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在人类的历史长河中,黄金之所以能够作为一种保值物和货币形式长盛不衰,是因为它有着其他竞争资产所没有的诸多特有属性,这些特性使黄金具备了其他金融资产所不具有的行为特征。尽管货币体系不断变更,黄金也经历了从日常货币到投资工具的变迁,但黄金的长期购买力却一直保持稳定。因此它也被描述成为一种“通胀对冲物”。不过,现实情况却要比这复杂得多。
In the long history of mankind, the reason why gold can flourish as a hedge and in money is because it has many unique properties that other competing assets do not possess Behavioral characteristics. Despite the ever-changing monetary system, gold has also undergone changes from everyday currencies to investment vehicles, but gold’s long-term purchasing power has remained steady. It is also described as an “inflation hedge”. However, the reality is much more complicated than this.