黃金與加密貨幣：黃金仍然是一項避免投資的投資嗎？

鑑於令牌化，比特幣的上升和市場波動，探索黃金作為避風港資產的作用。金是國王還是加密貨幣？

Gold vs. Crypto: Is Gold Still a Safe-Haven Investment?

黃金與加密貨幣：黃金仍然是一項避免投資的投資嗎？

In today's uncertain financial climate, investors are constantly seeking assets that offer stability and protection. Gold has long been considered a safe-haven, but with the rise of cryptocurrencies like Bitcoin, its dominance is being challenged.

在當今不確定的財務環境中，投資者一直在尋找提供穩定和保護的資產。長期以來，黃金一直被認為是避風港，但是隨著比特幣等加密貨幣的興起，其主導地位正受到挑戰。

Tokenized Gold: A New Twist on an Old Classic

象徵性黃金：舊經典的新轉折

Gold is getting a digital makeover! Tokenized gold, a digital representation of physical gold bullion, is emerging as a way to make gold more accessible and easier to trade. Companies purchase gold, store it in vaults, and issue digital tokens representing ownership. This allows smaller investors to buy fractions of a gold bar and trade 24/7, potentially shielding against hyperinflation. Paxos Gold (PAXG) and Tether Gold (XAUT) are two major players in this space.

黃金正在進行數字化改頭換面！物理黃金金條的數字代表代表金黃金正在成為一種使黃金更容易獲得和更易於交易的方式。公司購買黃金，將其存儲在金庫中，並發出代表所有權的數字代幣。這使較小的投資者能夠購買金條和交易的分數24/7，有可能抵抗過度通貨膨脹。 Paxos Gold（Paxg）和Tether Gold（XAUT）是該領域的兩個主要參與者。

However, tokenized gold introduces new risks. Regulatory uncertainty, the trustworthiness of the custodian holding the gold, and potential vulnerabilities in the smart contract code are all factors to consider. The Perth Mint Gold Token (PMGT) serves as a cautionary tale, highlighting how quickly trust can evaporate.

但是，象徵性黃金引入了新的風險。監管不確定性，持有黃金的保管人的可信賴性以及智能合同代碼中的潛在漏洞都是要考慮的因素。珀斯薄荷金牌（PMGT）是一個警示性的故事，強調了信任能夠蒸發的速度。

Bitcoin's Challenge: The Digital Gold Debate

比特幣的挑戰：數字黃金辯論

Bitcoin is increasingly being touted as 'digital gold,' with some arguing it's a superior safe-haven asset. Michael Saylor, for instance, suggests that potential tariffs on gold imports could accelerate the shift of capital from gold to Bitcoin. He highlights Bitcoin's advantages: it's not physical, tariff-free, and transactions can be settled quickly. Metaplanet President Simon Gerovich echoes this sentiment, describing Bitcoin as 'light, fast, and free' compared to gold's 'heavy, slow, and political' nature.

比特幣越來越被吹捧為“數字黃金”，有些人認為這是一項優越的避風勢資產。例如，邁克爾·塞勒（Michael Saylor）認為，對黃金進口的潛在關稅可能會加速資本從黃金轉向比特幣。他強調了比特幣的優勢：它不是物理上的，免稅，交易可以迅速解決。 Metaplanet總統西蒙·格羅維奇（Simon Gerovich）與黃金的“沉重，緩慢和政治性”的性質相比將比特幣描述為“輕，快速和自由”。

Academic Insights: Gold's Proven Resilience

學術見解：黃金的彈性

Recent academic research using quantile-based methodologies confirms gold's hedging effectiveness during periods of market stress. Studies show that gold consistently decouples from equities and absorbs volatility shocks, especially during events like the Russia-Ukraine conflict and the Silicon Valley Bank collapse. In G7 economies, gold's correlation with equities plummets during crises, solidifying its role as a diversifier. Furthermore, gold demonstrates a unique ability to act as a buffer against both financial and real-sector shocks, outperforming Bitcoin in certain scenarios.

最近使用基於分位數方法的學術研究證實了在市場壓力期間黃金的對沖有效性。研究表明，黃金始終將股票脫離並吸收波動性衝擊，尤其是在俄羅斯 - 烏克蘭衝突和矽谷銀行崩潰之類的事件中。在G7經濟體中，黃金與危機期間股票的相關性暴跌，鞏固了其作為多元化者的作用。此外，黃金表現出獨特的能力，可以作為對金融和現實部門衝擊的緩衝，在某些情況下表現優於比特幣。

Portfolio Strategy: Allocating for Uncertainty

投資組合策略：分配不確定性

For investors seeking to mitigate tail risks, allocating 5-10% of portfolios to gold may be wise, particularly during geopolitical crises, inflationary pressures, and energy/commodity volatility. Gold's ability to hedge against currency depreciation and inflation makes it a crucial component of emerging-market portfolios.

對於尋求減輕尾巴風險的投資者來說，將5-10％的投資組合分配給黃金可能是明智的，尤其是在地緣政治危機，通貨膨脹壓力和能源/商品波動期間。黃金對沖貨幣折舊和通貨膨脹的能力使其成為新興市場投資組合的關鍵組成部分。

The Bottom Line: A Diversified Approach

底線：多元化的方法

While Bitcoin and tokenized gold offer intriguing possibilities, gold's proven track record and enduring relevance as a safe-haven asset remain strong. The choice between gold and crypto isn't necessarily an either/or proposition. Diversifying your portfolio with a mix of assets, including gold, can be a prudent strategy for navigating today's complex financial landscape.

雖然比特幣和象徵性黃金提供了有趣的可能性，但由於避風港資產，黃金的可靠記錄和持久的相關性仍然很強。黃金和加密之間的選擇不一定是/或命題。通過包括黃金在內的各種資產混合在一起，可以使您的投資組合多樣化，這可能是導航當今復雜金融景觀的審慎策略。

So, is gold still the king of safe-havens? Maybe not the king, but definitely a valuable member of the royal court. And who knows, maybe one day we'll all be paying for our lattes with gold-backed crypto. The future is shiny, folks!

那麼，黃金仍然是避風港之王嗎？也許不是國王，但絕對是皇家法院的寶貴成員。誰知道，也許有一天我們都會用金牌的加密貨幣付費。伙計們，未來是閃亮的！