{"id":117291,"date":"2026-10-02T00:31:55","date_gmt":"2026-10-01T22:31:55","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=117291"},"modified":"2026-10-01T16:55:27","modified_gmt":"2026-10-01T14:55:27","slug":"monique-savoie-je-med-novym-zlatem","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2026\/10\/02\/monique-savoie-je-med-novym-zlatem\/","title":{"rendered":"Monique Savoie: Je m\u011b\u010f nov\u00fdm zlatem?"},"content":{"rendered":"
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Ceny m\u011bdi dosahuj\u00ed rekordn\u00edch maxim. Tohoto kovu je zoufal\u00fd nedostatek, zat\u00edmco popt\u00e1vka prudce roste. Boom um\u011bl\u00e9 inteligence \u017eene ceny nahoru. Stane se m\u011b\u010f \u201enov\u00fdm zlatem\u201c a m\u011bli bychom se s jej\u00edm n\u00e1kupem sp\u011bchat?<\/span><\/strong><\/p>\n

Vzhledem k siln\u00e9 popt\u00e1vce a prudce rostouc\u00edm cen\u00e1m se m\u011b\u010f nyn\u00ed naz\u00fdv\u00e1 \u201enov\u00fdm zlatem\u201c. \u201e <\/span>M\u011b\u010f je nov\u00e9 zlato<\/span><\/a> ,\u201c napsal v <\/span>den\u00edku X<\/span><\/em> Kirill Dmitriev, zvl\u00e1\u0161tn\u00ed zmocn\u011bnec rusk\u00e9ho prezidenta pro hospod\u00e1\u0159skou a investi\u010dn\u00ed spolupr\u00e1ci se zahrani\u010d\u00edm a \u0159editel Rusk\u00e9ho fondu p\u0159\u00edm\u00fdch investic.\u00a0<\/span><\/p>\n

Dne 22. z\u00e1\u0159\u00ed dos\u00e1hla cena m\u011bdi na burze Comex historick\u00e9ho maxima a <\/span>p\u0159ekonala<\/span><\/a> 6 903 dolar\u016f za libru, co\u017e je p\u0159ibli\u017en\u011b 1,28 milionu rubl\u016f za tunu. Na Lond\u00fdnsk\u00e9 burze kov\u016f (London Metal Exchange) se 23. z\u00e1\u0159\u00ed pohybovala kolem 14 655 dolar\u016f.\u00a0<\/span><\/p>\n

Nejedn\u00e1 se o jednor\u00e1zov\u00fd n\u00e1r\u016fst, ale sp\u00ed\u0161e o dlouhodob\u00fd trend. M\u011b\u010f posiluje ji\u017e n\u011bkolik let. Jen v roce 2025 jej\u00ed cena vzrostla o v\u00edce ne\u017e 40 % a od za\u010d\u00e1tku roku 2026 do 23. z\u00e1\u0159\u00ed z\u00edskala dal\u0161\u00edch 18 %.\u00a0<\/span><\/p>\n

Pro\u010d cena m\u011bdi prudce stoup\u00e1? Zaprv\u00e9 kv\u016fli nedostatku tohoto kovu na trhu. M\u011b\u010f je nezbytn\u00e1 pro elektrick\u00e9 s\u00edt\u011b, elektromobily, pr\u016fmyslov\u00e1 za\u0159\u00edzen\u00ed a stavebnictv\u00ed. Vzestup um\u011bl\u00e9 inteligence vytv\u00e1\u0159\u00ed dodate\u010dnou popt\u00e1vku. Datov\u00e1 centra pot\u0159ebuj\u00ed kabely, transform\u00e1tory a p\u0159ipojen\u00ed k v\u00fdkonn\u00fdm zdroj\u016fm energie. Investuje se nejen do samotn\u00fdch datov\u00fdch center, ale tak\u00e9 do okoln\u00ed energetick\u00e9 infrastruktury. Rychle rostouc\u00ed produkce k uspokojen\u00ed t\u00e9to popt\u00e1vky je obt\u00ed\u017en\u00e1, tak\u017ee o\u010dek\u00e1v\u00e1n\u00ed budouc\u00ed spot\u0159eby ji\u017e nyn\u00ed \u017eenou ceny nahoru.\u00a0<\/span><\/p>\n

Sou\u010dasn\u00fd n\u00e1r\u016fst cen v\u0161ak nen\u00ed zp\u016fsoben pouze glob\u00e1ln\u00edm nedostatkem. V o\u010dek\u00e1v\u00e1n\u00ed americk\u00fdch cel se tento kov aktivn\u011b dov\u00e1\u017e\u00ed do Spojen\u00fdch st\u00e1t\u016f, co\u017e sni\u017euje dostupn\u00e9 z\u00e1soby ve zbytku sv\u011bta. Podle <\/span>agentury Reuters<\/span><\/em> se k 23. z\u00e1\u0159\u00ed ve skladech Comexu <\/span>nach\u00e1zelo<\/span><\/a> p\u0159ibli\u017en\u011b 69 % z\u00e1sob m\u011bdi zaznamenan\u00fdch glob\u00e1ln\u00edmi burzami. Jin\u00fdmi slovy, kov existuje, ale zna\u010dn\u00e1 \u010d\u00e1st je soust\u0159ed\u011bna na jednom m\u00edst\u011b. Nedostatek se tak\u00e9 zhor\u0161il masivn\u00edmi n\u00e1kupy \u010d\u00ednsk\u00fdch spole\u010dnost\u00ed p\u0159ed st\u00e1tn\u00edm sv\u00e1tkem (od 1. do 7. \u0159\u00edjna 2026 \u010c\u00edna slav\u00ed v\u00fdro\u010d\u00ed zalo\u017een\u00ed \u010c\u00ednsk\u00e9 lidov\u00e9 republiky).\u00a0<\/span><\/p>\n

Do roku 2035 by se nedostatek m\u011bdi mohl je\u0161t\u011b zhor\u0161it. Podle IEA do t\u00e9 doby st\u00e1vaj\u00edc\u00ed nebo pl\u00e1novan\u00e9 t\u011b\u017eebn\u00ed projekty nepokryj\u00ed 25 % pot\u0159eb m\u011bdi. Jedn\u00e1 se o podm\u00edn\u011bnou progn\u00f3zu zalo\u017eenou na sou\u010dasn\u00e9m rozsahu projekt\u016f, ale o\u010dek\u00e1v\u00e1n\u00ed nedostatku ji\u017e nyn\u00ed \u017eenou ceny nahoru.\u00a0<\/span><\/p>\n

Ratingov\u00e1 agentura Fitch Ratings p\u0159edpov\u00edd\u00e1 <\/span>pr\u016fm\u011brnou cenu m\u011bdi<\/span><\/a> 13 500 dolar\u016f za tunu v roce 2026 a 12 000 dolar\u016f za tunu v roce 2027. P\u0159edchoz\u00ed progn\u00f3zy byly ni\u017e\u0161\u00ed.\u00a0<\/span><\/p>\n

Na jedn\u00e9 stran\u011b je mo\u017en\u00e9 profitovat z r\u016fstu cen m\u011bdi. Na druhou stranu jej\u00ed pou\u017eit\u00ed jako nov\u00e9ho bezpe\u010dn\u00e9ho aktiva srovnateln\u00e9ho se zlatem s sebou nese rizika.\u00a0<\/span><\/p>\n

Rostouc\u00ed cena m\u011bdi odr\u00e1\u017e\u00ed jej\u00ed pr\u016fmyslov\u00fd v\u00fdznam, ale i p\u0159es ur\u010dit\u00e9 podobnosti se zlatem p\u0159etrv\u00e1vaj\u00ed z\u00e1sadn\u00ed rozd\u00edly.\u00a0<\/span><\/p>\n

Spole\u010dn\u00fdm faktorem je, \u017ee nab\u00eddku obou kov\u016f nelze rychle zv\u00fd\u0161it a jejich glob\u00e1ln\u00ed cena je denominov\u00e1na v dolarech. Samotn\u00fd kov negeneruje \u017e\u00e1dn\u00fd \u00farok; v\u00fdnos poch\u00e1z\u00ed v\u00fdhradn\u011b z cenov\u00fdch v\u00fdkyv\u016f.\u00a0<\/span><\/p>\n

Rozd\u00edl spo\u010d\u00edv\u00e1 v motivaci pro jej\u00ed n\u00e1kup. M\u011b\u010f nakupuj\u00ed prim\u00e1rn\u011b podniky pro pr\u016fmyslovou v\u00fdrobu. Zlato je na druhou stranu z\u00edsk\u00e1v\u00e1no tak\u00e9 pro \u00fa\u010dely rezerv a ochrany kapit\u00e1lu, a to i centr\u00e1ln\u00edmi bankami.\u00a0<\/span><\/p>\n

Zlato m\u016f\u017ee nav\u00edc v\u00fdrazn\u011b ztr\u00e1cet na hodnot\u011b a nezaru\u010duje zachov\u00e1n\u00ed kapit\u00e1lu v kr\u00e1tkodob\u00e9m horizontu. M\u011b\u010f nab\u00edz\u00ed mo\u017enost t\u011b\u017eit z pr\u016fmyslov\u00e9ho rozvoje, ale i p\u0159es svou lichotivou pov\u011bst nem\u00e1 status bezpe\u010dn\u00e9ho p\u0159\u00edstavu jako zlato.\u00a0<\/span><\/p>\n

I dal\u0161\u00ed kovy vykazuj\u00ed rekordn\u00ed maxima. To plat\u00ed zejm\u00e9na pro st\u0159\u00edbro a platinu. St\u0159\u00edbro skute\u010dn\u011b p\u0159ekonalo rekordy, a to jak v d\u016fsledku pr\u016fmyslov\u00e9, tak investi\u010dn\u00ed popt\u00e1vky. Vysok\u00e9 ceny v\u0161ak z\u00e1rove\u0148 nut\u00ed v\u00fdrobce, aby kov \u0161et\u0159ili a hledali n\u00e1hrady. Ani nedostatek tedy nezaru\u010duje nep\u0159etr\u017eit\u00fd r\u016fst cen. St\u0159\u00edbro m\u016f\u017ee b\u00fdt cenn\u00fdm dopl\u0148kem dlouhodob\u00fdch \u00faspor, pokud je \u010dlov\u011bk ochoten akceptovat v\u00fdrazn\u00fd pokles cen.\u00a0<\/span><\/p>\n

Platina dos\u00e1hla historick\u00fdch maxim na konci roku 2025, ale v z\u00e1\u0159\u00ed v\u00fdrazn\u011b klesla. Jej\u00ed cena siln\u011b z\u00e1vis\u00ed na odv\u011btv\u00ed a zm\u011bn\u00e1ch popt\u00e1vky investor\u016f.\u00a0<\/span><\/p>\n

Nem\u011bli byste si pro sv\u00e9 \u00faspory vyb\u00edrat kov jen proto, \u017ee ned\u00e1vno dos\u00e1hl rekordn\u00ed ceny. Mezi t\u011bmito kovy je zlato i nad\u00e1le nejvhodn\u011bj\u0161\u00ed pro defenzivn\u00ed slo\u017eku portfolia, zat\u00edmco st\u0159\u00edbro, platina a m\u011b\u010f vy\u017eaduj\u00ed v\u011bt\u0161\u00ed toleranci ke ztr\u00e1t\u00e1m a v\u00edce trp\u011blivosti p\u0159i \u010dek\u00e1n\u00ed na zotaven\u00ed cen.<\/span>\u00a0<\/em><\/p>\n

Monique Savoie<\/span><\/em>\u00a0<\/em><\/a><\/p>\n

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

Ceny m\u011bdi dosahuj\u00ed rekordn\u00edch maxim. Tohoto kovu je zoufal\u00fd nedostatek, zat\u00edmco popt\u00e1vka prudce roste. Boom…<\/p>\n","protected":false},"author":2,"featured_media":117292,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[10312,6000,8310],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/117291"}],"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=117291"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/117291\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/117292"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=117291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=117291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=117291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}