如果人们寄希望黄金作为通胀风险的套期保值手段，那么这次金价的下跌意义不大：经济强劲的迹象将使金条价格上升，而不是下降。
This makes little sense if gold is supposed to act as a hedge against rising inflation: evidence of a stronger economy should make bullion rise, not fall.
过去人们对套期保值和市场流动性的信心减轻了市场风险，但这种信心现在遭到严重的破坏。
But confidence in hedges and market liquidity as a way of mitigating risk has been badly damaged.
举例来讲﹐摩根·士丹利(Morgan Stanley)公布了套期保值之前和之后的商业抵押贷款风险敞口﹐而贝尔斯登、高盛和雷曼兄弟则没有。
For example, Morgan Stanley reports commercial-mortgage exposure before and after the effect of offsetting transactions, or hedges, while Bear, Goldman and Lehman don't.
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