唐纳德·特朗普的积极贸易政策重新点燃了市场动荡

随着动荡的潮流，战略家越来越多地提倡黄金和白银作为基本树篱，以抵制特朗普关税引起的不确定性。

Donald Trump’s aggressive trade policies have reignited market turmoil, wiping out trillions in stock and crypto value while fueling inflation concerns.

唐纳德·特朗普（Donald Trump）的积极贸易政策重新点燃了市场动荡，消除了数万亿美元的库存和加密价值，同时加剧了通货膨胀的关注。

As volatility surges, strategists are increasingly advocating for gold and silver as essential hedges against the uncertainty triggered by Trump’s tariffs.

随着动荡的潮流，战略家越来越多地提倡黄金和白银作为基本树篱，以抵制特朗普关税引起的不确定性。

Trump’s Tariffs Fuel Market Instability

特朗普的关税燃料市场不稳定

Since taking office, Trump’s tariff policies have rattled financial markets, dampening investor sentiment and triggering sharp sell-offs. The full impact of these policies is still unfolding, but strategists warn that the market’s instability could persist.

自上任以来，特朗普的关税政策震撼了金融市场，削弱了投资者的情绪并引发了尖锐的抛售。这些政策的全部影响仍在发展，但战略家警告说，市场的不稳定可能会持续存在。

As a result, institutional investors and central banks are ramping up their exposure to precious metals, positioning them as a safeguard against economic disruption.

结果，机构投资者和中央银行正在加大贵金属的曝光率，将其定位为防止经济破坏的保护。

The effects of Trump’s tariffs have been broad-ranging, hitting different sectors unevenly. Manufacturing and auto industries are grappling with rising costs, leading to increases in vehicle prices.

特朗普的关税的影响一直在广泛，袭击了不同的部门。制造业和汽车行业正在努力应对成本上升，导致车辆价格上涨。

Technology stocks, especially those involved in semiconductors, face difficulties due to Chinese retaliation, and the energy market remains volatile.

技术库存，尤其是参与半导体的技术，由于中国的报复而面临困难，能源市场仍然波动。

Furthermore, inflation pressures are mounting as import costs surge, slowing economic growth and disrupting global supply chains.

此外，随着进口成本的增长，经济增长的减慢并破坏了全球供应链，通货膨胀压力正在加剧。

Rising Demand for Gold and Silver

对黄金和银的需求不断增加

Amid the turmoil in the stock and crypto markets due to Trump’s tariffs, investment strategists are advising investors to consider investing in gold and silver as safe-haven assets to help them weather the economic uncertainty.

由于特朗普的关税，在股票和加密货币市场的动荡中，投资策略师建议投资者考虑将黄金和白银投资为避风港资产，以帮助他们度过经济不确定性。

As a result, demand for gold has surged amid concerns that tariffs could further disrupt global trade, weaken corporate earnings, and fuel inflation.

结果，对黄金的需求激增，担心关税可能会进一步破坏全球贸易，削弱公司收入和燃料通货膨胀。

Since the beginning of 2025, gold has been trading in a range of $2,900 to $3,000 as investors prefer its stability over the volatility of other assets.

自2025年初以来，由于投资者更喜欢稳定性而不是其他资产的波动性，黄金的交易范围一直在2,900至3,000美元之间。

Many are flocking to gold ETFs, futures, and physical bullion to protect their wealth, while central banks have been ramping up gold reserves to hedge against potential currency volatility.

许多人涌向黄金ETF，期货和物理金条以保护其财富，而中央银行一直在加大黄金储量，以对冲潜在的货币波动。

“In this world, it’s wise to own gold and silver,” said Philippe Gijsels, Chief Strategy Officer at BNP Paribas Fortis, speaking to CNBC. He predicts that with “headlines coming from every direction, market volatility is likely to continue.”

“在这个世界上，拥有黄金和白银是明智的，”法国法国巴黎银行（BNP Paribas Fortis）首席战略官Philippe Gijsels与CNBC交谈。他预测，随着“头条新闻来自各个方向，市场波动可能会持续下去”。

As tariffs strain global supply chains, the metal’s role in manufacturing could make it even more valuable. Meanwhile, mining stocks like Barrick Gold and Newmont Corporation are seeing increased interest from investors who wish to amplify their exposure to rising metal prices.

随着全球供应链的关税应变，金属在制造中的作用可能使其更有价值。同时，Barrick Gold和Newmont Corporation等采矿股看到希望扩大其对金属价格上涨的投资者的兴趣增加。

Bitcoin Still Not a Hedge Despite Hopes

尽管有希望，比特币仍然不是树篱

Despite hopes that Bitcoin (BTC) could act as a hedge during this downturn, its price remains closely tied to equities.

尽管希望比特币（BTC）在这一低迷期间可以充当对冲，但其价格仍然与股票密切相关。

“There is no near-term scenario where Bitcoin breaks correlation with equities. At best, Bitcoin may bottom sooner, but it’s still very much a risk asset, and there is no reality where crypto trades in isolation from the broader market,” said Garrison Yang, co-founder of Web3 development studio Mirai Labs, in an interview with CCN.

“没有近期的场景，比特币破坏了与股票的相关性。充其量，比特币可能会更快地倒入，但这仍然是一种风险资产，而没有现实的加密货币与更广阔的市场隔离。

According to Yang, BTC remains sensitive to macroeconomic conditions, including interest rate shifts and liquidity cycles. As long as institutional investors treat it as a high-risk asset, its price will continue to move in lockstep with stocks.

根据杨的说法，BTC仍然对宏观经济条件（包括利率转移和流动性周期）保持敏感。只要机构投资者将其视为高风险资产，其价格就会继续与股票一起转移。

This finding challenges the narrative of Bitcoin as a hedge. Unlike gold, which historically benefits from economic uncertainty, BTC has struggled to hold value this year during market sell-offs. Without a fundamental shift in investor perception, its role as a safe haven remains uncertain.

这一发现挑战了比特币作为树篱的叙述。与黄金（从历史上受益于经济不确定性）不同，BTC在市场抛售期间一直在努力保持价值。没有投资者的看法的根本转变，其作为避风港的作用仍然不确定。

U.S. Inflation Hopes and Geopolitical Concerns

美国通货膨胀希望和地缘政治关注

Trump’s tariffs are also fueling inflation, which could influence Federal Reserve policy.

特朗普的关税也在加剧通货膨胀，这可能会影响美联储政策。

“Softer-than-expected figures could push the Fed to adopt a more dovish tone and consider cutting interest rates sooner, which could support gold,” noted Ruben Ferreira, Head of Portuguese Operations at Flow Community.

“超过预期的数字可能会推动美联储采用更虔诚的语气，并考虑更快地降低利率，这可以支持黄金，” Flow Community葡萄牙运营负责人Ruben Ferreira指出。

Meanwhile, geopolitical tensions—especially between Ukraine and Russia—could also impact gold’s trajectory.

同时，地缘政治紧张局势（尤其是乌克兰和俄罗斯之间）也可能影响黄金的轨迹。

Ferreira added: “The threat of Russia's withdrawal from the grain deal could spark food price surges, while heating oil and gas markets remain pressing concerns.”

费雷拉（Ferreira）补充说：“俄罗斯退出谷物交易的威胁可能会激发食品价格上涨，而供暖油和天然气市场仍然引起人们的关注。”