全球萧条,产能过剩,超发货币竞相贬值以解决经济困境是人类痼疾,也是黄金牛市的根本原因。投资界有一句俗语:“乱世买黄金。”证券市场熊市狰狞,政府负债累累,法定货币困境重重,战火蔓延等等都是买黄金的绝佳信号。这层逻辑被人们广泛用来解释黄金价格如何从2007年的每盎司650美元一路飙升到今年的1800美元。点燃黄金牛市之火的乱世动因很多,其中最经久不衰且最重要者非“对冲通胀风险”莫属。通货膨胀往往由“货币供应的增长远远超过产品和服务的增长”造成,亦即过度的货币追逐一定的产品。央行可 Global depression, overcapacity, and devaluation of overbudding currencies in a competitive manner are the root causes of the bull market for human beings. There is a common saying in the investment community: “The golden age of buying stocks in the troubled times.” “The bearish market in the securities market, the heavy debts of the government, the dilemma of legal tender, the spread of war, and so on are all excellent signals for buying gold. This logic is widely used to explain how the price of gold soared from $ 650 an ounce in 2007 to $ 1,800 this year. Ignite the golden bull market turmoil many motives, the most enduring and the most important non- ”hedge against inflation risk “. Inflation is often caused by ”the growth of the money supply far outweighs the growth of goods and services", that is, excess money chasing certain products. Central Bank can