{"id":90321,"date":"2025-10-22T00:17:53","date_gmt":"2025-10-21T22:17:53","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=90321"},"modified":"2025-10-21T11:54:49","modified_gmt":"2025-10-21T09:54:49","slug":"nikdy-jsem-nic-takoveho-nevidel-obchodnik-s-drahymi-kovy-vidi-zlom-na-trzich-se-zlatem-a-stribrem","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2025\/10\/22\/nikdy-jsem-nic-takoveho-nevidel-obchodnik-s-drahymi-kovy-vidi-zlom-na-trzich-se-zlatem-a-stribrem\/","title":{"rendered":"\u201eNikdy jsem nic takov\u00e9ho nevid\u011bl\u201c: Obchodn\u00edk s drah\u00fdmi kovy vid\u00ed zlom na trz\u00edch se zlatem a st\u0159\u00edbrem"},"content":{"rendered":"
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Kdy\u017e st\u0159\u00edbro vzrostlo na n\u011bkolikalet\u00e1 maxima, zku\u0161en\u00fd obchodn\u00edk s drah\u00fdmi kovy\u00a0<\/span>Andy Schectman<\/span><\/strong>\u00a0nevid\u011bl jen dal\u0161\u00ed cenov\u00fd pohyb \u2013 vid\u011bl zlom v z\u00e1kladech glob\u00e1ln\u00edho trhu s kovy.<\/span><\/p>\n

V rozs\u00e1hl\u00e9m rozhovoru z minul\u00e9ho t\u00fddne Schectman argumentoval, \u017ee to, co se d\u011bje nyn\u00ed, p\u0159edstavuje okam\u017eik, kdy fyzick\u00fd trh kone\u010dn\u011b \u201eodhaluje bluf\u201c desetilet\u00ed manipulace s pap\u00edrov\u00fdmi aktivy.<\/span><\/p>\n

\u201eNikdy jsem nic takov\u00e9ho nevid\u011bl,\u201c za\u010dal a zd\u016fraznil, \u017ee se nejedn\u00e1 o pouhou volatilitu. \u201eZp\u011btn\u00fd trend… nazna\u010duje extr\u00e9mn\u00ed omezen\u00ed nab\u00eddky… Je to trh, kter\u00fd odhaluje nedostatek fyzick\u00e9ho st\u0159\u00edbra a k\u0159ehkost pap\u00edrov\u00e9ho kolater\u00e1lu.\u201c<\/span><\/em><\/p>\n

Pro Schectmana nen\u00ed \u201ebackwardation\u201c \u2013 kdy jsou spotov\u00e9 ceny vy\u0161\u0161\u00ed ne\u017e ceny futures \u2013 jen technick\u00e1 zvl\u00e1\u0161tnost. Je to varovn\u00fd sign\u00e1l, \u017ee nab\u00eddka skute\u010dn\u00e9ho kovu se st\u00e1v\u00e1 vz\u00e1cnou. V\u011b\u0159\u00ed, \u017ee \u00e9ra, kdy se investo\u0159i mohli pohodln\u011b spol\u00e9hat na deriv\u00e1ty \u201epap\u00edrov\u00e9ho st\u0159\u00edbra\u201c, se bl\u00ed\u017e\u00ed ke konci.<\/span><\/p>\n

\u201eLid\u00e9 p\u0159ij\u00edmali pap\u00edrov\u00e9 z\u00e1vazky velmi dlouho a mysl\u00edm, \u017ee tomu te\u010f bl\u00ed\u017e\u00ed konec,\u201c \u0159ekl. \u201eTo je pro st\u0159\u00edbro a dal\u0161\u00ed drah\u00e9 kovy jednozna\u010dn\u011b optimistick\u00e9.\u201c<\/span><\/em><\/p>\n

Na ot\u00e1zku, co ve skute\u010dnosti zp\u016fsobuje tento kolaps, Schectman pouk\u00e1zal na zn\u00e1mky stresu, kter\u00e9 se objevuj\u00ed pouze tehdy, kdy\u017e se tr\u017en\u00ed struktury zhrout\u00ed. Spotov\u00e9 ceny jsou nyn\u00ed nad cenami budouc\u00edch dod\u00e1vek \u2013 co\u017e u st\u0159\u00edbra ozna\u010dil za \u201evelmi vz\u00e1cn\u00e9\u201c a za \u201esign\u00e1l zoufal\u00e9 popt\u00e1vky\u201c. Sazby z pron\u00e1jmu v Lond\u00fdn\u011b, kter\u00e9 se obvykle pohybuj\u00ed kolem zlomku procenta, \u201evysko\u010dily na v\u00edce ne\u017e 39 %\u201c. Obraz, kter\u00fd vykreslil, byl obrazem paniky pod povrchem.<\/span><\/p>\n

\u201eV Lond\u00fdn\u011b maj\u00ed voln\u011b prodejn\u00e9 akcie o objemu 140 milion\u016f unc\u00ed, ale denn\u011b obchoduj\u00ed s 600 miliony unc\u00ed… Na voln\u011b prodejn\u00e9 akcie o objemu 140 milion\u016f unc\u00ed p\u0159ipadaj\u00ed pap\u00edrov\u00e9 n\u00e1roky p\u0159es dv\u011b miliardy unc\u00ed.\u201c<\/span><\/em><\/p>\n

Podle Schectmana je Lond\u00fdn epicentrem tich\u00e9 krize, v n\u00ed\u017e vych\u00e1zej\u00ed najevo roky \u201erehypotekace\u201c \u2013 tedy v\u00edcen\u00e1sobn\u00fdch pohled\u00e1vek na stejn\u00e9 m\u0159\u00ed\u017ee. \u201eZamet\u00e1 se to pod koberec,\u201c varoval.<\/span><\/p>\n

Na ot\u00e1zku, co by se stalo, kdyby se tato pap\u00edrov\u00e1 struktura zhroutila, p\u0159irovnal to k hromadn\u00e9mu v\u00fdb\u011bru pen\u011bz na bankovn\u00ed \u00fa\u010det. Kdy\u017e prodejci nakr\u00e1tko nemohou naj\u00edt kov k dod\u00e1n\u00ed a n\u00e1klady na p\u016fj\u010dky prudce vzrostou, za\u010d\u00ednaj\u00ed v\u00fdzvy k dodate\u010dn\u00e9 \u00fahrad\u011b mar\u017ee.<\/span><\/p>\n

\u201eZa\u010d\u00edn\u00e1 se objevovat v\u00fdzvy k dopln\u011bn\u00ed mar\u017ee… Nejsou schopni z\u00edskat st\u0159\u00edbro na pokryt\u00ed sv\u00e9 pozice,\u201c \u0159ekl. \u201eTehdy se v\u011bci st\u00e1vaj\u00ed velmi, velmi, velmi zaj\u00edmav\u00fdmi.\u201c<\/span><\/em><\/p>\n

V kr\u00e1tkodob\u00e9m horizontu uznal, \u017ee chaos by mohl vyvolat prudkou volatilitu \u2013 \u201elikvidace a prodeje motivovan\u00e9 p\u0159e\u017eit\u00edm\u201c \u2013 ale pova\u017euje to za do\u010dasn\u00e9. \u201eJakmile nucen\u00fd prodej skon\u010d\u00ed, za\u010dne dominovat fyzick\u00fd nedostatek a st\u0159\u00edbro si udr\u017e\u00ed sv\u00e9 vy\u0161\u0161\u00ed ceny i nad 50 dolary.\u201c V dlouhodob\u00e9m horizontu to vn\u00edm\u00e1 jako reset syst\u00e9mu: \u201eKdy\u017e se zhrout\u00ed d\u016fv\u011bra v tento pap\u00edrov\u00fd syst\u00e9m, za\u010dne struktur\u00e1ln\u00ed p\u0159ece\u0148ov\u00e1n\u00ed st\u0159\u00edbra.\u201c<\/span><\/p>\n

Schectman se nespol\u00e9h\u00e1 pouze na sentiment. Poukazuje na anal\u00fdzu graf\u016f, aby argumentoval, \u017ee samotn\u00e1 struktura trhu podporuje mnohem vy\u0161\u0161\u00ed ceny. Popsal desetilet\u00ed trvaj\u00edc\u00ed vzorec \u201edvojit\u00e9ho \u0161\u00e1lku a rukojeti\u201c sahaj\u00edc\u00ed a\u017e do 80. let a tvrdil, \u017ee pr\u016flom st\u0159\u00edbra nad 50 dolar\u016f by technicky mohl p\u0159edpokl\u00e1dat, \u017ee ceny vystoup\u00ed a\u017e na 96 dolar\u016f.<\/span><\/p>\n

\u201eVezmete vzd\u00e1lenost od dna\u2026 od 50 do 4\u2026 a p\u0159i\u010dtete ji k vrcholu\u2026 dal\u0161\u00ed c\u00edl\u2026 je 96 dolar\u016f,\u201c vysv\u011btlil.<\/span><\/em><\/p>\n

P\u0159esto uznal, \u017ee se nic nepohybuje p\u0159\u00edmo\u010da\u0159e. \u201eBude tam volatilita,\u201c \u0159ekl, ale v\u011b\u0159\u00ed, \u017ee ka\u017ed\u00e1 korekce pouze polo\u017e\u00ed z\u00e1klady pro dal\u0161\u00ed maximum.<\/span><\/p>\n

Jak se konverzace p\u0159esunula na makro\u00farove\u0148, Schectman se zam\u011b\u0159il na detaily. Pro n\u011bj se nejedn\u00e1 jen o st\u0159\u00edbro \u2013 jde o americk\u00fd dolar a glob\u00e1ln\u00ed odklon od z\u00e1padn\u00ed finan\u010dn\u00ed dominance.<\/span><\/p>\n

\u201eNen\u00ed to zlato a st\u0159\u00edbro, kter\u00e9 rostou. Je to dolar, kter\u00fd ztr\u00e1c\u00ed p\u016fdu pod nohama a ztr\u00e1c\u00ed hodnotu,\u201c \u0159ekl a popsal m\u011bnu jako \u201etaj\u00edc\u00ed kostku ledu\u201c.<\/span><\/em><\/p>\n

Tento pokles spojil s t\u00edm, co pova\u017euje za \u00famyslnou politickou strategii devalvace dolaru za \u00fa\u010delem obnoven\u00ed pr\u016fmyslov\u00e9 produkce v USA. S odvol\u00e1n\u00edm na b\u00fdvalou Trumpovu poradkyni\u00a0<\/span>Judy Sheltonovou<\/span><\/strong>\u00a0a tr\u017en\u00edho analytika\u00a0<\/span>Luka Gromena<\/span><\/strong>\u00a0spekuloval, \u017ee tv\u016frci politik mo\u017en\u00e1 pl\u00e1nuj\u00ed ti\u0161e propojit dlouhodob\u00e9 americk\u00e9 st\u00e1tn\u00ed dluhopisy se zlatem.<\/span><\/p>\n

\u201eKdy\u017e zaji\u0161\u0165uj\u00ed zadn\u00ed \u010d\u00e1st trhu s dluhopisy USA zlatem a nech\u00e1vaj\u00ed zlato pomalu r\u016fst… d\u011blaj\u00ed to proto, aby devalvovali dolar,\u201c \u0159ekl. \u201eNejv\u011bt\u0161\u00ed pen\u00edze na sv\u011bt\u011b… institucion\u00e1ln\u00ed obchodn\u00edci, kte\u0159\u00ed houfn\u011b po\u017eaduj\u00ed dod\u00e1n\u00ed… v\u011bd\u00ed, co p\u0159ijde.\u201c<\/span><\/em><\/p>\n

Schectmanova teze je, \u017ee r\u016fst cen drah\u00fdch kov\u016f nen\u00ed\u00a0<\/span>spekulativn\u00ed bublinou<\/span><\/strong>\u00a0, ale symptomem glob\u00e1ln\u00edho\u00a0<\/span>p\u0159eskupen\u00ed m\u011bn<\/span><\/strong>\u00a0.<\/span><\/p>\n

\u201eToto je obchod s devalvac\u00ed dolaru,\u201c \u0159ekl jednodu\u0161e.<\/span><\/em><\/p>\n

Na ot\u00e1zku, jak toto nap\u011bt\u00ed ovliv\u0148uje jeho podnik\u00e1n\u00ed, Schectman odpov\u011bd\u011bl p\u0159\u00edmo: Pr\u00e9mie exploduj\u00ed a spready se roz\u0161i\u0159uj\u00ed. Jako d\u016fkaz tlaku na obchodn\u00edky pouk\u00e1zal na backwardation gap.<\/span><\/p>\n

\u201eMezi cenou futures kontraktu a spotovou cenou byl rozd\u00edl asi 3 dolary,\u201c \u0159ekl. \u201eObchodn\u00edci, kte\u0159\u00ed pot\u0159ebuj\u00ed koupit kov za cenu X, se nemohou zajistit nikde pobl\u00ed\u017e X… tak\u017ee jsou vystaveni riziku.\u201c<\/span><\/em><\/p>\n

Tato expozice se odr\u00e1\u017e\u00ed v maloobchodn\u00edch cen\u00e1ch.<\/span><\/p>\n

\u201eKa\u017ed\u00fd velk\u00fd obchodn\u00edk v Americe m\u00e1 v sou\u010dasnosti o \u0161est, sedm, osm dolar\u016f za unci vy\u0161\u0161\u00ed cenu ne\u017e spotov\u00e1… jen tak,\u201c \u0159ekl o minc\u00edch Silver Eagle. Ohledn\u011b zlata dodal: \u201eNa\u0161e n\u00e1klady na zlat\u00e9 buvoly jsou o v\u00edce ne\u017e 200 dolar\u016f vy\u0161\u0161\u00ed ne\u017e spotov\u00e1 cena, ne\u017e vyd\u011bl\u00e1me jedin\u00fd cent.\u201c<\/span><\/em><\/p>\n

Z velk\u00e9 \u010d\u00e1sti tohoto nedostatku vin\u00ed\u00a0<\/span>americkou mincovnu<\/span><\/strong>\u00a0, kterou naz\u00fdv\u00e1 \u201emodelem neefektivity\u201c \u2013 neschopnou dodat dostate\u010dnou nab\u00eddku, kdy\u017e popt\u00e1vka prudce vzroste. Z\u00e1rove\u0148 v\u0161ak \u0159\u00edk\u00e1, \u017ee pr\u00e9mie odr\u00e1\u017eej\u00ed hlub\u0161\u00ed probl\u00e9m \u2013 rostouc\u00ed d\u016fraz ve\u0159ejnosti na fyzick\u00fd kov p\u0159ed vystaven\u00edm pap\u00edru.<\/span><\/p>\n

Schectman se je\u0161t\u011b v\u00edce vyj\u00e1d\u0159il, kdy\u017e\u00a0se ho ptali na burzovn\u011b obchodovan\u00e9 fondy (ETF), jako jsou\u00a0<\/span>SLV<\/span><\/strong>\u00a0a\u00a0<\/span>GLD .<\/span><\/strong><\/p>\n

\u201eSLV a GLD… p\u0159e\u010dt\u011bte si strany 6 a\u017e 12 s n\u00e1zvem Rizikov\u00e9 faktory,\u201c varoval a v podstat\u011b je ozna\u010dil za \u201epodvod\u201c. \u201eNevlo\u017eil bych tam ani za \u017eivot.\u201c<\/span><\/em><\/p>\n

[QTR: Pozor. Nepou\u017eil bych SLV ani GLD k z\u00edsk\u00e1n\u00ed dlouhodob\u00e9 expozice ve zlat\u011b a st\u0159\u00edb\u0159e.\u00a0Pokud bych pot\u0159eboval dr\u017eet n\u011bco jin\u00e9ho ne\u017e fyzick\u00fd kov, vlastnil bych rad\u011bji\u00a0<\/span>fondy Sprott .]<\/span><\/strong><\/p>\n

Jasn\u011b odd\u011blil hranici mezi pap\u00edrov\u00fdm a fyzick\u00fdm vlastnictv\u00edm.<\/span><\/p>\n

\u201eV r\u00e1mci sv\u00e9ho IRA m\u016f\u017eete vlastnit fyzick\u00fd kov… m\u016f\u017eete \u0159\u00edct: \u201aPo\u0161lete mi m\u016fj kov…\u2018, ale nikdy nem\u016f\u017eete fyzicky p\u0159evz\u00edt vlastnictv\u00ed GLD a SLV.\u201c<\/span><\/em><\/p>\n

Toto rozli\u0161en\u00ed \u2013 mezi skute\u010dn\u00fdm vlastnictv\u00edm a pap\u00edrov\u00fdm n\u00e1rokem \u2013 prostupuje cel\u00fdm jeho pohledem.<\/span><\/p>\n

\u201ePokud si to nedr\u017e\u00ed\u0161, tak to doopravdy nepat\u0159\u00ed tob\u011b,\u201c opakoval.<\/span><\/em><\/p>\n

Schectman si tak\u00e9 v\u0161iml dramatick\u00e9 zm\u011bny v chov\u00e1n\u00ed z\u00e1kazn\u00edk\u016f.<\/span><\/p>\n

\u201eNevid\u00edme \u017e\u00e1dn\u00e9 zn\u00e1mky prodeje,\u201c \u0159ekl. \u201eVelk\u00e9 pen\u00edze to d\u011blaj\u00ed u\u017e \u0161est m\u011bs\u00edc\u016f.\u201c<\/span><\/em><\/p>\n

Tvrd\u00ed, \u017ee institucion\u00e1ln\u00ed investo\u0159i agresivn\u011b nakupuj\u00ed zlato a st\u0159\u00edbro, zat\u00edmco velkoobchodn\u00edci a rafinerie, ukol\u00e9ban\u00ed rokem slab\u00e9 popt\u00e1vky, nyn\u00ed zoufale doh\u00e1n\u011bj\u00ed ztr\u00e1tu.<\/span><\/p>\n

\u201eP\u0159ejde to z prost\u0159ed\u00ed vysok\u00fdch cen… k lidem, kte\u0159\u00ed budou \u0159\u00edkat: \u201aU\u017e to tak snadno nese\u017eenou. Zmiz\u00ed to.\u2018 A p\u0159esn\u011b tak to zmiz\u00ed.\u201c<\/span><\/em><\/p>\n

Na ot\u00e1zku ohledn\u011b omezen\u00ed dod\u00e1vek pouk\u00e1zal jak na p\u0159\u00edrodn\u00ed, tak i na pr\u016fmyslov\u00e1 omezen\u00ed. St\u0159\u00edbro se podle n\u011bj t\u011b\u017e\u00ed ka\u017ed\u00fdm rokem m\u00e9n\u011b a jen zlomek poch\u00e1z\u00ed z dol\u016f na \u010dist\u00e9 st\u0159\u00edbro. Z\u00e1rove\u0148 prudce roste pr\u016fmyslov\u00e1 popt\u00e1vka \u2013 od sol\u00e1rn\u00edch panel\u016f po elektromobily.<\/span><\/p>\n

\u201eKrom\u011b rostouc\u00ed popt\u00e1vky doch\u00e1z\u00ed k jej\u00edmu poklesu,\u201c \u0159ekl. \u201eMiz\u00ed v p\u0159\u00edrod\u011b.\u201c<\/span><\/em><\/p>\n

Tento dvoj\u00ed tlak, \u0159ekl, d\u011bl\u00e1 ze st\u0159\u00edbra\u00a0<\/span>\u201ejednou za generaci\u201c zm\u011bnu k aktivu<\/span><\/strong>\u00a0, kter\u00e9 bylo historicky kontrolov\u00e1no Z\u00e1padem prost\u0159ednictv\u00edm p\u00e1kov\u00fdch futures kontrakt\u016f.<\/span><\/p>\n

Na ot\u00e1zku, zda je pro nov\u00e9 kupce \u201ep\u0159\u00edli\u0161 pozd\u011b\u201c, Schectman odpov\u011bd\u011bl pragmaticky. Nevylu\u010duje pokles, ale tvrd\u00ed, \u017ee \u010dek\u00e1n\u00ed na ide\u00e1ln\u00ed vstupn\u00ed bod je riskantn\u00ed.<\/span><\/p>\n

\u201ePr\u016fm\u011brov\u00e1n\u00ed n\u00e1klad\u016f. Pr\u016fm\u011brov\u00e1n\u00ed n\u00e1klad\u016f je jedin\u00fd zp\u016fsob, jak zplo\u0161tit k\u0159ivku nejistoty,\u201c \u0159ekl.<\/span><\/em><\/p>\n

Investor\u016fm doporu\u010duje \u201evybudovat si z\u00e1kladn\u00ed pozici a pot\u00e9 pokra\u010dovat v pr\u016fm\u011brov\u00e1n\u00ed\u201c, p\u0159i\u010dem\u017e jako \u201ezdaleka nejlep\u0161\u00ed hodnotu\u201c uv\u00e1d\u00ed americk\u00e9 mince vyroben\u00e9 p\u0159ed rokem 1965 \u2013 tzv. \u201e\u00fastavn\u00ed st\u0159\u00edbro\u201c. Kupuj\u00edc\u00edm, kte\u0159\u00ed preferuj\u00ed jednouncov\u00e9 mince, pouk\u00e1zal na\u00a0<\/span>Maples, Britannias, Kangaroos, Philharmonics a Krugerrands<\/span><\/strong>\u00a0jako na mince s lep\u0161\u00ed hodnotou ne\u017e Silver Eagles, a\u010dkoli ty druh\u00e9 maj\u00ed v\u011bt\u0161\u00ed likviditu.<\/span><\/p>\n

Tak\u00e9 varoval p\u0159ed p\u0159echodem ze st\u0159\u00edbra na zlato v sou\u010dasn\u00e9 dob\u011b.<\/span><\/p>\n

\u201eJe\u0161t\u011b nenastal \u010das vym\u011bnit st\u0159\u00edbro za zlato,\u201c<\/span><\/em><\/p>\n

\u0159ekl, ale dodal, \u017ee \u201ezlato p\u016fjde v\u00fd\u0161e, ne\u017e si kdokoli mysl\u00ed, \u017ee je mo\u017en\u00e9\u201c.<\/span><\/p>\n

Schectman tak\u00e9 nast\u00ednil hranici mezi t\u00edm, co d\u011bl\u00e1 ve\u0159ejnost, a t\u00edm, co d\u011blaj\u00ed zasv\u011bcen\u00e9 osoby.<\/span><\/p>\n

\u201e\u0160irok\u00e1 ve\u0159ejnost je pln\u011b investov\u00e1na do akciov\u00e9ho trhu,\u201c \u0159ekl, \u201ea velk\u00e9 pen\u00edze jej opou\u0161t\u011bj\u00ed\u2026 a po\u017eaduj\u00ed fyzick\u00e9 dod\u00e1n\u00ed.\u201c<\/span><\/em><\/p>\n

Podle jeho n\u00e1zoru tato odchylka vypov\u00edd\u00e1 o v\u0161em: Instituce se nehon\u00ed za spekulacemi \u2013 ut\u00edkaj\u00ed do bezpe\u010d\u00ed. A jednotlivci by je podle n\u011bj m\u011bli n\u00e1sledovat.<\/span><\/p>\n

\u201eKoup\u011b zlata a st\u0159\u00edbra pr\u00e1v\u011b te\u010f neznamen\u00e1, \u017ee si je nekupujete proto, abyste zbohatli. Kupujete si je, proto\u017ee je to bohatstv\u00ed.\u201c<\/span><\/em><\/p>\n

Tato v\u011bta shrnuje postoj, kter\u00fd se skr\u00fdv\u00e1 za jeho varov\u00e1n\u00edm. Schectman pova\u017euje backwardation, rostouc\u00ed leasingov\u00e9 sazby a prohlubuj\u00edc\u00ed se rozd\u00edl mezi fyzick\u00fdmi a pap\u00edrov\u00fdmi cenami za zn\u00e1mky epoch\u00e1ln\u00edho\u00a0<\/span>posunu<\/span><\/strong>\u00a0. V\u011b\u0159\u00ed, \u017ee politick\u00e9 v\u011btry se st\u00e1\u010dej\u00ed k \u00famysln\u00e9 devalvaci dolaru a \u017ee trh ti\u0161e, ale jist\u011b odpov\u00eddaj\u00edc\u00edm zp\u016fsobem p\u0159ece\u0148uje re\u00e1ln\u00e1 aktiva. A\u0165 u\u017e s jeho interpretac\u00ed souhlas\u00edme, nebo ne, podm\u00ednky, kter\u00e9 popisuje \u2013 spotov\u00e9 kontrakty oproti futures, rostouc\u00ed pr\u00e9mie a stres z dod\u00e1n\u00ed \u2013 odpov\u00eddaj\u00ed profilu trhu, na kter\u00e9m d\u016fv\u011bra v pap\u00edrov\u00e9 z\u00e1vazky ustupuje touze po hmatateln\u00e9 podstat\u011b.<\/span><\/p>\n

\u201eHoni\u010dka po zlat\u011b a st\u0159\u00edbru je skute\u010dn\u00e1,\u201c uzav\u0159el. \u201eZintenziv\u0148uje se.\u201c<\/strong><\/em><\/p>\n

od Tylera Durdena<\/em><\/p>\n<\/div>\n<\/div>\n

\n
\n

Zdroj<\/span><\/a><\/span><\/h3>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Kdy\u017e st\u0159\u00edbro vzrostlo na n\u011bkolikalet\u00e1 maxima, zku\u0161en\u00fd obchodn\u00edk s drah\u00fdmi kovy\u00a0Andy Schectman\u00a0nevid\u011bl jen dal\u0161\u00ed cenov\u00fd…<\/p>\n","protected":false},"author":2,"featured_media":90322,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[350,9939,276,693],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/90321"}],"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=90321"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/90321\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/90322"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=90321"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=90321"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=90321"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}