The negative value of the global gold investment highlights

The negative value of the global gold investment highlights the value of sina fund exposure platform: letter Phi lag false propaganda, long-term performance is lower than similar products, how to buy a fund pit? Click [I want to complain], Sina help you expose them! – Guotai Junan fixed income Zhou Wenyuan positive Keynes’s time, theoretical analysis and practical crisis will encourage central banks to take strong stimulus, although the authorities in this process all policies will emphasize structural reforms, but still gathered in as many resources into short-term economic recovery. The effect of monetary easing and decline, rational expectations to hedge part of the role of monetary policy. As of the end of 6, China’s M1 growth reached 25%, which is the data for the past 14 months rose, especially in 2016, the growth rate of more than 20% year-on-year M2 growth over the same period; although also maintain a high speed, but the growth rate decreased significantly, M1 statistical data is a large part of the demand deposits of enterprises the data increase reflects the enterprise financing environment improvement. M1-M2 quickly, one explanation is that companies began hoarding funds in the currency loose, rather than regulators want to see the real economy investment, for example, since 2016 investment in fixed assets accounted for nearly 65% of the proportion of private investment growth fell sharply, almost to negative growth. A large amount of money deposited in the banking system, monetary policy does not bring the actual growth rate of follow-up. The current M2 stock is 146 trillion and 170 billion yuan, assuming that the rate of growth of about 5-7, about of the stock of money in the near future will be what kind of consequences? 10% Residents worried about the future of monetary inflation, currency investment out and not for consumption, residents of long-term loans accounted for new loans accounted for more than 100%, reaching record highs; the first half of the total invested 2 trillion and 500 billion yuan to the residents of long-term loans, most of which are real estate mortgage loans. Money get together in the real estate market, not because we are optimistic about the future of real estate, but we are worried about the future value of the rmb. The pressure of RMB devaluation is obvious. The decline of production efficiency is one of the important reasons, and with the decline of cyclical factors, such as the population cycle, the global economic cycle, the competitiveness of the domestic economy is declining. The next period of time, the orientation of monetary policy will be stable, at the beginning of the April monetary policy statement has been required to return to the steady state, the fiscal policy will be more active. However, structural reforms still need to be vigorously promoted, the positive fiscal policy can not only stay in infrastructure investment, but should be more involved in the tax system, tax reform. The incremental fiscal expansion, it is impossible not to support the currency, the integration of fiscal and monetary policy will bring a unified contradiction, debt leverage expansion from low volatility to high volatility transition. The logic of the asset manager is always chasing profit under the premise of avoiding risk, uncertainty is eternal, can only look for a better strategy than the risk benefit ratio. The author believes that gold is currently a good investment varieties, the global negative interest rates actually provide the bottom of the valuation of gold, the risk of continued decline in the future of gold has been very small, and the people相关的主题文章: