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The shiny metal, which for centuries was the basis of the global monetary system, is beloved particularly by investors whose political beliefs tilt libertarian. These are the sort of people who are convinced of the incompetence of political leaders and central banks that now run a monetary system based on floating exchange rates rather than the value of hard metals.
数百年来，黄金曾经一度作为全球货币体系的基础，政治上倾向自由派的投资者尤其青睐它。在此类人士看来，许多政府领导人和央行都是不称职的，他们如今把货币体系的基础建立在了浮动汇率制而非硬金属的价值之上。
Gold enthusiasts had their moment in the sun during the 2000s, when the combination of rising deficits and a sharply falling dollar helped give the precious metal its best stretch since the inflation-racked 1970s and 1980s. The financial crisis only increased gold’s appeal, when it seemed like governments around the globe might not be able to save their banking systems from total collapse. A few years later, the European debt crisis added even more weight to the notion that the price of gold could only go in one direction: up.
黄金狂热者在本世纪头10年可谓春风得意，当时，赤字上升加之美元大幅贬值，黄金迎来了自通胀严重的上世纪七八十年代以来的最好时期。金融危机进一步增加了黄金的吸引力，当时，全球政府看似都无力阻止银行系统彻底崩溃。几年后，欧债危机进一步强化了这一观点，即黄金价格只可能继续上涨。
Since gold’s peek in the fall of 2011, though, it’s been in a free-fall, confounding the gold-bug community.
然而，令金本位者困惑不解的是，金价于2011年秋季达到峰值后，就一路下跌到现在。
Bianco also points out that money managers overall have not been as down on gold in the past 10 years than they are today, as measured by net long positions in the metal. When the rest of the crowd doubts an investment, it’s often the smartest time to buy.
比安科还指出，就黄金的净多头仓位来看，基金经理们如今纷纷对黄金看跌，其悲观程度为过去10年所未见。而当其它人都怀疑一项投资时，往往是买入的大好时机。
For the average investor, it makes sense to steer clear of large investments in gold. The precious metal isn’t going to replace the fiat monetary system anytime soon, nor does it look like the wave of government defaults and hyperinflation that gold bugs were calling for in the months immediately following the financial crisis and European debt crisis will be upon us any time soon.
对普通投资者而言，要避免大举投资黄金。短期内，黄金不会取代法定货币体系，在金融危机和欧洲债务危机爆发后，金本位者曾声称将出现大量政府违约以及恶性通货膨胀，但如今看来，上述情况短期内也不会发生。
But gold will bottom out at some point, be it at $1,100 per ounce or $500 per ounce. And the savvy—or just plain lucky—professional investor who picks the bottom accurately, and at the right time, will stand to clean up on this trade.
不过，金价总有一天会触底，不论最低价是每盎司1100美元还是每盎司500美元。而精明——或走运——的专业投资者，将适时抄底，从中大赚一笔。
