this year and to conclude the debt purchase by the middle of next year. After the announcement, the price of gold plunged again approaching the previous lows. The main reason for the rising gold price in recent years is that the monetary easing policy implemented by the Federal Reserve will lead to inflation and push the gold price as a countermeasure against inflation to rise. And once the Federal Reserve to lift the monetary easing policy, the possibility of inflation also will decline, the hedge function of gold will be weakened, leading to lower gold prices. The Fed’s policy not only targets the gold market, but more importantly, it directly affects the U.S. stock market, as the U.S. stock market has been strong in recent years to promote U.S. consumption and make the economy recover. The rise of the U.S. stock market is closely linked to the loose monetary policy. If the tightening of monetary policy, the stock market will inevitably fall, the U.S. economy is very unfavorable. This can be seen from the plunge of the U.S. stock market after Bernanke’s speech. This time, the Federal Reserve again depicts a beautiful picture: it is estimated that the year-on-year economic growth will reach 2.3% ~ 26% in the fourth quarter of this year and will increase in 2014 to