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Investing in Gold
投資黃金
Some investors have always speculated in gold, buying coins, jewelry or even bars.
一些投資者一直在做黃金投機買賣，購買金幣、珠寶，甚至是金條。
In recent years, popular funds such as the SPDR Gold Trust ETF have made it easier to incorporate gold into a traditional investment portfolio.
近些年，黃金ETF基金等受歡迎的基金使得將黃金納入傳統投資組合變得更加容易。
Some financial planners recommend owning a small amount of gold, alongside stocks and bonds, to guard against market volatility.
一些金融規劃師建議持有少量黃金，同時持有股票和債券，以防止市場波動。
Most say gold shouldn't amount to more than 5% over your overall investment portfolio.
大多數人表示，黃金占整個投資組合的比例不得超過5%。
One of the biggest drawbacks to owning gold is that it doesn't pay any kind of a dividend, and its value depends on rising demand.
持有黃金最大的缺點之一就是它不支付任何形式的利息，并且它的價值取決于不斷增長的需求。
"Gold is not going to pay you any income," says Rob Haworth, senior investment strategist at U.S. Bank Wealth Management.
“黃金不會給你帶來任何收入，”美國銀行財富管理公司的高級投資分析師Rob Haworth說到。
"In order for you to make money on gold, it has to be worth more to someone tomorrow."
“為了讓你能從黃金中掙到錢，對別人來說，明天的黃金要更有價值才行。”
But today's market dynamics make this disadvantage less significant.
但現在的市場動態使這一缺點不那么明顯。
"Classically, people have used long-maturity Treasury bonds and notes" as a hedge against volatility while still earning returns, Haworth says,
“傳統上，人們一直在使用長期國庫債券”作為防止市場波動的手段，同時還能獲得回報，Haworth表示，
but there's not too much to get excited about there, with the benchmark 10-year Treasury bond yield hovering around a paltry 0.6% or so.
但這也沒有什么值得興奮的，因為10年期國債收益率的基準僅在區區0.6%左右徘徊。
"Gold becomes a more interesting portfolio diversifier," he says.
“黃金成為了一種更有趣的的分散投資組合工具，”他說。
Low corporate bond yields and the tendency of riskier corporate debt to move in tandem with, rather than inversely to,
低公司債券收益率和風險較高的公司債券與股票市場走勢同步（而非相反）的趨勢
the movement of the equities market has prompted more people to seek out an investment that is decoupled from the market.
促使更多人尋求一種與市場脫鉤的投資。
Gold's value -- however arbitrary it may seem -- isn't dependent on factors that underpin other market valuations.
黃金價值——不論看似有多么隨意——都不取決于鞏固其他市場估價的因素。
"Gold is uncorrelated to many other assets. It's uncorrelated to stocks and bonds," Giannotto says.
“黃金與很多其他資產都不相關。它和股票以及債券不相關，”Giannotto說到。
While this is somewhat true of other "real" asset classes like the broader commodities sector and real estate,
而這也適用于其他“真正的”資產類別，如更廣泛的大宗商品部門和房產，
these other categories still are exposed to a certain degree of market fluctuations, especially with the current increase in volatility.
這些其他類別仍然面臨一定程度的市場波動，特別是在目前波動加劇的情況下。
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