{"id":83782,"date":"2025-07-18T00:33:09","date_gmt":"2025-07-17T22:33:09","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=83782"},"modified":"2025-07-17T15:24:55","modified_gmt":"2025-07-17T13:24:55","slug":"hromadeni-zlata-v-cine-spatne-znameni-pro-dolar","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2025\/07\/18\/hromadeni-zlata-v-cine-spatne-znameni-pro-dolar\/","title":{"rendered":"Hromad\u011bn\u00ed zlata v \u010c\u00edn\u011b: \u0161patn\u00e9 znamen\u00ed pro dolar"},"content":{"rendered":"
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Odp\u016frci USA tou\u017e\u00ed po budoucnosti bez dolaru, ale Trump World posiluje jejich argumenty, proto\u017ee zlato op\u011bt d\u011bl\u00e1 skv\u011bl\u00fdm.<\/strong><\/p>\n

TOKIO \u2013 Rostouc\u00ed zlat\u00e1 hore\u010dka centr\u00e1ln\u00edch bank nazna\u010duje, \u017ee d\u016fsledky fisk\u00e1ln\u00edch machinac\u00ed Donalda Trumpa se teprve za\u010d\u00ednaj\u00ed projevovat.<\/span><\/p>\n

Zat\u00edmco p\u0159edn\u00ed m\u011bnov\u00e9 autority investuj\u00ed do zlata za historicky vysok\u00e9 ceny, skute\u010dn\u00fdm c\u00edlem je sn\u00ed\u017eit expozici v\u016f\u010di americk\u00e9mu dolaru. Tato dynamika je v rozporu s tvrzen\u00edmi americk\u00e9ho prezidenta Trumpa, \u017ee se da\u0148ov\u00e9 \u0161krty v \u0159\u00e1du miliard dolar\u016f samy zaplat\u00ed. Je to tak\u00e9 reakce na Trumpova chaotick\u00e1 cla.<\/span><\/p>\n

Washingtonsk\u00fd V\u00fdbor pro odpov\u011bdn\u00fd feder\u00e1ln\u00ed rozpo\u010det (CRFB) ozna\u010duje \u201evelk\u00fd kr\u00e1sn\u00fd z\u00e1kon\u201c, kter\u00fd republik\u00e1ni pr\u00e1v\u011b schv\u00e1lili, za nejdra\u017e\u0161\u00ed z\u00e1kon o usm\u00ed\u0159en\u00ed v historii. Do roku 2034 zv\u00fd\u0161\u00ed st\u00e1tn\u00ed dluh o 4,1 bilionu dolar\u016f. Pokud se z do\u010dasn\u00fdch ustanoven\u00ed stanou trval\u00e1, tato \u010d\u00e1stka vzroste na 5,5 bilionu dolar\u016f.<\/span><\/p>\n

Zat\u00edmco Trumpovo ministerstvo financ\u00ed zva\u017euje, jak financovat sv\u00e9 v\u00fddajov\u00e9 hore\u010dky, bude se spol\u00e9hat na \u010c\u00ednu a zbytek Asie, kde s\u00eddl\u00ed nejv\u011bt\u0161\u00ed dr\u017eitel\u00e9 americk\u00e9ho st\u00e1tn\u00edho dluhu. Mnoho z t\u011bchto velk\u00fdch dlu\u017en\u00edk\u016f, v\u010detn\u011b Japonska a Ji\u017en\u00ed Koreje, nyn\u00ed \u010del\u00ed \u201erecipro\u010dn\u00edm\u201c Trumpov\u00fdm cl\u016fm.<\/span><\/p>\n

V\u011b\u0159ili bychom, \u017ee trendy na trhu se zlatem nejdou podle pl\u00e1nu.<\/span><\/p>\n

Nap\u0159\u00edklad \u010c\u00edna nen\u00ed zn\u00e1m\u00e1 t\u00edm, \u017ee by tla\u010dila b\u00fd\u010d\u00ed trhy nahoru. P\u0159esto p\u0159esn\u011b to ud\u011blala \u010c\u00ednsk\u00e1 lidov\u00e1 banka, kdy\u017e v \u010dervnu osm\u00fd m\u011bs\u00edc po sob\u011b nav\u00fd\u0161ila sv\u00e9 ofici\u00e1ln\u00ed zlat\u00e9 rezervy, a to i v dob\u011b, kdy se ceny pohybovaly pobl\u00ed\u017e rekordn\u00edch maxim.<\/span><\/p>\n

Z\u00e1soby drah\u00fdch kov\u016f v \u010d\u00ednsk\u00e9 \u010c\u00edn\u011b (PBOC) se minul\u00fd m\u011bs\u00edc zv\u00fd\u0161ily o 70 000 trojsk\u00fdch unc\u00ed. Od za\u010d\u00e1tku sou\u010dasn\u00e9 s\u00e9rie n\u00e1kup\u016f drah\u00fdch kov\u016f centr\u00e1ln\u00edmi bankami v listopadu zv\u00fd\u0161ila \u010d\u00ednsk\u00e1 \u010c\u00ednska banka guvern\u00e9ra Pana Kung-\u0161enga sv\u00e9 z\u00e1soby zlata o 1,1 milionu trojsk\u00fdch unc\u00ed, co\u017e je p\u0159ibli\u017en\u011b 34,2 tuny.<\/span><\/p>\n

A to i p\u0159esto, \u017ee cena zlata v tomto roce doposud vzrostla o v\u00edce ne\u017e 26 %. Nen\u00ed n\u00e1hoda, \u017ee se toto zhodnocen\u00ed a hromad\u011bn\u00ed z\u00e1sob centr\u00e1ln\u00edmi bankami zintenzivnilo po Trumpov\u011b p\u0159ekvapiv\u00e9m volebn\u00edm v\u00edt\u011bzstv\u00ed v listopadu a od ofici\u00e1ln\u00edho za\u010d\u00e1tku \u00e9ry Trump 2.0 v lednu.<\/span><\/p>\n

To p\u0159im\u011blo \u010c\u00ednu k p\u0159ehodnocen\u00ed sv\u00e9 z\u00e1vislosti na americk\u00e9m dolaru obecn\u011b. Krishan Gopaul, analytik Sv\u011btov\u00e9 rady pro zlato, uv\u00e1d\u00ed, \u017ee \u010dist\u00e9 n\u00e1kupy zlata Pekingem letos dos\u00e1hly 19 tun.<\/span><\/p>\n

Trump se nakonec vr\u00e1til do \u00fa\u0159adu s je\u0161t\u011b velkolep\u011bj\u0161\u00edmi pl\u00e1ny na omezen\u00ed nez\u00e1vislosti Feder\u00e1ln\u00edho rezervn\u00edho syst\u00e9mu a urychlen\u00ed r\u016fstu americk\u00e9ho st\u00e1tn\u00edho dluhu sm\u011brem k hranici 30 bilion\u016f dolar\u016f a v\u00edce. Z\u00e1rove\u0148 se neust\u00e1le sni\u017euje transparentnost ve\u0159ejnosti a svoboda tisku. To ekonom\u016fm ze soukrom\u00e9ho sektoru zt\u011b\u017euje posouzen\u00ed skute\u010dn\u00e9ho stavu finan\u010dn\u00edho jm\u011bn\u00ed Washingtonu.<\/span><\/p>\n

Nen\u00ed divu, \u017ee 13% pokles dolaru se zrychluje. Samoz\u0159ejm\u011b to nen\u00ed tak jednoduch\u00e9, proto\u017ee n\u00e1kupy dolar\u016f se v n\u011bkter\u00fdch kruz\u00edch zvy\u0161uj\u00ed pot\u00e9, co Trump zavedl nov\u00e1 50% cla na m\u011b\u010f a Braz\u00edlii.<\/span><\/p>\n

\u201eDomn\u00edv\u00e1me se, \u017ee centr\u00e1ln\u00ed banky nakupuj\u00ed zlato, aby diverzifikovaly sv\u00e9 rezervy, sn\u00ed\u017eily svou z\u00e1vislost na dolaru a zajistily se proti inflaci a ekonomick\u00e9 nejistot\u011b,\u201c \u0159\u00edk\u00e1 Lawson Winder, analytik Bank of America. \u201eO\u010dek\u00e1v\u00e1me, \u017ee tento trend bude pokra\u010dovat, zejm\u00e9na vzhledem k nejistot\u00e1m ohledn\u011b americk\u00fdch cel a obav\u00e1m z rozpo\u010dtov\u00e9ho deficitu.\u201c<\/span><\/p>\n

Mezit\u00edm si TS Lombard udr\u017euje kr\u00e1tkou pozici na dolaru a naz\u00fdv\u00e1 jej \u201edarem, kter\u00fd st\u00e1le p\u0159ich\u00e1z\u00ed\u201c.<\/span><\/p>\n

\u201eTrumpovy \u00fatoky na Fed\u201c a jeho \u201eexplicitn\u00ed touha po slab\u0161\u00edm dolaru,\u201c \u0159\u00edk\u00e1 strat\u00e9g TS Lombard Daniel Von Ahlen, \u201etento n\u00e1zor jen posiluj\u00ed. Dolar z\u016fst\u00e1v\u00e1 podle v\u011bt\u0161iny m\u011bnov\u00fdch ukazatel\u016f nadhodnocen\u00fd. Pro\u010d neo\u010dek\u00e1vat, \u017ee se dolar stane podhodnocen\u00fdm, vzhledem k v\u0161udyp\u0159\u00edtomn\u00fdm negativn\u00edm dopad\u016fm americk\u00e9ho dolaru? V \u0159ad\u011b obchod\u016f, kter\u00e9 m\u00e1me v pl\u00e1nu, z\u016fst\u00e1v\u00e1me pevn\u011b v dolaru.\u201c<\/span><\/p>\n

N\u00e1kupy zlata centr\u00e1ln\u00edmi bankami byly obzvl\u00e1\u0161t\u011b frenetick\u00e9 mezi vl\u00e1dami, kter\u00e9 nejsou zvl\u00e1\u0161\u0165 vst\u0159\u00edcn\u00e9 k z\u00e1jm\u016fm USA, v\u010detn\u011b \u010c\u00edny, Egypta, Ma\u010farska, Indie, Kazachst\u00e1nu, Kyrgyzst\u00e1nu, P\u00e1kist\u00e1nu, Turecka, Uzbekist\u00e1nu a st\u00e1t\u016f Persk\u00e9ho z\u00e1livu, jako je Katar.<\/span><\/p>\n

Zem\u011b BRICS \u2013 Braz\u00edlie, Rusko, Indie, \u010c\u00edna a Jihoafrick\u00e1 republika \u2013 hlasit\u011b vyjad\u0159uj\u00ed svou touhu opustit dolar. Snaha o vytvo\u0159en\u00ed alternativy dolaru by nyn\u00ed mohla b\u00fdt v pln\u00e9m proudu, jeliko\u017e republik\u00e1ni a nyn\u00ed i samotn\u00fd Trump stup\u0148uj\u00ed tlak na Braz\u00edlii jedine\u010dn\u00fdm osobn\u00edm zp\u016fsobem.<\/span><\/p>\n

Trump zd\u016fvodnil 50procentn\u00ed da\u0148 brazilsk\u00fdmi \u201e\u00fatoky\u201c na americk\u00e9 technologick\u00e9 spole\u010dnosti a \u201ehonem na \u010darod\u011bjnice\u201c proti b\u00fdval\u00e9mu prezidentovi Jairu Bolsonarovi. Trump\u016fv spojenec \u010del\u00ed trestn\u00edmu st\u00edh\u00e1n\u00ed za \u00fadajnou roli ve snaze o zvr\u00e1cen\u00ed voleb v roce 2022.<\/span><\/p>\n

\u010clenov\u00e9 BRICS mohou tuto kritiku vn\u00edmat v kontextu snah USA zneu\u017e\u00edt svou finan\u010dn\u00ed dominanci. Trumpovy hrozby trest\u00e1n\u00edm zem\u00ed, kter\u00e9 flirtuj\u00ed s pou\u017e\u00edv\u00e1n\u00edm jin\u00fdch m\u011bn, se na devizov\u00fdch trz\u00edch neosv\u011bd\u010dily.<\/span><\/p>\n

A\u010dkoliv Kongres ned\u00e1vno upustil od pl\u00e1nu, kter\u00fd by B\u00edl\u00e9mu domu umo\u017enil zdanit spole\u010dnosti a jednotlivce ze zem\u00ed, kter\u00e9 nem\u00e1 r\u00e1d, existuj\u00ed v\u00e1\u017en\u00e9 obavy, \u017ee by takov\u00e1 opat\u0159en\u00ed mohla b\u00fdt st\u00e1le v pl\u00e1nu. \u0160kody, jak tvrd\u00ed analytici, ji\u017e byly nap\u00e1ch\u00e1ny.<\/span><\/p>\n

\u201eTato samotn\u00e1 my\u0161lenka \u201ezpochyb\u0148uje otev\u0159enou povahu americk\u00fdch kapit\u00e1lov\u00fdch trh\u016f t\u00edm, \u017ee explicitn\u011b vyu\u017e\u00edv\u00e1 zdan\u011bn\u00ed zahrani\u010dn\u00edch dr\u017eeb americk\u00fdch aktiv jako prost\u0159edek tlaku na prosazov\u00e1n\u00ed americk\u00fdch ekonomick\u00fdch c\u00edl\u016f,\u201c \u0159\u00edk\u00e1 George Saravelos, ekonom Deutsche Bank. Tato \u201ezbra\u0148ovac\u00ed podoba americk\u00fdch kapit\u00e1lov\u00fdch trh\u016f,\u201c \u0159\u00edk\u00e1 Saravelos, s sebou nese riziko, \u201e\u017ee americk\u00e1 vl\u00e1da m\u016f\u017ee prom\u011bnit obchodn\u00ed v\u00e1lku ve v\u00e1lku kapit\u00e1lovou, pokud se tak rozhodne.\u201c<\/span><\/p>\n

Probl\u00e9m je v tom, \u017ee dynamika zneu\u017e\u00edv\u00e1n\u00ed dolaru se stala p\u0159\u00edli\u0161 b\u011b\u017enou z\u00e1le\u017eitost\u00ed na to, aby ji zahrani\u010dn\u00ed investo\u0159i odm\u00edtli jako pouhou zvl\u00e1\u0161tnost. Vn\u00edm\u00e1n\u00ed jako zneu\u017e\u00edv\u00e1n\u00ed dolaru m\u00e1 svou cenu, varuje ekonomka Zongyuan Zoe Liu z Rady pro zahrani\u010dn\u00ed vztahy.<\/span><\/p>\n

Jedn\u00edm z p\u0159\u00edklad\u016f je zmrazen\u00ed p\u0159\u00edstupu k devizov\u00fdm rezerv\u00e1m konkuren\u010dn\u00ed zem\u011b, jak to ud\u011blal t\u00fdm b\u00fdval\u00e9ho americk\u00e9ho prezidenta Joea Bidena s Ruskem v reakci na invazi Vladimira Putina na Ukrajinu. \u201e\u010c\u00edm v\u00edce USA tuto mo\u017enost vyu\u017eij\u00ed, t\u00edm v\u00edce se ostatn\u00ed zem\u011b z geopolitick\u00fdch d\u016fvod\u016f diverzifikuj\u00ed,\u201c poznamen\u00e1v\u00e1 Liu.<\/span><\/p>\n

V roce 2022 Kongres povolil B\u00edl\u00e9mu domu v prezidentsk\u00e9m \u00fa\u0159adu Bidenovi zabavit rusk\u00e1 dolarov\u00e1 aktiva na podporu Ukrajiny. Toto tzv. ustanoven\u00ed o REPO operac\u00edch umo\u017enilo t\u00fdmu tehdej\u0161\u00ed ministryn\u011b financ\u00ed Janet Yellenov\u00e9 p\u0159ev\u00e9st rusk\u00e9 st\u00e1tn\u00ed fondy do fondu pro obnovu Ukrajiny. To vyvolalo novou debatu o dlouhodob\u00fdch n\u00e1kladech spojen\u00fdch s zneu\u017e\u00edv\u00e1n\u00edm dominance dolaru zlov\u011bstn\u00fdmi zp\u016fsoby.<\/span><\/p>\n

Trump 2.0 ale rychle nach\u00e1z\u00ed nov\u00e9 zp\u016fsoby, jak podkopat americkou geopolitickou m\u011bkkou s\u00edlu. P\u0159\u00edkladem je Trump\u016fv z\u00e1sah proti studentsk\u00fdm v\u00edz\u016fm pro \u010c\u00ednu a neust\u00e1le rostouc\u00ed seznam dal\u0161\u00edch zem\u00ed, kter\u00e9 nem\u00e1 r\u00e1d. Jen m\u00e1lo jin\u00fdch americk\u00fdch odv\u011btv\u00ed m\u00e1 tak velk\u00fd obchodn\u00ed p\u0159ebytek jako vysoko\u0161kolsk\u00e9 vzd\u011bl\u00e1v\u00e1n\u00ed.<\/span><\/p>\n

\u0160kody, kter\u00e9 Trump 2.0 zp\u016fsobuje statusu dolaru jako rezervn\u00ed m\u011bny, se zhor\u0161uj\u00ed.<\/span><\/p>\n

Prozat\u00edm, \u0159\u00edk\u00e1 Rodrigo Catril, strat\u00e9g National Australia Bank, dolar z\u016fst\u00e1v\u00e1 dominantn\u00ed z n\u011bkolika d\u016fvod\u016f. Je to nejlikvidn\u011bj\u0161\u00ed m\u011bna, je voln\u011b obchodovateln\u00e1 a z\u016fst\u00e1v\u00e1 \u00fast\u0159edn\u00edm prost\u0159edkem pro p\u016fj\u010dky po cel\u00e9m sv\u011bt\u011b. Dod\u00e1v\u00e1 v\u0161ak: \u201ePokud Trump zv\u00fd\u0161\u00ed tlak na zem\u011b BRICS, mohlo by to urychlit odklon od dolaru.\u201c<\/span><\/p>\n

\u010clenov\u00e9 BRICS kontroluj\u00ed glob\u00e1ln\u011b v\u00edce ne\u017e 40 % rezerv centr\u00e1ln\u00edch bank. Odhodl\u00e1n\u00ed bloku sn\u00ed\u017eit svou z\u00e1vislost na dolaru zahrnuje i vnit\u0159n\u00ed prosazov\u00e1n\u00ed jednotn\u00e9 m\u011bny mezi nimi.<\/span><\/p>\n

Zat\u00edmco zem\u011b BRICS zva\u017euj\u00ed, jak pos\u00edlit sv\u00e9 finan\u010dn\u00ed vazby, Peking pat\u0159\u00ed mezi nejdychtiv\u011bj\u0161\u00ed diverzifik\u00e1tory rezerv v r\u00e1mci skupiny. Jeho krok k urychlen\u00ed n\u00e1kup\u016f zlata p\u0159ich\u00e1z\u00ed uprost\u0159ed chaosu Trumpovy obchodn\u00ed v\u00e1lky a rostouc\u00edho deficitu feder\u00e1ln\u00edho rozpo\u010dtu USA.<\/span><\/p>\n

V posledn\u00edch letech \u010c\u00edna sn\u00ed\u017eila sv\u00e9 dr\u017eby americk\u00fdch st\u00e1tn\u00edch dluhopis\u016f. Jej\u00ed sou\u010dasn\u00e1 dr\u017eba americk\u00e9ho dluhu ve v\u00fd\u0161i 760 miliard dolar\u016f nech\u00e1v\u00e1 Japonsko, nejv\u011bt\u0161\u00edho washingtonsk\u00e9ho bank\u00e9\u0159e v Asii, doslova v bezv\u011bdom\u00ed. Tokio dnes dr\u017e\u00ed americk\u00e9 st\u00e1tn\u00ed dluhopisy v hodnot\u011b p\u0159ibli\u017en\u011b 1,1 bilionu dolar\u016f.<\/span><\/p>\n

Trump\u016fv \u00fatok na Fed by mohl jen urychlit p\u0159echod ke zlatu, kter\u00fd vid\u00edme v hlavn\u00edch m\u011bstech od Pekingu po Jakartu. Mnoho investor\u016f se st\u00e1le ob\u00e1v\u00e1, \u017ee se Trump pokus\u00ed odvolat p\u0159edsedu Fedu Jeromea Powella. Nebo se ho pokus\u00ed zastra\u0161it, aby rezignoval 10 m\u011bs\u00edc\u016f p\u0159ed koncem sv\u00e9ho funk\u010dn\u00edho obdob\u00ed.<\/span><\/p>\n

\u201eDalo by se dob\u0159e argumentovat pro nominaci dal\u0161\u00edho p\u0159edsedy Fedu n\u011bkolik m\u011bs\u00edc\u016f p\u0159ed p\u0159echodn\u00fdm obdob\u00edm v kv\u011btnu 2026,\u201c \u0159\u00edk\u00e1 Krishna Guha, vedouc\u00ed glob\u00e1ln\u00ed strategie centr\u00e1ln\u00edch bank v Evercore ISI. \u201eJmenov\u00e1n\u00ed dal\u0161\u00edho p\u0159edsedy Fedu nyn\u00ed s o\u010dek\u00e1v\u00e1n\u00edm, \u017ee tato osoba bude po v\u011bt\u0161inu roku aktivn\u00edm alternativn\u00edm hlasem v m\u011bnov\u00e9 politice, by v\u0161ak zm\u00e1tlo trh a zt\u00ed\u017eilo by Fedu formov\u00e1n\u00ed o\u010dek\u00e1v\u00e1n\u00ed ohledn\u011b \u00farokov\u00fdch sazeb, potenci\u00e1ln\u011b… zp\u016fsobem, kter\u00fd by nepodporoval sni\u017eov\u00e1n\u00ed sazeb.\u201c<\/span><\/p>\n

Tato opat\u0159en\u00ed by tak\u00e9 nepomohla zachovat roli dolaru jako\u017eto glob\u00e1ln\u00edho bezpe\u010dn\u00e9ho p\u0159\u00edstavu. Je dob\u0159e zn\u00e1mo, \u017ee \u010c\u00edna a dal\u0161\u00ed protivn\u00edci USA tou\u017e\u00ed po budoucnosti bez dolaru. Trump World v\u0161ak posiluje argumenty pro n\u011b t\u00edm, \u017ee zlato op\u011bt d\u011bl\u00e1 skv\u011bl\u00fdm.<\/span><\/p>\n<\/div>\n<\/div>\n

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Zdroj<\/a><\/span><\/h3>\n

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Odp\u016frci USA tou\u017e\u00ed po budoucnosti bez dolaru, ale Trump World posiluje jejich argumenty, proto\u017ee zlato…<\/p>\n","protected":false},"author":2,"featured_media":83783,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[1042,30,1324,59,693],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/83782"}],"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=83782"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/83782\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/83783"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=83782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=83782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=83782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}