{"id":8223,"date":"2025-09-23T07:47:07","date_gmt":"2025-09-23T07:47:07","guid":{"rendered":"https:\/\/www.mdwcc.com\/?p=8223"},"modified":"2025-09-23T07:47:12","modified_gmt":"2025-09-23T07:47:12","slug":"is-the-japanese-yen-losing-its-place-as-the-safe-haven-king-with-gold-and-silver-becoming-the-new-favorites-global-macroeconomic-variables-are-reshaping-the-landscape-of-safe-haven-assets","status":"publish","type":"post","link":"https:\/\/www.mdwcc.com\/vi\/is-the-japanese-yen-losing-its-place-as-the-safe-haven-king-with-gold-and-silver-becoming-the-new-favorites-global-macroeconomic-variables-are-reshaping-the-landscape-of-safe-haven-assets\/","title":{"rendered":"Li\u1ec7u \u0111\u1ed3ng Y\u00ean Nh\u1eadt c\u00f3 m\u1ea5t \u0111i v\u1ecb th\u1ebf l\u00e0 vua c\u1ee7a t\u00e0i s\u1ea3n tr\u00fa \u1ea9n an to\u00e0n, khi v\u00e0ng v\u00e0 b\u1ea1c \u0111ang tr\u1edf th\u00e0nh nh\u1eefng t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c \u01b0a chu\u1ed9ng m\u1edbi? C\u00e1c bi\u1ebfn s\u1ed1 kinh t\u1ebf v\u0129 m\u00f4 to\u00e0n c\u1ea7u \u0111ang \u0111\u1ecbnh h\u00ecnh l\u1ea1i b\u1ed1i c\u1ea3nh c\u1ee7a c\u00e1c t\u00e0i s\u1ea3n tr\u00fa \u1ea9n an to\u00e0n!"},"content":{"rendered":"<p>Gi\u1eefa nh\u1eefng \u1ea3nh h\u01b0\u1edfng \u0111an xen t\u1eeb cu\u1ed9c chi\u1ebfn th\u01b0\u01a1ng m\u1ea1i to\u00e0n c\u1ea7u c\u1ee7a Trump, \u0111\u01b0\u1eddng l\u1ed1i ch\u00ednh s\u00e1ch b\u1ea5t \u0111\u1ecbnh c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng l\u1edbn v\u00e0 b\u1ea5t \u1ed5n \u0111\u1ecba ch\u00ednh tr\u1ecb, th\u1ecb tr\u01b0\u1eddng t\u00e0i s\u1ea3n tr\u00fa \u1ea9n an to\u00e0n v\u00e0 kim lo\u1ea1i qu\u00fd to\u00e0n c\u1ea7u \u0111ang tr\u1ea3i qua s\u1ef1 ph\u00e2n k\u1ef3 \u0111\u00e1ng k\u1ec3. \u0110\u1ed3ng y\u00ean Nh\u1eadt, t\u1eebng l\u00e0 \"vua c\u1ee7a c\u00e1c t\u00e0i s\u1ea3n tr\u00fa \u1ea9n an to\u00e0n\", \u0111ang b\u1ecb m\u1eafc k\u1eb9t trong cu\u1ed9c \u0111\u1ea5u gi\u00e1 l\u00ean-xu\u1ed1ng, v\u1edbi s\u1ef1 ph\u00e2n k\u1ef3 trong n\u1eafm gi\u1eef gi\u1eefa c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n v\u00e0 c\u00e1c qu\u1ef9 \u0111\u1ea7u c\u01a1 n\u1edbi r\u1ed9ng l\u00ean m\u1ee9c cao nh\u1ea5t trong g\u1ea7n 20 n\u0103m. Trong khi \u0111\u00f3, th\u1ecb tr\u01b0\u1eddng kim lo\u1ea1i qu\u00fd \u0111ang ho\u1ea1t \u0111\u1ed9ng m\u1ea1nh m\u1ebd, v\u1edbi gi\u00e1 b\u1ea1c giao ngay ph\u00e1 v\u1ee1 m\u1ee9c cao nh\u1ea5t k\u1ec3 t\u1eeb n\u0103m 2011 v\u00e0 v\u00e0ng \u0111ang ti\u1ebfn g\u1ea7n \u0111\u1ebfn m\u1ee9c cao nh\u1ea5t m\u1ecdi th\u1eddi \u0111\u1ea1i, tr\u1edf th\u00e0nh m\u1ed9t k\u00eanh ph\u00f2ng h\u1ed9 quan tr\u1ecdng cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0. S\u1ef1 ph\u00e2n k\u1ef3 v\u1ec1 hi\u1ec7u su\u1ea5t t\u00e0i s\u1ea3n n\u00e0y v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 do c\u00e1ch c\u00e1c bi\u1ebfn s\u1ed1 kinh t\u1ebf v\u0129 m\u00f4 to\u00e0n c\u1ea7u (nh\u01b0 m\u00f4 h\u00ecnh th\u01b0\u01a1ng m\u1ea1i, ch\u00ednh s\u00e1ch c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng v\u00e0 k\u1ef3 v\u1ecdng l\u00e3i su\u1ea5t) \u0111ang \u0111\u1ecbnh h\u00ecnh l\u1ea1i logic c\u1ee7a c\u00e1c lo\u1ea1i t\u00e0i s\u1ea3n kh\u00e1c nhau.<\/p>\n<h2>Tr\u00f2 ch\u01a1i t\u0103ng gi\u00e1-gi\u1ea3m gi\u00e1 Y\u00ean: h\u00e0o quang n\u01a1i tr\u00fa \u1ea9n an to\u00e0n \u0111ang phai nh\u1ea1t v\u00e0 s\u01b0\u01a1ng m\u00f9 ch\u00ednh s\u00e1ch \u0111an xen<\/h2>\n<p>Nh\u1eefng m\u00e2u thu\u1eabn c\u1ed1t l\u00f5i tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u1ed3ng y\u00ean hi\u1ec7n t\u1ea1i b\u1eaft ngu\u1ed3n t\u1eeb vi\u1ec7c \u0111\u1ed3ng y\u00ean \u0111ang suy y\u1ebfu, m\u1ed9t lo\u1ea1i t\u00e0i s\u1ea3n tr\u00fa \u1ea9n an to\u00e0n v\u00e0 \u0111\u01b0\u1eddng l\u1ed1i ch\u00ednh s\u00e1ch m\u01a1 h\u1ed3 c\u1ee7a Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Nh\u1eadt B\u1ea3n (BoJ), d\u1eabn \u0111\u1ebfn s\u1ef1 ph\u00e2n k\u1ef3 gi\u1eefa c\u00e1c v\u1ecb th\u1ebf mua v\u00e0 b\u00e1n \u0111\u00e3 \u0111\u1ea1t \u0111\u1ebfn m\u1ee9c hi\u1ebfm th\u1ea5y trong nh\u1eefng n\u0103m g\u1ea7n \u0111\u00e2y. D\u1eef li\u1ec7u c\u1ee7a CFTC cho th\u1ea5y t\u00ednh \u0111\u1ebfn tu\u1ea7n ng\u00e0y 16 th\u00e1ng 9 (tr\u01b0\u1edbc quy\u1ebft \u0111\u1ecbnh l\u00e3i su\u1ea5t c\u1ee7a BoJ), v\u1ecb th\u1ebf b\u00e1n r\u00f2ng \u0111\u1ed3ng y\u00ean c\u1ee7a c\u00e1c qu\u1ef9 \u0111\u1ea7u c\u01a1 \u0111\u00e3 t\u0103ng l\u00ean 58.811 h\u1ee3p \u0111\u1ed3ng, trong khi c\u00e1c c\u00f4ng ty qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n v\u1eabn n\u1eafm gi\u1eef 71.162 v\u1ecb th\u1ebf mua. S\u1ef1 ph\u00e2n k\u1ef3 n\u00e0y \u0111\u00e3 \u0111\u1ea1t m\u1ee9c cao nh\u1ea5t k\u1ec3 t\u1eeb n\u0103m 2012, g\u1ea7n b\u1eb1ng m\u1ee9c \u0111\u1ec9nh \u0111i\u1ec3m \u0111\u1ea1t \u0111\u01b0\u1ee3c v\u00e0o n\u0103m 2007.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" width=\"801\" height=\"445\" class=\"wp-image-8225\" src=\"https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/img_256-3.png\" alt=\"IMG_256\" srcset=\"https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/img_256-3.png 801w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/img_256-3-300x167.png 300w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/img_256-3-768x427.png 768w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/img_256-3-18x10.png 18w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/img_256-3-350x195.png 350w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/img_256-3-600x333.png 600w\" sizes=\"(max-width: 801px) 100vw, 801px\" \/><\/p>\n<p>S\u1ef1 kh\u00e1c bi\u1ec7t n\u00e0y ch\u1ee7 y\u1ebfu l\u00e0 do ba \u00e1p l\u1ef1c kinh t\u1ebf v\u0129 m\u00f4:<\/p>\n<ul>\n<li class=\"translation-block\"><strong>V\u1ecb th\u1ebf tr\u00fa \u1ea9n an to\u00e0n suy y\u1ebfu<\/strong>: V\u1ecb th\u1ebf tr\u00fa \u1ea9n an to\u00e0n c\u1ee7a \u0111\u1ed3ng y\u00ean \u0111\u00e3 suy y\u1ebfu trong b\u1ed1i c\u1ea3nh c\u0103ng th\u1eb3ng th\u01b0\u01a1ng m\u1ea1i to\u00e0n c\u1ea7u. N\u0103m nay, \u0111\u1ed3ng y\u00ean ch\u1ec9 t\u0103ng gi\u00e1 kho\u1ea3ng 6% so v\u1edbi \u0111\u1ed3ng \u0111\u00f4 la, th\u1ea5p h\u01a1n nhi\u1ec1u so v\u1edbi m\u1ee9c t\u0103ng 13% c\u1ee7a \u0111\u1ed3ng franc Th\u1ee5y S\u0129.<\/li>\n<li class=\"translation-block\"><strong>B\u1ea5t \u1ed5n ch\u00ednh s\u00e1ch v\u00e0 ch\u00ednh tr\u1ecb<\/strong>: Ch\u00ednh s\u00e1ch c\u1ee7a Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Nh\u1eadt B\u1ea3n (BoJ) \u0111ang dao \u0111\u1ed9ng. Cu\u1ed9c h\u1ecdp l\u00e3i su\u1ea5t th\u00e1ng 9 \u0111\u00e3 gi\u1eef nguy\u00ean l\u00e3i su\u1ea5t, nh\u01b0ng v\u1eabn c\u00f2n b\u1ea5t \u0111\u1ed3ng gi\u1eefa c\u00e1c th\u00e0nh vi\u00ean. Th\u1ecb tr\u01b0\u1eddng \u0111ang t\u1eadp trung v\u00e0o b\u00e1o c\u00e1o tri\u1ec3n v\u1ecdng ng\u1eafn h\u1ea1n v\u00e0o ng\u00e0y 1 th\u00e1ng 10 \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh li\u1ec7u c\u00f3 t\u0103ng l\u00e3i su\u1ea5t hay kh\u00f4ng.<\/li>\n<li class=\"translation-block\"><strong>\u00c1p l\u1ef1c l\u00e3i su\u1ea5t th\u1ef1c<\/strong>: Ngay c\u1ea3 v\u1edbi k\u1ef3 v\u1ecdng t\u0103ng l\u00e3i su\u1ea5t, l\u00e3i su\u1ea5t th\u1ef1c th\u1ea5p v\u1eabn h\u1ea1n ch\u1ebf \u0111\u00e0 t\u0103ng c\u1ee7a \u0111\u1ed3ng y\u00ean. C\u00e1c nh\u00e0 ph\u00e2n t\u00edch ch\u1ec9 ra r\u1eb1ng v\u1edbi l\u00e3i su\u1ea5t th\u1ef1c th\u1ea5p, \u0111\u1ed3ng y\u00ean kh\u00f3 c\u00f3 th\u1ec3 t\u0103ng gi\u00e1 \u0111\u00e1ng k\u1ec3.<\/li>\n<\/ul>\n<p>C\u00e1c t\u1ed5 ch\u1ee9c nh\u00ecn chung tin r\u1eb1ng s\u1ef1 ph\u00e2n k\u1ef3 n\u00e0y s\u1ebd ti\u1ebfp di\u1ec5n. C\u00e1c qu\u1ef9 \u0111\u1ea7u c\u01a1 c\u00f3 xu h\u01b0\u1edbng b\u00e1n \u0111\u1ed3ng y\u00ean do r\u1ee7i ro ch\u00ednh tr\u1ecb v\u00e0 b\u1ea5t \u1ed5n l\u00e3i su\u1ea5t t\u1ea1i Nh\u1eadt B\u1ea3n, trong khi c\u00e1c c\u00f4ng ty qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n tin r\u1eb1ng \u0111\u1ed3ng y\u00ean \u0111ang b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p, m\u1ed9t l\u1eadp lu\u1eadn kh\u00f3 dung h\u00f2a. Hi\u1ec7n t\u1ea1i, l\u1eadp tr\u01b0\u1eddng c\u1ee7a c\u1ea3 hai b\u00ean \u0111ang g\u1ea7n \u0111\u1ebfn c\u1ef1c \u0111i\u1ec3m nh\u01b0ng v\u1eabn ch\u01b0a \u0111\u1ea1t \u0111\u1ec9nh, v\u00e0 m\u00f4 h\u00ecnh t\u0103ng-gi\u1ea3m d\u1ef1 ki\u1ebfn \u200b\u200bs\u1ebd ti\u1ebfp t\u1ee5c.<\/p>\n<h2>V\u00e0ng v\u00e0 b\u1ea1c t\u0103ng m\u1ea1nh: B\u1ea1c d\u1eabn \u0111\u1ea7u \u0111\u00e0 t\u0103ng, c\u00e1c thu\u1ed9c t\u00ednh \u0111\u1ecbnh gi\u00e1 th\u1ea5p v\u00e0 \u0111\u00f2n b\u1ea9y \u0111\u01b0\u1ee3c l\u00e0m n\u1ed5i b\u1eadt<\/h2>\n<p><img decoding=\"async\" width=\"1261\" height=\"752\" class=\"wp-image-8226\" src=\"https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/2.png\" alt=\"\u1ea2nh 2\" srcset=\"https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/2.png 1261w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/2-300x179.png 300w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/2-1024x611.png 1024w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/2-768x458.png 768w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/2-18x12.png 18w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/2-900x537.png 900w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/2-600x358.png 600w\" sizes=\"(max-width: 1261px) 100vw, 1261px\" \/><\/p>\n<p>Kh\u00f4ng gi\u1ed1ng nh\u01b0 nh\u1eefng kh\u00f3 kh\u0103n c\u1ee7a \u0111\u1ed3ng y\u00ean, th\u1ecb tr\u01b0\u1eddng kim lo\u1ea1i qu\u00fd, \u0111\u1eb7c bi\u1ec7t l\u00e0 b\u1ea1c, \u0111ang thu h\u00fat s\u1ef1 ch\u00fa \u00fd to\u00e0n c\u1ea7u v\u1edbi hi\u1ec7u su\u1ea5t \u0111\u1ed9t ph\u00e1. Trong phi\u00ean giao d\u1ecbch ch\u00e2u \u00c1 h\u00f4m th\u1ee9 Hai, gi\u00e1 b\u1ea1c giao ngay \u0111\u00e3 v\u01b0\u1ee3t qua m\u1ee9c cao nh\u1ea5t tr\u01b0\u1edbc \u0111\u00f3 l\u00e0 43,50 \u0111\u00f4 la m\u1ed9t ounce, \u0111\u1ea1t m\u1ee9c cao m\u1edbi k\u1ec3 t\u1eeb th\u00e1ng 8 n\u0103m 2011. M\u1eb7c d\u00f9 v\u00e0ng giao ngay \u0111ang dao \u0111\u1ed9ng g\u1ea7n m\u1ee9c cao nh\u1ea5t m\u1ecdi th\u1eddi \u0111\u1ea1i, nh\u01b0ng gi\u00e1 v\u00e0ng \u0111\u00e3 t\u0103ng g\u1ea7n 40% trong n\u0103m nay, h\u01b0\u1edbng \u0111\u1ebfn hi\u1ec7u su\u1ea5t h\u00e0ng n\u0103m t\u1ed1t nh\u1ea5t k\u1ec3 t\u1eeb n\u0103m 1979. B\u1ea1c c\u0169ng \u0111\u00e3 t\u0103ng 50% trong n\u0103m nay, d\u1eabn \u0111\u1ea7u ng\u00e0nh kim lo\u1ea1i qu\u00fd.<\/p>\n<p class=\"translation-block\">Nguy\u00ean l\u00fd c\u1ed1t l\u00f5i \u0111\u1eb1ng sau th\u1ecb tr\u01b0\u1eddng t\u0103ng gi\u00e1 v\u00e0ng v\u00e0 b\u1ea1c b\u1eaft ngu\u1ed3n t\u1eeb <strong>nhu c\u1ea7u tr\u00e1nh r\u1ee7i ro v\u0129 m\u00f4<\/strong>, <strong>\"l\u1ee3i th\u1ebf k\u00e9p\"<\/strong> c\u1ee7a b\u1ea1c v\u00e0 <strong>hi\u1ec7u \u1ee9ng \"b\u00f3ng \u0111\u00f2n b\u1ea9y\"<\/strong> c\u1ee7a v\u00e0ng:<\/p>\n<ul>\n<li class=\"translation-block\"><strong>Nhu c\u1ea7u t\u00e0i s\u1ea3n tr\u00fa \u1ea9n an to\u00e0n t\u0103ng cao<\/strong>: Nh\u1eefng \u0111i\u1ec1u ch\u1ec9nh trong b\u1ed1i c\u1ea3nh th\u01b0\u01a1ng m\u1ea1i to\u00e0n c\u1ea7u, nh\u1eefng th\u00e1ch th\u1ee9c \u0111\u1ed1i v\u1edbi t\u00ednh \u0111\u1ed9c l\u1eadp c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang v\u00e0 \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 suy y\u1ebfu \u0111\u00e3 th\u00fac \u0111\u1ea9y nhu c\u1ea7u v\u00e0ng v\u00e0 b\u1ea1c nh\u01b0 nh\u1eefng t\u00e0i s\u1ea3n tr\u00fa \u1ea9n an to\u00e0n ch\u1ed1ng l\u1ea1i l\u1ea1m ph\u00e1t. H\u00e0nh \u0111\u1ed9ng c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c c\u0169ng kh\u1eb3ng \u0111\u1ecbnh nh\u1eefng lo ng\u1ea1i v\u1ec1 r\u1ee7i ro kinh t\u1ebf v\u0129 m\u00f4.<\/li>\n<li class=\"translation-block\"><strong>\u01afu \u0111i\u1ec3m \u0111\u1ed9c \u0111\u00e1o c\u1ee7a b\u1ea1c<\/strong>: T\u1ef7 l\u1ec7 v\u00e0ng-b\u1ea1c hi\u1ec7n t\u1ea1i l\u00e0 kho\u1ea3ng 90, cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi m\u1ee9c trung b\u00ecnh l\u1ecbch s\u1eed, cho th\u1ea5y b\u1ea1c b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p so v\u1edbi v\u00e0ng; \u0111\u1ed3ng th\u1eddi, v\u1edbi t\u01b0 c\u00e1ch l\u00e0 v\u1eadt li\u1ec7u ch\u00ednh cho ch\u1ea5t b\u00e1n d\u1eabn, n\u0103ng l\u01b0\u1ee3ng m\u1eb7t tr\u1eddi, v.v., b\u1ea1c h\u1ed7 tr\u1ee3 cho s\u1ef1 t\u0103ng tr\u01b0\u1edfng m\u1ea1nh m\u1ebd c\u1ee7a nhu c\u1ea7u c\u00f4ng nghi\u1ec7p.<\/li>\n<li class=\"translation-block\"><strong>\u0110\u1eb7c t\u00ednh \u0111\u00f2n b\u1ea9y \u0111\u01b0\u1ee3c n\u00eau b\u1eadt<\/strong>: B\u1ea1c th\u01b0\u1eddng \u0111\u01b0\u1ee3c coi l\u00e0 \"s\u1ea3n ph\u1ea9m \u0111\u00f2n b\u1ea9y v\u00e0ng\", c\u00f3 m\u1ee9c t\u0103ng t\u1ed1t h\u01a1n v\u00e0 bi\u1ebfn \u0111\u1ed9ng l\u1edbn h\u01a1n trong th\u1ecb tr\u01b0\u1eddng t\u0103ng gi\u00e1, c\u0169ng nh\u01b0 c\u00f3 \u0111\u1ed9 \u0111\u00e0n h\u1ed3i \u0111\u00e1ng k\u1ec3 trong th\u1ecb tr\u01b0\u1eddng c\u00f3 xu h\u01b0\u1edbng.<\/li>\n<\/ul>\n<p><img decoding=\"async\" width=\"1018\" height=\"514\" class=\"wp-image-8227\" src=\"https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/img_257-1.png\" alt=\"IMG_257\" srcset=\"https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/img_257-1.png 1018w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/img_257-1-300x151.png 300w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/img_257-1-768x388.png 768w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/img_257-1-18x9.png 18w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/img_257-1-900x454.png 900w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/img_257-1-600x303.png 600w\" sizes=\"(max-width: 1018px) 100vw, 1018px\" \/><\/p>\n<p>Tuy nhi\u00ean, kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i cao c\u1ee7a b\u1ea1c \u0111i k\u00e8m v\u1edbi r\u1ee7i ro l\u1edbn. B\u1ea3n ch\u1ea5t c\u00f4ng nghi\u1ec7p c\u1ee7a b\u1ea1c khi\u1ebfn n\u00f3 g\u1eafn ch\u1eb7t v\u1edbi c\u00e1c chu k\u1ef3 kinh t\u1ebf, v\u00e0 suy tho\u00e1i kinh t\u1ebf c\u00f3 th\u1ec3 l\u00e0m suy y\u1ebfu nhu c\u1ea7u. C\u00e1c nh\u00e0 ph\u00e2n t\u00edch t\u1ed5 ch\u1ee9c \u0111ang chia r\u1ebd v\u1ec1 t\u00ednh b\u1ec1n v\u1eefng c\u1ee7a m\u1ee9c gi\u00e1 cao n\u00e0y, v\u1edbi HSBC d\u1ef1 \u0111o\u00e1n s\u1ebd kh\u00f3 duy tr\u00ec gi\u00e1 tr\u00ean 40 \u0111\u00f4 la m\u1ed9t ounce trong d\u00e0i h\u1ea1n. M\u1eb7c d\u00f9 m\u1ed9t s\u1ed1 t\u1ed5 ch\u1ee9c v\u1eabn gi\u1eef quan \u0111i\u1ec3m l\u1ea1c quan, nh\u01b0ng s\u1ef1 l\u1ea1c quan c\u1ee7a h\u1ecd v\u1eabn c\u00f2n th\u1eadn tr\u1ecdng.<\/p>\n<h2>T\u00f3m t\u1eaft: Logic v\u0129 m\u00f4 \u0111\u1eb1ng sau s\u1ef1 kh\u00e1c bi\u1ec7t v\u1ec1 t\u00e0i s\u1ea3n v\u00e0 tr\u1ecdng t\u00e2m trong t\u01b0\u01a1ng lai<\/h2>\n<p>Xu h\u01b0\u1edbng ph\u00e2n k\u1ef3 hi\u1ec7n t\u1ea1i gi\u1eefa \u0111\u1ed3ng y\u00ean Nh\u1eadt v\u00e0 v\u00e0ng b\u1ea1c v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 s\u1ef1 \u0111\u00e1nh gi\u00e1 l\u1ea1i hi\u1ec7u qu\u1ea3 c\u1ee7a c\u00e1c t\u00e0i s\u1ea3n tr\u00fa \u1ea9n an to\u00e0n kh\u00e1c nhau c\u1ee7a gi\u1edbi \u0111\u1ea7u t\u01b0 to\u00e0n c\u1ea7u: \u0111\u1ed3ng y\u00ean Nh\u1eadt \u0111\u00e3 m\u1ea5t \u0111i s\u1ee9c h\u1ea5p d\u1eabn tr\u00fa \u1ea9n an to\u00e0n do c\u00e1c ch\u00ednh s\u00e1ch n\u1ed9i \u0111\u1ecba m\u01a1 h\u1ed3 v\u00e0 t\u00e1c \u0111\u1ed9ng c\u1ee7a chi\u1ebfn tranh th\u01b0\u01a1ng m\u1ea1i, v\u00e0 r\u01a1i v\u00e0o cu\u1ed9c ch\u01a1i gi\u1eefa phe mua v\u00e0 phe b\u00e1n; trong khi v\u00e0ng v\u00e0 b\u1ea1c, v\u1edbi ba thu\u1ed9c t\u00ednh \u201cch\u1ed1ng l\u1ea1m ph\u00e1t + tr\u00fa \u1ea9n an to\u00e0n + nhu c\u1ea7u c\u00f4ng nghi\u1ec7p\u201d, \u0111\u00e3 tr\u1edf th\u00e0nh \u201cti\u1ec1n t\u1ec7 m\u1ea1nh\u201d trong b\u1ed1i c\u1ea3nh r\u1ee7i ro v\u0129 m\u00f4. \u0110\u1eb7c bi\u1ec7t, b\u1ea1c, do b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p v\u00e0 hi\u1ec7u \u1ee9ng \u0111\u00f2n b\u1ea9y, \u0111\u00e3 tr\u1edf th\u00e0nh \u201cng\u01b0\u1eddi d\u1eabn \u0111\u1ea7u\u201d c\u1ee7a \u0111\u1ee3t t\u0103ng gi\u00e1 n\u00e0y.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"1028\" height=\"536\" class=\"wp-image-8228\" src=\"https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/4-1.png\" alt=\"h\u00ecnh \u1ea3nh 4\" srcset=\"https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/4-1.png 1028w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/4-1-300x156.png 300w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/4-1-1024x534.png 1024w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/4-1-768x400.png 768w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/4-1-18x9.png 18w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/4-1-900x469.png 900w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/09\/4-1-600x313.png 600w\" sizes=\"(max-width: 1028px) 100vw, 1028px\" \/><\/p>\n<p>C\u00f3 ba n\u00fat th\u1eaft ch\u00ednh c\u1ea7n t\u1eadp trung v\u00e0o trong t\u01b0\u01a1ng lai:<\/p>\n<ol>\n<li class=\"translation-block\"><strong>T\u00edn hi\u1ec7u ch\u00ednh s\u00e1ch c\u1ee7a Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n<\/strong>: B\u00e1o c\u00e1o Tankan ng\u00e0y 1 th\u00e1ng 10 v\u00e0 cu\u1ed9c h\u1ecdp c\u1ee7a Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n s\u1ebd l\u00e0m r\u00f5 kh\u1ea3 n\u0103ng t\u0103ng l\u00e3i su\u1ea5t. N\u1ebfu t\u00edn hi\u1ec7u chuy\u1ec3n d\u1ecbch ch\u00ednh s\u00e1ch r\u00f5 r\u00e0ng, \u0111i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 ph\u00e1 v\u1ee1 th\u1ebf b\u1ebf t\u1eafc gi\u1eefa v\u1ecb th\u1ebf mua v\u00e0 b\u00e1n \u0111\u1ed3ng y\u00ean.<\/li>\n<li class=\"translation-block\"><strong>\u0110\u1ed9ng th\u00e1i c\u1ee7a Fed<\/strong>: C\u00e1c b\u00e0i ph\u00e1t bi\u1ec3u c\u1ee7a c\u00e1c quan ch\u1ee9c Fed v\u00e0 d\u1eef li\u1ec7u l\u1ea1m ph\u00e1t trong tu\u1ea7n n\u00e0y s\u1ebd \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn k\u1ef3 v\u1ecdng v\u1ec1 vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t. N\u1ebfu l\u1ea1m ph\u00e1t h\u1ea1 nhi\u1ec7t, c\u1ee7ng c\u1ed1 l\u1eadp lu\u1eadn n\u1edbi l\u1ecfng, v\u00e0ng v\u00e0 b\u1ea1c c\u00f3 th\u1ec3 t\u0103ng gi\u00e1 h\u01a1n n\u1eefa.<\/li>\n<li class=\"translation-block\"><strong>Nh\u1eefng thay \u0111\u1ed5i trong t\u1ef7 l\u1ec7 v\u00e0ng-b\u1ea1c<\/strong>: N\u1ebfu t\u1ef7 l\u1ec7 v\u00e0ng-b\u1ea1c gi\u1ea3m xu\u1ed1ng g\u1ea7n m\u1ee9c trung b\u00ecnh l\u1ecbch s\u1eed, ch\u00fang ta c\u1ea7n c\u1ea3nh gi\u00e1c v\u1edbi s\u1ef1 k\u1ebft th\u00fac c\u1ee7a \"\u0111\u1ee3t t\u0103ng gi\u00e1 b\u1eaft k\u1ecbp\" c\u1ee7a b\u1ea1c v\u00e0 ti\u1ec1n c\u00f3 th\u1ec3 ch\u1ea3y tr\u1edf l\u1ea1i v\u00e0ng.<\/li>\n<\/ol>\n<p>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, s\u1ef1 ph\u00e2n h\u00f3a th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i c\u00f3 ngh\u0129a l\u00e0 hai lo\u1ea1i t\u00e0i s\u1ea3n c\u1ea7n \u0111\u01b0\u1ee3c \"x\u1eed l\u00fd kh\u00e1c nhau\": \u0111\u1ed3ng y\u00ean Nh\u1eadt n\u00ean \u0111\u01b0\u1ee3c xem x\u00e9t t\u1eeb g\u00f3c \u0111\u1ed9 ch\u1edd \u0111\u1ee3i trong ng\u1eafn h\u1ea1n, ch\u1edd \u0111\u1ee3i c\u00e1c t\u00edn hi\u1ec7u ch\u00ednh s\u00e1ch r\u00f5 r\u00e0ng; m\u1eb7c d\u00f9 v\u00e0ng v\u00e0 b\u1ea1c \u0111ang \u1edf m\u1ee9c cao, ch\u00fang v\u1eabn c\u00f3 gi\u00e1 tr\u1ecb ph\u00e2n b\u1ed5 trong b\u1ed1i c\u1ea3nh r\u1ee7i ro kinh t\u1ebf v\u0129 m\u00f4 k\u00e9o d\u00e0i, nh\u01b0ng r\u1ee7i ro bi\u1ebfn \u0111\u1ed9ng c\u1ee7a b\u1ea1c c\u1ea7n \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t.<\/p>","protected":false},"excerpt":{"rendered":"<p>Th\u1ecb tr\u01b0\u1eddng to\u00e0n c\u1ea7u cho th\u1ea5y s\u1ef1 ph\u00e2n k\u1ef3: \u0111\u1ed3ng y\u00ean Nh\u1eadt ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi cu\u1ed9c chi\u1ebfn gi\u00e1 l\u00ean-gi\u00e1 xu\u1ed1ng hi\u1ebfm hoi trong b\u1ed1i c\u1ea3nh ch\u00ednh s\u00e1ch b\u1ea5t \u1ed5n, trong khi v\u00e0ng v\u00e0 b\u1ea1c t\u0103ng v\u1ecdt nh\u01b0 t\u00e0i s\u1ea3n tr\u00fa \u1ea9n an to\u00e0n, v\u1edbi vi\u1ec7c b\u1ea1c b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p v\u00e0 \u0111\u00f2n b\u1ea9y thu h\u00fat s\u1ef1 ch\u00fa \u00fd c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>","protected":false},"author":1,"featured_media":8224,"comment_status":"closed","ping_status":"closed","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":[115],"tags":[131,258,259],"class_list":["post-8223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","tag-fed","tag-japanese-yen-trends","tag-precious-metals-investment"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/8223","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/comments?post=8223"}],"version-history":[{"count":1,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/8223\/revisions"}],"predecessor-version":[{"id":8229,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/8223\/revisions\/8229"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/media\/8224"}],"wp:attachment":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/media?parent=8223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/categories?post=8223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/tags?post=8223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}