{"id":9592,"date":"2026-04-13T15:25:32","date_gmt":"2026-04-13T07:25:32","guid":{"rendered":"https:\/\/www.kpai1.cn\/?p=9592"},"modified":"2026-04-13T15:25:37","modified_gmt":"2026-04-13T07:25:37","slug":"%e9%bb%84%e9%87%91%e6%9a%b4%e8%b7%8c%e6%98%af-%e5%81%87%e6%91%94%ef%bc%9f%e6%8b%86%e8%a7%a3%e4%b8%89%e5%a4%a7%e6%a0%b8%e5%bf%83%e5%8e%9f%e5%9b%a0%e4%b8%8e%e5%90%8e%e5%b8%82%e8%b5%b0","status":"publish","type":"post","link":"https:\/\/www.kpai1.cn\/vi\/luu-tru\/9592","title":{"rendered":"S\u1ef1 s\u1ee5t gi\u1ea3m c\u1ee7a v\u00e0ng c\u00f3 ph\u1ea3i l\u00e0 \u201cgi\u1ea3\u201d? Th\u00e1o d\u1ee1 ba l\u00fd do c\u1ed1t l\u00f5i v\u00e0 tri\u1ec3n v\u1ecdng th\u1ecb tr\u01b0\u1eddng!"},"content":{"rendered":"

S\u1ef1 kh\u00e1c bi\u1ec7t g\u00e2y tranh c\u00e3i nh\u1ea5t tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u v\u00e0o th\u00e1ng 4 n\u0103m 2026 l\u00e0 khi xung \u0111\u1ed9t \u1edf Trung \u0110\u00f4ng leo thang to\u00e0n di\u1ec7n v\u00e0 r\u1ee7i ro \u0111\u1ecba ch\u00ednh tr\u1ecb \u0111\u1ea1t m\u1ee9c cao m\u1edbi sau Chi\u1ebfn tranh L\u1ea1nh, v\u00e0ng \u0111\u00e3 tr\u1ea3i qua m\u1ed9t \u0111\u1ee3t lao d\u1ed1c kinh ho\u00e0ng. K\u1ec3 t\u1eeb khi chi\u1ebfn tranh Iran b\u00f9ng n\u1ed5, gi\u00e1 v\u00e0ng \u0111\u00e3 gi\u1ea3m m\u1ea1nh 11,5% ch\u1ec9 trong m\u1ed9t th\u00e1ng, ghi nh\u1eadn m\u1ee9c gi\u1ea3m h\u00e0ng th\u00e1ng l\u1edbn nh\u1ea5t k\u1ec3 t\u1eeb cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh 2008. H\u1ecd \u0111\u00e3 gi\u1ea3m h\u01a1n 1.000 USD so v\u1edbi m\u1ee9c cao l\u1ecbch s\u1eed 5.500 USD\/ounce v\u00e0o th\u00e1ng 1. Tr\u00ean th\u1ecb tr\u01b0\u1eddng c\u00f3 r\u1ea5t nhi\u1ec1u \u00fd ki\u1ebfn \u200b\u200bv\u1ec1 \u201chuy\u1ec1n tho\u1ea1i v\u00e0ng l\u00e0 n\u01a1i tr\u00fa \u1ea9n an to\u00e0n \u0111ang b\u1ecb tan v\u1ee1\u201d. Tuy nhi\u00ean, nh\u00f3m nghi\u00ean c\u1ee9u h\u00e0ng h\u00f3a Wmax \u0111\u00e3 ph\u00e1t hi\u1ec7n ra th\u00f4ng qua vi\u1ec7c th\u00e1o d\u1ee1 to\u00e0n di\u1ec7n logic c\u01a1 b\u1ea3n c\u1ee7a d\u00f2ng v\u1ed1n v\u00e0 v\u0129 m\u00f4 to\u00e0n c\u1ea7u r\u1eb1ng v\u00e0ng ch\u1ec9 l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 chuy\u1ec3n \u0111\u1ed5i vai tr\u00f2 ng\u1eafn h\u1ea1n v\u00e0 n\u1ec1n t\u1ea3ng gi\u00e1 tr\u1ecb d\u00e0i h\u1ea1n c\u1ee7a n\u00f3 kh\u00f4ng b\u1ecb lung lay. M\u1ed9t \u0111\u1ee3t th\u1ecb tr\u01b0\u1eddng \u201cgi\u1ea3m tr\u01b0\u1edbc r\u1ed3i t\u0103ng\u201d \u0111ang h\u00ecnh th\u00e0nh.<\/p>\n

<\/a>S\u1ef1 th\u1eadt v\u1ec1 \u201cth\u1ea5t b\u1ea1i\u201d trong kh\u1ee7ng ho\u1ea3ng: t\u00e1c \u0111\u1ed9ng ch\u1ed3ng ch\u1ea5t c\u1ee7a 3 y\u1ebfu t\u1ed1 \u0111\u1eb7c bi\u1ec7t<\/strong><\/p>\n

Wmax nh\u00ecn l\u1ea1i c\u00e1c xung \u0111\u1ed9t \u0111\u1ecba ch\u00ednh tr\u1ecb trong n\u1eeda th\u1ebf k\u1ef7 qua v\u00e0 nh\u1eadn th\u1ea5y r\u1eb1ng trong cu\u1ed9c kh\u1ee7ng ho\u1ea3ng d\u1ea7u m\u1ecf n\u0103m 1973, Chi\u1ebfn tranh v\u00f9ng V\u1ecbnh n\u0103m 1990, d\u1ecbch b\u1ec7nh COVID-19 n\u0103m 2020 v\u00e0 xung \u0111\u1ed9t Nga-Ukraine n\u0103m 2022, v\u00e0ng \u0111\u00e3 cho th\u1ea5y s\u1ef1 gia t\u0103ng r\u00f5 r\u00e0ng trong giai \u0111o\u1ea1n \u0111\u1ea7u c\u1ee7a cu\u1ed9c kh\u1ee7ng ho\u1ea3ng. Xu h\u01b0\u1edbng b\u1ea5t th\u01b0\u1eddng trong v\u00f2ng n\u00e0y kh\u00f4ng ph\u1ea3i l\u00e0 s\u1ef1 th\u1ea5t b\u1ea1i c\u1ee7a ch\u1ee9c n\u0103ng ph\u00f2ng ng\u1eeba r\u1ee7i ro c\u1ee7a v\u00e0ng m\u00e0 l\u00e0 s\u1ef1 c\u1ed9ng h\u01b0\u1edfng c\u1ee7a nhi\u1ec1u y\u1ebfu t\u1ed1 ng\u1eafn h\u1ea1n hi\u1ebfm c\u00f3 trong l\u1ecbch s\u1eed. \u0110\u00e2y c\u0169ng ch\u00ednh l\u00e0 ngu\u1ed3n g\u1ed1c c\u1ed1t l\u00f5i c\u1ee7a \u201cr\u1ee7i ro gi\u1ea3m gi\u00e1 b\u1ea5t ng\u1edd\u201d m\u00e0 Wmax \u0111\u00e3 c\u1ea3nh b\u00e1o th\u1ecb tr\u01b0\u1eddng v\u00e0o gi\u1eefa th\u00e1ng 3.<\/p>\n

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

<\/a>(1) Kh\u1ee7ng ho\u1ea3ng thanh kho\u1ea3n c\u1ef1c \u0111\u1ed9 g\u00e2y ra c\u01a1n ho\u1ea3ng lo\u1ea1n b\u00e1n th\u00e1o \u201cti\u1ec1n m\u1eb7t l\u00e0 vua\u201d<\/strong><\/p>\n

Ch\u1ec9 s\u1ed1 gi\u00e1m s\u00e1t thanh kho\u1ea3n to\u00e0n c\u1ea7u Wmax cho th\u1ea5y \u00e1p l\u1ef1c thanh kho\u1ea3n th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i \u0111\u00e3 l\u00ean \u0111\u1ebfn \u0111\u1ec9nh \u0111i\u1ec3m c\u1ee7a d\u1ecbch b\u1ec7nh v\u00e0o n\u0103m 2020. S\u1ef1 s\u1ee5t gi\u1ea3m m\u1ea1nh c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n trong giai \u0111o\u1ea1n \u0111\u1ea7u c\u1ee7a cu\u1ed9c kh\u1ee7ng ho\u1ea3ng \u0111\u00e3 d\u1eabn \u0111\u1ebfn nhu c\u1ea7u k\u00fd qu\u1ef9 v\u00e0 v\u00e0ng, v\u1ed1n c\u00f3 t\u00ednh thanh kho\u1ea3n c\u1ef1c cao, tr\u1edf th\u00e0nh l\u1ef1a ch\u1ecdn b\u00e1n \u0111\u1ea7u ti\u00ean, \u0111i\u1ec1u n\u00e0y ph\u00f9 h\u1ee3p v\u1edbi quan \u0111i\u1ec3m c\u1ee7a c\u00e1c chuy\u00ean gia t\u1ea1i Ng\u00e2n h\u00e0ng Standard Chartered. Kinh nghi\u1ec7m l\u1ecbch s\u1eed cho th\u1ea5y nh\u1eefng c\u00fa s\u1ed1c thanh kho\u1ea3n nh\u01b0 v\u1eady th\u01b0\u1eddng k\u00ecm h\u00e3m gi\u00e1 v\u00e0ng trong 4-6 tu\u1ea7n. T\u00ecnh hu\u1ed1ng t\u01b0\u01a1ng t\u1ef1 c\u0169ng x\u1ea3y ra trong cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh n\u0103m 2008. M\u00f4 h\u00ecnh \u0111\u1ecbnh l\u01b0\u1ee3ng Wmax cho th\u1ea5y v\u00e0ng \u0111\u00e3 chuy\u1ec3n t\u1eeb t\u00ecnh tr\u1ea1ng mua qu\u00e1 m\u1ee9c nghi\u00eam tr\u1ecdng sang t\u00ecnh tr\u1ea1ng b\u00e1n qu\u00e1 m\u1ee9c. Gi\u00e1 v\u00e0ng giao ngay \u0111\u00e3 l\u1ec7ch kh\u1ecfi \u0111\u01b0\u1eddng trung b\u00ecnh \u0111\u1ed9ng 50 ng\u00e0y v\u1edbi m\u1ee9c ch\u00eanh l\u1ec7ch l\u1edbn nh\u1ea5t k\u1ec3 t\u1eeb n\u0103m 2013, v\u00e0 c\u00e1c v\u1ecb th\u1ebf qu\u00e1 n\u00f3ng ban \u0111\u1ea7u \u0111ang \u0111\u01b0\u1ee3c thanh l\u00fd m\u1ea1nh m\u1ebd.<\/p>\n

<\/a>(2) \u201cCu\u1ed9c n\u1ed5i d\u1eady\u201d \u0111\u1ecbnh k\u1ef3 c\u1ee7a nh\u1eefng nh\u00e0 \u0111\u1ea7u c\u01a1 gi\u00e1 l\u00ean ch\u00ednh c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng \u0111\u00e3 tr\u1edf th\u00e0nh \u0111\u1ed9ng l\u1ef1c c\u1ed1t l\u00f5i<\/strong><\/p>\n

D\u1eef li\u1ec7u gi\u00e1m s\u00e1t t\u1ea7n s\u1ed1 cao Wmax v\u1ec1 c\u00e1c v\u1ecb th\u1ebf v\u00e0ng c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng \u0111\u00e3 n\u1eafm b\u1eaft ch\u00ednh x\u00e1c r\u1eb1ng m\u1ed9t s\u1ed1 ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng tr\u01b0\u1edbc \u0111\u00e2y \u0111\u00e3 t\u0103ng n\u1eafm gi\u1eef v\u00e0ng \u0111\u00e3 chuy\u1ec3n sang b\u00e1n. Theo b\u00e1o c\u00e1o, sau khi chi\u1ebfn tranh Iran b\u00f9ng n\u1ed5, T\u00fcrkiye \u0111\u00e3 \u0111\u1ea7u t\u01b0 kho\u1ea3ng 131 t\u1ea5n v\u00e0ng \u0111\u1ec3 h\u1ed7 tr\u1ee3 \u0111\u1ed3ng ti\u1ec1n c\u1ee7a m\u00ecnh v\u00e0 ki\u1ec1m ch\u1ebf l\u1ea1m ph\u00e1t cao 31%, \u0111\u1ed3ng th\u1eddi d\u1ef1 tr\u1eef v\u00e0ng c\u1ee7a n\u01b0\u1edbc n\u00e0y \u0111\u00e3 gi\u1ea3m xu\u1ed1ng m\u1ee9c th\u1ea5p nh\u1ea5t trong h\u01a1n hai n\u0103m. Ngo\u00e0i ra, Nga \u0111\u00e3 b\u00e1n 15 t\u1ea5n v\u00e0ng trong 2 th\u00e1ng \u0111\u1ea7u n\u0103m nay, Ba Lan c\u0169ng \u0111\u1ec1 xu\u1ea5t b\u00e1n v\u00e0ng \u0111\u1ec3 g\u00e2y qu\u1ef9 qu\u1ed1c ph\u00f2ng. Wmax nh\u1eafc nh\u1edf r\u1eb1ng m\u1ed9t s\u1ed1 n\u01b0\u1edbc nh\u1eadp kh\u1ea9u d\u1ea7u v\u00e0 c\u00e1c n\u01b0\u1edbc Trung \u00c1 c\u00f3 th\u1ec3 theo d\u00f5i doanh s\u1ed1 b\u00e1n h\u00e0ng trong t\u01b0\u01a1ng lai.<\/p>\n

<\/a>(3) S\u1ef1 \u0111\u1ea3o ng\u01b0\u1ee3c k\u1ef3 v\u1ecdng c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang v\u1ec1 vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t \u0111\u00e3 \u0111\u1ea9y chi ph\u00ed c\u01a1 h\u1ed9i c\u1ee7a vi\u1ec7c n\u1eafm gi\u1eef v\u00e0ng l\u00ean cao<\/strong><\/p>\n

M\u00f4 h\u00ecnh k\u1ef3 h\u1ea1n l\u00e3i su\u1ea5t Wmax ph\u1ea3n \u00e1nh s\u1ef1 thay \u0111\u1ed5i trong k\u1ef3 v\u1ecdng c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t v\u00e0o \u0111\u1ea7u th\u00e1ng 3. B\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi xung \u0111\u1ed9t \u1edf Trung \u0110\u00f4ng \u0111\u1ea9y gi\u00e1 d\u1ea7u t\u0103ng cao, th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 ho\u00e3n \u0111\u1ee3t c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t \u0111\u1ea7u ti\u00ean c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang sang th\u00e1ng 9, gi\u1ea3m s\u1ed1 l\u1ea7n c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t trong su\u1ed1t c\u1ea3 n\u0103m xu\u1ed1ng c\u00f2n m\u1ed9t. M\u1ed1i t\u01b0\u01a1ng quan ngh\u1ecbch gi\u1eefa v\u00e0ng v\u00e0 l\u00e3i su\u1ea5t th\u1ef1c c\u1ee7a M\u1ef9 \u0111\u00e3 c\u00f3 hi\u1ec7u l\u1ef1c tr\u1edf l\u1ea1i. Theo d\u00f5i Wmax cho th\u1ea5y s\u1ed1 ti\u1ec1n mua l\u1ea1i r\u00f2ng c\u1ee7a ETP v\u00e0ng trong th\u00e1ng 3 \u0111\u00e3 \u0111\u1ea1t m\u1ee9c cao m\u1edbi k\u1ec3 t\u1eeb th\u00e1ng 9 n\u0103m 2022. C\u00e1c qu\u1ef9 ng\u1eafn h\u1ea1n \u0111\u00e3 \u0111i ch\u1ec7ch kh\u1ecfi logic ph\u00e2n b\u1ed5 n\u01a1i tr\u00fa \u1ea9n an to\u00e0n. L\u1ef1c b\u00e1n hi\u1ec7n t\u1ea1i \u0111\u00e3 ch\u1eadm l\u1ea1i v\u00e0 c\u00e1c v\u1ecb th\u1ebf qu\u00e1 n\u00f3ng ban \u0111\u1ea7u v\u1ec1 c\u01a1 b\u1ea3n \u0111\u00e3 \u0111\u01b0\u1ee3c gi\u1ea3i t\u1ecfa.<\/p>\n

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

<\/a>2. H\u1ed7 tr\u1ee3 d\u00e0i h\u1ea1n v\u1eabn v\u1eefng ch\u1eafc: nhi\u1ec1u l\u1ee3i \u00edch v\u1eabn ch\u01b0a \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng \u0111\u1ecbnh gi\u00e1 \u0111\u1ea7y \u0111\u1ee7<\/strong><\/p>\n

B\u1ea5t ch\u1ea5p \u00e1p l\u1ef1c ng\u1eafn h\u1ea1n, Wmax lu\u00f4n kh\u1eb3ng \u0111\u1ecbnh r\u1eb1ng c\u00e1c nguy\u00ean t\u1eafc c\u01a1 b\u1ea3n d\u00e0i h\u1ea1n c\u1ee7a v\u00e0ng v\u1ec1 c\u01a1 b\u1ea3n kh\u00f4ng thay \u0111\u1ed5i. Gi\u00e1 v\u00e0ng hi\u1ec7n nay ch\u01b0a t\u00ednh \u0111\u1ebfn r\u1ee7i ro suy tho\u00e1i kinh t\u1ebf v\u00e0 l\u1ea1m ph\u00e1t \u0111\u00ecnh tr\u1ec7. Nhi\u1ec1u y\u1ebfu t\u1ed1 th\u00fac \u0111\u1ea9y c\u01a1 c\u1ea5u v\u1eabn m\u1ea1nh v\u00e0 gi\u00e1 v\u00e0ng s\u1ebd ti\u1ebfp t\u1ee5c xu h\u01b0\u1edbng t\u0103ng trong nh\u1eefng th\u00e1ng t\u1edbi.<\/p>\n

<\/a>(1) R\u1ee7i ro suy tho\u00e1i kinh t\u1ebf v\u00e0 l\u1ea1m ph\u00e1t \u0111\u00ecnh tr\u1ec7 ng\u00e0y c\u00e0ng gia t\u0103ng.<\/strong><\/p>\n

M\u00f4 h\u00ecnh chu k\u1ef3 kinh t\u1ebf to\u00e0n c\u1ea7u Wmax cho th\u1ea5y t\u00e1c \u0111\u1ed9ng tr\u1ec5 c\u1ee7a ch\u00ednh s\u00e1ch l\u00e3i su\u1ea5t cao \u1edf c\u00e1c n\u1ec1n kinh t\u1ebf l\u1edbn \u0111ang xu\u1ea5t hi\u1ec7n v\u00e0 nguy c\u01a1 suy tho\u00e1i ti\u1ebfp t\u1ee5c gia t\u0103ng. D\u1eef li\u1ec7u l\u1ecbch s\u1eed cho th\u1ea5y trong th\u1eddi k\u1ef3 suy tho\u00e1i kinh t\u1ebf, gi\u00e1 v\u00e0ng trung b\u00ecnh t\u0103ng t\u1edbi 15%, t\u1ed1t h\u01a1n nhi\u1ec1u so v\u1edbi h\u00e0ng h\u00f3a c\u00f4ng nghi\u1ec7p. \u0110i\u1ec1u \u0111\u00e1ng c\u1ea3nh gi\u00e1c h\u01a1n l\u00e0 nguy c\u01a1 l\u1ea1m ph\u00e1t \u0111\u00ecnh tr\u1ec7: ngay c\u1ea3 khi xung \u0111\u1ed9t \u1edf Trung \u0110\u00f4ng k\u1ebft th\u00fac ngay l\u1eadp t\u1ee9c, gi\u00e1 d\u1ea7u c\u00f3 th\u1ec3 s\u1ebd v\u1eabn \u1edf m\u1ee9c cao trong th\u1eddi gian d\u00e0i, \u0111i\u1ec1u n\u00e0y s\u1ebd c\u00e0ng l\u00e0m t\u0103ng th\u00eam \u00e1p l\u1ef1c l\u00ean l\u1ea1m ph\u00e1t to\u00e0n c\u1ea7u. Trong th\u1eddi k\u1ef3 l\u1ea1m ph\u00e1t \u0111\u00ecnh tr\u1ec7 nh\u1eefng n\u0103m 1970, gi\u00e1 v\u00e0ng \u0111\u00e3 t\u0103ng h\u01a1n 20 l\u1ea7n, tr\u1edf th\u00e0nh lo\u1ea1i t\u00e0i s\u1ea3n c\u00f3 hi\u1ec7u su\u1ea5t t\u1ed1t nh\u1ea5t. Quy lu\u1eadt l\u1ecbch s\u1eed n\u00e0y v\u1eabn \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng trong m\u00f4i tr\u01b0\u1eddng v\u0129 m\u00f4 hi\u1ec7n nay.<\/p>\n

<\/a>(2) Logic \u0111\u1ecbnh h\u01b0\u1edbng c\u1ea5u tr\u00fac d\u00e0i h\u1ea1n c\u1ee7a v\u00e0ng v\u1eabn kh\u00f4ng thay \u0111\u1ed5i<\/strong><\/p>\n

Vi\u1ec7c theo d\u00f5i d\u00e0i h\u1ea1n c\u1ee7a Wmax v\u1ec1 n\u1ee3 to\u00e0n c\u1ea7u, t\u00edn d\u1ee5ng ti\u1ec1n t\u1ec7 v\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 \u0111\u1ecba ch\u00ednh tr\u1ecb \u0111\u1ec1u ch\u1ec9 ra ch\u1ee9c n\u0103ng l\u01b0u tr\u1eef gi\u00e1 tr\u1ecb c\u1ee7a v\u00e0ng ti\u1ebfp t\u1ee5c \u0111\u01b0\u1ee3c c\u1ee7ng c\u1ed1. Hi\u1ec7n t\u1ea1i, n\u1ee3 li\u00ean bang c\u1ee7a M\u1ef9 \u0111\u00e3 v\u01b0\u1ee3t qu\u00e1 35 ngh\u00ecn t\u1ef7 USD, v\u1edbi t\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean GDP v\u01b0\u1ee3t qu\u00e1 130%. M\u1ee9c n\u1ee3 \u1edf c\u00e1c n\u1ec1n kinh t\u1ebf l\u1edbn tr\u00ean th\u1ebf gi\u1edbi \u0111\u1ec1u \u0111\u1ea1t m\u1ee9c cao k\u1ef7 l\u1ee5c. Trong b\u1ed1i c\u1ea3nh xu h\u01b0\u1edbng ki\u1ebfm ti\u1ec1n t\u1eeb n\u1ee3 kh\u00f3 \u0111\u1ea3o ng\u01b0\u1ee3c, s\u1ef1 suy gi\u1ea3m s\u1ee9c mua l\u00e2u d\u00e0i c\u1ee7a \u0111\u1ed3ng ti\u1ec1n ph\u00e1p \u0111\u1ecbnh \u0111\u00e3 tr\u1edf n\u00ean t\u1ea5t y\u1ebfu. L\u00e0 m\u1ed9t t\u00e0i s\u1ea3n kh\u00f4ng c\u00f3 r\u1ee7i ro t\u00edn d\u1ee5ng, gi\u00e1 tr\u1ecb ph\u00e2n b\u1ed5 c\u1ee7a v\u00e0ng s\u1ebd ng\u00e0y c\u00e0ng tr\u1edf n\u00ean n\u1ed5i b\u1eadt. \u0110\u1ed3ng th\u1eddi, xung \u0111\u1ed9t ti\u1ebfp t\u1ee5c leo thang \u1edf Trung \u0110\u00f4ng, c\u1ea1nh tranh ng\u00e0y c\u00e0ng gay g\u1eaft gi\u1eefa c\u00e1c c\u01b0\u1eddng qu\u1ed1c v\u00e0 s\u1ef1 tr\u1ed7i d\u1eady c\u1ee7a ch\u1ee7 ngh\u0129a b\u1ea3o h\u1ed9 th\u01b0\u01a1ng m\u1ea1i c\u0169ng s\u1ebd th\u00fac \u0111\u1ea9y c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng t\u0103ng c\u01b0\u1eddng ph\u00e2n b\u1ed5 v\u00e0ng trong d\u00e0i h\u1ea1n \u0111\u1ec3 \u0111a d\u1ea1ng h\u00f3a r\u1ee7i ro.<\/p>\n

<\/a>(3) Xu h\u01b0\u1edbng mua v\u00e0ng chung c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng to\u00e0n c\u1ea7u ch\u01b0a b\u1ecb \u0111\u1ea3o ng\u01b0\u1ee3c<\/strong><\/p>\n

Wmax nh\u1ea5n m\u1ea1nh r\u1eb1ng vi\u1ec7c m\u1ed9t s\u1ed1 ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng b\u00e1n \u0111\u1ecbnh k\u1ef3 ch\u1ec9 l\u00e0 tr\u01b0\u1eddng h\u1ee3p c\u00e1 bi\u1ec7t v\u00e0 \u0111\u1ecbnh h\u01b0\u1edbng chi\u1ebfn l\u01b0\u1ee3c t\u1ed5ng th\u1ec3 c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng to\u00e0n c\u1ea7u nh\u1eb1m t\u0103ng l\u01b0\u1ee3ng v\u00e0ng n\u1eafm gi\u1eef v\u1eabn kh\u00f4ng thay \u0111\u1ed5i. D\u1eef li\u1ec7u t\u1eeb H\u1ed9i \u0111\u1ed3ng V\u00e0ng Th\u1ebf gi\u1edbi cho th\u1ea5y, m\u1eb7c d\u00f9 l\u01b0\u1ee3ng v\u00e0ng mua r\u00f2ng c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng v\u00e0o n\u0103m 2025 \u0111\u00e3 gi\u1ea3m xu\u1ed1ng c\u00f2n 863 t\u1ea5n t\u1eeb h\u01a1n 1.000 t\u1ea5n v\u00e0o n\u0103m 2024, nh\u01b0ng ch\u00fang v\u1eabn \u0111\u1ea1t m\u1ee9c cao k\u1ef7 l\u1ee5c t\u00ednh b\u1eb1ng \u0111\u00f4 la M\u1ef9. \u0110i\u1ec1u \u0111\u1eb7c bi\u1ec7t quan tr\u1ecdng l\u00e0 Ng\u00e2n h\u00e0ng Nh\u00e2n d\u00e2n Trung Qu\u1ed1c ti\u1ebfp t\u1ee5c t\u0103ng l\u01b0\u1ee3ng n\u1eafm gi\u1eef: v\u00e0o cu\u1ed1i th\u00e1ng 3, d\u1ef1 tr\u1eef v\u00e0ng c\u1ee7a h\u1ecd \u1edf m\u1ee9c 74,38 tri\u1ec7u ounce, t\u0103ng 160.000 ounce so v\u1edbi cu\u1ed1i th\u00e1ng 2. \u0110\u00e2y l\u00e0 th\u00e1ng t\u0103ng n\u1eafm gi\u1eef th\u1ee9 17 li\u00ean ti\u1ebfp v\u00e0 l\u00e0 th\u00e1ng mua l\u1edbn nh\u1ea5t trong h\u01a1n m\u1ed9t n\u0103m. \u0110i\u1ec1u n\u00e0y ho\u00e0n to\u00e0n kh\u1eb3ng \u0111\u1ecbnh r\u1eb1ng chi\u1ebfn l\u01b0\u1ee3c d\u00e0i h\u1ea1n c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng t\u1ea1i c\u00e1c th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i nh\u1eb1m \u0111a d\u1ea1ng h\u00f3a d\u1ef1 tr\u1eef v\u00e0 gi\u1ea3m s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 kh\u00f4ng h\u1ec1 dao \u0111\u1ed9ng.<\/p>\n

\"IMG_257\"<\/p>\n

<\/a>3. Tri\u1ec3n v\u1ecdng th\u1ecb tr\u01b0\u1eddng: \u00c1p l\u1ef1c ng\u1eafn h\u1ea1n s\u1ebd kh\u00f4ng l\u00e0m thay \u0111\u1ed5i xu h\u01b0\u1edbng t\u0103ng d\u00e0i h\u1ea1n<\/strong><\/p>\n

Wmax \u0111\u00e1nh gi\u00e1 m\u1ed9t c\u00e1ch to\u00e0n di\u1ec7n r\u1eb1ng v\u00e0ng hi\u1ec7n \u0111ang \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 trong ba r\u1ee7i ro l\u00e0 c\u00fa s\u1ed1c thanh kho\u1ea3n, l\u1ef1c b\u00e1n c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng v\u00e0 l\u00e3i su\u1ea5t t\u0103ng. Xu h\u01b0\u1edbng ng\u1eafn h\u1ea1n h\u1ea7u nh\u01b0 kh\u00f4ng tuy\u1ebfn t\u00ednh v\u00e0 \u00e1p l\u1ef1c thanh kho\u1ea3n hi\u1ec7n t\u1ea1i c\u00f3 th\u1ec3 k\u00ecm h\u00e3m gi\u00e1 v\u00e0ng trong m\u1ed9t th\u1eddi gian. Tuy nhi\u00ean, t\u1eeb g\u00f3c \u0111\u1ed9 k\u1ef9 thu\u1eadt, \u0111\u01b0\u1eddng trung b\u00ecnh \u0111\u1ed9ng 200 ng\u00e0y c\u1ee7a gi\u00e1 v\u00e0ng ch\u01b0a bao gi\u1edd gi\u1ea3m k\u1ec3 t\u1eeb th\u00e1ng 10 n\u0103m 2023, t\u1ea1o th\u00e0nh m\u1ee9c h\u1ed7 tr\u1ee3 m\u1ea1nh m\u1ebd. M\u1ed9t khi \u00e1p l\u1ef1c thanh kho\u1ea3n gi\u1ea3m b\u1edbt v\u00e0 ho\u1ea1t \u0111\u1ed9ng b\u00e1n th\u00e1o c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng k\u1ebft th\u00fac, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd l\u1ea1i t\u0103ng n\u1eafm gi\u1eef v\u00e0ng, \u0111\u1ea9y gi\u00e1 v\u00e0ng l\u00ean th\u00e1ch th\u1ee9c m\u1ee9c cao l\u1ecbch s\u1eed m\u1ed9t l\u1ea7n n\u1eefa. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, Wmax khuy\u1ebfn ngh\u1ecb t\u1eadp trung v\u00e0o hai t\u00edn hi\u1ec7u c\u1ed1t l\u00f5i: th\u1ee9 nh\u1ea5t, d\u00f2ng v\u1ed1n ETP v\u00e0ng. N\u1ebfu n\u00f3 chuy\u1ec3n t\u1eeb mua l\u1ea1i r\u00f2ng sang mua r\u00f2ng, n\u00f3 s\u1ebd \u0111\u00e1nh d\u1ea5u s\u1ef1 tr\u1edf l\u1ea1i c\u1ee7a c\u00e1c kho\u1ea3n ti\u1ec1n ng\u1eafn h\u1ea1n; th\u1ee9 hai, d\u1eef li\u1ec7u mua v\u00e0ng c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng to\u00e0n c\u1ea7u. N\u1ebfu c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng l\u1edbn ti\u1ebfp t\u1ee5c n\u1eafm gi\u1eef quy m\u00f4 l\u1edbn, \u0111i\u1ec1u \u0111\u00f3 s\u1ebd th\u00fac \u0111\u1ea9y \u0111\u00e1ng k\u1ec3 ni\u1ec1m tin c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/p>\n

Kinh nghi\u1ec7m l\u1ecbch s\u1eed \u0111\u00e3 nhi\u1ec1u l\u1ea7n ch\u1ee9ng minh r\u1eb1ng vi\u1ec7c b\u00e1n v\u00e0ng trong giai \u0111o\u1ea1n \u0111\u1ea7u c\u1ee7a cu\u1ed9c kh\u1ee7ng ho\u1ea3ng th\u01b0\u1eddng l\u00e0 \u201cb\u00e1n gi\u1ea3\u201d. Trong cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh n\u0103m 2008 v\u00e0 nh\u1eefng ng\u00e0y \u0111\u1ea7u c\u1ee7a d\u1ecbch b\u1ec7nh n\u0103m 2020, v\u00e0ng gi\u1ea3m m\u1ea1nh nh\u01b0ng sau \u0111\u00f3 l\u1ea1i t\u0103ng m\u1ea1nh h\u01a1n. M\u1eb7c d\u00f9 \u0111\u1ee3t gi\u1ea3m gi\u00e1 n\u00e0y l\u1edbn h\u01a1n v\u00e0 nhanh h\u01a1n nh\u01b0ng logic c\u1ed1t l\u00f5i c\u1ee7a v\u00e0ng v\u1edbi t\u01b0 c\u00e1ch l\u00e0 t\u00e0i s\u1ea3n tr\u00fa \u1ea9n an to\u00e0n v\u00e0 kho l\u01b0u tr\u1eef gi\u00e1 tr\u1ecb cu\u1ed1i c\u00f9ng v\u1eabn kh\u00f4ng thay \u0111\u1ed5i. Trong b\u1ed1i c\u1ea3nh kinh t\u1ebf to\u00e0n c\u1ea7u b\u1ea5t \u1ed5n ng\u00e0y c\u00e0ng t\u0103ng, r\u1ee7i ro l\u1ea1m ph\u00e1t gia t\u0103ng v\u00e0 th\u00e1ch th\u1ee9c \u0111\u1ed1i v\u1edbi t\u00edn d\u1ee5ng ti\u1ec1n t\u1ec7, gi\u00e1 tr\u1ecb ph\u00e2n b\u1ed5 d\u00e0i h\u1ea1n c\u1ee7a v\u00e0ng v\u1eabn kh\u00f4ng th\u1ec3 thay th\u1ebf.<\/p>","protected":false},"excerpt":{"rendered":"

V\u00e0o th\u00e1ng 4 n\u0103m 2026, v\u00e0ng gi\u1ea3m 11,5% ch\u1ec9 trong m\u1ed9t th\u00e1ng, m\u1ee9c gi\u1ea3m l\u1edbn nh\u1ea5t k\u1ec3 t\u1eeb n\u0103m 2008, gi\u1ea3m h\u01a1n 1.000 USD so v\u1edbi m\u1ee9c cao nh\u1ea5t trong th\u00e1ng 1. Ba y\u1ebfu t\u1ed1 ng\u1eafn h\u1ea1n ch\u00ednh \u0111\u01b0\u1ee3c c\u1ed9ng h\u01b0\u1edfng: kh\u1ee7ng ho\u1ea3ng thanh kho\u1ea3n g\u00e2y ra t\u00ecnh tr\u1ea1ng b\u00e1n th\u00e1o, c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng nh\u01b0 T\u00fcrkiye \u0111\u00e3 b\u00e1n 131 t\u1ea5n v\u00e0ng v\u00e0 vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t d\u1ef1 ki\u1ebfn \u200b\u200bc\u1ee7a Fed \u0111\u00e3 b\u1ecb ho\u00e3n l\u1ea1i. Tuy nhi\u00ean, s\u1ef1 h\u1ed7 tr\u1ee3 d\u00e0i h\u1ea1n l\u00e0 v\u1eefng ch\u1eafc v\u00e0 r\u1ee7i ro suy tho\u00e1i kinh t\u1ebf v\u00e0 l\u1ea1m ph\u00e1t \u0111\u00ecnh tr\u1ec7 \u0111\u00e3 t\u00edch l\u0169y. Ng\u00e2n h\u00e0ng Nh\u00e2n d\u00e2n Trung Qu\u1ed1c \u0111\u00e3 t\u0103ng l\u01b0\u1ee3ng n\u1eafm gi\u1eef trong 17 th\u00e1ng li\u00ean ti\u1ebfp. N\u00ean ch\u00fa \u00fd \u0111\u1ebfn d\u00f2ng v\u1ed1n ETP v\u00e0 d\u1eef li\u1ec7u mua v\u00e0ng c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng. \u00c1p l\u1ef1c ng\u1eafn h\u1ea1n s\u1ebd kh\u00f4ng l\u00e0m thay \u0111\u1ed5i xu h\u01b0\u1edbng t\u0103ng d\u00e0i h\u1ea1n.<\/p>","protected":false},"author":1,"featured_media":9593,"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":[866,865,864,863],"class_list":["post-9592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","tag-866","tag-865","tag-864","tag-863"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/9592","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=9592"}],"version-history":[{"count":1,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/9592\/revisions"}],"predecessor-version":[{"id":9597,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/9592\/revisions\/9597"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media\/9593"}],"wp:attachment":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media?parent=9592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/categories?post=9592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/tags?post=9592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}