{"id":90027,"date":"2025-10-17T00:17:38","date_gmt":"2025-10-16T22:17:38","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=90027"},"modified":"2025-10-16T10:29:29","modified_gmt":"2025-10-16T08:29:29","slug":"rychly-rust-ceny-zlata-odhaluje-konec-klidu-a-zacatek-zmeny","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2025\/10\/17\/rychly-rust-ceny-zlata-odhaluje-konec-klidu-a-zacatek-zmeny\/","title":{"rendered":"Rychl\u00fd r\u016fst ceny zlata odhaluje konec klidu a za\u010d\u00e1tek zm\u011bny"},"content":{"rendered":"
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Zlato p\u0159ekro\u010dilo\u00a0hranici\u00a0<\/span>4 000 dolar\u016f za unci \u2013 pouh\u00fdch\u00a0<\/span><\/strong>200 dn\u00ed<\/span><\/strong>\u00a0pot\u00e9, co prolomilo hranici 3 000 dolar\u016f. Co kdysi b\u00fdvalo pomal\u00fdm pochodem od krize ke krizi, se prom\u011bnilo ve\u00a0<\/span>zrychlen\u00fd sprint<\/span><\/strong>\u00a0, kter\u00fd zm\u011bnil pohled st\u0159adatel\u016f, investor\u016f a tv\u016frc\u016f politik na\u00a0<\/span>nejstar\u0161\u00ed m\u011bnov\u00fd kov sv\u011bta<\/span><\/strong>\u00a0.<\/span><\/p>\n

Krom\u011b symbolick\u00e9ho dopadu kulat\u00e9ho \u010d\u00edsla tento okam\u017eik zd\u016fraz\u0148uje st\u00e1le napjat\u011bj\u0161\u00ed souhru\u00a0<\/span>makroekonomick\u00fdch tlak\u016f<\/span><\/strong>\u00a0,\u00a0<\/span>geopolitick\u00e9 nestability<\/span><\/strong>\u00a0a sebeposiluj\u00edc\u00edch se\u00a0<\/span>moment\u00e1ln\u00edch smy\u010dek<\/span><\/strong>\u00a0.<\/span><\/p>\n

P\u0159ekr\u00fdvaj\u00edc\u00ed se s\u00edly \u017eenou cenu zlata nahoru<\/span><\/h3>\n
    \n
  • Volatiln\u00ed obchodn\u00ed politika<\/span><\/strong>\u00a0, neshody mezi centr\u00e1ln\u00edmi bankami a\u00a0<\/span>p\u0159etrv\u00e1vaj\u00edc\u00ed fisk\u00e1ln\u00ed dysfunkce<\/span><\/strong>\u00a0podn\u00edtily popt\u00e1vku po bezpe\u010dn\u00fdch aktivech.<\/span>
    \nOpakovan\u00e9 fisk\u00e1ln\u00ed krize a exploduj\u00edc\u00ed dluhov\u00e1 z\u00e1t\u011b\u017e USA \u010din\u00ed zlato obzvl\u00e1\u0161t\u011b atraktivn\u00edm\u00a0<\/span>poji\u0161t\u011bn\u00edm<\/span><\/strong>\u00a0\u2013 zejm\u00e9na b\u011bhem sou\u010dasn\u00e9, pravd\u011bpodobn\u011b dlouhodob\u00e9, uzav\u00edrky vl\u00e1dy.<\/span><\/li>\n
  • \u010casto opakovan\u00e1 n\u00e1mitka, \u017ee\u00a0<\/span>zlato nevypl\u00e1c\u00ed dividendy ani v\u00fdnosy,<\/span><\/strong>\u00a0se st\u00e1v\u00e1 v\u00fdhodou, kdy\u017e se\u00a0<\/span>re\u00e1ln\u00e9 (o\u010di\u0161t\u011bn\u00e9 o inflaci) \u00farokov\u00e9 sazby<\/span><\/strong>\u00a0stanou z\u00e1porn\u00fdmi.<\/span>
    \nVzhledem k tomu, \u017ee americk\u00fd Feder\u00e1ln\u00ed rezervn\u00ed syst\u00e9m zah\u00e1jil politiku uvol\u0148ov\u00e1n\u00ed, n\u00e1klady p\u0159\u00edle\u017eitosti spojen\u00e9 s dr\u017ebou zlata klesaj\u00ed, co\u017e d\u00e1v\u00e1 kovu nov\u00fd\u00a0<\/span>impuls<\/span><\/strong>\u00a0.<\/span><\/li>\n
  • S\u00a0<\/span>klesaj\u00edc\u00edm americk\u00fdm dolarem<\/span><\/strong>\u00a0se zlato st\u00e1v\u00e1 levn\u011bj\u0161\u00edm a atraktivn\u011bj\u0161\u00edm pro zahrani\u010dn\u00ed kupce jako\u00a0<\/span>diverzifik\u00e1tor rezerv<\/span><\/strong>\u00a0.<\/span><\/li>\n
  • Od\u00a0<\/span>Pekingu po Braz\u00edlii<\/span><\/strong>\u00a0centr\u00e1ln\u00ed banky neust\u00e1le roz\u0161i\u0159uj\u00ed sv\u00e9\u00a0<\/span>zlat\u00e9 rezervy<\/span><\/strong>\u00a0\u2013 \u010d\u00e1ste\u010dn\u011b proto, aby se pojistily proti sankc\u00edm nebo geopolitick\u00fdm ot\u0159es\u016fm, \u010d\u00e1ste\u010dn\u011b proto, aby se distancovaly od dolaru.<\/span><\/li>\n
  • Fyzicky kryt\u00e9 ETF zlatem<\/span><\/strong>\u00a0p\u0159itahuj\u00ed nov\u00fd kapit\u00e1l \u2013 \u010d\u00e1ste\u010dn\u011b od soukrom\u00fdch investor\u016f, ale p\u0159ev\u00e1\u017en\u011b od institucion\u00e1ln\u00edch investor\u016f, kte\u0159\u00ed cht\u011bj\u00ed z\u016fstat dlouhodob\u011b anga\u017eovan\u00ed.<\/span><\/li>\n
  • Na rozd\u00edl od ropy nebo obil\u00ed\u00a0<\/span>nelze produkci zlata rychle zv\u00fd\u0161it<\/span><\/strong>\u00a0.<\/span>
    \nDoly trp\u00ed nedostatkem kapit\u00e1lu, politick\u00fdmi riziky a geologick\u00fdmi omezen\u00edmi.<\/span>
    \nRecyklace do jist\u00e9 m\u00edry p\u0159isp\u00edv\u00e1 k nab\u00eddce, ale zdaleka nesta\u010d\u00ed k uspokojen\u00ed rostouc\u00ed popt\u00e1vky.<\/span><\/li>\n
  • Rostouc\u00ed vl\u00e1dn\u00ed dluh<\/span><\/strong>\u00a0, nekonven\u010dn\u00ed fisk\u00e1ln\u00ed politika a pochybnosti o\u00a0<\/span>nez\u00e1vislosti centr\u00e1ln\u00edch bank<\/span><\/strong>\u00a0podkop\u00e1vaj\u00ed d\u016fv\u011bru v fiat m\u011bny.<\/span>
    \nKa\u017ed\u00e1 nov\u00e1 politick\u00e1 krize posiluje argumenty pro\u00a0<\/span>hmotn\u00e1 aktiva<\/span><\/strong>\u00a0.<\/span><\/li>\n
  • Pro mnoho investor\u016f je zlato v\u00edce ne\u017e investice \u2013 je to\u00a0<\/span>ochrana proti extr\u00e9mn\u00edm sc\u00e9n\u00e1\u0159\u016fm,<\/span><\/strong>\u00a0jako je v\u00e1lka, bankroty nebo n\u00e1hl\u00fd n\u00e1r\u016fst inflace.<\/span>
    \nTyto \u201e\u00a0<\/span>toky los\u016f<\/span><\/strong>\u00a0\u201c dod\u00e1vaj\u00ed r\u016fstu dal\u0161\u00ed hloubku.<\/span><\/li>\n<\/ul>\n

    V\u00fdsledkem je\u00a0<\/span>dokonal\u00e1 bou\u0159e vz\u00e1jemn\u011b se posiluj\u00edc\u00edch sil<\/span><\/strong>\u00a0. Zlato neroste z jednoho d\u016fvodu \u2013 ale z mnoha.<\/span><\/p>\n

    Je velk\u00e9 poku\u0161en\u00ed zam\u011b\u0159it se na symbolickou hranici: 4 000 dolar\u016f za unci je rekord, v\u00edce ne\u017e 3 000 dolar\u016f \u2013 p\u0159i\u010dem\u017e u\u017e se usilovn\u011b sna\u017e\u00edme o 5 000 dolar\u016f.<\/span><\/p>\n

    Ale\u00a0<\/span>d\u016fle\u017eit\u011bj\u0161\u00ed ne\u017e samotn\u00e9 \u010d\u00edslo je rychlost,<\/span><\/strong>\u00a0s jakou zlato tyto prahy p\u0159ekon\u00e1v\u00e1.<\/span>
    \nZlato poprv\u00e9 dos\u00e1hlo\u00a01 000 dolar\u016f<\/strong>\u00a0za unci v\u00a0<\/span>roce 2008<\/span><\/strong>\u00a0, b\u011bhem finan\u010dn\u00ed krize .\u00a0A\u017e v\u00a0srpnu 2020<\/strong>\u00a0\u2013 t\u00e9m\u011b\u0159\u00a0o 12 let, neboli p\u0159ibli\u017en\u011b o 4 400 dn\u00ed pozd\u011bji<\/strong>\u00a0\u2013 p\u0159ekonalo hranici 2 000 dolar\u016f. Skok\u00a0z\u00a02 000 dolar\u016f (2020)<\/strong>\u00a0na\u00a03 000 dolar\u016f (b\u0159ezen 2025)<\/strong>\u00a0trval p\u0159ibli\u017en\u011b\u00a0p\u011bt let<\/strong>\u00a0, neboli\u00a01 700 dn\u00ed<\/strong>\u00a0.\u00a0Skok z\u00a03 000 dolar\u016f na 4 000 dolar\u016f<\/strong>\u00a0trval pouh\u00fdch\u00a0sedm m\u011bs\u00edc\u016f<\/strong>\u00a0\u2013 asi\u00a0200 dn\u00ed<\/strong>\u00a0.<\/span><\/p>\n

    Toto\u00a0<\/span>dramatick\u00e9 zkr\u00e1cen\u00ed interval\u016f<\/span><\/strong>\u00a0\u2013 z dvan\u00e1cti let na p\u011bt a pak na m\u00e9n\u011b ne\u017e jeden \u2013 nazna\u010duje\u00a0<\/span>syst\u00e9movou zm\u011bnu<\/span><\/strong>\u00a0:<\/span>
    \nbu\u010f\u00a0<\/span>zrychluj\u00edc\u00ed se ztr\u00e1tu d\u016fv\u011bry ve finan\u010dn\u00ed syst\u00e9m,<\/span><\/strong>\u00a0nebo\u00a0<\/span>sebeposiluj\u00edc\u00ed dynamiku<\/span><\/strong>\u00a0, kter\u00e1 se st\u00e1v\u00e1 hnac\u00ed silou r\u016fstu cen.<\/span><\/p>\n

    Tempo t\u011bchto skok\u016f vypr\u00e1v\u00ed hlub\u0161\u00ed p\u0159\u00edb\u011bh ne\u017e jen kulat\u00e1 \u010d\u00edsla.<\/span>
    \nVyvol\u00e1v\u00e1 ot\u00e1zku:\u00a0<\/span>Jsme sv\u011bdky bubliny \u2013 nebo struktur\u00e1ln\u00edho p\u0159ehodnocen\u00ed role zlata<\/span><\/strong>\u00a0ve finan\u010dn\u00edm syst\u00e9mu?<\/span><\/p>\n

    Anal\u00fdza \u201epo\u010dtu\u00a0<\/span>dn\u00ed na nov\u00fd tis\u00edcidolarovsk\u00fd skok<\/span><\/strong>\u00a0\u201c v porovn\u00e1n\u00ed s makroekonomick\u00fdmi faktory \u2013 jako jsou re\u00e1ln\u00e9 \u00farokov\u00e9 sazby, rezervy centr\u00e1ln\u00ed banky nebo pom\u011bry dluhu k HDP \u2013 by mohla uk\u00e1zat, zda se jedn\u00e1 o v\u00edce ne\u017e jen o hybnost:<\/span>
    \nmo\u017en\u00e1 o\u00a0<\/span>tr\u017en\u00ed sign\u00e1l k z\u00e1sadn\u00edmu p\u0159ehodnocen\u00ed<\/span><\/strong>\u00a0.<\/span><\/p>\n

    Z\u00e1v\u011br<\/span><\/h3>\n

    Cena zlata za\u00a0<\/span>4 000 dolar\u016f za unci<\/span><\/strong>\u00a0je v\u00edc ne\u017e jen titulek.<\/span>
    \nJe to\u00a0<\/span>sou\u010det p\u0159ekr\u00fdvaj\u00edc\u00edch se nejistot<\/span><\/strong>\u00a0\u2013 inflace, nestability m\u011bny, dluhu, politiky centr\u00e1ln\u00ed banky a geopolitick\u00e9ho nap\u011bt\u00ed.<\/span><\/p>\n

    Je to ale tak\u00e9\u00a0<\/span>p\u0159\u00edb\u011bh vypr\u00e1v\u011bn\u00fd v \u010d\u00edslech<\/span><\/strong>\u00a0:<\/span>
    \nzkracuj\u00edc\u00ed se intervaly mezi cenov\u00fdmi prahy odr\u00e1\u017eej\u00ed sv\u011bt<\/span>
    \n, kter\u00fd\u00a0<\/span>se m\u011bn\u00ed st\u00e1le rychleji<\/span><\/strong>\u00a0,<\/span>
    \nkde\u00a0<\/span>se bezpe\u010dn\u00e1 \u00fato\u010di\u0161t\u011b ji\u017e nehledaj\u00ed pomalu, ale nal\u00e9hav\u011b<\/span><\/strong>\u00a0.<\/span><\/p>\n

    Nen\u00ed pochyb o tom, \u017ee zlato m\u016f\u017ee dos\u00e1hnout hranice\u00a0<\/span>5 000 dolar\u016f<\/span><\/strong>\u00a0.<\/span>
    \nZ\u00e1sadn\u00ed ot\u00e1zkou je:<\/span>
    \nJak rychle \u2013 a co toto tempo \u0159\u00edk\u00e1 o stavu glob\u00e1ln\u00ed ekonomiky?<\/span><\/strong><\/p>\n

    Napsal\u00a0<\/span>Peter C. Earle<\/span><\/strong><\/em><\/p>\n<\/div>\n<\/div>\n

    \n
    \n

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

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

    Zlato p\u0159ekro\u010dilo\u00a0hranici\u00a04 000 dolar\u016f za unci \u2013 pouh\u00fdch\u00a0200 dn\u00ed\u00a0pot\u00e9, co prolomilo hranici 3 000 dolar\u016f….<\/p>\n","protected":false},"author":2,"featured_media":90028,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[1872,371,276,40,693],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/90027"}],"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=90027"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/90027\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/90028"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=90027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=90027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=90027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}