黄金的交易与预期通胀相关，而非实际通胀。因此，当投资者预期通胀时，他们会买入黄金，而不是在实际通胀发生时。当通胀实际发生时，它强化了投资者的观点，即他们应该持有黄金，但黄金往往领先于通胀，不过在过去18个月里，你不需要成为天才就能预见到通胀。
gold traded with that not with actual inflation. So it was when investors expected inflation that they bought gold, not so much when inflation actually occurred. As the inflation actually occurred, it reinforced the investor's view that yes, they should be owning gold, but gold tends to uh anticipate inflation, but you don't have to be a genius to have anticipated inflation over the last 18 months.
我们预计通胀将持续高于3%，可能在未来至少几个季度内持续上升至4%或5%。如果2026年的悖论之一是，石油供应冲击导致的高通胀推高了收益率，这可能会压低金价。这是一个有趣的悖论。我想知道这种关系是否会持续。
We're expecting inflation to stay persistently above 3%, possibly move up toward four or 5% on on an ongoing basis at least for the next several quarters. if if one of the paradoxes of 2026 is that higher inflation caused by a supply shock in oil has triggered higher yields which arguably push down gold. That's an interesting paradox. I wonder if that relationship is going to persist.