由于主权债务需求下降，黄金在未来12至36个月内将是净赢家；应持有实物金属以作防御。
逐段跳播
我知道我们总是谈论黄金和白银。我们稍后会谈到这个，但你在这里配置了多大比例？
I know that we always talk about gold and silver. We'll get to that in a moment, but what percentage are you allocating here?
所以，虽然我们用实物金属进行对冲，我知道你在你的备忘录中把这描述为你交易这种金属50多年来所见过的最好的黄金仓位。很明显你并没有交易它50年，但在50年的交易历史中，是什么让当前环境与之前的黄金牛市有根本性的不同？
So, while we hedge with physical metals, I know that you described in your memo this as the best position for gold that you have seen in over 50 years of trading the metal. It is clear that you have not traded in it for 50 years, but in the 50-year history of trading, what makes this current environment fundamentally different from previous gold bull markets ?
是的，我们公司交易金属已有50年；这是一家家族企业。事实上，我们以前从未见过这样的情况，即央行提供交易的下限，而投资者测试上限。因此，我认为投资者正在从根本上重新思考固定收益，尤其是主权债务。
随着主权债务作为避险资产的需求下降，你正面临一种负反馈循环。利率上升，对国家压力更大。黄金是下一个净赢家。黄金和白银是未来12、24和36个月的净赢家。因此，如果你在寻找防御性策略，我会持有实物金属。
Yes, our company has been trading metals for 50 years; it is a family business. In fact, we have never seen a situation like this before, where central banks provide the minimum for trading and investors test the ceiling.
Therefore, I believe that investors are fundamentally rethinking fixed income, and especially sovereign debt. As demand for sovereign debt as a safe haven declines, you are facing a kind of negative feedback loop.
Higher interest rates and greater pressure on countries. Gold is the next net winner. Gold and silver are the net winners over the next 12, 24 and 36 months. Therefore, I would keep the physical metals if you are looking for a defensive strategy.
因此，我认为对于关注实物金属安全性的投资者来说，黄金是更优越的金属。
Therefore, I believe that for an investor looking at the safety aspects of physical metals, gold is the superior metal.
这个频道对 $GLD 的历次判断
Schwab Network 在这只股票上只有这一条判断。