一周前，霸菱资产管理公司(Baring Asset Management)出售了旗下霸菱动态资产配置基金的部分黄金资产。
A week ago, Baring Asset Management sold some of the gold holdings from its Baring Dynamic Asset Allocation fund.
在1969年，当美国的预算赤字和美元与黄金挂钩矛盾的出现，一个人为的储备资产建立了。
In 1969, as the strains between America's budget deficit and the dollar's gold peg emerged, an artificial reserve asset was created.
当投资者对其它资产失去信心时，就转向了黄金，于是，金价上扬。
When investors lose faith in other assets, they turn to gold, and gold prices go up.
最重要的是，日元并不是像黄金那样的“不结果”资产。
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。
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.
但是黄金在它们的资产配置中具有微不足道的作用。
But gold plays a negligible role in their asset allocations.
不过，金价飙升的原因与预测的却不同，这显示出在眼下的不确定时期，黄金几乎是万无一失的资产。
That the gold price has soared for different reasons than predicted is a sign that, in the uncertain times of today, gold is nearly a fail-safe asset.
之后的几天，各种资产的价格纷纷伴随美元下跌，包括股票、债券、黄金、工业金属和原油。
In the next few days, the dollar was followed downwards by the prices of all sorts of assets, including shares, bonds, gold, industrial metals and oil.
市场反应过度，股票下跌(尤其是大的银行)，安全资产如黄金的价格上涨。
Markets reacted badly, with shares down (particularly in big Banks) and safe assets, such as gold, rallying.
瑞士银行家要投资人将5%—— 10%的资产用黄金保存。
Swiss bankers tell investors to keep 5 to 10 percent of their assets in gold.
你可以看到，美联储的资产负债表已经发生膨胀，因此，这让股票和黄金在现金大潮中节节攀升。
And you can see that as the fed's balance sheet has swelled, so too have stocks and gold surfed the wave of cash.
如果你错过了反弹，而且手中还有占比很大的“安全资产”如黄金国债之类，现在就是重回股市的时机。
If you missed out on the rally and are still holding a large percentage of "safety assets" such as gold and bonds, now's the time to start moving back into stocks.
还可能意味着在大城市里选择质量较差的资产，或者进入二级城市的黄金地带。
It might mean staying in the biggest cities but plumping for lower-quality assets, or moving into the best locations in secondary cities.
他们的建议就是：变卖一切资产，然后购买黄金及与通胀挂钩证券。
Their advice: Sell everything, and pile into gold and inflation-linked securities.
由此牵出的问题是，ETFs会成为投资者寻求曝露一些资产类别的主要方式的趋势，特别是黄金。
A linked problem is the tendency for ETFs to be the main way in which investors seek exposure to some asset classes, notably gold.
但随着经济的迅猛发展，相当多的中国老百姓手里都拥有一些财产——房子、车子、黄金、珠宝、股票、艺术品、古董和其他资产。
Economic development, a large group of ordinary Chinese now own some property - apartments, vehicles, gold, jewelry, stocks, art, antiques and other assets.
2010年，Liv-ex网上排名前100位的葡萄酒价格指数上涨了40%，增幅远远超过了大部分其他资产的增幅，包括黄金。
The index of 100 top wines maintained by Liv-ex rose 40% in 2010, a performance unmatched by most other asset classes, including gold.
所以危机期间的黄金表现取决于这场危机的类型，以及这场危机是否需要黄金作为流动资产，来资助战争或是援助行动，”他说。
So the behavior of gold during a crisis depends on the type of crisis and whether gold is needed for liquidity purposes to finance war or a bailout, " he said.
“黄金的表现并不怎么好——黄金一开始小幅上扬但是并没有提供很好的对冲性…我希望我能告诉你，从分类上说，黄金是一种风险对冲资产，”他说。
"Gold really didn't do that well - it had an initial pop but it really didn't provide the hedge... I wish I could tell you categorically that gold is a hedge," he said.
然而用原价而不是市价给资产定价的话，银行就会受到误导——而对于投资者来说——那些无价值的资产就是黄金。
Yet when assets were booked at their original price, rather than the market one, banks could delude themselves—and investors—that dross was gold.
然而用原价而不是市价给资产定价的话，银行就会受到误导——而对于投资者来说——那些无价值的资产就是黄金。
Yet when assets were booked at their original price, rather than the market one, banks could delude themselves—and investors—that dross was gold.
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