Changpeng Zhao（更名为CZ）于周六去了X，并在Gold上戳了戳。

Changpeng Zhao（更名为CZ）于周六去了X，并在Gold上戳了戳。他说：“不是反对黄金，但这不是有限的供应资产。”

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

Changpeng Zhao（也称为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.

“不是反对黄金，但这不是有限的供应资产。具有讽刺意味的是，人们抱怨比特币现在与纳斯达克人降落，” CZ在X上发布，以前称为Twitter。

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

一条线足以使金虫子撒尿，并在加密货币人群与珍贵金属之间划清界限。

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清楚地表明了为什么他仍然押注比特币：它被封顶了，黄金不是。他什么也没说。他不需要。这是因为黄金的杰出集会似乎停止了。

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.

周五，现场金滑行0.4％，至每盎司3,228.50美元，这使其步入正轨，每周损失2.6％。这是在4月22日达到创纪录的3,500.05美元的创纪录高点之后。但是到上周四，它降至4月14日以来的最低水平。美国黄金期货仍在上涨0.6％，至3,243.30美元，尽管这并没有扭转趋势。

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.

当美国和中国都淡化了贸易战谈话时，黄金在挣扎。中国商务部表示，美国对降低关税表现出了兴趣，北京开放了讨论。缓解张力损害了对安全资产的需求。推动黄金更高的恐惧正在消失。

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的高级市场策略师丹尼尔·帕维洛尼斯（Daniel Pavilonis）表示：“黄金看起来3,500美元可能是一段时间的最高水平，”尤其是如果更多的贸易交易开始出现并且风险偏好又回来时。他指出，恐慌症的下降通常意味着黄金会冷却。这就是现在正在发生的事情。

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.

同时，美国工作报告降落了。它表明，上个月的非农业工资单增长了177,000。这摧毁了130,000的估计。即便如此，更强大的工作人数使交易员认为美联储可能不会在6月降低利率。 10年的财政收益率上升。这通常会使黄金看起来更糟，因为它不会给予回报。

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.

黄金不是唯一受到打击的金属。银跌至1.3％至$ 31.98。白金上涨0.1％，至959.20美元，钯上涨0.6％至$ 946.18。但是这三个仍在前进，每周损失。整个金属市场都在冷静下来。

Bitcoin inches closer to gold

比特币英寸更靠近黄金

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%.

当黄金跌跌撞撞时，比特币正在采取行动。一年中它的增长不到1％，但比标准普尔500指数要好，后者已经下降了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日达到2024年低点之后，比特币反弹约20％。今年没有超过Gold的26％上升，但它接近了。反弹对于观看旧金与新资金之间的战斗的人们至关重要。

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.

比特币的顶级仇恨者彼得·希夫（Peter Schiff）并没有保持安静。他继续X说：“从最近的价格行动中应该可以明显看出，比特币已经与纳斯达克脱钩了，现在更像黄金的交易是虚假的。”他告诉人们担心通货膨胀购买黄金。

“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.

彼得说：“如果您想押注纳斯达克股票，只需购买科技股。”彼得补充说，市场将因国库价格下跌和较弱的美元而受到打击，这将推动借贷成本和债务。

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.

比特币和黄金之间的领带发生了很大变化。在2020年至2024年之间，他们通常一起移动。但是到今年3月底，这种模式破裂了。 CNBC报告显示，两者之间的25周滚动相关性降至-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.

这是自2020年初以来最低的。四月的反弹将数字恢复到-0.28，但这仍然意味着它们没有紧密联系。像-0.42之类的数字意味着当黄金上升1％时，比特币下降了0.42％。对于用来处理相同的两个资产的两个资产，这是一个很大的差距。

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对这两者都很好，但他们的关系还是动摇的。数字表明比特币和黄金不是同步移动的。但是有些人相信他们可能会再次。这就是标准包机数字资产研究负责人Geoff Kendrick进出的地方。

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.

在三月的笔记中，他写道，比特币不是真正的黄金。它的作用更像技术。杰夫说：“投资者可能会从将比特币视为额外的大型技术股票和对冲传统金融中受益。”