Gold has tumbled to its lowest level in nearly three years, putting it on track for its biggest quarterly fall since the collapse in 1971 of the Bretton Woods system of exchange rates, which pegged the value of the dollar to the precious metal.
金价下挫至将近三年来的最低水平，有望迎来自1971年布雷顿森林(Bretton Woods)汇率体系崩溃以来的最大季度跌幅。布雷顿森林体系将美元的价值与黄金挂钩。
Bankers said there had been a rush among wealthy individuals and asset managers to dump their gold holdings since Ben Bernanke, Federal Reserve chairman, last week set out for the first time a framework for the US central bank to exit its stimulus programme known as quantitative easing.
银行家表示，美联储(Fed)主席本•伯南克(Ben Bernanke)上周首次说明退出量化宽松刺激方案的时间框架后，富有的个人以及资产管理公司争先恐后地抛售自己所持的黄金资产。
“The word at the moment is capitulation, ” said Tom Kendall, precious metals analyst at Credit Suisse, adding that the past week’s selling had been driven by long-term investors. “Those are the guys who you would have expected to hold on through thick and thin and they’re not.”
“描述眼下情况的最合适的词是投降，”瑞信(Credit Suisse)贵金属分析师汤姆•肯德尔(Tom Kendall)表示。他补充称，过去一周的抛售是由长期投资者驱动的。“你本来会指望这些人不管行情如何都会坚持持有，但他们没有这么做。”
The price of gold on the spot market slid 4.2 per cent yesterday, compounding recent falls to hit a low of $1, 223.54 a troy ounce. Since the start of April, the precious metal has fallen 23 per cent.
在近日暴跌之后，昨日现货市场金价进一步下滑4.2%，跌至每盎司1223.54美元的低点。自4月初以来，这种贵金属的价格已下跌23%。
The slide has wrongfooted many investors who ploughed their money into gold in recent years as a hedge against the threat of inflation and a devaluation of currencies triggered by quantitative easing. Prices rose more than sevenfold to 2011’s record high of $1, 920 an ounce.
此轮跌势让许多投资者措手不及，他们近年来大举投资黄金，以求对冲量化宽松带来的通胀和货币贬值威胁。金价一路飙升了6倍多，在2011年创下每盎司1920美元的最高纪录。
UBS, traditionally one of the most bullish banks on precious metals, recently slashed its forecast for gold prices in a year’s time from $1, 750 to $1, 050 an ounce and advised its legion of private wealth clients to avoid the metal.
瑞银(UBS)传统上是最看好贵金属的银行之一。但该行最近将一年后的预期金价从每盎司1750美元大幅下调至1050美元，并建议自己的大批私人理财客户避免持有黄金。
“Investment demand is likely to remain much weaker for longer as investors see less need to insure against QE, ” said Dominic Schnider, head of commodity research for the Swiss bank’s wealth management unit.
“随着投资者认为不再那么需要针对量化宽松的对冲工具，黄金的投资需求很可能会在更长的时间里保持在疲弱得多的水平，”瑞银财富管理部门大宗商品研究主管施德铭(Dominic Schnider)表示。
Exchange-traded funds, a popular investment vehicle, have sold more than 500 tonnes of gold, or a fifth of their total holdings, since the start of the year according to David Wilson, director of metals research and strategy at Citigroup in London.
花旗集团(Citigroup)驻伦敦的金属研究和策略总监戴维•威尔逊(David Wilson)介绍说，自今年初以来，人气颇高的投资工具——交易所交易基金(ETF)——已抛出逾500吨黄金，相当于其总持有量的五分之一。
Some traders believe that gold prices will remain under pressure over the next few months as investors continue to sell.
一些交易员相信，随着投资者继续出售，金价在今后几个月里将继续承压。
Although Chinese and Indian buyers rushed to purchase coins and jewellery when gold prices plunged in April, they have been less enthusiastic during the current downturn.
虽然中国和印度的黄金买家在4月份金价大跌时纷纷进场抢购金币和金饰，但他们在最近一轮跌势中已不再那么踊跃。
“Asian demand hasn’t emerged this time, ” said James Steel, analyst at HSBC in New York.
“这一次没有出现亚洲需求，”汇丰(HSBC)驻纽约分析师詹姆斯•斯蒂尔(James Steel)表示。
The Indian government has restricted banks to lend gold-backed loans to curb gold imports, while the cash crunch among Chinese banks, the slowing economy as well as the market volatility, have damped demand in Hong Kong and China.
印度政府已经限制银行发放以黄金为抵押品的贷款，以求抑制黄金进口。中国各银行则面临“钱荒”，再加上中国经济放缓和市场波动，这些都抑制了香港和中国内地对黄金的需求。
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