Changpeng Zhao（更名為CZ）於週六去了X，並在Gold上戳了戳。

Changpeng Zhao（更名為CZ）於週六去了X，並在Gold上戳了戳。他說：“不是反對黃金，但這不是有限的供應資產。”

Changpeng Zhao, also known as CZ, took a jab at gold on Saturday.

Changpeng Zhao（也稱為CZ）在星期六在金牌上戳了一口。

“Not against gold, but it’s not a limited supply asset. And it’s ironic people complain about Bitcoin going down with the NASDAQ now,” CZ posted on X, formerly known as Twitter.

“不是反對黃金，但這不是有限的供應資產。具有諷刺意味的是，人們抱怨比特幣現在與納斯達克人降落，” CZ在X上發布，以前稱為Twitter。

One line was enough to piss off gold bugs and draw another line between the crypto crowd and the precious metals faithful.

一條線足以使金蟲子撒尿，並在加密貨幣人群與珍貴金屬之間劃清界限。

CZ made it clear why he still bets on Bitcoin: it’s capped, and gold isn’t. He didn’t say anything else. He didn’t need to. This came as gold’s outstanding rally seemingly came to a halt.

CZ清楚地表明了為什麼他仍然押注比特幣：它被封頂了，黃金不是。他什麼也沒說。他不需要。這是因為黃金的傑出集會似乎停止了。

On Friday, spot gold slid 0.4% to $3,228.50 an ounce, putting it on track for a 2.6% weekly loss. This was after it hit a record high of $3,500.05 on April 22. But by last Thursday, it dropped to the lowest level since April 14. US gold futures still closed up 0.6% at $3,243.30, though that didn’t reverse the trend.

週五，現場金滑行0.4％，至每盎司3,228.50美元，這使其步入正軌，每週損失2.6％。這是在4月22日達到創紀錄的3,500.05美元的創紀錄高點之後。但是到上週四，它降至4月14日以來的最低水平。美國黃金期貨仍在上漲0.6％，至3,243.30美元，儘管這並沒有扭轉趨勢。

Gold was struggling as the US and China both toned down the trade war talk. China’s commerce ministry said the US had shown interest in dialing down tariffs and that Beijing was open to discussion. The easing tension hurt demand for safe assets. The fear that had driven gold higher was fading.

當美國和中國都淡化了貿易戰談話時，黃金在掙扎。中國商務部表示，美國對降低關稅表現出了興趣，北京開放了討論。緩解張力損害了對安全資產的需求。推動黃金更高的恐懼正在消失。

Daniel Pavilonis, senior market strategist at RJO Futures, said, “Gold looks like $3,500 may be a top for a little while,” especially if more trade deals start showing up and risk appetite comes back. He pointed out that a drop in panic usually means gold will cool down. That’s what’s happening now.

RJO Futures的高級市場策略師丹尼爾·帕維洛尼斯（Daniel Pavilonis）表示：“黃金看起來3,500美元可能是一段時間的最高水平，”尤其是如果更多的貿易交易開始出現並且風險偏好又回來時。他指出，恐慌症的下降通常意味著黃金會冷卻。這就是現在正在發生的事情。

At the same time, the US jobs report landed. It showed that nonfarm payrolls jumped by 177,000 last month. That crushed the estimate of 130,000. Even so, the stronger job numbers made traders think the Federal Reserve might not cut rates in June. The 10-year Treasury yield went up. That usually makes gold look worse, since it doesn’t give returns.

同時，美國工作報告降落了。它表明，上個月的非農業工資單增長了177,000。這摧毀了130,000的估計。即便如此，更強大的工作人數使交易員認為美聯儲可能不會在6月降低利率。 10年的財政收益率上升。這通常會使黃金看起來更糟，因為它不會給予回報。

Gold wasn’t the only metal taking a hit. Silver dropped 1.3% to $31.98. Platinum inched up 0.1% to $959.20, and palladium gained 0.6% to $946.18. But all three were still heading for weekly losses. The entire metal market was cooling off.

黃金不是唯一受到打擊的金屬。銀跌至1.3％至$ 31.98。白金上漲0.1％，至959.20美元，鈀上漲0.6％至$ 946.18。但是這三個仍在前進，每週損失。整個金屬市場都在冷靜下來。

Bitcoin inches closer to gold

比特幣英寸更靠近黃金

While gold stumbled, Bitcoin was making moves. It’s still up less than 1% for the year, but that’s better than the S&P 500, which has dropped over 6%.

當黃金跌跌撞撞時，比特幣正在採取行動。一年中它的增長不到1％，但比標準普爾500指數要好，後者已經下降了6％。

After hitting its 2024 low on April 8, Bitcoin bounced back around 20%. It didn’t beat gold’s 26% rise this year, but it came close. That rebound mattered for people watching the fight between old money and new.

在4月8日達到2024年低點之後，比特幣反彈約20％。今年沒有超過Gold的26％上升，但它接近了。反彈對於觀看舊金與新資金之間的戰鬥的人們至關重要。

Bitcoin’s top hater Peter Schiff didn’t stay quiet. He went on X and said, “It should be clear from recent price action that claims that Bitcoin has decoupled from the NASDAQ and now trades more like gold are false.” He told people worried about inflation to buy gold.

比特幣的頂級仇恨者彼得·希夫（Peter Schiff）並沒有保持安靜。他繼續X說：“從最近的價格行動中應該可以明顯看出，比特幣已經與納斯達克脫鉤了，現在更像黃金的交易是虛假的。”他告訴人們擔心通貨膨脹購買黃金。

“If you want to bet on the NASDAQ,” said Peter, “just buy tech stocks.” Peter added the market would get hit by falling Treasury prices and a weaker dollar, which would drive up borrowing costs and debt.

彼得說：“如果您想押注納斯達克股票，只需購買科技股。”彼得補充說，市場將因國庫價格下跌和較弱的美元而受到打擊，這將推動借貸成本和債務。

The tie between Bitcoin and gold has changed a lot. Between 2020 and 2024, they usually moved together. But by the end of March this year, that pattern broke. A CNBC report showed the 25-week rolling correlation between the two dropped to -0.42.

比特幣和黃金之間的領帶發生了很大變化。在2020年至2024年之間，他們通常一起移動。但是到今年3月底，這種模式破裂了。 CNBC報告顯示，兩者之間的25週滾動相關性降至-0.42。

That’s the lowest since early 2020. The April rebound pushed the number back up to -0.28, but that still means they’re not closely linked. A number like -0.42 means when gold goes up 1%, Bitcoin drops 0.42%. That’s a big gap for two assets people used to treat the same.

這是自2020年初以來最低的。四月的反彈將數字恢復到-0.28，但這仍然意味著它們沒有緊密聯繫。像-0.42之類的數字意味著當黃金上升1％時，比特幣下降了0.42％。對於用來處理相同的兩個資產的兩個資產，這是一個很大的差距。

Even though April looked good for both, their relationship is shaky. The numbers show that Bitcoin and gold aren’t moving in sync. But some believe they might again. That’s where Geoff Kendrick, head of digital assets research at Standard Chartered, comes in.

即使April對這兩者都很好，但他們的關係還是動搖的。數字表明比特幣和黃金不是同步移動的。但是有些人相信他們可能會再次。這就是標準包機數字資產研究負責人Geoff Kendrick進出的地方。

In a March note, he wrote that Bitcoin isn’t really gold. It acts more like tech. “Investors might benefit from viewing Bitcoin as both an additional big tech stock and as a hedge against traditional finance,” Geoff said.

在三月的筆記中，他寫道，比特幣不是真正的黃金。它的作用更像技術。傑夫說：“投資者可能會從將比特幣視為額外的大型技術股票和對沖傳統金融中受益。”