美元进击金价，央行助力金价有发力空间
关键词：央行助力金价
美债收益率突破关键水平，同时因为债券收益率提高，黄金市场冲阿门悲观。但是仍有许多国家砸近期购买黄金，维持了黄金一直坚挺的原因，除了传统卖价外，众多新兴市场也在利用低价购入黄金。
美国国债收益率目前为3.23%，30年期收益率为3.40%。此前市场一度担忧的收益率曲线走平的风险目前已经有所淡化，且呈现出突破的趋势，因此市场正期待着更高的收益率。
对此许多投资者担忧这是否意味着黄金将进一步的承压。但事实上，从目前的状况来看，美联储的持续加息部分体现了对于美国债务和赤字的担忧。此前美联储方面曾表示，目前渐进式加息的策略是考虑到经济危机到来时，能够为缓解危机提供足够的缓冲空间。
外国央行为何增加黄金储备的原因当然值得商榷，从35个国家OECD数据库中得到的政府债务占GDP百分比的数据显示，在过去十年里，整体的杠杆率显著增加，这种趋势不仅仅是反映在部分极端的例子中，平均值和中位数也有所体现。
正如前面所提到，相较于其他央行面临着长期利率不断下降的趋势，美国的利率已经出现了明显的上升，因此各国央行以及国际投资者并没有进行减持，相反还有进一步增持的迹象，但是持有债券的比例却是明显的下降了，这是因为自金融危机以来美国的债务出现了井喷式的增长。
目前世界各国的央行都在购买黄金，但是似乎不太愿意为美国不断增长的债务继续融资。尽管美国国债看起来似乎比前几年更具吸引力，但是考虑到杠杆率的不断攀升，这个收益还是显得太过单薄。
因此如果美国国债收益率继续上升，黄金可能会在短期内继续下跌。但是与大多数政府债券相比，黄金在长期投资中仍是更为安全的选择。
本文来源： 大田环球贵金属
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