实物黄金

中国国内实物黄金市场极为活跃，但至今没有一只以贵金属为基础资产的ETF。

China already has a very active physical gold market , but no exchange-traded funds for any precious metals .

此外，实物黄金市场一直波澜不惊。

Moreover , the physical gold market has been quiet .

实物黄金支持的交易所交易基金（ETF）是投资黄金最流行的方法之一。巴克莱（Barclays）提供的数据显示，这类基金的黄金持有量已从年初的1939吨降至目前的824吨。

Holdings of gold-backed exchange traded funds , one of the most popular methods of gold investment , have fallen by 824 tonnes to 1939 tonnes in the year to date , according to Barclays .

罗斯说，公司几年前就开始买入黄金，目前投资于实物黄金支持的交易所交易基金（ETF），黄金占该公司大多数投资者投资组合的比例约为8%至10%。

The firm began buying gold several years ago and is invested in exchange-traded funds backed by bullion , with most of its investors ' portfolios about 8 % to 10 % in gold , he said .

但他们指出，与5月相比，实物黄金买盘仍显疲弱。

But they noted that physical buying remained muted compared with May .

投资实物黄金是更好的选择。

The metal was a better bet .

但是，购买实物黄金的潜在风险是其储存和安全。

But the hidden cost of buying physical gold is in the storage and the security .

中国的声明证实了新兴市场对零售实物黄金的旺盛需求。

The Chinese statement reaffirms the vigour of the emerging markets ' demand for retail physical bullion .

他们给的建议常常集中于债券和黄金，尤其是实物黄金，而不是基于黄金的结构化产品。

Often advice focuses on bonds and gold - especially physical gold , and not structured products based on gold .

机构投资者常常被禁止购买实物黄金，或者不愿承担黄金储藏的麻烦和成本。

Institutional investors are often banned from buying physical gold , or do not want the hassle and cost of storing bullion .

在套利交易中使用黄金意味着，中国消费者对实物黄金的需求不像此前所认为的那样强烈。

The use of gold for arbitrage deals would imply consumer demand for physical metal in China was not as strong as previously believed .

而对于散户投资者来说，大多数商业银行都提供纸黄金网上交易产品，这类产品一般没有实物黄金作为支持。

And for retail investors , most commercial banks offer paper gold online trading products , which are typically not backed by physical gold .

泛亚黄金交易所将允许中国人通过银行或经纪公司账户参与黄金期货合约的投机或购买实物黄金。

Pan Asian will allow Chinese to speculate in gold futures contracts or buy physical gold through an account with a bank or broker .

近年来，投资者已经买进了大量黄金，他们大量购买金币和金条，将数以十亿美元计的资金投入了持有实物黄金的基金。

In recent years , investors have delivered , buying coins and bars and pumping billions of dollars into funds that hold physical gold .

但提到实物黄金用作饰品或投资的黄金首饰和金条这类交易在中国得到大幅增长。

But when it comes to the real stuff gold jewellery and gold bullion , for either adornment or investment trade in China has risen sharply .

事实上，有实物黄金支持的交易所交易基金目前的买入量，已超过黄金新增产量的20%，较去年的水平翻了近一倍。

Indeed , ETFs backed by physical gold are now buying the equivalent of over 20 per cent of new gold production , nearly double last year 's levels .

亚洲正在见证30年来最强劲的实物黄金购买潮之一，逢低买进者趁金价下跌之际购买黄金首饰和金条。

Asia is witnessing one of the strongest waves of physical gold buying in 30 years , with bargain-hunters using the drop in prices to secure jewellery and gold bars .

世界黄金协会表示，去年欧洲在金币和金条上的投资增长了26%，达375吨，使该地区成为实物黄金投资产品的最大市场。

European investment in coins and bars rose 26 per cent to 375 tonnes , the WGC said , making the region the largest market for physical gold investment products .

新奥尔良的一家专门投资实物黄金或其他贵金属的投资公司的经济研究副总表示同意。

David Beahm , vice president of economic research with Blanchard & Company Inc , a New Orelans-based investing firm that specializes in tangible assets like gold and other precious metals , agreed .

黄金交易商和物流专家表示，此次转移211吨黄金（大约1.7万条标准400盎司金条）的行动，将是近几十年来最大规模的实物黄金转移之一。

Gold traders and logistics specialists said the transfer of 211 tonnes of gold – about 17,000 standard 400-ounce bars – would represent one of the largest moves of physical gold in decades .

交易员指出，尽管近日的金价下跌引起了一些投资者的兴趣，但今年以来，作为最大实物黄金消费国的印度和中国的需求一直表现疲弱。

Although the recent price drop has awakened some interest , demand from both India and China the two largest consumers of physical gold has been slack so far this year , traders say .

中国工商银行贵金属业务部总经理郑之光表示，今年迄今，该行实物黄金销售额与去年同期持平。

Zheng Zhiguang , general manager of the precious metals department at the industrial and Commercial Bank of China , said that physical gold sales at the bank so far this year had been flat from a year earlier .

亚洲的黄金交易员表示，被视为实物黄金需求晴雨表的黄金溢价（为某件产品支付的超过其所含黄金之价值的那部分价格）最近几日上涨逾一倍。

Gold traders in Asia said premiums – price paid for a particular product over and above the value of the gold it contains – which are seen as a barometer of physical demand , had more than doubled in recent days .

作为一种实物资产，黄金的价格虽然有升有降，但其具有其他任何信用资产都无法比拟的优越性。

Although the gold price rises and falls as a type of physical assets , it still has clear superiority that is incomparable by any other credit assets .