????債券收益率一向與價格反向而動，但它目前已跌至歷史低位。10年期美國國債收益率降至1.87%——表明投資者對于此類證券的胃口并沒有降低多少，即便標(biāo)準(zhǔn)普爾曾經(jīng)警告稱，美國已經(jīng)不再是最安全的借款人。

投資者沒有過多擔(dān)憂通貨膨脹

????北卡羅來納州大學(xué)（University of North Carolina）威明頓分校的金融教授瑟汀?辛內(nèi)說，投資者蜂涌而至投資債券也表明，他們并不十分擔(dān)憂通貨膨脹。這也部分解釋了金價的下跌；黃金常常被用作應(yīng)對物價持續(xù)上漲的保值工具。

????對黃金市場有廣泛研究的辛內(nèi)表示：“很難預(yù)測金價最終會走向哪里，但歸根結(jié)底，基本面已經(jīng)不存在了。黃金不再是人們曾經(jīng)認為的安全投資了?，F(xiàn)在投資黃金實際上已經(jīng)變得十分危險?！?/p>

金價已跌至200日移動均線之下

????金價跌破200日移動均線時，投資者通常都會引起警覺。上周，金價兩年來首次跌破200日均線1,615美元/盎司，目前報于1,613美元/盎司。盡管分析師們并未據(jù)此宣告進入熊市，但波士頓大學(xué)（Boston University）的金融學(xué)講師馬克?威廉姆斯表示，投資者應(yīng)當(dāng)將此視為“警示信號”。

????“下一阻力位是1,500美元，”曾任場內(nèi)交易執(zhí)行的威廉姆斯表示。“如果金價跌破這一水平，將進一步證明，9月份在1,900美元上方見頂?shù)狞S金泡沫已開始破裂。”

黃金價格超過鉑金

????再來看鉑金，這是一種同時還具備工業(yè)用途的貴金屬。從歷史上看，鉑金價格通常比黃金價格高100美元或更多。但8月份當(dāng)金價接近近期峰值，這種狀況發(fā)生了變化。威廉姆斯指出，這是表明金價虛高的另一個指征。他說，以當(dāng)前鉑金價格1,400美元/盎司來看，黃金價格可能跌至1,300美元甚至更低。

????Bond yields, which move opposite of prices, have fallen to historic lows. Ten-year Treasuries have dropped to 1.87% -- proving that investors' appetite for such securities haven't waned much, even as S&P warns that the U.S. is no longer the safest of borrowers.

Investors aren't too worried about inflation

????The flock to bonds also signals that investors aren't very worried about inflation, says Cetin Ciner, finance professor at the University of North Carolina in Wilmington. This partly explains the fall in gold, which is often used as a hedge against steadily rising prices.

????"It's very hard to predict where prices could go, but ultimately the fundamentals are not there," says Ciner, who has done extensive research on the gold market. "It's not the safe investment that people thought it was. It has actually become very dangerous right now."

Prices have fallen below gold's 200-day moving average

????When gold falls below the 200-day moving average, investors typically take notice. Last week, for the first time in two years, the precious metal fell below the average of $1,615 an ounce and is currently trading at $1,613 an ounce. Though this hasn't led analysts to call a bear market, Boston University finance lecturer Mark Williams says investors should take the development as a "wake-up call."

????"The next resistance level is $1,500," says Williams, a former trading floor executive. "If gold drops below this floor, it is further proof that the bubble, which peaked in September at more than $1,900, has begun to burst."

Gold beats platinum

????And then there's platinum, a precious metal that also has industrial uses. Historically, platinum trades at a premium of $100 or more over gold. But that shifted in August when gold neared its most recent peak. Williams points out that this is another indicator that gold prices are inflated. At current platinum prices of $1,400 an ounce, gold could fall to $1,300 or lower, he says.