愛日圓勝黃金
Investors looking for a cheap haven asset to protect against a risk-off shock should look at the Japanese yen instead of gold, Goldman Sachs said.
高盛表示，投資人找尋便宜的避險資產，以免受到市場避險情緒的衝擊，應該考慮日圓，而非黃金。
haven asset安全的資產protect against 保護，防範=protect from
The Japanese currency is undervalued compared with most safety assets, Goldman said in a research note.
高盛在研究報告中寫道，相較於大多數避險資產，日圓遭低估。
undervalued (adj.)低估的overvalued(adj.)高估的compared with~相較於
While gold has “materially outperformed” the yen after the precious metal’s rally since the end of May, gold has become much more expensive.
報告指出，金價自5月底大漲後，「表現非常出色」，但是也更貴了。
outperform; (v.); 超過、勝過stock market rally 股市大漲
“Implied volatility is expensive now for gold and buying calls on the yen appears attractive,” Goldman strategists led by Alessio Rizzi said. “With gold positioning becoming more stretched, the yen might be a more attractive hedge tactically.”
高盛Alessio Rizzi等分析師說，目前黃金的隱含波動率已高，而日圓的買進買權顯得有吸引力，由於投資人持有的黃金部位已高，日圓在策略上可能是更有吸引力的避險工具。
volatility(n.)波動、震盪volatile(adj.)波動的implied volatility 隱含波動率buying call 買進買權buying put買進賣權positioning投資人對黃金的布局hedge 避險tactically(adv.)策略上
Holdings in bullion-backed exchange-traded funds have hit the highest level thanks to a combination of global-growth concerns, geopolitical worries and looser global monetary policies.
由於全球經濟成長的疑慮，地緣政治的擔憂，全球貨幣政策寬鬆，黃金ETF的持有部位已經創新高。
bullion-backed exchange-traded funds 黃金ETFbullion 金條thanks to 幸好;由於;因為global-growth concerns全球經濟成長的疑慮geopolitical worries地緣政治的擔憂looser global monetary policies全球貨幣政策寬鬆
Also, governments have drastically increased their gold reserves this year.
此外，各國政府今年拚命增加黃金儲備。
drastically (adv.)激烈地、劇烈地gold reserves 黃金儲備
Central banks bought 374 metric tons of gold in the first six months of the year. That was the largest net increase of gold recorded by the World Gold Council since 2000.
今年上半年各國央行買進374噸黃金，創下世界黃金協會自2000年有紀錄以來最大的買超量。
net increase of gold 黃金淨增加
The yen is considered a traditional safe haven currency.
日圓被認為是傳統的避險貨幣。
safe haven currency 避險貨幣
The yen carry trade is one of the most well-known and popular strategies.
日圓的利差交易是最有名也是最受歡迎的交易策略之一。
carry trade 利差交易
Investors borrow yen (thanks to Japan’s low interest rate) to buy foreign currencies and invest in riskier foreign assets.
投資人借入日圓（由於日圓利率低），買進外國貨幣，然後投資風險較高的外國資產。
During bouts of financial market volatility, investors de-risk by shedding riskier foreign investments and cover their short positions in the yen.
遇到金融市場波動時，投資人會減少風險較高的外國投資來降低風險，回補日圓的空頭部位。
a bout of 一段的活動, 一陣子的活動during bouts of financial market volatility 遇到金融市場波動時shed(v.)去除、擺脫cover short positions回補空頭部位
In terms of returns, Goldman projects that gold could rise 3.2% in the next year, while the yen is estimated to advance around 4.6% against the U.S. dollar.
就報酬率而言，高盛預期明年黃金可能會上漲3.2%，而預估日圓兌美元漲幅可能為4.6%左右。
in terms of 就…而言project=estimate 預測，預估