{"id":105515,"date":"2026-04-29T00:19:22","date_gmt":"2026-04-28T22:19:22","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=105515"},"modified":"2026-04-28T21:35:56","modified_gmt":"2026-04-28T19:35:56","slug":"paradox-bezpecneho-pristavu-proc-cena-zlata-strada","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2026\/04\/29\/paradox-bezpecneho-pristavu-proc-cena-zlata-strada\/","title":{"rendered":"Paradox bezpe\u010dn\u00e9ho p\u0159\u00edstavu: Pro\u010d cena zlata str\u00e1d\u00e1?"},"content":{"rendered":"
<\/div>\n

Paradox bezpe\u010dn\u00e9ho p\u0159\u00edstavu: Pro\u010d cena zlata str\u00e1d\u00e1?<\/strong><\/p>\n

Sv\u011bt znovu za\u017e\u00edv\u00e1 specifick\u00e1 geopolitick\u00e1 rizika a zlato m\u00edsto o\u010dek\u00e1van\u00e9ho impulzivn\u00edho r\u016fstu hodnoty ztr\u00e1c\u00ed dech. Aktu\u00e1ln\u011b se pohybuje pod p\u0159ibli\u017en\u011b 4 800 USD za unci a odepisuje zhruba 14 procent ze sv\u00fdch lednov\u00fdch maxim, co\u017e mnoh\u00e9 investory mate. Vysv\u011btlen\u00ed? St\u00e1ty ho dnes neprod\u00e1vaj\u00ed kv\u016fli nedostatku d\u016fv\u011bry, ale proto, \u017ee ho pot\u0159ebuj\u00ed jako okam\u017eitou likvidn\u00ed z\u00e1chrannou brzdu pro financov\u00e1n\u00ed.<\/strong><\/p>\n

Likvidita<\/strong><\/h3>\n

Hlavn\u00edm faktorem sou\u010dasn\u00e9ho poklesu nen\u00ed ztr\u00e1ta d\u016fv\u011bry v kr\u00e1le drah\u00fdch kov\u016f, ale akutn\u00ed pot\u0159eba hotovosti v rozv\u00edjej\u00edc\u00edch se ekonomik\u00e1ch. Adrian Ash ze spole\u010dnosti BullionVault tento fenom\u00e9n popsal trefn\u011b: \u201eKoupili jste zlato pro p\u0159\u00edpad krize. Te\u010f krize p\u0159i\u0161la.\u201c Zlato se tak v rukou centr\u00e1ln\u00edch bank prom\u011bnilo v likvidn\u00ed pokladnici, kterou st\u00e1ty otev\u00edraj\u00ed, aby financovaly obranu, pokryly rostouc\u00ed ceny energi\u00ed nebo chr\u00e1nily sv\u00e9 oslabuj\u00edc\u00ed m\u011bny. Tento trend je nejv\u00edce patrn\u00fd pr\u00e1v\u011b v zem\u00edch, kter\u00e9 jsou pod nejv\u011bt\u0161\u00edm geopolitick\u00fdm a ekonomick\u00fdm tlakem. Shaokai Fan z World Gold Council zd\u016fraz\u0148uje, \u017ee schopnost bank prodat zlato pr\u00e1v\u011b v moment\u011b stresu potvrzuje jeho skute\u010dnou hodnotu \u2013 je to majetek, kter\u00fd je vysoce likvidn\u00ed a lze ho okam\u017eit\u011b zpen\u011b\u017eit, kdy\u017e selh\u00e1vaj\u00ed jin\u00e9 zdroje.<\/p>\n

Tureck\u00fd sc\u00e9n\u00e1\u0159 a boj o stabilitu na rozv\u00edjej\u00edc\u00edch se trz\u00edch<\/strong><\/h3>\n

Nejv\u00fdrazn\u011bj\u0161\u00edm prodejcem leto\u0161n\u00edho roku je zat\u00edm Turecko, jeho\u017e ofici\u00e1ln\u00ed zlat\u00e9 rezervy jen v b\u0159eznu klesly o masivn\u00edch 131 tun. Tureck\u00e1 centr\u00e1ln\u00ed banka p\u0159itom vyu\u017eila p\u0159\u00edm\u00e9 prodeje i swapy, a to s jedin\u00fdm c\u00edlem \u2013 stabilizovat liru, kter\u00e1 od za\u010d\u00e1tku konfliktu s \u00cdr\u00e1nem oslabila v\u016f\u010di dolaru o t\u00e9m\u011b\u0159 1,7 procenta.* Podobn\u011b reaguje i Rusko, kter\u00e9 sni\u017euje sv\u00e9 rezervy na financov\u00e1n\u00ed rozpo\u010dtov\u00fdch deficit\u016f, stejn\u011b jako Ghana, kter\u00e1 hled\u00e1 devizovou likviditu. Dokonce i Polsko, kter\u00e9 bylo v p\u0159edchoz\u00edch dvou letech nejv\u011bt\u0161\u00edm kupcem zlata, za\u010dalo v r\u00e1mci obrann\u00fdch v\u00fddaj\u016f uva\u017eovat o zpen\u011b\u017een\u00ed \u010d\u00e1sti rezerv. Pro zem\u011b z\u00e1visl\u00e9 na dovozu ropy, jej\u00ed\u017e ceny zat\u011b\u017euj\u00ed jejich platebn\u00ed bilanci, se zlato op\u011bt stalo velmi efektivn\u00edm n\u00e1strojem \u0159\u00edzen\u00ed rizika.<\/p>\n

Jest\u0159\u00e1b\u00ed Fed a v\u00fdnosy z dluhopis\u016f<\/strong><\/h3>\n

Krom\u011b v\u00fdprodej\u016f ze strany centr\u00e1ln\u00edch bank \u010del\u00ed tento drah\u00fd kov tak\u00e9 ne\u00faprosn\u00fdm makroekonomick\u00fdm faktor\u016fm v USA. Jest\u0159\u00e1b\u00ed postoj americk\u00e9ho Fedu a r\u016fst v\u00fdnos\u016f z americk\u00fdch st\u00e1tn\u00edch dluhopis\u016f vytv\u00e1\u0159ej\u00ed prost\u0159ed\u00ed, ve kter\u00e9m zlato jako aktivum nenesouc\u00ed \u00farok ztr\u00e1c\u00ed \u010d\u00e1st sv\u00e9 atraktivity. Data z Natixis uv\u00e1d\u011bj\u00ed, \u017ee zat\u00edmco v letech 2022 a\u017e 2024 centr\u00e1ln\u00ed banky nakupovaly rekordn\u00edch tis\u00edc tun ro\u010dn\u011b, v roce 2025 tento dopyt kv\u016fli rekordn\u00ed volatilit\u011b klesl na 863 tun.<\/p>\n

Hled\u00e1n\u00ed p\u0159\u00edle\u017eitosti<\/strong><\/h3>\n

Navzdory sou\u010dasn\u00e9 korekci v\u0161ak nen\u00ed d\u016fvod k panice, ale sp\u00ed\u0161e ke strategick\u00e9 obez\u0159etnosti. Sou\u010dasn\u00e1 korekce m\u016f\u017ee b\u00fdt pouze zaj\u00edmavou p\u0159\u00edle\u017eitost\u00ed k n\u00e1kupu za v\u00fdhodn\u011bj\u0161\u00ed cenu, zejm\u00e9na s ohledem na to, \u017ee v\u00fdhledov\u011b se v roce 2026 o\u010dek\u00e1v\u00e1 dal\u0161\u00ed r\u016fst ceny zlata i ve druh\u00e9 polovin\u011b roku. [1] Sou\u010dasn\u00e1 situace n\u00e1s u\u010d\u00ed, \u017ee tento \u017elut\u00fd kov nen\u00ed jen bezpe\u010dn\u00fdm p\u0159\u00edstavem a statick\u00fdm majetkem, ale aktivn\u00edm n\u00e1strojem m\u011bnov\u00e9 a obrann\u00e9 politiky. Na z\u00e1v\u011br je d\u016fle\u017eit\u00e9 zd\u016fraznit fakt, \u017ee zlato moment\u00e1ln\u011b neprod\u00e1v\u00e1 trh, kter\u00fd by v n\u011bj nev\u011b\u0159il, ale trh, kter\u00fd ho pot\u0159ebuje zvl\u00e1dnout nar\u016fstaj\u00edc\u00ed rizika plynouc\u00ed z geopolitiky.<\/p>\n

Ol\u00edvia Lacenov\u00e1, analyti\u010dka <\/strong>Wonderinterest Trading Ltd.<\/strong><\/a><\/h5>\n

*Minul\u00e1 v\u00fdkonnost nen\u00ed z\u00e1rukou budouc\u00edch v\u00fdsledk\u016f<\/p>\n

[1] V\u00fdhledov\u00e1 prohl\u00e1\u0161en\u00ed vych\u00e1zej\u00ed z p\u0159edpoklad\u016f a aktu\u00e1ln\u00edch o\u010dek\u00e1v\u00e1n\u00ed, kter\u00e1 mohou b\u00fdt nep\u0159esn\u00e1, nebo z aktu\u00e1ln\u00edho ekonomick\u00e9ho prost\u0159ed\u00ed, kter\u00e9 se m\u016f\u017ee zm\u011bnit. Takov\u00e1 prohl\u00e1\u0161en\u00ed nejsou z\u00e1rukou budouc\u00ed v\u00fdkonnosti. Zahrnuj\u00ed rizika a dal\u0161\u00ed nejistoty, kter\u00e9 je obt\u00ed\u017en\u00e9 p\u0159edv\u00eddat. V\u00fdsledky se mohou podstatn\u011b li\u0161it od v\u00fdsledk\u016f vyj\u00e1d\u0159en\u00fdch nebo implikovan\u00fdch v jak\u00fdchkoli v\u00fdhledov\u00fdch prohl\u00e1\u0161en\u00edch.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Paradox bezpe\u010dn\u00e9ho p\u0159\u00edstavu: Pro\u010d cena zlata str\u00e1d\u00e1? Sv\u011bt znovu za\u017e\u00edv\u00e1 specifick\u00e1 geopolitick\u00e1 rizika a zlato…<\/p>\n","protected":false},"author":2,"featured_media":102726,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[1042,45,331,693],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/105515"}],"collection":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/comments?post=105515"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/105515\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/102726"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=105515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=105515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=105515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}