金价暴跌为全球经济拉响警报
路透社纽约4月19日 - 黄金价格在过去一周中的暴跌，也许是对全球经济发出了重大的危险信号。
Some top investors say the gold sell-off, and the broader declines in oil and metals prices, reflect the failure of the Federal Reserve and other central banks to create robust demand even as they inject massive amounts of money into the world financial system.
一些顶级的投资者认为，金价下挫以及原油和金属价格的普遍走低，表明美国联邦储备委员会(美联储/FED)等央行尽管向世界金融体系挹注了大量资金，却仍未能创造出强劲需求。
The slide, which took gold to its biggest one-day loss ever in dollar terms on Monday, unnerved investors who saw billions of dollars in gains wiped out in a few days, and it may portend declines in other asset prices ahead. That may have begun this week with several days of big stock price drops.
以美元计算的黄金价格在周一录得史上最大单日跌幅，这可能预示了其他资产价格未来的下跌走势。而随着股市本周几天来的大跌，这种局面也许已经展开。
Some see the move in gold as a possible flashpoint for a broader economic and markets shock comparable to the collapse of hedge fund Long-Term Capital Management in 1998 and even the financial crisis a decade later. Both events were preceded by sharp drops in gold.
有人认为黄金这轮跌势可能成为引发整体经济与市场动荡的导火索，且这一次的动荡恐堪比1998年长期资本管理公司(LTCM)的倒闭以及10年之后的那场金融危机。这两场事件发生前黄金均出现了大跌。
The gold and commodities weakness is "signaling concerns about global growth," said Mohamed El-Erian, the co-chief investment officer of PIMCO, which oversees $2 trillion in assets. "Commodities have been sending the signal on growth for a while, and now even louder."
太平洋投资管理公司(PIMCO)共同投资长埃里安说，黄金和大宗商品的疲弱走势释出了“担心全球经济成长”的信号，“大宗商品反映经济成长已有一段时间，现在只是越发明显了。”
And after the stampede out of gold earlier this week, investors on Thursday dumped their holdings of U.S. inflation bonds after a lousy auction. This kind of debt is seen as a way to protect against any rise in the inflation rate that might materialize in a more buoyant economy.
在本周稍早仓皇逃离金市以后，投资者周四出脱美国通膨保值债券的仓位，因此前的标售结果不佳。这类债券被视为是以防通胀率上升可能在繁荣经济中变为现实的方式。
The post-crisis run-up in gold prices resulted in part from speculation triggered by the massive amounts of cash created by aggressive monetary policy. It had been thought that the massive creation of credit would support a "re-inflation" of the world economy - but the recent pullback in gold, oil and copper - the latter two assets linked closely with global industrial growth - suggests that this may just not be happening.
金价在危机过后走势高涨，部分是由激进货币政策创造大量资金促发的投机活动所致。人们过去一直认为，大举创造信贷将支持全球经济“再通胀”，但近期金价、油价和铜价的回落表明，这种情况可能不会发生。石油和铜与全球工业成长密切相关。
The recent rush into the safety of U.S. Treasuries - which has pushed yields close to four-month lows - is another sign that the global economy is far from humming. Treasuries are often seen as a shelter when the economy is weak or unstable.
最近投资者蜂拥购买美国公债，推动收益率(殖利率)接近四个月低位，也是全球经济没有起色的又一迹象。美国公债常常被视为是在经济疲弱或不稳定之时的避风港。
