林幽沃：美债收益率上升造成的影响
在近数月以来，美国十年期国债收益率突破3%，创2014年1月以来新高。美债突破3%并不是常见的事情，自2011年以来，3%收益率的关口分别在2013年和2014年被短暂触碰过。
美国国债收益率，一直被全球市场作为标的，因为美国国债几乎是“无风险投资”。在美债收益率持续攀升的情况下，将会对我们造成什么影响呢？
1，股票中低于美债收益率的股票将会被资金遗弃，股票属于风险投资，如收益不及接近无风险投资的美债收益，聪明的资金自然会选择去处。
2，美国十年期国债收益率常被视作全球借贷成本的标的，美债收益率的攀升，释放出借贷成本上升的信号，对于有负债严重的企业来说更是一大打击。
3，正式宣告脱离低利率政策，美债利率的攀升将会对无息资产进行严重的打击，如贵金属、大宗商品等需要通过价格波动才能获得利润的资产。
大田环球贵金属分析师林幽沃认为，美债收益率的上升将会淘汰一系列收益率低的资产，如股市中创收能力低的公司、无息资产等。美债上升也会影响到新兴经济体发展，新兴市场资金将会有较大一部分资金流向美债。
从目前外汇市场上来看，美元一家独秀，证明资金依然在不断兑换美元购买美债。短期内，美债的收益率有可能会受到压制（收益率上涨代表债券市场供过于求，收益率下跌代表债券市场供不及求）。
对于贵金属市场来说，美债接近“无风险”的资产相对于无息资产的贵金属来说具备更大的吸引力，目前现货黄金价格已经跌破重要支撑1300大关，后市仍然有继续受压的可能性较大。
本文来源： 大田环球贵金属
最新内容
相关阅读
Risk Warning
Trading bullion and financial instruments carries significant risks and may not be suitable for all investors, requiring careful consideration of investment objectives, experience, and risk tolerance. Key risks include market volatility, leverage risks that can amplify gains or losses, liquidity issues that may prevent executing trades at desired prices, and technical failures in online trading systems. Prices fluctuate unpredictably, and past performance does not guarantee future results. CIDT Global Bullion Limited provides general market commentary but does not offer investment advice and is not liable for any losses incurred from reliance on its information, which may change without notice.
Jurisdiction Disclaimer
CIDT Global Bullion Limited's services are subject to local regulations and may not be available in all jurisdictions. Users are responsible for ensuring compliance with their local laws. Services are not provided in regions where they are prohibited by law, under international sanctions, or require licensing that the company does not hold. By using the platform, users confirm they are not in a restricted jurisdiction and accept full responsibility for legal compliance. The company reserves the right to decline or terminate services in restricted areas without prior notice.