一个压力的黄金市场：英格兰银行遇到麻烦

英格兰银行是一家储存和交付实物黄金的机构，是危害投资者信托的风暴的中心。

Investors have always considered gold to be a safe haven. But what happens when this safe haven wavers? In recent weeks, the gold market has indeed been going through a troubled period, fueling growing distrust among traditional investors. At the heart of the tensions are abnormally long delivery times from the Bank of England and questions about the system’s actual capacity to honor its commitments. In the face of this uncertainty, an alternative stands out: Bitcoin, a cryptocurrency that escapes logistical constraints and manipulation risks. Jeff Park, an expert at Bitwise Asset Management, hasn’t minced his words and announces a possible massive migration of capital from gold to crypto. A paradigm shift is emerging, with consequences that could reshape global investment.

投资者一直认为黄金是避风港。但是，当这种避风港摇摆不定时会发生什么？最近几周，黄金市场确实经历了困难的时期，这加剧了传统投资者的不信任。紧张局势的核心是从英格兰银行出发的时间异常长，并且有关该系统兑现其承诺的实际能力的疑问。面对这种不确定性，另一种替代方案是：比特币，一种逃避后勤约束和操纵风险的加密货币。位于Bitwise Management的专家Jeff Park尚未缩减他的话，并宣布可能将资本从黄金转移到加密货币。范式转变正在出现，后果可能会重塑全球投资。

A Pressured Gold Market : The Bank of England in TroubleThe Bank of England, a central institution for the storage and delivery of physical gold, is at the center of a storm that endangers investor trust. Jeff Park has warned of unusual delays in gold deliveries, citing a risk of “logistical disaster or outright fraud”. While it previously took a few days to recover bars stored in British vaults, the timelines have stretched to four to eight weeks. A critical situation that prompts some observers to question the Bank of England’s actual ability to meet demand.

一个压力重大的黄金市场：英格兰银行的英格兰银行是一家储存和交付实物黄金的机构，是危害投资者信任的风暴的中心。杰夫·帕克（Jeff Park）警告说，黄金交付的异常延误，理由是“后勤灾难或彻底欺诈”。虽然以前花了几天的时间才能恢复在英国保险库中存储的酒吧，但时间表已延长到四到八周。一个关键的情况促使一些观察者质疑英格兰银行的实际能力满足需求的能力。

According to sources close to the matter, the current congestion is linked to a massive increase in transatlantic shipments and stockpiling in the United States. Indeed, the Comex in New York saw its gold reserves soar from 533 tons to 926 tons in just a few months. A phenomenon that complicates access to physical gold for those who wish to take possession immediately. “People can no longer get their hands on their gold, as a large portion has been shipped to New York, while the rest is stuck in a queue”, summarizes Jeff Park. Concern is therefore growing among gold holders, who fear a scenario where their supposedly tangible asset transforms into a promise that is difficult to fulfill.

根据接近此事的消息来源，目前的拥塞与美国跨大西洋货物和储存大量有关。的确，纽约的COMEX看到其黄金储量在短短几个月内从533吨升至926吨。对于那些希望立即占有的人来说，这种现象使获得实物黄金的机会变得复杂。杰夫·帕克（Jeff Park）总结说：“人们不再能够将自己的金子送到纽约，而其余部分被困在队列中，”杰夫·帕克（Jeff Park）说。因此，在黄金持有者之间的关注是，他们担心他们所谓的有形资产转变为难以实现的诺言的情况。

Bitcoin : A Credible Alternative or a Risky Bet ?In this climate of uncertainty, Bitcoin appears as a refuge that relies on no central bank nor any physical infrastructure. Jeff Park highlights in a post on social media X (formerly Twitter) on February 12, 2025, the irony of the situation: “while gold is held hostage by logistical constraints, Bitcoin remains the most accessible and liquid asset in the world.” Unlike gold, cryptocurrency does not require physical storage or intermediaries, eliminating risks related to delays or potential stock manipulation.

比特币：可靠的替代方案还是冒险的赌注？在这种不确定性的气氛中，比特币似乎是避难所，不依赖中央银行或任何物理基础设施。杰夫·帕克（Jeff Park）在2025年2月12日在社交媒体X（以前为Twitter）上的一篇文章中强调了这种情况的讽刺：“虽然通过后勤限制，黄金是人质的，但比特币仍然是世界上最容易获得和流动性的资产。”与黄金不同，加密货币不需要物理存储或中介机构，从而消除了与延迟或潜在库存操纵有关的风险。

To support his analysis, Park recalls several scandals that have already shaken the commodity market. He specifically cites the nickel scandal at the London Metal Exchange, where bags of stones were delivered instead of the precious metal, as well as the Trafigura affair, which resulted in the disappearance of 500 million dollars worth of fuel in Mongolia. These events illustrate the vulnerabilities of the physical market and reinforce, according to him, Bitcoin’s appeal as a fully verifiable and tamper-proof asset.

为了支持他的分析，帕克回忆起几个已经动摇了商品市场的丑闻。他特别引用了伦敦金属交易所的镍丑闻，那里的石头袋被代替贵金属以及Trafigura事件，导致蒙古的燃料价值5亿美元。据他认为，这些事件说明了物理市场的脆弱性并加强了比特币的吸引力，这是完全可验证和防篡改的资产。

If this dynamic continues, a gradual shift of capital from gold to Bitcoin could accelerate. The first fractures in the precious metals market show that trust is no longer absolute, and the emergence of a digital alternative has never been more credible. It remains to be seen whether crypto can overcome the regulatory barriers that still hinder its institutional adoption. But one thing is certain: the idea of Bitcoin surpassing gold has never seemed so realistic.

如果这种动态持续，资本从黄金逐渐转移到比特币可能会加速。贵金属市场中的第一批裂缝表明，信任不再是绝对的，而且数字替代方案的出现从未如此可信。加密货币是否可以克服仍然阻碍其机构采用的监管障碍还有待观察。但是可以肯定的是：比特币超越黄金的想法似乎从未如此现实。