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2020年疫情导致美国经济衰退,美联储再度寄出“零利率+无限量QE”,金价创历史最高
2020年疫情导致美国经济衰退,美联储再度寄出“零利率+无限量QE”,金价创历史最高
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所属报告:
有色金属行业深度报告:战略性投资机会来临黄金进入新一轮牛市-230323(28页).pdf
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图2:购买力平价隐含的相对价格水平(美国=100),按经济体排序,介于2012年(x轴)与2025年(y轴)之间
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行业数据
2026-07-21
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市场预期美联储2026年9月加息(BP,截止7月17日)
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行业数据
2026-07-21
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美国经济增速高频指标下降
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行业数据
2026-07-21
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美联储总资产下降,持有美国国债上升
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行业数据
2026-07-14
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图表5知识产权和设备投资对美国经济的贡献提升
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行业数据
2026-07-14
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美国经济不确定指数处于高位
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行业数据
2026-07-08
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美联储点阵图及市场预期(截止7月3日)
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行业数据
2026-07-06
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市场预期美联储2026年10月加息(BP,截止7月3日)
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行业数据
2026-07-06
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美国经济增速高频指标回落
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行业数据
2026-07-06
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美国上半年经济投资强,就业弱延续
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行业数据
2026-07-02
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市场风险集中在2027Q1之后,通胀与两党共同驱使美联储向紧缩
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行业数据
2026-06-25
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美国已经成为投资型经济体
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2026-06-23
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市场预期美联储2026年底加息一次(BP,截止6月12日)
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2026-06-15
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美联储点阵图(2026年3月18日)
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2026-06-15
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2026-06-12
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黄金价格的长期波动与宏观经济周期密切相关。自 1971 年布雷顿森林体系瓦解,美元与黄金价格脱钩后,黄金价格开始大幅波动。从历史走势来看,黄金价格的运行周期与美国宏观经济周期有较大的关联。在美国经济强劲,并保持低通胀的上升周期中,黄金价格往往比较低迷:如 20 世纪 80 年代初里根政府执行新自由主义政策调整经济促使美国经济快速恢复,并且沃尔克执行货币紧缩政策拉低美国通胀,黄金价格由 1980 年均价 614.36 美元/盎司的高点下跌48.35%至 1985 年均价 317.33 美元/盎司的低点;以及在次贷危机后美国经济开始复苏,并且逐步退出 QE 并在 2015 年开始加息周期,黄金价格从本轮的高点最多下跌 44.62%。而在美国经济疲软,通胀较高的阶段,处于衰退周期,黄金价格则通常处于牛市中:如 20 世纪 70 年代的石油危机令美国经济陷入滞胀困境,金价由 40 美元/盎司最高上涨至 1980 年初的 850 美元/盎司,涨幅高达 2025%;此外,2007 年次贷危机升级为全球性的金融危机危机重创美国经济,迫使美联储开启四轮量化宽松救市,金价也从 657.5 美元/盎司上涨 188%至 2011 年近 1900 美元/盎司的高点。而在最近一次 2020 年疫情导致美国经济衰退与金融市场流动性缺少,美联储迅速行到将目标基准利率降至零利率,并再次开启无限量 QE 托底经济与金融市场,黄金价格从 1451 美元最高上涨至 2075 美元创下历史最高。
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有色金属行业深度报告:战略性投资机会来临黄金进入新一轮牛市-230323(28页).pdf
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1980年以来的美元大周期
2007年金融危机美国经济衰退开启量化宽松,金价大涨
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