金价为啥大跌？

In other words， it’s not because there’s something wrong with gold． It’s because of needs elsewhere， and gold is available to help． It’s also the laST day of the month， so some traders are locking in gains or getting losses off their books．

也就是说，金价下跌与黄金本身并无关系，而是因为其他方面存在流动性需求，因此只好把黄金卖掉救急。另外，28日是2月份的最后一个交易日，因此一些交易员为了锁定金价上涨带来的盈利或用于弥补账户中其他投资的亏损也需要卖掉所持仓的黄金。

I know this doesn’t necessarily help us feel any better， but it does explain why the metals are selling off．

我知道这个说法不会让人感受好一点，但确实能够解释黄金大跌的原因。

Is it almost over？ We obviously can’t answer that with any certainty， but based on a similar event in 2008， the selLOFf in gold and silver is likely to stop when the urgent need for liquidity stops， which could occurbeforestocks are done falling．

金价的大跌结束了吗？显然我们无法很肯定地给与回答，但2008年发生的类似一幕告诉我们，如果市场对流动性不再有紧急需求，那么对金银的抛售有可能会停止，而这种情况有可能会在股市完全停止下跌之前就发生。

For example， in 2008， gold stopPEd falling by the end of October， while the stocks continued to decline for the next five months． But gold re-exerted itself as a safe haven almost immediately： from November 3 until the following February 20， gold rose 35.6%． By the following November， one year later， gold had risen 45.6%．

比如金价是在2008年的10月份停止下跌的，而股市继续跌了5个月，但几乎就在同期，黄金再次展现出作为避险资产的作用。金价在2008年11月3日至2009年2月20日之间上涨了35.6%；到2009年11月份，累计升幅达到45.6%。

Gold rebounded in this manner because of its safe haven status． Once the urgent need to find liquidity began to ease off， investors rushed back into gold．Importantly， the gold price never revisited the October 2008 lows． Still to this day．

金价之所以会出现这样的反弹是因为其具有避险资产的地位。一旦紧急流动性需求开始消失，投资者就会再次疯抢黄金。更重要的是，直到今天金价也从没回到过2008年10月份创下的低位。

So while we can’t tell you when things will reverse， we are confident that gold will resume its safe haven status．

因此虽然不清楚事态何时会好转，但我们相信黄金终将重拾其作为避险资产的地位。

For those that want more bullion， based on history this is likely to be a short window to snag prices at these levels． This is just my opinion． But I am personally looking to capitalize on it， especially silver given the extremely stretched ratio．

对于那些希望多买些黄金的人来说，根据历史经验当前有可能是低价抄底的短暂窗口期。这只是我的看法，但从个人角度出发，我很希望抓住这一难得的机会，尤其是白银的价格，因金银的价格比已达如此极端的水平。