‘Gold is worth around $5k’ as the yellow metal ‘has gone from a pure play on real rates to a pure play on liquidity’ – Fidelity’s Timmer

Kitco

09/22

(Kitco News) – Gold’s fair value has already reached $5,000 per ounce as the yellow metal has transitioned from a rate-based to a liquidity-based trade, according to Jurrien Timmer, Director of Global...

网页链接

免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。

热议股票

{"basename":"/hans","ssrTDKData":{"titleTemplate":"%s - 老虎证券","title":"老虎证券全球投资理财平台| 一站式投资美股新股港股A股","description":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","keywords":"老虎证券,老虎证券开户,老虎券商,老虎证券官网,老虎证券app,tigertrade老虎证券,股票,炒股,新加坡股票交易平台,投资,投资理财","social":{"ogDescription":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.0a0bd8dc.png","ogUrl":"https://www.itiger.com/hans/news/2669122277"},"companyName":"老虎证券"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2669122277\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2669122277?lang=zh_CN&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2026-09-22 20:11","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2669122277","market":"hk","top_or_hot":-1,"title":"‘Gold is worth around $5k’ as the yellow metal ‘has gone from a pure play on real rates to a pure play on liquidity’ – Fidelity’s Timmer","media":"Kitco","content":"<div>\n<p>(Kitco News) – Gold’s fair value has already reached $5,000 per ounce as the yellow metal has transitioned from a rate-based to a liquidity-based trade, according to Jurrien Timmer, Director of Global...</p>\n\n<a href=\"https://www.kitco.com/news/article/2026-09-22/gold-worth-around-5k-yellow-metal-has-gone-pure-play-real-rates-pure-play\">网页链接</a>\n\n</div>\n","source":"kitco_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>‘Gold is worth around $5k’ as the yellow metal ‘has gone from a pure play on real rates to a pure play on liquidity’ – Fidelity’s Timmer</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n‘Gold is worth around $5k’ as the yellow metal ‘has gone from a pure play on real rates to a pure play on liquidity’ – Fidelity’s Timmer\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-09-22 20:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.kitco.com/news/article/2026-09-22/gold-worth-around-5k-yellow-metal-has-gone-pure-play-real-rates-pure-play><strong>Kitco</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Kitco News) – Gold’s fair value has already reached $5,000 per ounce as the yellow metal has transitioned from a rate-based to a liquidity-based trade, according to Jurrien Timmer, Director of Global...</p>\n\n<a href=\"https://www.kitco.com/news/article/2026-09-22/gold-worth-around-5k-yellow-metal-has-gone-pure-play-real-rates-pure-play\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GLDY","symbol_name":"Defiance Gold Enhanced Options Income ETF","start_time":0,"source_url":"https://www.kitco.com/news/article/2026-09-22/gold-worth-around-5k-yellow-metal-has-gone-pure-play-real-rates-pure-play","article_id":"2669122277","we_media_id":null,"thumbnails":[],"rights":{"source":"kitco_highlight","url":"https://www.kitco.com/news/article/2026-09-22/gold-worth-around-5k-yellow-metal-has-gone-pure-play-real-rates-pure-play","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2669122277","pubTimestamp":1790079060,"columns":[],"sourceInfo":{"source_id":"kitco_highlight","name":"Kitco"},"weMediaInfo":null,"summary":"(Kitco News) –Gold’s fair value has already reached $5,000 per ounce as the yellow metal has transitioned from a rate-based to a liquidity-based trade, according to Jurrien Timmer, Director of Global ","collect":0,"end_time":0,"defaultTopTitle":"kitco.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"GLDY":"Defiance Gold Enhanced Options Income ETF","GLD":"黄金ETF-SPDR","UYM":"基础材料指数ETF-ProShares两倍做多","SGDM":"Sprott Gold Miners ETF","DUST":"二倍做空黄金矿业指数ETF-Direxion","DGP":"二倍做多黄金ETN(PowerShares)","GLL":"2倍做空黄金ETF-ProShares","DZZ":"德银黄金两倍做空ETN","RING":"iShares MSCI Global Gold Miners ETF","IGLD":"FT Vest Gold Strategy Target Income ETF®","KGLD":"Kurv Gold Enhanced Income ETF","GLDM":"SPDR Gold MiniShares Trust","GOLY":"Strategy Shares Gold Enhanced Yield ETF","SHNY":"MICROSECTORS GOLD 3X LEVERAGED ETN","DULL":"MICROSECTORS GOLD -3X INVERSE LEVERAGED ETN","DBC":"商品指数ETF-PowerShares DB","GLTR":"abrdn Physical Precious Metals Basket Shares ETF","FGDL":"FRANKLIN RESPONSIBLY SOURCED GOLD ETF","BTGD":"STKD Bitcoin & Gold ETF","GBUG":"Sprott Active Gold & Silver Miners ETF","GDX":"黄金矿业ETF-VanEck","SGOL":"Abrdn Gold ETF Trust","PPI":"AXS Astoria Real Assets ETF","GDXD":"MicroSectors Gold Miners -3x Inverse Leveraged ETN","OUNZ":"VanEck Merk黄金股票基金","PHYS":"Sprott Physical Gold Trust","BEGS":"RAREVIEW 2X BULL CRYPTOCURRENCY & PRECIOUS METALS ETF","AAAU":"Goldman Sachs Physical Gold ETF","GDXJ":"小型黄金矿业ETF(Market Vectors)","USG":"USCF Gold Strategy Plus Income Fund","02840":"SPDR金","IAU":"黄金信托ETF-iShares","GOAU":"U.S. Global GO GOLD and Precious Metal Miners ETF","YGLD":"Simplify Gold Strategy PLUS Income ETF","BAR":"GraniteShares Gold Shares","PICK":"iShares MSCI Global Metals & Mining Producers ETF","DGZ":"做空黄金ETN(德银)","GDXU":"MicroSectors Gold Miners 3x Leveraged ETN","XME":"金属与采矿指数ETF-SPDR","GDXW":"Roundhill Gold Miners WeeklyPay ETF","JNUG":"金矿指数二倍做多ETF","IAUI":"NEOS Gold High Income ETF","BGLD":"FT Vest Gold Strategy Quarterly Buffer ETF","CEF":"Sprott Physical Gold & Silver Trust","UGL":"2倍做多黄金ETF-ProShares","NUGT":"二倍做多黄金矿业指数ETF-Direxion","JDST":"金矿指数二倍做空ETF","GDXY":"YieldMax Gold Miners Option Income Strategy ETF","IAUM":"ISHARES GOLD TRUST MICRO"},"translate_title":"富达计时器：“黄金价值约 5000 美元”，因为这种黄色金属 “已经从纯粹的实际汇率游戏变成了纯粹的流动性游戏”","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/cc34fa9684f29adaa2fa2b83e08761b0","symbols_score_info":{"SGDM":0.9,"GDX":0.9,"IAUI":0.9,"OUNZ":0.9,"IAUM":0.9,"AAAU":0.9,"DZZ":0.9,"PHYS":0.9,"GLL":0.9,"GLTR":0.9,"SHNY":0.9,"GDXY":0.9,"GDXJ":0.9,"IAU":0.9,"DUST":0.9,"KGLD":0.6,"GOLY":0.9,"GBUG":0.9,"RING":0.9,"BAR":0.9,"BEGS":0.9,"XME":0.9,"USG":0.9,"GOAU":0.9,"PICK":0.9,"1OZmain":0.9,"02840":0.9,"DGP":0.9,"DGZ":0.6,"BGLD":0.6,"UYM":0.9,"GLDY":0.6,"NUGT":0.6,"SGOL":0.9,"PPI":0.9,"CEF":0.9,"FGDL":0.9,"GDXD":0.9,"GDXW":0.6,"GLDM":0.9,"IGLD":0.6,"BTGD":0.9,"UGL":0.9,"JDST":0.9,"GLD":0.6,"DBC":0.9,"GDXU":0.9,"YGLD":0.6,"DULL":0.9,"JNUG":0.9},"content_text":"(Kitco News) – Gold’s fair value has already reached $5,000 per ounce as the yellow metal has transitioned from a rate-based to a liquidity-based trade, according to Jurrien Timmer, Director of Global Macro at Fidelity Investments.“[Gold] gained ground last week as the global liquidity profile has started to recover,” Timmer wrote in a LinkedIn analysis on Monday. “Based on my Gold & Liquidity regression between global M2 and gold, gold is worth around $5k.”Timmer shared a chart which he said “illustrates how gold has gone from a pure play on real rates to a pure play on liquidity,” with his model showing gold already worth $5,000 per ounce.He shared another chart showing the shift from a real rates-driven regime to a liquidity-driven one in 2022.Earlier in September, Timmer spelled out his reasoning for this liquidity-based valuation of gold.“It’s telling that the Treasury’s actions last week to buy back more long-dated paper and issue more Bills took down the dollar and caused both gold and Bitcoin to soar,” he wrote. “The market senses a slippery slope towards fiscal dominance and a possible loss in Fed independence. The assumption here is that for the Treasury to be successful in keeping yields down, it will need to significantly increase the size of the buybacks. That might require the Fed to become complicit in this operation twist, which takes us down the debasement path.”“Loose fiscal policy combined with loose monetary policy is a clear negative for the dollar (which is sitting on a long term trendline), and a clear positive for gold (and by extension Bitcoin).”See live precious metals prices for gold, silver, platinum and palladium — in USD, CAD and 12 more currencies.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}