債券大王格羅斯：應該購買黃金而不是債券

original Source






The "Bond King" - Pimco boss Bill Gross - says:

[There's] a diminished or dying cult of both bonds and stocks from the standpoint of a belief that they can return 10% ....

Gold can't be reproduced. It could certainly be taken out of the ground in an increasing rate but there's a limiting amount of gold.

And there has been an unlimited amount of paper money over the past 20 to 30 years and now - in this period of central bank expansion where it's QE1 or QE2, or whether it's the LTROs of the ECB or this potential new program ... then central banks are at their leisure to basically print money.

Gold is a fixed commodity that has a considerable store of value that paper money has not....

When a central bank starts writing checks and printing money in the trillions of dollars, it's best to have something tangible that can't be reproduced, such as gold.

***

Gold ... is a better investment than a bond or a stock, which probably will only return a 3 to 4 percent return over the next 5 to 10 years.

從年回報率是否能達到10%的角度看，債市和股市的熱潮正在褪去。黃金是不可再生的。當然人們可以加速開掘黃金，但儲量是有限的。

    過去20-30年的歷史經驗表明，紙幣是可以被無限量地印刷出來的。美聯儲推出QE1、QE2，歐洲央行推出LTRO、OMT購債計劃，央行隨意地開動印鈔機，狂印鈔票。

    由於黃金的總量是有限的，它有很好的保值功能，但紙幣沒有。

    當央行再次開動印鈔機時，最好的策略莫過於購買不可再生的有形資產，例如黃金。跟債券和股票相比，黃金是更好的投資選擇，前兩者在未來5-10年內的年均回報率可能僅有3%-4%。