{"id":9264,"date":"2026-03-25T06:18:39","date_gmt":"2026-03-25T06:18:39","guid":{"rendered":"https:\/\/www.mdwcc.com\/?p=9264"},"modified":"2026-03-25T06:18:43","modified_gmt":"2026-03-25T06:18:43","slug":"gold-suffered-its-biggest-weekly-drop-in-over-40-years-what-was-the-core-driver-behind-this","status":"publish","type":"post","link":"https:\/\/www.mdwcc.com\/vi\/gold-suffered-its-biggest-weekly-drop-in-over-40-years-what-was-the-core-driver-behind-this\/","title":{"rendered":"V\u00e0ng ch\u1ecbu \u0111\u1ee3t gi\u1ea3m s\u00e2u nh\u1ea5t trong tu\u1ea7n trong h\u01a1n 40 n\u0103m. \u0110\u00e2u l\u00e0 \u0111\u1ed9ng l\u1ef1c c\u1ed1t l\u00f5i \u0111\u1eb1ng sau \u0111i\u1ec1u n\u00e0y?"},"content":{"rendered":"

D\u1ef1a tr\u00ean ph\u00e2n t\u00edch chuy\u00ean s\u00e2u b\u1eb1ng h\u1ec7 th\u1ed1ng gi\u00e1m s\u00e1t kim lo\u1ea1i qu\u00fd theo th\u1eddi gian th\u1ef1c to\u00e0n c\u1ea7u c\u1ee7a ACE Markets, c\u01a1 s\u1edf d\u1eef li\u1ec7u theo d\u00f5i d\u1ef1 tr\u1eef v\u00e0ng c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng, m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 \u0111a t\u00e0i s\u1ea3n v\u00e0 h\u1ec7 th\u1ed1ng ph\u00e2n t\u00edch n\u1eafm gi\u1eef c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c, th\u1ecb tr\u01b0\u1eddng v\u00e0ng g\u1ea7n \u0111\u00e2y \u0111\u00e3 tr\u1ea3i qua s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ef1c \u0111oan l\u1ecbch s\u1eed, ghi nh\u1eadn m\u1ee9c gi\u1ea3m trong m\u1ed9t tu\u1ea7n l\u1edbn nh\u1ea5t k\u1ec3 t\u1eeb nh\u1eefng n\u0103m 1980, c\u00f3 l\u00fac ch\u1ea1m m\u1ee9c th\u1ea5p $4098,60 m\u1ed7i ounce. M\u1eb7c d\u00f9 s\u1ef1 ph\u1ee5c h\u1ed3i h\u00ecnh ch\u1eef V l\u00ean $4450 sau \u0111\u00f3 do c\u0103ng th\u1eb3ng \u0111\u1ecba ch\u00ednh tr\u1ecb l\u1eafng xu\u1ed1ng \u0111\u00e3 l\u00e0m \u0111\u1ea3o l\u1ed9n v\u1ec1 c\u01a1 b\u1ea3n logic d\u1eabn d\u1eaft c\u1ed1t l\u00f5i c\u1ee7a th\u1ecb tr\u01b0\u1eddng. Ngay t\u1eeb cu\u1ed1i th\u00e1ng 1, sau khi gi\u00e1 v\u00e0ng \u0111\u1ea1t m\u1ee9c cao k\u1ef7 l\u1ee5c, \u0111\u1ed9i ng\u0169 nghi\u00ean c\u1ee9u kim lo\u1ea1i qu\u00fd c\u1ee7a ACE Markets \u0111\u00e3 s\u1eed d\u1ee5ng c\u00e1c m\u00f4 h\u00ecnh \u0111a chi\u1ec1u \u0111\u1ec3 n\u1eafm b\u1eaft c\u00e1c t\u00edn hi\u1ec7u r\u1ee7i ro v\u1ec1 \u0111\u1ec9nh th\u1ecb tr\u01b0\u1eddng \u0111\u1ea7u c\u01a1 v\u00e0 s\u1ef1 suy y\u1ebfu c\u1ee7a h\u1ed7 tr\u1ee3 c\u1ed1t l\u00f5i, d\u1ef1 \u0111o\u00e1n ch\u00ednh x\u00e1c s\u1ef1 bi\u1ebfn \u0111\u1ed9ng b\u1ea5t th\u01b0\u1eddng v\u00e0 s\u1ef1 th\u1ea5t b\u1ea1i c\u1ee7a thu\u1ed9c t\u00ednh tr\u00fa \u1ea9n an to\u00e0n c\u1ee7a v\u00e0ng, \u0111\u1ed3ng th\u1eddi \u0111\u01b0a ra c\u1ea3nh b\u00e1o r\u1ee7i ro s\u1edbm cho ng\u01b0\u1eddi d\u00f9ng.<\/p>\n

<\/a>M\u1ed9t \u0111\u00e1nh gi\u00e1 v\u1ec1 c\u00e1c \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng c\u1ef1c \u0111oan \u0111\u1ed1i v\u1edbi v\u00e0ng: s\u1ee9c h\u1ea5p d\u1eabn tr\u00fa \u1ea9n an to\u00e0n c\u1ee7a n\u00f3 \u0111\u00e3 th\u1ea5t b\u1ea1i l\u1ecbch s\u1eed.<\/strong><\/p>\n

H\u1ec7 th\u1ed1ng gi\u00e1m s\u00e1t gi\u00e1 kim lo\u1ea1i qu\u00fd to\u00e0n c\u1ea7u theo th\u1eddi gian th\u1ef1c c\u1ee7a ACE Markets \u0111\u00e3 ghi l\u1ea1i to\u00e0n c\u1ea3nh s\u1ef1 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 v\u00e0ng trong \u0111\u1ee3t n\u00e0y: Sau khi \u0111\u1ea1t m\u1ee9c cao k\u1ef7 l\u1ee5c v\u00e0o cu\u1ed1i th\u00e1ng 1, gi\u00e1 v\u00e0ng \u0111\u00e3 li\u00ean t\u1ee5c m\u1ea5t \u0111\u00e0 t\u0103ng. Ngay c\u1ea3 khi c\u0103ng th\u1eb3ng \u0111\u1ecba ch\u00ednh tr\u1ecb \u1edf Trung \u0110\u00f4ng ti\u1ebfp t\u1ee5c leo thang, n\u00f3 c\u0169ng kh\u00f4ng k\u00edch ho\u1ea1t \u0111\u01b0\u1ee3c nhu c\u1ea7u mua v\u00e0ng tr\u00fa \u1ea9n an to\u00e0n truy\u1ec1n th\u1ed1ng, d\u1eabn \u0111\u1ebfn s\u1ef1 ph\u00e2n k\u1ef3 b\u1ea5t th\u01b0\u1eddng v\u1ec1 di\u1ec5n bi\u1ebfn gi\u00e1 ho\u00e0n to\u00e0n \u0111i ch\u1ec7ch kh\u1ecfi c\u00e1c r\u1ee7i ro \u0111\u1ecba ch\u00ednh tr\u1ecb. Sau \u0111\u00f3, gi\u00e1 v\u00e0ng \u0111\u00e3 gi\u1ea3m m\u1ea1nh, \u0111\u00e1nh d\u1ea5u m\u1ee9c gi\u1ea3m trong m\u1ed9t tu\u1ea7n l\u1edbn nh\u1ea5t trong h\u01a1n 40 n\u0103m. V\u00e0o ng\u00e0y 23 th\u00e1ng 3, gi\u00e1 th\u1eadm ch\u00ed c\u00f2n gi\u1ea3m xu\u1ed1ng $4.098,60 \u0111\u00f4 la M\u1ef9\/ounce trong giao d\u1ecbch. Ch\u1ec9 n\u0103m ng\u00e0y sau khi Trump tuy\u00ean b\u1ed1 ho\u00e3n c\u00e1c cu\u1ed9c t\u1ea5n c\u00f4ng v\u00e0o c\u00e1c c\u01a1 s\u1edf n\u0103ng l\u01b0\u1ee3ng c\u1ee7a Iran, m\u1ed9t \u0111\u1ee3t ph\u1ee5c h\u1ed3i h\u00ecnh ch\u1eef V nhanh ch\u00f3ng \u0111\u00e3 x\u1ea3y ra.<\/p>\n

\"\u1ea2nh<\/p>\n

C\u00f9ng v\u1edbi v\u00e0ng, th\u1ecb tr\u01b0\u1eddng b\u1ea1c c\u0169ng suy y\u1ebfu, gi\u1ea3m trong b\u1ed1n ng\u00e0y giao d\u1ecbch li\u00ean ti\u1ebfp v\u00e0 t\u00edch l\u0169y m\u1ee9c gi\u1ea3m g\u1ea7n 20% so v\u1edbi m\u1ee9c cao nh\u1ea5t th\u00e1ng 3. V\u00e0o ng\u00e0y 23 th\u00e1ng 3, b\u1ea1c giao ngay \u0111\u00e3 gi\u1ea3m m\u1ea1nh xu\u1ed1ng $60,89 \u0111\u00f4 la m\u1ed7i ounce, ch\u1ec9 b\u1eb1ng m\u1ed9t n\u1eeda m\u1ee9c cao l\u1ecbch s\u1eed c\u1ee7a n\u00f3 t\u00e1m tu\u1ea7n tr\u01b0\u1edbc, cho th\u1ea5y s\u1ef1 ph\u00e1 v\u1ee1 k\u1ef9 thu\u1eadt \u0111\u00e1ng k\u1ec3. Trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng c\u1ef1c \u0111oan n\u00e0y, v\u00e0ng \u0111\u00e3 ho\u00e0n to\u00e0n ph\u00e1 v\u1ee1 logic \u0111\u1ecbnh gi\u00e1 truy\u1ec1n th\u1ed1ng v\u1ec1 \u201cxung \u0111\u1ed9t \u0111\u1ecba ch\u00ednh tr\u1ecb leo thang v\u00e0 l\u1ea1m ph\u00e1t cao d\u1eabn \u0111\u1ebfn gi\u00e1 v\u00e0ng t\u0103ng\u201d. Vi\u1ec7c x\u00e1c minh m\u00f4 h\u00ecnh li\u00ean k\u1ebft t\u00e0i s\u1ea3n ch\u00e9o c\u1ee7a ACE Markets cho th\u1ea5y c\u00e1c t\u00e0i s\u1ea3n tr\u00fa \u1ea9n an to\u00e0n truy\u1ec1n th\u1ed1ng nh\u01b0 tr\u00e1i phi\u1ebfu kho b\u1ea1c M\u1ef9 v\u00e0 Ch\u1ee9ng kho\u00e1n B\u1ea3o v\u1ec7 L\u1ea1m ph\u00e1t Kho b\u1ea1c M\u1ef9 (TIPS) c\u0169ng kh\u00f4ng thu h\u00fat \u0111\u01b0\u1ee3c d\u00f2ng v\u1ed1n trong c\u00f9ng th\u1eddi k\u1ef3, v\u1edbi l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c M\u1ef9 k\u1ef3 h\u1ea1n 10 n\u0103m leo l\u00ean m\u1ee9c cao nh\u1ea5t trong nhi\u1ec1u th\u00e1ng. Logic giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 ho\u00e0n to\u00e0n chuy\u1ec3n t\u1eeb \u2019ph\u00f2ng ng\u1eeba r\u1ee7i ro tr\u00fa \u1ea9n an to\u00e0n\u201c sang \u201dc\u1ea1nh tranh thanh kho\u1ea3n\u201c.\u201d<\/p>\n

<\/a>Ph\u00e2n t\u00edch c\u00e1c y\u1ebfu t\u1ed1 c\u1ed1t l\u00f5i \u0111\u1eb1ng sau s\u1ef1 s\u1ee5t gi\u1ea3m m\u1ea1nh c\u1ee7a gi\u00e1 v\u00e0ng<\/strong><\/p>\n

Y\u1ebfu t\u1ed1 ch\u00ednh th\u00fac \u0111\u1ea9y gi\u00e1 v\u00e0ng t\u0103ng \u2013 ho\u1ea1t \u0111\u1ed9ng mua v\u00e0ng c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng \u2013 \u0111\u00e3 ho\u00e0n to\u00e0n \u0111\u1ea3o chi\u1ec1u, khi v\u1ea5n \u0111\u1ec1 an ninh n\u0103ng l\u01b0\u1ee3ng \u0111\u01b0\u1ee3c \u01b0u ti\u00ean h\u01a1n so v\u1edbi vi\u1ec7c \u0111a d\u1ea1ng h\u00f3a d\u1ef1 tr\u1eef. C\u01a1 s\u1edf d\u1eef li\u1ec7u theo d\u00f5i d\u1ef1 tr\u1eef v\u00e0ng c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng to\u00e0n c\u1ea7u c\u1ee7a ACE Markets cho th\u1ea5y vi\u1ec7c c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng li\u00ean t\u1ee5c mua v\u00e0ng k\u1ec3 t\u1eeb cu\u1ed1i n\u0103m 2022 l\u00e0 \u0111\u1ed9ng l\u1ef1c ch\u00ednh d\u1eabn \u0111\u1ebfn s\u1ef1 t\u0103ng gi\u00e1 v\u00e0ng. S\u1ef1 h\u1ed7 tr\u1ee3 n\u00e0y hi\u1ec7n \u0111\u00e3 \u0111\u1ea3o ng\u01b0\u1ee3c ho\u00e0n to\u00e0n, quan \u0111i\u1ec3m n\u00e0y \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 ph\u00e2n t\u00edch nh\u01b0 Haworth v\u00e0 Dada \u1ee7ng h\u1ed9 m\u1ea1nh m\u1ebd. Theo d\u00f5i c\u1ee7a ACE Markets cho th\u1ea5y tr\u01b0\u1edbc \u0111\u00e2y, s\u1ef1 t\u0103ng v\u1ecdt c\u1ee7a gi\u00e1 v\u00e0ng ph\u1ea7n l\u1edbn \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng c\u1ee7a c\u00e1c n\u01b0\u1edbc nh\u1eadp kh\u1ea9u n\u0103ng l\u01b0\u1ee3ng r\u00f2ng. Sau cu\u1ed9c xung \u0111\u1ed9t \u1edf Iran, v\u1ed1n \u0111\u00e3 \u0111\u1ea9y chi ph\u00ed n\u0103ng l\u01b0\u1ee3ng v\u00e0 ph\u00e2n b\u00f3n l\u00ean cao, c\u00e1c qu\u1ed1c gia n\u00e0y \u0111\u00e3 chuy\u1ec3n h\u01b0\u1edbng ngu\u1ed3n l\u1ef1c t\u00e0i ch\u00ednh sang \u0111\u1ea3m b\u1ea3o sinh k\u1ebf cho ng\u01b0\u1eddi d\u00e2n v\u00e0 ngu\u1ed3n cung n\u0103ng l\u01b0\u1ee3ng, chuy\u1ec3n h\u01b0\u1edbng c\u00e1c kho\u1ea3n ti\u1ec1n v\u1ed1n d\u00e0nh cho d\u1ef1 tr\u1eef v\u00e0ng. \u0110\u00e1ng lo ng\u1ea1i h\u01a1n, ph\u00e2n t\u00edch c\u1ee7a ACE Markets cho th\u1ea5y \u0111\u1ee3t s\u1ee5t gi\u1ea3m gi\u00e1 v\u00e0ng g\u1ea7n \u0111\u00e2y c\u00f3 th\u1ec3 \u0111i k\u00e8m v\u1edbi vi\u1ec7c b\u00e1n th\u00e1o quy m\u00f4 l\u1edbn t\u1eeb m\u1ed9t s\u1ed1 ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng, nh\u1eb1m b\u1ea3o v\u1ec7 \u0111\u1ed3ng ti\u1ec1n c\u1ee7a h\u1ecd ho\u1eb7c huy \u0111\u1ed9ng v\u1ed1n cho vi\u1ec7c mua n\u0103ng l\u01b0\u1ee3ng. \u0110i\u1ec1u n\u00e0y c\u0169ng gi\u1ea3i th\u00edch hi\u1ec7n t\u01b0\u1ee3ng b\u1ea5t th\u01b0\u1eddng v\u1ec1 s\u1ef1 s\u1ee5t gi\u1ea3m c\u1ef1c \u0111oan c\u1ee7a gi\u00e1 v\u00e0ng.<\/p>\n

\"h\u00ecnh<\/p>\n

L\u00e3i su\u1ea5t th\u1ef1c t\u0103ng cao \u0111ang k\u00ecm h\u00e3m gi\u00e1 v\u00e0ng, trong b\u1ed1i c\u1ea3nh t\u00e1c \u0111\u1ed9ng h\u00fat thanh kho\u1ea3n c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 \u0111ang chi ph\u1ed1i th\u1ecb tr\u01b0\u1eddng. M\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 v\u00e0ng d\u1ef1a tr\u00ean l\u00e3i su\u1ea5t c\u1ee7a ACE Markets cho th\u1ea5y vi\u1ec7c l\u00e3i su\u1ea5t danh ngh\u0129a v\u00e0 th\u1ef1c ti\u1ebfp t\u1ee5c t\u0103ng \u0111\u00e3 l\u00e0m suy y\u1ebfu \u0111\u00e1ng k\u1ec3 s\u1ee9c h\u1ea5p d\u1eabn c\u1ee7a vi\u1ec7c n\u1eafm gi\u1eef v\u00e0ng (m\u1ed9t t\u00e0i s\u1ea3n kh\u00f4ng sinh l\u00e3i), \u0111\u00e2y ch\u00ednh l\u00e0 \u0111\u1ed9ng l\u1ef1c v\u0129 m\u00f4 c\u1ed1t l\u00f5i d\u1eabn \u0111\u1ebfn \u0111\u1ee3t s\u1ee5t gi\u1ea3m gi\u00e1 v\u00e0ng l\u1ea7n n\u00e0y. Ph\u00e2n t\u00edch c\u1ee7a Haworth ho\u00e0n to\u00e0n ph\u00f9 h\u1ee3p v\u1edbi c\u00e1c t\u00ednh to\u00e1n m\u00f4 h\u00ecnh c\u1ee7a n\u1ec1n t\u1ea3ng n\u00e0y \u2014 ngay c\u1ea3 khi l\u1ea1m ph\u00e1t cao, TIPS c\u0169ng kh\u00f4ng th\u1ec3 \u0111\u00f3ng vai tr\u00f2 l\u00e0 t\u00e0i s\u1ea3n tr\u00fa \u1ea9n an to\u00e0n; do th\u1eddi h\u1ea1n, vi\u1ec7c l\u00e3i su\u1ea5t th\u1ef1c t\u0103ng s\u1ebd \u0111\u1ed3ng th\u1eddi k\u00ecm h\u00e3m gi\u00e1 TIPS v\u00e0 v\u00e0ng. Trong b\u1ed1i c\u1ea3nh xung \u0111\u1ed9t \u0111\u1ecba ch\u00ednh tr\u1ecb, nhu c\u1ea7u th\u1ecb tr\u01b0\u1eddng \u0111\u1ed1i v\u1edbi c\u00e1c t\u00e0i s\u1ea3n tr\u00fa \u1ea9n an to\u00e0n \u0111\u00e3 chuy\u1ec3n sang cu\u1ed9c c\u1ea1nh tranh v\u1ec1 thanh kho\u1ea3n \u0111\u1ed3ng \u0111\u00f4 la. C\u00e1c ch\u00ednh ph\u1ee7 v\u00e0 doanh nghi\u1ec7p \u0111ang \u01b0u ti\u00ean t\u00edch l\u0169y \u0111\u1ed3ng \u0111\u00f4 la \u0111\u1ec3 mua s\u1eafm n\u0103ng l\u01b0\u1ee3ng v\u00e0 duy tr\u00ec chu\u1ed7i cung \u1ee9ng, thay v\u00ec t\u0103ng n\u1eafm gi\u1eef c\u00e1c t\u00e0i s\u1ea3n tr\u00fa \u1ea9n an to\u00e0n truy\u1ec1n th\u1ed1ng nh\u01b0 v\u00e0ng v\u00e0 tr\u00e1i phi\u1ebfu Kho b\u1ea1c M\u1ef9. \u0110\u1ed3ng \u0111\u00f4 la \u0111\u00e3 tr\u1edf th\u00e0nh t\u00e0i s\u1ea3n tr\u00fa \u1ea9n an to\u00e0n c\u1ed1t l\u00f5i duy nh\u1ea5t, v\u00e0 hi\u1ec7u \u1ee9ng h\u00fat thanh kho\u1ea3n c\u1ee7a n\u00f3 ti\u1ebfp t\u1ee5c l\u00e0m tr\u1ea7m tr\u1ecdng th\u00eam \u00e1p l\u1ef1c b\u00e1n \u0111\u1ed1i v\u1edbi v\u00e0ng.<\/p>\n

C\u00e1c kho\u1ea3n l\u1ed7 \u0111\u1ea7u c\u01a1 \u0111\u00e3 l\u00e0m tr\u1ea7m tr\u1ecdng th\u00eam \u00e1p l\u1ef1c thanh l\u00fd. D\u1eef li\u1ec7u theo d\u00f5i v\u1ecb th\u1ebf c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c t\u1eeb ACE Markets cho th\u1ea5y sau khi gi\u00e1 v\u00e0ng ch\u1ea1m m\u1ee9c cao k\u1ef7 l\u1ee5c, c\u00e1c v\u1ecb th\u1ebf mua \u0111\u1ea7u c\u01a1 \u0111\u00e3 \u0111\u1ea1t m\u1ee9c cao nh\u1ea5t trong l\u1ecbch s\u1eed. S\u1ef1 s\u1ee5t gi\u1ea3m gi\u00e1 \u0111\u00e3 d\u1eabn \u0111\u1ebfn kho\u1ea3n l\u1ed7 ch\u01b0a th\u1ef1c hi\u1ec7n \u0111\u00e1ng k\u1ec3 cho c\u00e1c qu\u1ef9 \u0111\u1ea7u c\u01a1, bu\u1ed9c h\u1ecd ph\u1ea3i thanh l\u00fd v\u00e0 c\u00e0ng l\u00e0m gia t\u0103ng \u0111\u00e0 gi\u1ea3m. \u0110i\u1ec1u n\u00e0y ph\u00f9 h\u1ee3p v\u1edbi ph\u00e2n t\u00edch c\u1ee7a Haworth \u2014 ph\u1ea7n l\u1edbn c\u00e1c nh\u00e0 \u0111\u1ea7u c\u01a1 \u0111\u00e3 bu\u1ed9c ph\u1ea3i thanh l\u00fd v\u00e0 r\u00fat kh\u1ecfi th\u1ecb tr\u01b0\u1eddng do \u00e1p l\u1ef1c t\u00e0i ch\u00ednh. M\u00f4-\u0111un gi\u00e1m s\u00e1t t\u00e0i s\u1ea3n thay th\u1ebf c\u1ee7a ACE Markets \u0111\u00e3 ph\u00e1t hi\u1ec7n tr\u01b0\u1edbc nh\u1eefng kho\u1ea3ng tr\u1ed1ng thanh kho\u1ea3n tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n, m\u1ed9t \u0111\u1ed9ng l\u1ef1c ti\u1ec1m \u1ea9n \u0111\u1eb1ng sau s\u1ef1 s\u1ee5t gi\u1ea3m c\u1ef1c \u0111oan c\u1ee7a gi\u00e1 v\u00e0ng. D\u1eef li\u1ec7u cho th\u1ea5y v\u00e0o gi\u1eefa th\u00e1ng 3, m\u1ed9t s\u1ed1 c\u00f4ng ty qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n thay th\u1ebf \u0111\u00e3 \u00e1p d\u1ee5ng c\u00e1c h\u1ea1n ch\u1ebf r\u00fat v\u1ed1n. Morgan Stanley North Haven ch\u1ec9 \u0111\u00e1p \u1ee9ng 45,81% y\u00eau c\u1ea7u r\u00fat v\u1ed1n, c\u00f2n Cliffwater ch\u1ec9 ch\u1ea5p nh\u1eadn m\u1ed9t n\u1eeda s\u1ed1 \u0111\u01a1n xin r\u00fat v\u1ed1n. \u0110i\u1ec1u n\u00e0y ph\u00f9 h\u1ee3p v\u1edbi \u0111\u00e1nh gi\u00e1 c\u1ee7a Solove: c\u00e1c h\u1ea1n ch\u1ebf r\u00fat v\u1ed1n \u0111\u00e3 k\u00edch ho\u1ea1t c\u00e1c y\u00eau c\u1ea7u k\u00fd qu\u1ef9, bu\u1ed9c c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i b\u00e1n v\u00e0ng \u0111\u1ec3 trang tr\u1ea3i n\u1ee3, t\u1ea1o ra m\u1ed9t v\u00f2ng lu\u1ea9n qu\u1ea9n \u2019gi\u1ea3m gi\u00e1 \u2013 thanh l\u00fd \u2013 gi\u1ea3m gi\u00e1 th\u00eam\u2019.\u201c<\/p>\n

\"h\u00ecnh<\/p>\n

S\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c M\u1ef9 \u0111\u00e3 l\u00e0m gia t\u0103ng \u00e1p l\u1ef1c \u0111\u1ecbnh gi\u00e1 l\u00ean v\u00e0ng. Gi\u00e1m s\u00e1t thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh c\u1ee7a ACE Markets cho th\u1ea5y l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c M\u1ef9 k\u1ef3 h\u1ea1n 10 n\u0103m \u0111\u00e3 t\u0103ng l\u00ean 4,2%v\u00e0o m\u1ed9t th\u1eddi \u0111i\u1ec3m, g\u1ea7n v\u1edbi ng\u01b0\u1ee1ng quan tr\u1ecdng 4,5%, g\u00e2y \u00e1p l\u1ef1c gi\u1ea3m m\u1ea1nh l\u00ean v\u00e0ng. \u0110i\u1ec1u n\u00e0y ho\u00e0n to\u00e0n ph\u00f9 h\u1ee3p v\u1edbi \u0111\u00e1nh gi\u00e1 c\u1ee7a Solove r\u1eb1ng \u201cc\u00fa s\u1ed1c l\u1ee3i su\u1ea5t chi ph\u1ed1i gi\u00e1 v\u00e0ng\u201d v\u00e0 c\u0169ng ho\u00e0n to\u00e0n ph\u00f9 h\u1ee3p v\u1edbi k\u1ebft lu\u1eadn c\u1ee7a m\u00f4 h\u00ecnh l\u00e3i su\u1ea5t n\u1ec1n t\u1ea3ng. Ph\u00e2n t\u00edch cho th\u1ea5y s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu \u0111\u00e3 b\u1eaft \u0111\u1ea7u chi ph\u1ed1i h\u01b0\u1edbng \u0111i c\u1ee7a ch\u00ednh s\u00e1ch \u0111\u1ed1i ngo\u1ea1i c\u1ee7a M\u1ef9. Ch\u00ednh s\u1ef1 t\u0103ng m\u1ea1nh c\u1ee7a l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c M\u1ef9 \u0111\u00e3 bu\u1ed9c ch\u00ednh ph\u1ee7 M\u1ef9 ph\u1ea3i gi\u1ea3m c\u0103ng th\u1eb3ng v\u1edbi Iran th\u00f4ng qua \u0111\u1ed1i tho\u1ea1i ngo\u1ea1i giao. S\u1ef1 thay \u0111\u1ed5i n\u00e0y \u0111\u00e3 tr\u1ef1c ti\u1ebfp k\u00edch ho\u1ea1t s\u1ef1 ph\u1ee5c h\u1ed3i h\u00ecnh ch\u1eef V c\u1ee7a v\u00e0ng, nh\u01b0ng n\u00f3 kh\u00f4ng l\u00e0m thay \u0111\u1ed5i logic c\u1ed1t l\u00f5i c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0ng: \u201cc\u00e1c \u0111\u1ed9ng l\u1ef1c c\u1ed1t l\u00f5i ch\u01b0a \u0111\u1ea3o ng\u01b0\u1ee3c.\u201d<\/p>\n

<\/a>T\u00e0i li\u1ec7u H\u01b0\u1edbng d\u1eabn Ph\u00e2n t\u00edch v\u00e0 Gi\u00e1m s\u00e1t Th\u1ecb tr\u01b0\u1eddng Tr\u1ecdng t\u00e2m c\u1ee7a ACE Markets<\/strong><\/p>\n

D\u1ef1a tr\u00ean ph\u00e2n t\u00edch v\u00e0 ki\u1ec3m ch\u1ee9ng ch\u00e9o d\u1eef li\u1ec7u \u0111a chi\u1ec1u, ACE Markets cho r\u1eb1ng th\u1ecb tr\u01b0\u1eddng v\u00e0ng \u0111\u00e3 b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n \u0111i\u1ec1u ch\u1ec9nh c\u00e1c y\u1ebfu t\u1ed1 th\u00fac \u0111\u1ea9y c\u1ed1t l\u00f5i. S\u1ef1 ph\u1ee5c h\u1ed3i ng\u1eafn h\u1ea1n ch\u1ec9 l\u00e0 m\u1ed9t \u0111\u1ee3t \u0111i\u1ec1u ch\u1ec9nh k\u1ef9 thu\u1eadt do c\u0103ng th\u1eb3ng \u0111\u1ecba ch\u00ednh tr\u1ecb gi\u1ea3m b\u1edbt v\u00e0 kh\u00f3 c\u00f3 kh\u1ea3 n\u0103ng \u0111\u1ea3o ng\u01b0\u1ee3c xu h\u01b0\u1edbng gi\u1ea3m. Vi\u1ec7c quay tr\u1edf l\u1ea1i k\u00eanh t\u0103ng gi\u00e1 ch\u1ec9 c\u00f3 th\u1ec3 x\u1ea3y ra sau khi c\u00e1c m\u1ee9c h\u1ed7 tr\u1ee3 c\u1ed1t l\u00f5i \u0111\u01b0\u1ee3c \u0111\u1ea3o chi\u1ec1u m\u1ed9t c\u00e1ch \u0111\u00e1ng k\u1ec3. T\u00ednh b\u1ec1n v\u1eefng c\u1ee7a \u0111\u1ee3t ph\u1ee5c h\u1ed3i ng\u1eafn h\u1ea1n c\u00f2n nhi\u1ec1u nghi v\u1ea5n, v\u00e0 ti\u1ec1m n\u0103ng gi\u1ea3m gi\u00e1 ti\u1ebfp theo v\u1eabn c\u00f2n. C\u00f3 ba r\u1ee7i ro c\u1ed1t l\u00f5i: xung \u0111\u1ed9t \u0111ang di\u1ec5n ra t\u1ea1i Iran s\u1ebd l\u00e0m tr\u1ea7m tr\u1ecdng th\u00eam \u00e1p l\u1ef1c t\u00e0i ch\u00ednh l\u00ean c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng c\u1ee7a c\u00e1c n\u01b0\u1edbc nh\u1eadp kh\u1ea9u n\u0103ng l\u01b0\u1ee3ng, khi\u1ebfn vi\u1ec7c n\u1ed1i l\u1ea1i mua v\u00e0ng tr\u1edf n\u00ean kh\u00f3 kh\u0103n v\u00e0 c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn vi\u1ec7c b\u00e1n th\u00e1o th\u00eam; cu\u1ed9c kh\u1ee7ng ho\u1ea3ng thanh kho\u1ea3n t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n v\u1eabn ch\u01b0a \u0111\u01b0\u1ee3c gi\u1ea3i quy\u1ebft, v\u00e0 vi\u1ec7c thanh l\u00fd v\u00e0 b\u00e1n th\u00e1o l\u1eb7p \u0111i l\u1eb7p l\u1ea1i c\u00f3 th\u1ec3 x\u1ea3y ra; v\u00e0 l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu Kho b\u1ea1c M\u1ef9 v\u01b0\u1ee3t qu\u00e1 4,51% s\u1ebd ti\u1ebfp t\u1ee5c \u0111\u00e8 n\u1eb7ng l\u00ean \u0111\u1ecbnh gi\u00e1 v\u00e0ng. K\u1ebft h\u1ee3p quan \u0111i\u1ec3m c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c v\u00e0 t\u00ednh to\u00e1n m\u00f4 h\u00ecnh n\u1ec1n t\u1ea3ng, m\u1ee9c h\u1ed7 tr\u1ee3 ng\u1eafn h\u1ea1n c\u1ee7a v\u00e0ng l\u00e0 $4000\/ounce, v\u00e0 trong tr\u01b0\u1eddng h\u1ee3p c\u1ef1c \u0111oan, n\u00f3 c\u00f3 th\u1ec3 ki\u1ec3m tra m\u1ee9c $3500 (kho\u1ea3ng kh\u00e1ng c\u1ef1 chuy\u1ec3n th\u00e0nh h\u1ed7 tr\u1ee3 ch\u00ednh v\u00e0o th\u00e1ng 4 n\u0103m 2025).<\/p>\n

\"H\u00ecnh<\/p>\n

ACE Markets tin r\u1eb1ng xu h\u01b0\u1edbng t\u0103ng gi\u00e1 d\u00e0i h\u1ea1n c\u1ee7a v\u00e0ng v\u1ec1 c\u01a1 b\u1ea3n kh\u00f4ng thay \u0111\u1ed5i, v\u00e0 vi\u1ec7c gi\u1ea3m gi\u00e1 c\u0169ng nh\u01b0 thanh l\u00fd hi\u1ec7n t\u1ea1i l\u00e0 \u0111i\u1ec1u ki\u1ec7n ti\u00ean quy\u1ebft \u0111\u1ec3 gi\u00e1 v\u00e0ng c\u00f3 th\u1ec3 ti\u1ebfn t\u1edbi c\u00e1c m\u1ee9c cao h\u01a1n trong d\u00e0i h\u1ea1n. Ph\u00e2n t\u00edch c\u1ee7a n\u1ec1n t\u1ea3ng n\u00e0y ho\u00e0n to\u00e0n ph\u00f9 h\u1ee3p v\u1edbi \u201cHi\u1ec7u \u1ee9ng Ph\u01b0\u1ee3ng ho\u00e0ng\u201d c\u1ee7a Solove: m\u1ed9t khi kh\u1ee7ng ho\u1ea3ng thanh kho\u1ea3n th\u1ecb tr\u01b0\u1eddng qua \u0111i, xung \u0111\u1ed9t \u0111\u1ecba ch\u00ednh tr\u1ecb l\u1eafng xu\u1ed1ng v\u00e0 gi\u00e1 n\u0103ng l\u01b0\u1ee3ng gi\u1ea3m, vi\u1ec7c v\u00e0ng \u0111\u01b0\u1ee3c mua v\u00e0o b\u1edfi c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng s\u1ebd nhanh ch\u00f3ng \u0111\u01b0\u1ee3c n\u1ed1i l\u1ea1i. C\u00f9ng v\u1edbi \u0111\u1ed3ng \u0111\u00f4 la suy y\u1ebfu v\u00e0 chu k\u1ef3 c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t c\u1ee7a Fed \u0111\u01b0\u1ee3c n\u1ed1i l\u1ea1i, v\u00e0ng s\u1ebd c\u00f3 s\u1ef1 ph\u1ee5c h\u1ed3i nhanh ch\u00f3ng, c\u00f3 kh\u1ea3 n\u0103ng tr\u1edf l\u1ea1i m\u1ee9c tr\u00ean $5.000 USD\/ounce trong v\u00f2ng 3-6 th\u00e1ng t\u1edbi, v\u1edbi ti\u1ec1m n\u0103ng xa h\u01a1n c\u00f3 th\u1ec3 \u0111\u1ea1t $10.000 USD\/ounce trong d\u00e0i h\u1ea1n. Quan \u0111i\u1ec3m c\u1ee7a Natixis c\u0169ng c\u1ed9ng h\u01b0\u1edfng v\u1edbi ph\u00e2n t\u00edch trung v\u00e0 d\u00e0i h\u1ea1n c\u1ee7a n\u1ec1n t\u1ea3ng: n\u1ebfu thi\u1ec7t h\u1ea1i \u0111\u1ed1i v\u1edbi c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng n\u0103ng l\u01b0\u1ee3ng \u1edf m\u1ee9c h\u1ea1n ch\u1ebf v\u00e0 gi\u00e1 d\u1ea7u nhanh ch\u00f3ng gi\u1ea3m tr\u1edf l\u1ea1i m\u1ee9c tr\u01b0\u1edbc chi\u1ebfn tranh, vi\u1ec7c mua v\u00e0ng c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng s\u1ebd t\u0103ng l\u00ean \u0111\u00e1ng k\u1ec3, \u0111\u1ea9y gi\u00e1 v\u00e0ng tr\u1edf l\u1ea1i ph\u1ea1m vi giao d\u1ecbch b\u1ec1n v\u1eefng tr\u00ean $5.000 USD\/ounce.<\/p>\n

<\/a>C\u00e1c t\u00edn hi\u1ec7u gi\u00e1m s\u00e1t c\u1ed1t l\u00f5i<\/strong><\/p>\n

\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, nh\u1edd h\u1ec7 th\u1ed1ng gi\u00e1m s\u00e1t th\u1eddi gian th\u1ef1c c\u1ee7a ACE Markets, h\u1ecd c\u00f3 th\u1ec3 t\u1eadp trung v\u00e0o b\u1ed1n t\u00edn hi\u1ec7u ch\u00ednh \u0111\u1ec3 n\u1eafm b\u1eaft c\u00e1c \u0111i\u1ec3m chuy\u1ec3n h\u01b0\u1edbng trong xu h\u01b0\u1edbng th\u1ecb tr\u01b0\u1eddng v\u00e0ng: di\u1ec5n bi\u1ebfn ti\u1ebfp theo c\u1ee7a xung \u0111\u1ed9t \u0111\u1ecba ch\u00ednh tr\u1ecb Trung \u0110\u00f4ng (\u0111\u1eb7c bi\u1ec7t l\u00e0 t\u00ecnh h\u00ecnh v\u1eadn chuy\u1ec3n h\u00e0ng h\u00f3a t\u1ea1i eo bi\u1ec3n Hormuz v\u00e0 ph\u1ea1m vi bi\u1ebfn \u0111\u1ed9ng c\u1ee7a gi\u00e1 d\u1ea7u qu\u1ed1c t\u1ebf, \u0111\u00e2y l\u00e0 nh\u1eefng bi\u1ebfn s\u1ed1 c\u1ed1t l\u00f5i quy\u1ebft \u0111\u1ecbnh li\u1ec7u c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng c\u00f3 th\u1ec3 ti\u1ebfp t\u1ee5c mua v\u00e0ng hay kh\u00f4ng), nh\u1eefng thay \u0111\u1ed5i trong d\u1ef1 tr\u1eef v\u00e0ng c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng to\u00e0n c\u1ea7u (t\u1eadp trung v\u00e0o ho\u1ea1t \u0111\u1ed9ng mua v\u00e0 b\u00e1n v\u00e0ng c\u1ee7a c\u00e1c n\u01b0\u1edbc nh\u1eadp kh\u1ea9u n\u0103ng l\u01b0\u1ee3ng r\u00f2ng, \u0111\u00e2y l\u00e0 ch\u00eca kh\u00f3a quy\u1ebft \u0111\u1ecbnh li\u1ec7u v\u00e0ng c\u00f3 th\u1ec3 l\u1ea5y l\u1ea1i m\u1ee9c h\u1ed7 tr\u1ee3 c\u1ed1t l\u00f5i hay kh\u00f4ng), xu h\u01b0\u1edbng c\u1ee7a l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c M\u1ef9 k\u1ef3 h\u1ea1n 10 n\u0103m v\u00e0 c\u00e1c tuy\u00ean b\u1ed1 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 c\u1ee7a Fed (ch\u00fa \u00fd \u0111\u1ebfn h\u01b0\u1edbng thay \u0111\u1ed5i c\u1ee7a l\u00e3i su\u1ea5t th\u1ef1c, \u0111\u00e2y l\u00e0 y\u1ebfu t\u1ed1 v\u0129 m\u00f4 c\u1ed1t l\u00f5i quy\u1ebft \u0111\u1ecbnh \u0111\u1ecbnh gi\u00e1 v\u00e0ng), v\u00e0 t\u00ecnh h\u00ecnh thanh kho\u1ea3n tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00edn d\u1ee5ng t\u01b0 nh\u00e2n (theo d\u00f5i nh\u1eefng thay \u0111\u1ed5i bi\u00ean trong c\u00e1c h\u1ea1n ch\u1ebf mua l\u1ea1i v\u00e0 y\u00eau c\u1ea7u k\u00fd qu\u1ef9, \u0111\u1ed3ng th\u1eddi c\u1ea3nh gi\u00e1c v\u1edbi m\u1ed9t \u0111\u1ee3t b\u00e1n th\u00e1o m\u1edbi do kh\u1ee7ng ho\u1ea3ng thanh kho\u1ea3n g\u00e2y ra).<\/p>","protected":false},"excerpt":{"rendered":"

Th\u1ecb tr\u01b0\u1eddng v\u00e0ng ch\u1ee9ng ki\u1ebfn bi\u1ebfn \u0111\u1ed9ng l\u1ecbch s\u1eed v\u1edbi m\u1ee9c gi\u1ea3m h\u00e0ng tu\u1ea7n l\u1edbn nh\u1ea5t k\u1ec3 t\u1eeb nh\u1eefng n\u0103m 1980. ACE Markets ph\u00e2n t\u00edch c\u00e1c y\u1ebfu t\u1ed1 th\u00fac \u0111\u1ea9y, r\u1ee7i ro v\u00e0 kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i ti\u1ec1m n\u0103ng cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>","protected":false},"author":1,"featured_media":9265,"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":[650,649,556],"class_list":["post-9264","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","tag-gold-market-volatility","tag-gold-price-drop-2026","tag-precious-metals-analysis"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/9264","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=9264"}],"version-history":[{"count":1,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/9264\/revisions"}],"predecessor-version":[{"id":9270,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/9264\/revisions\/9270"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/media\/9265"}],"wp:attachment":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/media?parent=9264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/categories?post=9264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/tags?post=9264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}