When real rates fall, he points out, commodity producers have more incentive to keep their asset—whether crude oil, gold or grain—in the ground or in a silo, than to sell today.

他指出，当实际利率降低时，商品生产商与其现在卖出商品，还不如公开地或秘密地保留他们的资产——包括原油、黄金或者谷物。

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When real rates fall, he points out, commodity producers have more incentive to keep their asset—whether crude oil, gold or grain—in the ground or in a silo, than to sell today.

他指出，当实际利率降低时，商品生产商与其现在卖出商品，还不如公开地或秘密地保留他们的资产——包括原油、黄金或者谷物。

youdao