{"id":91413,"date":"2025-11-04T07:20:09","date_gmt":"2025-11-04T06:20:09","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=91413"},"modified":"2025-11-04T07:20:54","modified_gmt":"2025-11-04T06:20:54","slug":"navrat-barbarske-relikvie-zlato-se-stava-druhou-nejdulezitejsi-rezervni-menou-sveta","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2025\/11\/04\/navrat-barbarske-relikvie-zlato-se-stava-druhou-nejdulezitejsi-rezervni-menou-sveta\/","title":{"rendered":"N\u00e1vrat \u201ebarbarsk\u00e9 relikvie\u201c: Zlato se st\u00e1v\u00e1 druhou nejd\u016fle\u017eit\u011bj\u0161\u00ed rezervn\u00ed m\u011bnou sv\u011bta"},"content":{"rendered":"
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Zlato ti\u0161e p\u0159edb\u011bhlo euro a stalo se druhou nejv\u011bt\u0161\u00ed slo\u017ekou sv\u011btov\u00fdch devizov\u00fdch rezerv.<\/span><\/strong><\/p>\n

Zat\u00edmco americk\u00fd dolar a americk\u00e9 st\u00e1tn\u00ed dluhopisy nad\u00e1le dominuj\u00ed, jejich pod\u00edl se neust\u00e1le zmen\u0161uje, zat\u00edmco role zlata roste. Centr\u00e1ln\u00ed banky nyn\u00ed dr\u017e\u00ed ve zlat\u011b p\u0159ibli\u017en\u011b\u00a0<\/span>20 %<\/span><\/strong>\u00a0sv\u00fdch rezerv, oproti\u00a0<\/span>16 %<\/span><\/strong>\u00a0v eurech \u2013 co\u017e je \u00farove\u0148, kter\u00e1 tu nebyla od dob zlat\u00e9ho standardu.<\/span><\/p>\n

\"\"<\/figure>\n

Tato transformace nen\u00ed kr\u00e1tkodobou anom\u00e1li\u00ed. Je to\u00a0<\/span>megatrend<\/span><\/strong>\u00a0s obrovsk\u00fdmi d\u016fsledky, kter\u00e9 investo\u0159i nemohou ignorovat.<\/span><\/p>\n

Ned\u00e1vn\u00fd pr\u016fzkum\u00a0<\/span>Sv\u011btov\u00e9 rady pro zlato<\/span><\/strong>\u00a0mezi 57 centr\u00e1ln\u00edmi bankami odhalil, \u017ee hlavn\u00edm d\u016fvodem pro dr\u017een\u00ed zlata je jeho funkce jako\u00a0<\/span>dlouhodob\u00e9ho uchovatele hodnoty<\/span><\/strong>\u00a0a\u00a0<\/span>prok\u00e1zan\u00e9 ochrany proti devalvaci m\u011bny<\/span><\/strong>\u00a0.<\/span><\/p>\n

Po cel\u00e1 desetilet\u00ed byly americk\u00e9 st\u00e1tn\u00ed dluhopisy pova\u017eov\u00e1ny za dokonal\u00fd\u00a0<\/span>bezpe\u010dn\u00fd p\u0159\u00edstav<\/span><\/strong>\u00a0. Obrovsk\u00fd trh s americk\u00fdmi dluhopisy je nejv\u011bt\u0161\u00ed a nejlikvidn\u011bj\u0161\u00ed na sv\u011bt\u011b a dlouho slou\u017eil jako preferovan\u00e9 rezervn\u00ed aktivum centr\u00e1ln\u00edch bank. Nyn\u00ed se v\u0161ak objevuj\u00ed trhliny. Centr\u00e1ln\u00ed banky neust\u00e1le sni\u017euj\u00ed sv\u00e9 dolarov\u00e9 rezervy a r\u016fst ceny zlata signalizuje sl\u00e1bnouc\u00ed d\u016fv\u011bru v americk\u00e1 pap\u00edrov\u00e1 aktiva.<\/span><\/p>\n

Symbolika je siln\u00e1:\u00a0<\/span>John Maynard Keynes<\/span><\/strong>\u00a0kdysi popsal zlato jako \u201ebarbarsk\u00fd relikt\u201c, poz\u016fstatek z minul\u00fdch dob. Po skon\u010den\u00ed zlat\u00e9ho standardu v 70. letech se zd\u00e1lo, \u017ee s t\u00edm centr\u00e1ln\u00ed banky souhlas\u00ed \u2013 po cel\u00e1 desetilet\u00ed prod\u00e1valy sv\u00e9 zlat\u00e9 rezervy. Tento trend se v\u0161ak zcela\u00a0<\/span>obr\u00e1til<\/span><\/strong>\u00a0.<\/span>
\nZlato za\u017e\u00edv\u00e1 pozoruhodn\u00fd\u00a0<\/span>n\u00e1vrat<\/span><\/strong>\u00a0\u2013 ne jako spekulativn\u00ed aktivum, ale jako\u00a0<\/span>m\u011bnov\u00e1 kotva<\/span><\/strong>\u00a0.<\/span><\/p>\n

Jeho znovuz\u00edskan\u00fd v\u00fdznam ukazuje, \u017ee centr\u00e1ln\u00ed banky st\u00e1le v\u00edce vn\u00edmaj\u00ed zlato jako n\u00e1hradu za americk\u00e9 st\u00e1tn\u00ed dluhopisy \u2013 jako\u00a0<\/span>hlavn\u00ed uchovatel hodnoty v glob\u00e1ln\u00edm finan\u010dn\u00edm syst\u00e9mu<\/span><\/strong>\u00a0.<\/span><\/p>\n

Dopad je obrovsk\u00fd: Zlato nyn\u00ed tvo\u0159\u00ed zhruba 20 % sv\u011btov\u00fdch rezerv \u2013 o n\u011bco v\u00edce ne\u017e euro. Pokud tento trend bude pokra\u010dovat, pod\u00edl by se mohl zv\u00fd\u0161it na\u00a0<\/span>50 % nebo i v\u00edce<\/span><\/strong>\u00a0, \u010d\u00edm\u017e by se zlato stalo\u00a0<\/span>nejd\u016fle\u017eit\u011bj\u0161\u00edm glob\u00e1ln\u00edm rezervn\u00edm aktivem<\/span><\/strong>\u00a0.<\/span><\/p>\n

Pro investory je zpr\u00e1va jasn\u00e1:\u00a0Nejkonzervativn\u011bj\u0161\u00ed instituce sv\u011bta <\/strong><\/span>signalizuj\u00ed\u00a0, \u017ee zlato\u00a0nen\u00ed poz\u016fstatkem minulosti<\/strong>\u00a0, ale stane se\u00a0z\u00e1kladem budoucnosti<\/strong>\u00a0.<\/span><\/p>\n

Tento posun se v\u0161ak neomezuje pouze na vzestup zlata; ovliv\u0148uje tak\u00e9 pokles\u00a0<\/span>dal\u0161\u00edch aktiv<\/span><\/strong>\u00a0.<\/span>
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\nP\u0159edev\u0161\u00edm\u00a0<\/span>americk\u00e9 st\u00e1tn\u00ed dluhopisy<\/span><\/strong>\u00a0ztr\u00e1cej\u00ed p\u016fdu pod nohama \u2013 kdysi nejbezpe\u010dn\u011bj\u0161\u00ed a nejlikvidn\u011bj\u0161\u00ed investice na sv\u011bt\u011b. Jejich reputace se rychle zhor\u0161uje. O\u010dek\u00e1v\u00e1m, \u017ee se tento trend zrychl\u00ed, jakmile se kone\u010dn\u011b rozpadne m\u00fdtus o nez\u00e1vislosti\u00a0<\/span>Feder\u00e1ln\u00edho rezervn\u00edho syst\u00e9mu<\/span><\/strong>\u00a0a jeho\u00a0<\/span>politizace<\/span><\/strong>\u00a0se stane nepopiratelnou.<\/span><\/p>\n

Po cel\u00e1 desetilet\u00ed mnoho lid\u00ed \u2013 a t\u00e9m\u011b\u0159 v\u0161echny finan\u010dn\u00ed instituce \u2013 slep\u011b p\u0159ij\u00edmalo absurdn\u00ed p\u0159edstavu, \u017ee\u00a0<\/span>americk\u00e9 st\u00e1tn\u00ed dluhopisy<\/span><\/strong>\u00a0jsou \u201ebezrizikov\u00e9\u201c.<\/span><\/p>\n

Tento m\u00fdtus z n\u011bj ud\u011blal p\u0159edn\u00ed rezervn\u00ed investici, preferovan\u00fd uchovatel hodnoty a dokonal\u00fd spo\u0159ic\u00ed \u00fa\u010det pro investory po cel\u00e9m sv\u011bt\u011b.<\/span><\/p>\n

Ale jak se americk\u00e1 vl\u00e1da dost\u00e1v\u00e1 do st\u00e1le beznad\u011bjn\u011bj\u0161\u00ed\u00a0<\/span>situace<\/span><\/strong>\u00a0, st\u00e1vaj\u00ed se st\u00e1tn\u00ed dluhopisy\u00a0<\/span>h\u0159bitovem kapit\u00e1lu<\/span><\/strong>\u00a0.<\/span>
\nV\u011b\u0159\u00edm, \u017ee u\u017e nebudou slou\u017eit jako spolehliv\u00fd n\u00e1stroj \u00faspor, ale sp\u00ed\u0161e jako\u00a0<\/span>zaru\u010den\u00fd zp\u016fsob, jak ztratit hodnotu<\/span><\/strong>\u00a0\u2013 a investo\u0159i je budou houfn\u011b opou\u0161t\u011bt.<\/span><\/p>\n

Podle m\u00e9ho odhadu bude obrovsk\u00fd americk\u00fd trh s dluhopisy\u00a0<\/span>vy\u010derp\u00e1n<\/span><\/strong>\u00a0\u2013 bu\u010f kapit\u00e1l dobrovoln\u011b p\u016fjde do lep\u0161\u00edch uchovatel\u016f hodnoty, jako je zlato, nebo nedobrovoln\u011b do rukou\u00a0<\/span>zkrachoval\u00e9 americk\u00e9 vl\u00e1dy<\/span><\/strong>\u00a0a jej\u00edch\u00a0<\/span>spojenc\u016f<\/span><\/strong>\u00a0, co\u017e povede k\u00a0<\/span>nejv\u011bt\u0161\u00edmu p\u0159erozd\u011blov\u00e1n\u00ed bohatstv\u00ed v historii<\/span><\/strong>\u00a0.<\/span><\/p>\n

To je\u00a0<\/span>velk\u00e1 realita<\/span><\/strong>\u00a0, kterou si v\u011bt\u0161ina lid\u00ed je\u0161t\u011b neuv\u011bdomila \u2013 ale brzy si ji uv\u011bdom\u00ed.<\/span><\/p>\n

Situace\u00a0<\/span>se obr\u00e1tila<\/span><\/strong>\u00a0a historie se opakuje zp\u016fsobem, kter\u00e9ho si jen m\u00e1lo investor\u016f v\u0161\u00edm\u00e1.
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\nZnovuzrozen\u00ed\u00a0<\/span>zlata<\/span><\/strong>\u00a0nen\u00ed jen tr\u017en\u00ed p\u0159\u00edb\u011bh \u2013 je to sign\u00e1l, \u017ee se n\u00e1m pod nohama posouvaj\u00ed\u00a0<\/span>z\u00e1klady glob\u00e1ln\u00edho finan\u010dn\u00edho syst\u00e9mu<\/span><\/strong>\u00a0.
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\nTyt\u00e9\u017e instituce, kter\u00e9 kdysi zlato odm\u00edtaly,\u00a0<\/span>nyn\u00ed ti\u0161e z\u00edsk\u00e1vaj\u00ed<\/span><\/strong>\u00a0nov\u00e9 pod\u00edly v r\u00e1mci p\u0159\u00edpravy na to, co p\u0159ijde.<\/span><\/p>\n

Nick Giambruno<\/span><\/em><\/strong><\/p>\n<\/div>\n<\/div>\n

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

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

Zlato ti\u0161e p\u0159edb\u011bhlo euro a stalo se druhou nejv\u011bt\u0161\u00ed slo\u017ekou sv\u011btov\u00fdch devizov\u00fdch rezerv. Zat\u00edmco americk\u00fd…<\/p>\n","protected":false},"author":2,"featured_media":53334,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[45,1503,2398,693],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/91413"}],"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=91413"}],"version-history":[{"count":1,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/91413\/revisions"}],"predecessor-version":[{"id":91414,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/91413\/revisions\/91414"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/53334"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=91413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=91413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=91413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}