{"id":7707,"date":"2025-12-03T16:32:25","date_gmt":"2025-12-03T08:32:25","guid":{"rendered":"https:\/\/www.kpai1.cn\/?p=7707"},"modified":"2025-12-03T16:40:24","modified_gmt":"2025-12-03T08:40:24","slug":"wmax-%e5%b9%b4%e5%ba%95%e5%85%a8%e7%90%83%e5%a4%a7%e5%ae%97%e5%95%86%e5%93%81%e4%b8%8e%e6%b1%87%e5%b8%82%e7%9a%84%e6%b7%b1%e5%ba%a6%e8%a7%a3%e6%9e%90-%e7%be%8e%e5%85%83","status":"publish","type":"post","link":"https:\/\/www.kpai1.cn\/vi\/luu-tru\/7707","title":{"rendered":"Wmax Ph\u00e2n t\u00edch chuy\u00ean s\u00e2u v\u1ec1 th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a v\u00e0 ngo\u1ea1i h\u1ed1i to\u00e0n c\u1ea7u cu\u1ed1i n\u0103m - \u201cc\u00fa ba \u0111\u00f2n\u201d c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 c\u1ed9ng h\u01b0\u1edfng v\u1edbi th\u1ecb tr\u01b0\u1eddng kim lo\u1ea1i t\u0103ng tr\u01b0\u1edfng"},"content":{"rendered":"

L\u00e0 m\u1ed9t t\u1ed5 ch\u1ee9c ph\u00e2n t\u00edch chuy\u00ean nghi\u1ec7p tham gia s\u00e2u v\u00e0o c\u01a1 ch\u1ebf li\u00ean k\u1ebft c\u1ee7a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u, Wmax \u0111\u00e3 h\u00ecnh th\u00e0nh m\u1ed9t nghi\u00ean c\u1ee9u v\u00e0 \u0111\u00e1nh gi\u00e1 c\u00f3 h\u1ec7 th\u1ed1ng v\u1ec1 th\u1ecb tr\u01b0\u1eddng kim lo\u1ea1i t\u0103ng gi\u00e1 v\u00e0 logic li\u00ean k\u1ebft gi\u1eefa hai b\u00ean d\u01b0\u1edbi \u00e1p l\u1ef1c l\u00ean \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 d\u1ef1a tr\u00ean theo d\u00f5i chuy\u00ean s\u00e2u v\u00e0 x\u00e1c minh d\u1eef li\u1ec7u \u0111a chi\u1ec1u v\u1ec1 c\u00e1c bi\u1ebfn s\u1ed1 c\u1ed1t l\u00f5i c\u1ee7a th\u1ecb tr\u01b0\u1eddng ngo\u1ea1i h\u1ed1i to\u00e0n c\u1ea7u v\u00e0 th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a v\u00e0o cu\u1ed1i n\u0103m 2025. Wmax B\u1eb1ng c\u00e1ch t\u00edch h\u1ee3p c\u00e1c xu h\u01b0\u1edbng ch\u00ednh s\u00e1ch, m\u00f4 h\u00ecnh l\u1ecbch s\u1eed, nguy\u00ean t\u1eafc c\u01a1 b\u1ea3n v\u1ec1 cung v\u00e0 c\u1ea7u v\u00e0 \u0111a chi\u1ec1u kh\u00e1c th\u00f4ng tin, ch\u00fang t\u00f4i nh\u1eadn th\u1ea5y th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u s\u1ebd th\u1ec3 hi\u1ec7n nh\u1eefng \u0111\u1eb7c \u0111i\u1ec3m li\u00ean k\u1ebft ch\u1eb7t ch\u1ebd v\u00e0o cu\u1ed1i n\u0103m 2025: \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 \u0111ang g\u1eb7p nhi\u1ec1u t\u00e1c \u0111\u1ed9ng ti\u00eau c\u1ef1c. \u00e1p l\u1ef1c gi\u1ea3m gi\u00e1, trong khi ba kim lo\u1ea1i ch\u00ednh l\u00e0 v\u00e0ng, b\u1ea1c v\u00e0 \u0111\u1ed3ng \u0111\u1ed3ng lo\u1ea1t l\u1eadp m\u1ee9c cao k\u1ef7 l\u1ee5c h\u00e0ng n\u0103m k\u1ec3 t\u1eeb n\u0103m 1980. S\u1ef1 suy y\u1ebfu c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 l\u00e0 \u0111i\u1ec3m t\u1ef1a ch\u00ednh th\u00fac \u0111\u1ea9y th\u1ecb tr\u01b0\u1eddng kim lo\u1ea1i t\u0103ng tr\u01b0\u1edfng hi\u1ec7n nay. \u0110\u1ed3ng th\u1eddi, logic c\u01a1 b\u1ea3n \u0111\u1ed9c \u0111\u00e1o c\u1ee7a th\u1ecb tr\u01b0\u1eddng kim lo\u1ea1i c\u00e0ng c\u1ee7ng c\u1ed1 kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/p>\n

<\/a>\u201cC\u00fa ba \u0111\u00f2n\u201d v\u00e0 s\u1ef1 suy y\u1ebfu theo m\u00f9a c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 \u1edf giai \u0111o\u1ea1n d\u1ec5 b\u1ecb t\u1ed5n th\u01b0\u01a1ng nh\u1ea5t trong n\u0103m<\/strong><\/p>\n

Wmax k\u1ebft h\u1ee3p h\u01a1n m\u01b0\u1eddi n\u0103m d\u1eef li\u1ec7u theo d\u00f5i th\u1ecb tr\u01b0\u1eddng ngo\u1ea1i h\u1ed1i v\u00e0 gi\u00e1m s\u00e1t n\u00fat ch\u00ednh s\u00e1ch c\u1ed1t l\u00f5i \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 r\u1eb1ng \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 \u0111\u00e3 b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n ho\u1ea1t \u0111\u1ed9ng d\u1ec5 b\u1ecb t\u1ed5n th\u01b0\u01a1ng nh\u1ea5t v\u00e0o cu\u1ed1i n\u0103m 2025. R\u1ee7i ro \"t\u1ea5n c\u00f4ng ba l\u1ea7n\" c\u1ed9ng v\u1edbi s\u1ef1 y\u1ebfu k\u00e9m theo m\u00f9a \u0111\u00e3 t\u1ea1o n\u1ec1n t\u1ea3ng ti\u1ec1n t\u1ec7 v\u1eefng ch\u1eafc cho th\u1ecb tr\u01b0\u1eddng gi\u00e1 l\u00ean kim lo\u1ea1i. Th\u00f4ng qua x\u00e1c minh ch\u00e9o quan \u0111i\u1ec3m c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 h\u00e0ng \u0111\u1ea7u th\u1ebf gi\u1edbi v\u00e0 ph\u00e2n t\u00edch h\u01b0\u1edbng t\u1edbi t\u01b0\u01a1ng lai v\u1ec1 xu h\u01b0\u1edbng ch\u00ednh s\u00e1ch, c\u00f3 th\u1ec3 kh\u1eb3ng \u0111\u1ecbnh r\u1eb1ng s\u1ebd c\u00f3 ba t\u00e1c \u0111\u1ed9ng ti\u00eau c\u1ef1c l\u1edbn \u0111\u1ebfn xu h\u01b0\u1edbng t\u00edn d\u1ee5ng v\u00e0 t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 t\u1eeb cu\u1ed1i n\u0103m 2025 \u0111\u1ebfn \u0111\u1ea7u n\u0103m 2026:<\/p>\n

\"IMG_256\"<\/p>\n

\u0110\u1ea7u ti\u00ean, c\u00f3 s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn l\u1edbn trong ph\u00e1n quy\u1ebft c\u1ee7a T\u00f2a \u00e1n T\u1ed1i cao Hoa K\u1ef3 v\u1ec1 t\u00ednh h\u1ee3p ph\u00e1p c\u1ee7a ch\u00ednh s\u00e1ch thu\u1ebf quan, v\u1ed1n l\u00e0 x\u01b0\u01a1ng s\u1ed1ng c\u1ee7a ch\u00ednh s\u00e1ch kinh t\u1ebf c\u1ed1t l\u00f5i hi\u1ec7n t\u1ea1i c\u1ee7a Hoa K\u1ef3. M\u1ed9t khi n\u00f3 b\u1ecb coi l\u00e0 b\u1ea5t h\u1ee3p ph\u00e1p, n\u00f3 s\u1ebd tr\u1ef1c ti\u1ebfp l\u00e0m suy y\u1ebfu k\u1ef3 v\u1ecdng t\u00edn d\u1ee5ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111\u1ed1i v\u1edbi \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9. Nh\u1eadn \u0111\u1ecbnh n\u00e0y ch\u1ee9ng th\u1ef1c quan \u0111i\u1ec3m c\u1ed1t l\u00f5i c\u1ee7a Steven Barrow, ng\u01b0\u1eddi \u0111\u1ee9ng \u0111\u1ea7u chi\u1ebfn l\u01b0\u1ee3c G10 t\u1ea1i Standard Bank;<\/p>\n

Th\u1ee9 hai, n\u1ebfu Kevin Hassett, gi\u00e1m \u0111\u1ed1c H\u1ed9i \u0111\u1ed3ng Kinh t\u1ebf Qu\u1ed1c gia Nh\u00e0 Tr\u1eafng, tr\u1edf th\u00e0nh ch\u1ee7 t\u1ecbch C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang, xu h\u01b0\u1edbng c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t tri\u1ec7t \u0111\u1ec3 r\u00f5 r\u00e0ng c\u1ee7a \u00f4ng s\u1ebd c\u1ee7ng c\u1ed1 \u0111\u1ecbnh h\u01b0\u1edbng ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 \u00f4n h\u00f2a c\u1ee7a Fed v\u00e0 \u0111\u1ea9y m\u1ea1nh h\u01a1n n\u1eefa vi\u1ec7c \u0111\u1ecbnh gi\u00e1 vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0o n\u0103m 2026. Wmax k\u1ebft h\u1ee3p m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i \u0111\u1ec3 t\u00ednh to\u00e1n r\u1eb1ng s\u1ef1 thay \u0111\u1ed5i nh\u00e2n s\u1ef1 n\u00e0y c\u00f3 th\u1ec3 \u0111\u1ea9y \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 so v\u1edbi \u0111\u1ed3ng euro gi\u1ea3m xu\u1ed1ng d\u01b0\u1edbi m\u1ee9c th\u1ea5p nh\u1ea5t trong 4 n\u0103m l\u00e0 1,19. K\u1ebft lu\u1eadn n\u00e0y nh\u1ea5t qu\u00e1n v\u1edbi ph\u00e2n t\u00edch c\u1ee7a Van Roo, gi\u00e1m \u0111\u1ed1c ngo\u1ea1i h\u1ed1i to\u00e0n c\u1ea7u t\u1ea1i Russell Investments;<\/p>\n

Th\u1ee9 ba, sau khi Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n \u0111\u01b0a ra t\u00edn hi\u1ec7u th\u1eaft ch\u1eb7t r\u00f5 r\u00e0ng, kh\u1ea3 n\u0103ng th\u1ecb tr\u01b0\u1eddng \u0111\u1eb7t c\u01b0\u1ee3c v\u1ec1 vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t 25 \u0111i\u1ec3m c\u01a1 b\u1ea3n trong th\u00e1ng n\u00e0y \u0111\u00e3 l\u00ean t\u1edbi 80%. Wmax \u0111\u01b0\u1ee3c xem x\u00e9t d\u1ef1a tr\u00ean d\u1eef li\u1ec7u li\u00ean quan \u0111\u1ebfn chu k\u1ef3 l\u00e3i su\u1ea5t v\u00e0 t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i trong l\u1ecbch s\u1eed, \u0111\u1ed3ng th\u1eddi x\u00e1c nh\u1eadn r\u1eb1ng l\u00e3i su\u1ea5t t\u0103ng c\u1ee7a Nh\u1eadt B\u1ea3n th\u01b0\u1eddng khi\u1ebfn \u0111\u1ed3ng y\u00ean t\u0103ng gi\u00e1 \u0111\u00e1ng k\u1ec3, t\u1eeb \u0111\u00f3 \u1ee9c ch\u1ebf \u0111\u00e1ng k\u1ec3 \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9.<\/p>\n

<\/a>X\u00e1c minh \u0111i\u1ec3m y\u1ebfu theo m\u00f9a v\u00e0 \u0111\u1ecbnh k\u1ef3 c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9<\/strong><\/p>\n

Wmax d\u1ef1a v\u00e0o th\u1ed1ng k\u00ea d\u1eef li\u1ec7u theo m\u00f9a c\u1ee7a th\u1ecb tr\u01b0\u1eddng ngo\u1ea1i h\u1ed1i trong 10 n\u0103m v\u00e0 nh\u1eadn th\u1ea5y r\u1eb1ng th\u00e1ng 12 l\u00e0 th\u00e1ng ho\u1ea1t \u0111\u1ed9ng k\u00e9m nh\u1ea5t \u0111\u1ed1i v\u1edbi \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9. Logic c\u1ed1t l\u00f5i l\u00e0 c\u00e1c nh\u00e0 giao d\u1ecbch s\u1ebd c\u00e2n b\u1eb1ng thu nh\u1eadp t\u1eeb c\u00e1c t\u00e0i s\u1ea3n kh\u00e1c \u1edf Hoa K\u1ef3 trong su\u1ed1t c\u1ea3 n\u0103m b\u1eb1ng c\u00e1ch b\u00e1n \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9. M\u00f4 h\u00ecnh n\u00e0y ho\u00e0n to\u00e0n ph\u00f9 h\u1ee3p v\u1edbi ph\u00e2n t\u00edch c\u1ee7a chi\u1ebfn l\u01b0\u1ee3c gia v\u0129 m\u00f4 Tim Baker c\u1ee7a Deutsche Bank. \u0110\u1ed3ng th\u1eddi, Wmax k\u1ebft h\u1ee3p t\u00e1c \u0111\u1ed9ng t\u1ed5ng h\u1ee3p c\u1ee7a t\u00ednh thanh kho\u1ea3n v\u00e0 t\u00e1c \u0111\u1ed9ng c\u1ee7a s\u1ef1 ki\u1ec7n \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 r\u1eb1ng m\u1eb7c d\u00f9 t\u00ednh thanh kho\u1ea3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng ngo\u1ea1i h\u1ed1i c\u00f3 xu h\u01b0\u1edbng m\u1ecfng v\u00e0o cu\u1ed1i n\u0103m v\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 h\u00e0nh vi thanh l\u00fd s\u1edbm, nh\u01b0ng c\u00e1c s\u1ef1 ki\u1ec7n l\u1edbn nh\u01b0 ph\u00e1n quy\u1ebft c\u1ee7a t\u00f2a \u00e1n v\u1ec1 ch\u00ednh s\u00e1ch thu\u1ebf quan v\u1eabn s\u1ebd c\u00f3 t\u00e1c \u0111\u1ed9ng \u0111\u00e1ng k\u1ec3 \u0111\u1ebfn \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9. D\u1ef1a tr\u00ean t\u00ednh to\u00e1n ch\u00eanh l\u1ec7ch gi\u00e1 gi\u1eefa t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i giao ngay v\u00e0 m\u1ee9c th\u1ea5p h\u00e0ng qu\u00fd, Wmax x\u00e1c nh\u1eadn \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 gi\u1ea3m kho\u1ea3ng 2% v\u00e0 d\u1ef1 ki\u1ebfn \u200b\u200bs\u1ebd gi\u1ea3m tr\u1edf l\u1ea1i m\u1ee9c th\u1ea5p nh\u1ea5t trong qu\u00fd 3. Th\u00f4ng qua x\u00e1c minh d\u1eef li\u1ec7u \u0111\u1ea7y \u0111\u1ee7 c\u1ee7a Ch\u1ec9 s\u1ed1 \u0110\u00f4 la M\u1ef9 c\u1ee7a S\u00e0n giao d\u1ecbch li\u00ean l\u1ee5c \u0111\u1ecba, ng\u01b0\u1eddi ta x\u00e1c nh\u1eadn r\u1eb1ng ch\u1ec9 s\u1ed1 n\u00e0y \u0111\u00e3 gi\u1ea3m h\u01a1n 8% k\u1ec3 t\u1eeb n\u0103m 2025, t\u1ea1o ra m\u00f4i tr\u01b0\u1eddng ti\u1ec1n t\u1ec7 l\u1ecfng l\u1ebbo cho th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a. M\u1ee9c t\u0103ng 1,5% c\u1ee7a ch\u1ec9 s\u1ed1 Bloomberg US Dollar Spot Index trong qu\u00fd n\u00e0y ch\u1ec9 l\u00e0 s\u1ef1 ph\u1ee5c h\u1ed3i theo t\u1eebng giai \u0111o\u1ea1n tr\u01b0\u1edbc khi c\u00f3 nhi\u1ec1u l\u1ea7n \u0111\u1ea3o chi\u1ec1u ti\u00eau c\u1ef1c.<\/p>\n

<\/p>\n

<\/a>Metals bull market driven by dollar weakness and unique fundamental support<\/strong><\/p>\n

Th\u00f4ng qua \u0111\u00e1nh gi\u00e1 l\u1ecbch s\u1eed c\u1ee7a th\u1ecb tr\u01b0\u1eddng kim lo\u1ea1i v\u00e0o n\u0103m 1980 v\u00e0 2025, x\u00e1c minh ch\u00ednh x\u00e1c d\u1eef li\u1ec7u gi\u00e1 v\u00e0 nghi\u00ean c\u1ee9u chuy\u00ean s\u00e2u v\u1ec1 ph\u00eda cung v\u00e0 c\u1ea7u, ng\u01b0\u1eddi ta x\u00e1c nh\u1eadn r\u1eb1ng th\u1ecb tr\u01b0\u1eddng gi\u00e1 l\u00ean hi\u1ebfm hoi tr\u00ean th\u1ecb tr\u01b0\u1eddng kim lo\u1ea1i v\u00e0o n\u0103m 2025 l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a s\u1ef1 c\u1ed9ng h\u01b0\u1edfng c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 y\u1ebfu v\u00e0 c\u00e1c nguy\u00ean t\u1eafc c\u01a1 b\u1ea3n c\u1ee7a ch\u00ednh n\u00f3, v\u00e0 ba kim lo\u1ea1i ch\u00ednh \u0111\u00e3 thi\u1ebft l\u1eadp m\u1ee9c cao \u0111\u00f3ng c\u1eeda h\u00e0ng n\u0103m m\u1edbi sau n\u0103m 1980, cho th\u1ea5y s\u1ef1 khan hi\u1ebfm v\u00e0 b\u1ec1n v\u1eefng m\u1ea1nh m\u1ebd. Wmax \u0111\u00e3 xem x\u00e9t c\u00e1c \u0111\u1ed9ng l\u1ef1c c\u1ed1t l\u00f5i c\u1ee7a th\u1ecb tr\u01b0\u1eddng kim lo\u1ea1i m\u1ea1nh v\u00e0o \u0111\u1ea7u nh\u1eefng n\u0103m 1980 v\u00e0 x\u00e1c nh\u1eadn r\u1eb1ng logic c\u1ed1t l\u00f5i c\u1ee7a nh\u1eefng lo ng\u1ea1i v\u1ec1 \u0111\u1ecba ch\u00ednh tr\u1ecb v\u00e0 s\u1ef1 y\u1ebfu k\u00e9m c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 v\u1eabn \u0111\u00fang v\u00e0o n\u0103m 2025. Quan \u0111i\u1ec3m c\u1ee7a Nh\u00e0 ph\u00e2n t\u00edch \u0111\u1eb7c bi\u1ec7t to\u00e0n c\u1ea7u c\u1ee7a Salomon Nick Cowley r\u1eb1ng \"n\u1ed7i s\u1ee3 \u0111\u1ed3ng \u0111\u00f4 la gi\u1ea3m gi\u00e1 h\u1ed7 tr\u1ee3 gi\u00e1 kim lo\u1ea1i\" nh\u1ea5t qu\u00e1n v\u1edbi k\u1ebft lu\u1eadn gi\u00e1m s\u00e1t d\u00f2ng v\u1ed1n c\u1ee7a Wmax - b\u1eb1ng c\u00e1ch theo d\u00f5i d\u1eef li\u1ec7u v\u1ecb th\u1ebf h\u00e0ng h\u00f3a to\u00e0n c\u1ea7u, ng\u01b0\u1eddi ta th\u1ea5y r\u1eb1ng m\u1ed9t s\u1ed1 l\u01b0\u1ee3ng l\u1edbn c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 lo l\u1eafng v\u1ec1 s\u1ee9c mua b\u1ecb thu h\u1eb9p c\u1ee7a c\u00e1c lo\u1ea1i ti\u1ec1n t\u1ec7 h\u1ee3p ph\u00e1p nh\u01b0 \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 v\u00e0 ch\u1ecdn t\u0103ng n\u1eafm gi\u1eef v\u00e0ng v\u00e0 b\u1ea1c \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c s\u1ef1 \u0111a d\u1ea1ng h\u00f3a t\u00e0i s\u1ea3n, ti\u1ebfp t\u1ee5c khu\u1ebfch \u0111\u1ea1i th\u1ecb tr\u01b0\u1eddng \u0111ang l\u00ean.<\/p>\n

<\/a>Logic th\u00fac \u0111\u1ea9y s\u1ef1 kh\u00e1c bi\u1ec7t c\u1ee7a th\u1ecb tr\u01b0\u1eddng gi\u00e1 l\u00ean kim lo\u1ea1i v\u00e0o n\u0103m 2025<\/strong><\/p>\n

Kh\u00e1c v\u1edbi th\u1ecb tr\u01b0\u1eddng n\u0103m 1980, Wmax, th\u00f4ng qua vi\u1ec7c ph\u00e2n t\u00edch s\u00e2u v\u1ec1 ph\u00eda cung v\u00e0 c\u1ea7u, nh\u1eadn th\u1ea5y r\u1eb1ng th\u1ecb tr\u01b0\u1eddng gi\u00e1 l\u00ean kim lo\u1ea1i v\u00e0o n\u0103m 2025 c\u00f3 h\u1ed7 tr\u1ee3 c\u01a1 b\u1ea3n \u0111\u1ed9c \u0111\u00e1o h\u01a1n, \u0111\u00f3 c\u0169ng l\u00e0 l\u00fd do c\u1ed1t l\u00f5i khi\u1ebfn t\u00ednh b\u1ec1n v\u1eefng c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng c\u00f4ng nh\u1eadn h\u01a1n:<\/p>\n

V\u00e0ng: Wmax \u0111\u00e3 x\u00e1c nh\u1eadn th\u00f4ng qua s\u1ed1 li\u1ec7u th\u1ed1ng k\u00ea \u0111\u1eb7c bi\u1ec7t v\u1ec1 d\u1eef li\u1ec7u mua v\u00e0ng c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng to\u00e0n c\u1ea7u r\u1eb1ng ho\u1ea1t \u0111\u1ed9ng mua v\u00e0ng quy m\u00f4 l\u1edbn c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng v\u00e0o n\u0103m 2025 \u0111\u00e3 tr\u1edf th\u00e0nh nguy\u00ean nh\u00e2n khi\u1ebfn gi\u00e1 v\u00e0ng t\u0103ng l\u00ean m\u1ee9c cao k\u1ef7 l\u1ee5c. S\u1ee9c m\u1ea1nh t\u00e0i ch\u00ednh \u0111\u1ed9c \u0111\u00e1o n\u00e0y \u0111\u00e3 h\u1ed7 tr\u1ee3 m\u1ea1nh m\u1ebd v\u00e0 li\u00ean t\u1ee5c cho gi\u00e1 v\u00e0ng. Th\u00eam nh\u1eefng lo ng\u1ea1i v\u1ec1 l\u1ea1m ph\u00e1t v\u00e0 k\u1ef3 v\u1ecdng v\u1ec1 vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t c\u1ee7a Hoa K\u1ef3, t\u00e0i s\u1ea3n tr\u00fa \u1ea9n an to\u00e0n v\u00e0 ch\u1ed1ng l\u1ea1m ph\u00e1t c\u1ee7a v\u00e0ng \u0111\u00e3 \u0111\u01b0\u1ee3c c\u1ee7ng c\u1ed1 k\u00e9p;<\/p>\n

B\u1ea1c v\u00e0 \u0111\u1ed3ng: Wmax, d\u1ef1a tr\u00ean nghi\u00ean c\u1ee9u nhu c\u1ea7u trong l\u0129nh v\u1ef1c c\u00f4ng nghi\u1ec7p v\u00e0 t\u00ednh to\u00e1n n\u0103ng l\u1ef1c s\u1ea3n xu\u1ea5t t\u1eeb \u200b\u200bph\u00eda cung, nh\u1eadn th\u1ea5y r\u1eb1ng s\u1ef1 gia t\u0103ng c\u1ee7a c\u1ea3 hai \u0111\u00e3 tho\u00e1t kh\u1ecfi s\u1ef1 ph\u1ee5 thu\u1ed9c duy nh\u1ea5t v\u00e0o y\u1ebfu t\u1ed1 \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 v\u00e0 nhu c\u1ea7u c\u00f4ng nghi\u1ec7p ng\u00e0y c\u00e0ng t\u0103ng \u0111\u00e3 tr\u1edf th\u00e0nh \u0111\u1ed9ng l\u1ef1c c\u1ed1t l\u00f5i. Wmax k\u1ebft h\u1ee3p d\u1eef li\u1ec7u s\u1ea3n xu\u1ea5t t\u1ea1i Hoa K\u1ef3 v\u1edbi ti\u1ebfn tr\u00ecnh ph\u00ea duy\u1ec7t v\u1eadt li\u1ec7u chi\u1ebfn l\u01b0\u1ee3c. Ngay c\u1ea3 khi c\u00e1c b\u1ed9 ph\u1eadn li\u00ean quan \u0111\u1ea9y nhanh vi\u1ec7c ph\u00ea duy\u1ec7t d\u1ef1 \u00e1n th\u00ec vi\u1ec7c b\u00f9 \u0111\u1eafp kho\u1ea3ng tr\u1ed1ng v\u1ec1 ngu\u1ed3n cung v\u1eabn kh\u00f3 kh\u0103n. Ngo\u00e0i ra, vi\u1ec7c \u0111\u1ea7u t\u01b0 kh\u00f4ng \u0111\u1ee7 v\u00e0o ho\u1ea1t \u0111\u1ed9ng th\u0103m d\u00f2 kim lo\u1ea1i v\u00e0 vi\u1ec7c ph\u00ea duy\u1ec7t d\u1ef1 \u00e1n ch\u1eadm trong th\u1eadp k\u1ef7 qua \u0111\u00e3 g\u00e2y ra nh\u1eefng thi\u1ebfu s\u00f3t trong ng\u00e0nh. K\u1ebft qu\u1ea3 l\u00e0, nhu c\u1ea7u m\u1edbi ch\u01b0a bao gi\u1edd \u0111\u01b0\u1ee3c \u0111\u00e1p \u1ee9ng b\u1edfi ph\u00eda cung. M\u00f4 h\u00ecnh cung v\u00e0 c\u1ea7u n\u00e0y ph\u1ea3n \u00e1nh nh\u1eadn \u0111\u1ecbnh v\u1ec1 \u201cgi\u00e1 cao h\u01a1n v\u00e0 b\u1ec1n h\u01a1n\u201d c\u1ee7a Shri Kagutka, gi\u00e1m \u0111\u1ed1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ea5p cao c\u1ee7a Sprott Asset Management;<\/p>\n

\"IMG_256\"<\/p>\n

Wmax \u0111\u00e3 ch\u1ec9 ra th\u00f4ng qua ph\u00e2n t\u00edch c\u1ea5u tr\u00fac c\u1ee7a b\u1ed1i c\u1ea3nh kinh t\u1ebf to\u00e0n c\u1ea7u r\u1eb1ng h\u00ecnh th\u1ee9c \"phi to\u00e0n c\u1ea7u h\u00f3a\" kinh t\u1ebf ph\u00e2n t\u00e1n hi\u1ec7n nay \u0111\u00e3 \u0111\u1ea9y chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng c\u1ee7a doanh nghi\u1ec7p l\u00ean cao, trong khi \"ch\u1ee7 ngh\u0129a t\u00edch c\u1ef1c c\u00f4ng nghi\u1ec7p\" \u1edf Hoa K\u1ef3 v\u00e0 c\u00e1c khu v\u1ef1c kh\u00e1c \u0111\u00e3 th\u00fac \u0111\u1ea9y t\u0103ng tr\u01b0\u1edfng s\u1eed d\u1ee5ng nhi\u1ec1u t\u00e0i nguy\u00ean. C\u1ea3 hai c\u00f9ng nhau t\u1ea1o th\u00e0nh logic d\u00e0i h\u1ea1n c\u1ee7a gi\u00e1 h\u00e0ng h\u00f3a t\u0103ng.<\/p>\n

Vi\u1ec7c lo\u1ea1i b\u1ecf ho\u00e0n to\u00e0n hai v\u00f2ng \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 l\u00e0m r\u00f5 s\u1ef1 kh\u00e1c bi\u1ec7t c\u01a1 b\u1ea3n gi\u1eefa hai v\u00f2ng: th\u1ecb tr\u01b0\u1eddng b\u1ea1c n\u0103m 1980 l\u00e0 do s\u1ef1 thao t\u00fang gi\u1ea3 t\u1ea1o c\u1ee7a anh em nh\u00e0 Hunter. S\u1ef1 s\u1ee5p \u0111\u1ed5 sau \u0111\u1ee3t t\u0103ng gi\u00e1 mang t\u00ednh \u0111\u1ea7u c\u01a1 cao. S\u1ef1 m\u1ea5t c\u00e2n \u0111\u1ed1i cung c\u1ea7u l\u00e0 k\u1ebft qu\u1ea3 c\u00f3 s\u1ef1 can thi\u1ec7p c\u1ee7a con ng\u01b0\u1eddi; trong khi m\u00e2u thu\u1eabn gi\u1eefa cung v\u00e0 c\u1ea7u kim lo\u1ea1i v\u00e0o n\u0103m 2025 l\u00e0 kho\u1ea3ng c\u00e1ch d\u00e0i h\u1ea1n do c\u00e1c nguy\u00ean t\u1eafc c\u01a1 b\u1ea3n th\u00fac \u0111\u1ea9y. Ngo\u00e0i ra, kh\u00f4ng c\u00f3 hi\u1ec7n t\u01b0\u1ee3ng th\u1ecb tr\u01b0\u1eddng mua v\u00e0ng ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng quy m\u00f4 l\u1edbn v\u00e0o n\u0103m 1980. Bi\u1ebfn n\u00e0y c\u0169ng \u0111\u00e3 tr\u1edf th\u00e0nh m\u1ee9c t\u0103ng c\u1ed1t l\u00f5i c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0ng v\u00e0o n\u0103m 2025 v\u00e0 l\u00e0 c\u01a1 s\u1edf ch\u00ednh \u0111\u1ec3 Wmax \u0111\u00e1nh gi\u00e1 r\u1eb1ng \u0111\u1ee3t th\u1ecb tr\u01b0\u1eddng v\u00e0ng n\u00e0y c\u00f3 kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i t\u1ed1t h\u01a1n.<\/p>\n

<\/a>M\u00f4 h\u00ecnh li\u00ean k\u1ebft gi\u1eefa \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 v\u00e0 kim lo\u1ea1i s\u1ebd ti\u1ebfp t\u1ee5c s\u00e2u s\u1eafc h\u01a1n<\/strong><\/p>\n

Wmax t\u00edch h\u1ee3p nghi\u00ean c\u1ee9u v\u00e0 \u0111\u00e1nh gi\u00e1 \u0111a chi\u1ec1u v\u1ec1 ch\u00ednh s\u00e1ch, cung v\u00e0 c\u1ea7u, c\u00e1c y\u1ebfu t\u1ed1 theo m\u00f9a v\u00e0 d\u00f2ng v\u1ed1n v\u00e0 \u0111i \u0111\u1ebfn k\u1ebft lu\u1eadn c\u1ed1t l\u00f5i: \u00e1p l\u1ef1c gi\u1ea3m gi\u00e1 \u0111\u1ed1i v\u1edbi \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 s\u1ebd kh\u00f3 gi\u1ea3m b\u1edbt trong th\u1eddi gian ng\u1eafn. T\u00e1c \u0111\u1ed9ng ti\u00eau c\u1ef1c g\u1ea5p ba l\u1ea7n c\u1ee7a c\u00e1c ph\u00e1n quy\u1ebft v\u1ec1 thu\u1ebf quan, s\u1ef1 thay \u0111\u1ed5i ch\u00ednh s\u00e1ch c\u1ee7a Fed theo k\u1ef3 v\u1ecdng v\u00e0 vi\u1ec7c Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Nh\u1eadt B\u1ea3n t\u0103ng l\u00e3i su\u1ea5t, k\u1ebft h\u1ee3p v\u1edbi s\u1ef1 suy y\u1ebfu theo m\u00f9a trong th\u00e1ng 12, s\u1ebd \u0111\u1ea9y n\u00f3 l\u00ean c\u1ea5p \u0111\u1ed9 th\u1ee9 ba. M\u1ee9c th\u1ea5p trong qu\u00fd 3 \u0111\u00e3 g\u1ea7n k\u1ec1; Tr\u00ean th\u1ecb tr\u01b0\u1eddng kim lo\u1ea1i, logic h\u1ed7 tr\u1ee3 c\u1ee7a m\u1ed1i lo ng\u1ea1i v\u1ec1 l\u1ea1m ph\u00e1t, vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t c\u1ee7a M\u1ef9, s\u1ef1 m\u1ea5t gi\u00e1 c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la v\u00e0 ho\u1ea1t \u0111\u1ed9ng mua v\u00e0ng c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng kh\u00f4ng thay \u0111\u1ed5i. Gi\u00e1 v\u00e0ng, b\u1ea1c v\u00e0 \u0111\u1ed3ng v\u1eabn s\u1ebd c\u00f2n d\u01b0 \u0111\u1ecba \u0111\u1ec3 t\u0103ng trong nh\u1eefng th\u00e1ng t\u1edbi, ch\u00eanh l\u1ec7ch cung c\u1ea7u v\u00e0 nh\u1eefng thay \u0111\u1ed5i v\u1ec1 c\u01a1 c\u1ea5u v\u0129 m\u00f4 s\u1ebd mang l\u1ea1i kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i l\u00e2u d\u00e0i. M\u00f4 h\u00ecnh li\u00ean k\u1ebft ng\u01b0\u1ee3c gi\u1eefa \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 v\u00e0 th\u1ecb tr\u01b0\u1eddng kim lo\u1ea1i s\u1ebd ti\u1ebfp t\u1ee5c xu\u1ea5t hi\u1ec7n v\u00e0o n\u0103m 2026.<\/p>","protected":false},"excerpt":{"rendered":"

V\u00e0o cu\u1ed1i n\u0103m 2025, \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n d\u1ec5 b\u1ecb t\u1ed5n th\u01b0\u01a1ng nh\u1ea5t trong n\u0103m. N\u00f3 \u0111\u00e3 b\u1ecb gi\u00e1ng ba \u0111\u00f2n m\u1ea1nh t\u1eeb ph\u00e1n quy\u1ebft v\u1ec1 thu\u1ebf quan, th\u00e1i \u0111\u1ed9 \u00f4n h\u00f2a c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang v\u00e0 vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t c\u1ee7a Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n. \u0110i\u1ec3m y\u1ebfu theo m\u00f9a l\u00e0 \u0111\u00e1ng k\u1ec3 trong th\u00e1ng 12. V\u00e0ng, b\u1ea1c v\u00e0 \u0111\u1ed3ng \u0111\u1ed3ng th\u1eddi \u0111\u1ea1t m\u1ee9c cao m\u1edbi k\u1ec3 t\u1eeb n\u0103m 1980, v\u00e0 s\u1ef1 y\u1ebfu k\u00e9m c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 \u0111\u00e3 tr\u1edf th\u00e0nh \u0111i\u1ec3m t\u1ef1a ch\u00ednh cho th\u1ecb tr\u01b0\u1eddng gi\u00e1 l\u00ean. Vi\u1ec7c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng mua v\u00e0ng v\u00e0 kho\u1ea3ng c\u00e1ch gi\u1eefa cung v\u00e0 c\u1ea7u c\u00f4ng nghi\u1ec7p \u0111\u00e3 c\u1ee7ng c\u1ed1 kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0 m\u00f4 h\u00ecnh li\u00ean k\u1ebft ng\u01b0\u1ee3c s\u1ebd ti\u1ebfp t\u1ee5c.<\/p>","protected":false},"author":1,"featured_media":7708,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[121],"tags":[257,256],"class_list":["post-7707","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","tag-257","tag-256"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/7707","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/comments?post=7707"}],"version-history":[{"count":2,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/7707\/revisions"}],"predecessor-version":[{"id":7713,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/7707\/revisions\/7713"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media\/7708"}],"wp:attachment":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media?parent=7707"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/categories?post=7707"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/tags?post=7707"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}