银价飙升, 白银成为投资新贵

对交易者来说，白银是“穷人的黄金”或“魔鬼的金属”。

双语精读

The new gold

新黄金

Even gold enthusiasts tend to view an ardent interest in silver as somewhat eccentric. To traders it is the "poor man's gold" or "the devil's metal". For years those nicknames were justified by silver's lacklustre returns and the wild ride its price took along the way.

即使是黄金爱好者也往往认为对白银的狂热兴趣有些古怪。对交易者来说，白银是“穷人的黄金”或“魔鬼的金属”。多年来，这些绰号被证明是名副其实，因为白银的回报率一直不尽如人意，而且其价格经历了剧烈的波动。

The devil's metal is still not for the faint-hearted. But it has almost kept pace with gold over the past year and has outperformed it over the past five. With investment flows now following returns, a once-niche asset is inching towards the mainstream.

魔鬼的金属依然不适合胆小之人投资。但白银在过去一年中几乎与黄金保持同步，并在过去五年中表现优于黄金。随着投资现金流现在开始追随回报，这个曾经小众的资产正逐渐走向主流。

Logic suggests that silver's price should move similarly to gold's. It, too, is rare, pretty and inert, and so has been used to forge jewellery and coins for millennia. This long-established role as a store of value lends it "safe-haven" appeal when investors are nervous.

逻辑表明，白银的价格走势应该与黄金相似。白银同样稀有、漂亮、惰性，因此数千年来一直被用于制作珠宝和铸造硬币。当投资者感到紧张不安时，白银长期以来的这种价值储存作用就让它有了“避险”的吸引力。

As with gold, the fixed amount of silver in the Earth's crust ought also to make it a good hedge against inflation.

与黄金一样，地壳中的白银数量是固定的，这也应使其成为对抗通胀的好工具。

Now it is back in vogue. Central banks have spent years building up their gold reserves. In September Interfax, a Russian news agency, reported that its government would soon start buying silver, too.

现在白银又重归时尚。各国央行多年来一直在增加黄金储备。9月，俄罗斯新闻机构国际文传电讯社报道，俄罗斯政府也将很快开始购买白银。

This year traders in New York have been draining London's vaults of gold, amid fears that such imports may face tariffs in the future. They have been snapping up silver even faster-so much so, in fact, that the transatlantic price gap justifies loading bars of it onto commercial flights.

今年，纽约的交易员们一直在从伦敦的金库中买走黄金，原因是担心未来进口黄金可能会面临关税。而他们抢购白银的速度更快，事实上已经快到大西洋两岸的银价出现差距，需要用商业航班运输银条。

What is more, a widening gulf between supply and demand looks likely to keep the frenzy going. The annual supply of silver, driven by mining production and recycling, has contracted slightly over the past decade, according to the Silver Institute, a research outfit.

此外，供需之间的差距不断扩大，似乎有可能使白银热度不消。根据研究机构白银研究所的数据，过去十年间，由采矿产量和回收推动的白银年供应量略有收缩。

Over the same period, industrial demand has surged by more than 50%, owing largely to silver's use in solar panels. Imports into China, which manufactures large quantities of these, have shot up. Since mining capacity cannot be expanded quickly, the imbalance should continue to boost silver's price for some time.

同一时期，工业需求激增了50%以上，主要是因为白银在太阳能电池板中的使用。中国大量生产太阳能电池板，因此中国进口的白银数量大幅上升。由于采矿产能无法迅速扩大，因此这种供需失衡状态应该会在一段时间内继续推高白银价格。

词汇预习

• haven [高考]
  美[ˈheɪvn] | 英[ˈheɪvn]
  n. 港口；避难所
  v. 安置 ... 于港中；庇护
• industrial [高考]
  美[ɪnˈdʌstriəl] | 英[ɪnˈdʌstriəl]
  adj. 工业的；产业的
  n. 工业公司
• largely [高考]
  美[ˈlɑːrdʒli] | 英[ˈlɑːdʒli]
  adv. 大部分；主要地
• similarly [高考]
  美[ˈsɪmələrli] | 英[ˈsɪmələli]
  adv. 相似地；类似地
• investment [高考]
  美[ɪnˈvestmənt] | 英[ɪnˈvestmənt]
  n. 投资；投资额；投入
• somewhat [高考]
  美[ˈsʌmwʌt] | 英[ˈsʌmwɒt]
  adv. 稍微；有些；多少；几分
  pron. 某物；一些
• capacity [高考]
  美[kəˈpæsəti] | 英[kəˈpæsəti]
  n. 容量；容积；能力；职位；资格
• faint [高考]
  美[feɪnt] | 英[feɪnt]
  adj. 微弱的；无力的；模糊的
  v. 昏倒
  n. 昏厥；昏倒
• asset [高考]
  美[ˈæset] | 英[ˈæset]
  n. 资产；优点；有用的东西
• boost [高考]
  美[buːst] | 英[buːst]
  v. 提高；增加；鼓励；举起；为...做宣传
  n. 增加；推进；鼓励
• demand [高考]
  美[dɪˈmænd] | 英[dɪˈmɑːnd]
  n. 要求；需求
  v. 要求；查问；需要
• decade [高考]
  美[ˈdekeɪd] | 英[ˈdekeɪd]
  n. 十年，十年间，十年期（尤指一个年代)
• agency [高考]
  美[ˈeɪdʒənsi] | 英[ˈeɪdʒənsi]
  n. 代理；代理处；政府机构
• appeal [高考]
  美[əˈpiːl] | 英[əˈpiːl]
  n. 恳求；呼吁；上诉；吸引力
  n. (体育比赛中)诉请裁决
  v. 呼吁；有吸引力；求助；诉请
• commercial [高考]
  美[kəˈmɜːrʃl] | 英[kəˈmɜːʃl]
  adj. 商业的
  n. 商业广告
• rare [高考]
  美[rer] | 英[reə(r)]
  adj. 罕见的；珍贵的；煎得嫩的
• pace [高考]
  美[peɪs] | 英[peɪs]
  n. 速度；步伐；(一)步
  v. 踱步；(用步)测；(马)溜蹄走
  prep. 用在人名前(礼貌的表达不同意见)
• annual [高考]
  美[ˈænjuəl] | 英[ˈænjuəl]
  adj. 每年的；年度的；一年生的
  n. 年刊；一年生植物
• ought [高考]
  美[ˈɔːt] | 英[ˈɔːt]
  aux. 应该；应当；本该
  vi. 应该，应当；大概
• jewellery [高考]
  美[ˈdʒuːəlri] | 英[ˈdʒuːəlri]
  n. =jewelry （总称）珠宝；首饰
• onto [高考]
  美[ˈɑːntə , ˈɑːntu] | 英[ˈɒntə , ˈɒntu]
  prep. 到 ... 上
• gap [高考]
  美[ɡæp] | 英[ɡæp]
  n. 缺口；裂缝；差距；空白
• devil [高考]
  美[ˈdevl] | 英[ˈdevl]
  n. 魔鬼；淘气鬼；坏人；家伙；棘手的事
  vt. 困扰；添加辣味调料；给...做助手
• eccentric [高考]
  美[ɪkˈsentrɪk] | 英[ɪkˈsentrɪk]
  adj. 古怪的；反常的；不同圆心的
  n. 怪人；[物]偏心轮
• hedge [高考]
  美[hedʒ] | 英[hedʒ]
  n. 树篱；篱笆；障碍；防护物；套期保值；推诿
  v. 用树篱围；避免直接回答；两面下注
• mainstream [高考]
  美[ˈmeɪnstriːm] | 英[ˈmeɪnstriːm]
  n. 主流
  adj. 主流的
  v. 把 ... 编入学校正规班级；把 ... 纳入主流
• shot [高考]
  美[ ʃɑːt] | 英[ʃɒt]
  n. 注射；投篮；发射；拍摄；开枪；子弹
  adj. (织物)闪色的；精疲力尽的；完了的
• would [高考]
  美[wʊd , wəd] | 英[wʊd , wəd]
  aux. 将；可能；大概；总会；愿意；will的过去式
• crust [四级]
  美[krʌst] | 英[krʌst]
  n. 外壳；坚硬的外壳；面包皮
  vt. 盖以硬皮
  vi. 结硬皮
• gulf [四级]
  美[ɡʌlf] | 英[ɡʌlf]
  n. 海湾；鸿沟
  vt. 吞没
• inflation [四级]
  美[ɪnˈfleɪʃn] | 英[ɪnˈfleɪʃn]
  n. 通货膨胀；膨胀
• amid [四级]
  美[əˈmɪd] | 英[əˈmɪd]
  prep. 在其间；在其中
• make it [四级]
  美[mek ɪt] | 英[meik it]
  成功 达到预定目标,性交易,幸存
• fixed [四级]
  美[fɪkst] | 英[fɪkst]
  adj. 固定的；不变的；确定的
• forge [四级]
  美[fɔːrdʒ] | 英[fɔːdʒ]
  vt. 锻造；伪造；建立
  vi. 伪造；做铁匠
  n. 锻炉；铁匠铺；锻造车间
• imbalance [六级]
  美[ɪmˈbæləns] | 英[ɪmˈbæləns]
  n. 不平衡；失调
• outfit [六级]
  美[ˈaʊtfɪt] | 英[ˈaʊtfɪt]
  n. 配备；用具；机构
  vt. 配备；供应
  vi. 得到装备
• owing [专四]
  美[ˈoʊɪŋ] | 英[ˈəʊɪŋ]
  adj. 未付的；归因于…的
• inert [专四]
  美[ɪˈnɜːrt] | 英[ɪˈnɜːt]
  adj. 无行动的；惰性的；迟钝的
• according [专四]
  美[ə'kɔrdɪŋ] | 英[ə'kɔːdɪŋ]
  adj. 相符的；相应的；一致的
  v. 给予；符合，一致；正式协议（accord的现在分词）
• frenzy [专四]
  美[ˈfrenzi] | 英[ˈfrenzi]
  n. 狂乱；狂暴；狂怒
• vogue [专八]
  美[voʊɡ] | 英[vəʊɡ]
  n. 时尚；流行
• ardent [专八]
  美[ˈɑːrdnt] | 英[ˈɑːdnt]
  adj. 热心的；激烈的；热情的
• long-established [考研]
  美 | 英
  adj. 多年从事经营的；开办很久的
• following [考研]
  美[ˈfɑːloʊɪŋ] | 英[ˈfɒləʊɪŋ]
  adj. 接着的；下列的
  prep. 在 ... 以后
  n. 追随者；下列各项
• niche [托福]
  美[niːʃ] | 英[niːʃ]
  n. 壁龛；适当的位置；（特定产品或服务的）用户群；[生]生态龛；生态位；小生态环境
  vt. 放在适当的位置

重点讲解

The new gold

新黄金

justify  v. 证明合理/正确；辩护

【例】I can't really justify taking another day off work.

我真找不到再请一天假的正当理由。

【搭配】justify oneself  证明自己是正确的

【例】It was the only thing that I could do -- I don't have to justify myself to anyone.

当时我只能这么做，我不需要向任何人辩解什么。

【拓展】justice  n. 正义

Even gold enthusiasts tend to view an ardent interest in silver as somewhat eccentric. To traders it is the “poor man’s gold” or “the devil’s metal”. For years those nicknames were justified by silver’s lacklustre returns and the wild ride its price took along the way.

即使是黄金爱好者也往往认为对白银的狂热兴趣有些古怪。对交易者来说，白银是“穷人的黄金”或“魔鬼的金属”。多年来，这些绰号被证明是名副其实，因为白银的回报率一直不尽如人意，而且其价格经历了剧烈的波动。

justify  v. 证明合理/正确；辩护

【例】I can't really justify taking another day off work.

我真找不到再请一天假的正当理由。

【搭配】justify oneself  证明自己是正确的

【例】It was the only thing that I could do -- I don't have to justify myself to anyone.

当时我只能这么做，我不需要向任何人辩解什么。

【拓展】justice  n. 正义

The devil’s metal is still not for the faint-hearted. But it has almost kept pace with gold over the past year and has outperformed it over the past five. With investment flows now following returns, a once-niche asset is inching towards the mainstream.

魔鬼的金属依然不适合胆小之人投资。但白银在过去一年中几乎与黄金保持同步，并在过去五年中表现优于黄金。随着投资现金流现在开始追随回报，这个曾经小众的资产正逐渐走向主流。

keep pace with  与……保持同步/步调一致

【例】She found it hard to keep pace with him as he strode off. 

他大步走开了，她感到很难跟上他的脚步。

Until now, wage increases have always kept pace with inflation. 

到目前为止，工资的增长与通货膨胀始终保持同步。

Logic suggests that silver’s price should move similarly to gold’s. It, too, is rare, pretty and inert, and so has been used to forge jewellery and coins for millennia. This long-established role as a store of value lends it “safe-haven” appeal when investors are nervous.

逻辑表明，白银的价格走势应该与黄金相似。白银同样稀有、漂亮、惰性，因此数千年来一直被用于制作珠宝和铸造硬币。当投资者感到紧张不安时，白银长期以来的这种价值储存作用就让它有了“避险”的吸引力。

forge  v. 铸造；打造；建立

【例】to forge an alliance between the two countries

使两国结成同盟

to forge a new career 创立一番新事业

to forge an enduring peace 缔造持久的和平

lend   v. 增添（特色、风格等）

【例】Her presence lent the occasion a certain dignity. 

她的出席使那场面增添了几分光彩。

【搭配】lend itself to sth  适合做某事

【例】Her voice doesn't really lend itself to singing. 

她的嗓音不是很适合唱歌。

As with gold, the fixed amount of silver in the Earth’s crust ought also to make it a good hedge against inflation.

与黄金一样，地壳中的白银数量是固定的，这也应使其成为对抗通胀的好工具。

hedge  n. & v.

1. 做名词：规避（风险）的措施

【例】They store two years' food supply as a hedge against crop failure. 

他们储备两年的食粮以防歉收。

2. 做动词：防范；避险

【例】They are hedging against crop failure by storing food supply.

他们通过储备食粮来规避歉收的风险。

【搭配】hedge fund 对冲基金

Now it is back in vogue. Central banks have spent years building up their gold reserves. In September Interfax, a Russian news agency, reported that its government would soon start buying silver, too.

现在白银又重归时尚。各国央行多年来一直在增加黄金储备。9月，俄罗斯新闻机构国际文传电讯社报道，俄罗斯政府也将很快开始购买白银。

reserve  v. & n.

1. 作动词：保留；预留

【例】to reserve a table 预订一个桌位

All rights reserved. 版权所有。

2. 作名词：留有的东西；储备

【例】oil reserves  石油贮藏量

cash reserves  现金储备

This year traders in New York have been draining London’s vaults of gold, amid fears that such imports may face tariffs in the future. They have been snapping up silver even faster—so much so, in fact, that the transatlantic price gap justifies loading bars of it onto commercial flights.

今年，纽约的交易员们一直在从伦敦的金库中买走黄金，原因是担心未来进口黄金可能会面临关税。而他们抢购白银的速度更快，事实上已经快到大西洋两岸的银价出现差距，需要用商业航班运输银条。

drain  v. 把水排干；耗尽

【例】The swimming pool has been drained.

泳池里的水都排干了。

The hospital expenses have drained my savings.

医疗费用掏空了我的储蓄。

【拓展】draining  adj. 让人精疲力尽的

drained  adj. 感到精疲力尽的

【例】a draining experience 让人很累的体验

I feel drained. 我感觉一点力气都没有了。

What is more, a widening gulf between supply and demand looks likely to keep the frenzy going. The annual supply of silver, driven by mining production and recycling, has contracted slightly over the past decade, according to the Silver Institute, a research outfit.

此外，供需之间的差距不断扩大，似乎有可能使白银热度不消。根据研究机构白银研究所的数据，过去十年间，由采矿产量和回收推动的白银年供应量略有收缩。

contract  v. 收缩；减少

【例】Glass contracts as it cools. 

玻璃遇冷收缩。

The economy is contracting.

经济在收缩。

We contract “can not” to “can’t”.

我们把can not缩写成can’t。

【反义词】expand  v. 膨胀；扩张

Over the same period, industrial demand has surged by more than 50%, owing largely to silver’s use in solar panels. Imports into China, which manufactures large quantities of these, have shot up. Since mining capacity cannot be expanded quickly, the imbalance should continue to boost silver’s price for some time.

同一时期，工业需求激增了50%以上，主要是因为白银在太阳能电池板中的使用。中国大量生产太阳能电池板，因此中国进口的白银数量大幅上升。由于采矿产能无法迅速扩大，因此这种供需失衡状态应该会在一段时间内继续推高白银价格。

capacity  n. 容纳能力；生产能力

【例】The theatre has a seating capacity of 2 000. 

这座剧院能容纳2 000名观众。

The factory is working at full capacity. 

这家工厂在开足马力生产。

【辨析】capability  n. 做事的能力

competence  n. 胜任力；能力

课后练习

• What has happened to silver over the past five years?

  A. It has had extremely poor returns and stable prices.
  B. The prices of silver have exceeded those of gold.
  C. It has generated better returns than gold.
  D. It has gained the status of a niche asset.

• Silver is a haven asset because ____.

  A. it is used for a wide range of purposes
  B. it is more abundant and popular than gold
  C. it can store value and is unaffected by inflation
  D. it has a very stable price in the market all the time

• What have the traders in New York been doing?

  A. They have been buying silver and selling gold.
  B. They have been shipping gold and silver to London.
  C. They have been selling a large amount of gold and silver.
  D. They have been importing gold and silver from London.

• The price of silver may remain strong because ____.

  A. the annual supply of silver has been increasing steadily
  B. the manufacturing capacity of solar panels has contracted
  C. the mining capacity of silver can be quickly adjusted to meet the demand
  D. the industrial demand has surged and the supply cannot be easily expanded