{"id":30013,"date":"2026-03-10T19:03:26","date_gmt":"2026-03-10T19:03:26","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr\/uncategorized\/td-securitiesten-daniel-ghali-savasin-baslamasinin-ardindan-altina-talebin-zayif-kaldigini-tezgah-ustu-otc-ilginin-ise-hizla-azaldigini-gozlemledi\/"},"modified":"2026-03-10T19:03:26","modified_gmt":"2026-03-10T19:03:26","slug":"td-securitiesten-daniel-ghali-savasin-baslamasinin-ardindan-altina-talebin-zayif-kaldigini-tezgah-ustu-otc-ilginin-ise-hizla-azaldigini-gozlemledi","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/td-securitiesten-daniel-ghali-savasin-baslamasinin-ardindan-altina-talebin-zayif-kaldigini-tezgah-ustu-otc-ilginin-ise-hizla-azaldigini-gozlemledi\/","title":{"rendered":"TD Securities\u2019ten Daniel Ghali, sava\u015f\u0131n ba\u015flamas\u0131n\u0131n ard\u0131ndan alt\u0131na talebin zay\u0131f kald\u0131\u011f\u0131n\u0131, tezgah \u00fcst\u00fc (OTC) ilginin ise h\u0131zla azald\u0131\u011f\u0131n\u0131 g\u00f6zlemledi."},"content":{"rendered":"TD Securities, sava\u015f\u0131n ba\u015flamas\u0131n\u0131n ard\u0131ndan alt\u0131na talebin zay\u0131f kald\u0131\u011f\u0131n\u0131 bildirdi. \u015eirket, tezg\u00e2h \u00fcst\u00fc (OTC: borsa d\u0131\u015f\u0131nda, taraflar aras\u0131nda do\u011frudan yap\u0131lan) i\u015flemlere y\u00f6nelik ilginin ilk i\u015flem seans\u0131ndan sonra azald\u0131\u011f\u0131n\u0131 belirtti. Son i\u015flem hacimlerinin (belli bir d\u00f6nemde el de\u011fi\u015ftiren miktar) yaz durgunlu\u011funu and\u0131rd\u0131\u011f\u0131n\u0131 ifade etti.\n\n\u015eirket, kald\u0131ra\u00e7l\u0131 (bor\u00e7lanarak daha b\u00fcy\u00fck pozisyon alma) i\u015flemlere kat\u0131l\u0131m\u0131n azald\u0131\u011f\u0131n\u0131, bunun da nicel fonlar\u0131n (quant: matematiksel modellerle i\u015flem yapan fonlar) s\u0131n\u0131rl\u0131 \u00f6l\u00e7ekte bor\u00e7 azaltmas\u0131na (deleveraging: kald\u0131ra\u00e7\/bor\u00e7 seviyesini d\u00fc\u015f\u00fcrme) ba\u011fl\u0131 oldu\u011funu s\u00f6yledi. Ayr\u0131ca alt\u0131n ETF (Borsa Yat\u0131r\u0131m Fonu: borsada hisse gibi al\u0131n\u0131p sat\u0131lan fon) varl\u0131klar\u0131n\u0131n geriledi\u011fini belirtti.\n\n

Talep Sinyalleri Ve Pozisyonlanma<\/h3>\nTD Securities, SHFE\u2019de (\u015eanghay Vadeli \u0130\u015flemler Borsas\u0131) alt\u0131n taraf\u0131ndaki en b\u00fcy\u00fck yat\u0131r\u0131mc\u0131lar\u0131n uzun (long: fiyat art\u0131\u015f\u0131 beklentisiyle al\u0131nan) pozisyonlar\u0131n\u0131 s\u0131n\u0131rl\u0131 \u00f6l\u00e7\u00fcde azaltt\u0131\u011f\u0131n\u0131 ekledi. Ocak ay\u0131nda \u201ce\u015fi g\u00f6r\u00fclmemi\u015f\u201d al\u0131mlar\u0131n ard\u0131ndan perakende (bireysel) talebin zay\u0131flad\u0131\u011f\u0131n\u0131 s\u00f6yledi.\n\n\u015eirket, giri\u015flerin (inflow: yeni para giri\u015fi) zay\u0131f kalmas\u0131n\u0131n arkas\u0131nda \u00fc\u00e7 unsur s\u0131ralad\u0131: ABD Merkez Bankas\u0131\u2019n\u0131n (Fed) faiz indirimi beklentilerinin azalmas\u0131, Orta Do\u011fu \u00fclkelerinin alt\u0131n al\u0131mlar\u0131n\u0131n d\u00fc\u015fmesi ve kurumsal sahipli\u011fin yayg\u0131nla\u015fmas\u0131. Kurumsal sahiplik tespitini 13F bildirimlerine (ABD\u2019de b\u00fcy\u00fck fonlar\u0131n portf\u00f6ylerini a\u00e7\u0131klad\u0131\u011f\u0131 resmi rapor) dayand\u0131rarak, alt\u0131n\u0131n kurumlar\u0131n b\u00fcy\u00fck \u00e7o\u011funlu\u011funun portf\u00f6y\u00fcnde yer ald\u0131\u011f\u0131n\u0131 belirtti.\n\nSon jeopolitik \u015foka ra\u011fmen, alt\u0131nda beklenen \u201cg\u00fcvenli liman\u201d (risk art\u0131nca tercih edilen varl\u0131k) al\u0131m\u0131 g\u00f6r\u00fclmedi. Piyasan\u0131n k\u00fcresel \u00e7at\u0131\u015fmadan \u00e7ok Fed\u2019in niyetlerine odakland\u0131\u011f\u0131 g\u00f6r\u00fcl\u00fcyor. \u015eubat 2026 \u00e7ekirdek T\u00dcFE (core CPI: enerji ve g\u0131da hari\u00e7 enflasyon g\u00f6stergesi) verisi inat\u00e7\u0131 bi\u00e7imde %3,1 gelerek piyasalar\u0131n en az \u00fc\u00e7\u00fcnc\u00fc \u00e7eyre\u011fe kadar faiz indirimi ihtimalini fiyatlamamas\u0131na yol a\u00e7t\u0131.\n\nBu durum, paran\u0131n alt\u0131na akmamas\u0131n\u0131 a\u00e7\u0131kl\u0131yor; i\u015flem hacimleri kriz tepkisinden \u00e7ok sakin bir yaz g\u00fcn\u00fcn\u00fc and\u0131r\u0131yor. SPDR Gold Shares (GLD) gibi b\u00fcy\u00fck ETF\u2019lerde 2026\u2019n\u0131n ilk iki ay\u0131nda toplam net \u00e7\u0131k\u0131\u015f\u0131n (outflow: fondan para \u00e7\u0131k\u0131\u015f\u0131) 1,5 milyar dolar\u0131 a\u015ft\u0131\u011f\u0131 g\u00f6r\u00fcld\u00fc. B\u00fcy\u00fck fonlardan ve bireysel yat\u0131r\u0131mc\u0131lardan yeni para gelmemesi, fiyatlar \u00fczerinde g\u00fc\u00e7l\u00fc bir tavan olu\u015fturuyor.\n\nT\u00fcrev (derivative: de\u011feri ba\u015fka bir varl\u0131\u011fa ba\u011fl\u0131 s\u00f6zle\u015fmeler, \u00f6r. opsiyon) i\u015flemleri yapanlar i\u00e7in bu, yatay veya a\u015fa\u011f\u0131 y\u00f6nl\u00fc harekete uygun stratejilerin daha mant\u0131kl\u0131 olabilece\u011fine i\u015faret ediyor. Alt\u0131n ons ba\u015f\u0131na 2.250 dolar civar\u0131nda i\u015flem g\u00f6r\u00fcrken, \u201czarar ihtimali d\u00fc\u015f\u00fck\u201d gibi sunulan ancak risk ta\u015f\u0131yan out-of-the-money (OTM: kullan\u0131m fiyat\u0131 mevcut fiyattan uzak) al\u0131m opsiyonlar\u0131 (call: belirli fiyattan alma hakk\u0131) satmak ya da 2.300 dolar diren\u00e7 (fiyat\u0131n zor a\u015ft\u0131\u011f\u0131 seviye) \u00fcst\u00fcnde bear call spread (d\u00fc\u015f\u00fc\u015f\/yatay beklentisiyle iki farkl\u0131 kullan\u0131m fiyat\u0131nda al\u0131m opsiyonu kombinasyonu) kurmak, bu dura\u011fan fiyat hareketinden prim geliri (opsiyon sat\u0131c\u0131s\u0131n\u0131n ald\u0131\u011f\u0131 \u00fccret) elde etmeyi hedefleyebilir. Kat\u0131l\u0131m\u0131n d\u00fc\u015f\u00fck olmas\u0131, Fed politikas\u0131nda belirgin bir de\u011fi\u015fim olmadan sert ve s\u00fcrpriz bir y\u00fckseli\u015fi olas\u0131 k\u0131lm\u0131yor.\n\n

Alt\u0131n Fiyatlar\u0131na Etkileri<\/h3>\nBu ortam, 2022\u2019ye bak\u0131ld\u0131\u011f\u0131nda g\u00f6r\u00fclen tabloyu hat\u0131rlat\u0131yor: \u0130lk \u201csava\u015f primi\u201d (risk alg\u0131s\u0131n\u0131n fiyat\u0131 yukar\u0131 itmesi) piyasan\u0131n oda\u011f\u0131 yeniden sert faiz art\u0131\u015flar\u0131na kay\u0131nca h\u0131zla silinmi\u015fti. 2025 boyunca g\u00fc\u00e7l\u00fc al\u0131m\u0131 besleyen \u201cparan\u0131n de\u011fer kayb\u0131\u201d (debasement: para biriminin sat\u0131n alma g\u00fcc\u00fcn\u00fcn a\u015f\u0131naca\u011f\u0131 beklentisi) anlat\u0131s\u0131, dolar\u0131n g\u00fc\u00e7l\u00fc kalmas\u0131yla \u00e7\u00f6z\u00fcl\u00fcyor. Bu da getiri \u00fcretmeyen bir varl\u0131\u011f\u0131 (non-yielding: faiz\/temett\u00fc sa\u011flamayan) alt\u0131n gibi elde tutmay\u0131 \u015fimdilik daha az cazip hale getiriyor.\n\nAyr\u0131ca alt\u0131n art\u0131k \u201ckenarda kalm\u0131\u015f\u201d bir varl\u0131k de\u011fil; b\u00fcy\u00fck kurumsal yat\u0131r\u0131mc\u0131lar\u0131n \u00e7o\u011fu zaten istedikleri pozisyonu ta\u015f\u0131yor. Bu geni\u015f sahiplik, fiyat i\u00e7in bir destek taban\u0131 olu\u015ftururken, yeni al\u0131c\u0131larla gelen t\u00fcrden h\u0131zl\u0131 y\u00fckseli\u015flerin alan\u0131n\u0131 da daralt\u0131yor. Bu da \u00f6n\u00fcm\u00fczdeki haftalarda fiyat hareketlerinin daha s\u0131n\u0131rl\u0131 kalabilece\u011fine i\u015faret ediyor.\n

\n\n

Hemen i\u015flem yapmaya ba\u015flay\u0131n – Ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in buraya<\/a> t\u0131klay\u0131n <\/strong> <\/p>\n","protected":false},"excerpt":{"rendered":"

Sava\u015f man\u015fetlerine ra\u011fmen alt\u0131n neden y\u00fckselmiyor? TD Securities\u2019e g\u00f6re OTC ve kald\u0131ra\u00e7l\u0131 i\u015flemler s\u00f6n\u00fck, ETF\u2019lerden 1,5 milyar $ \u00e7\u0131k\u0131\u015f var; piyasa jeopolitikten \u00e7ok Fed\u2019e odakl\u0131, y\u00fckseli\u015f alan\u0131 s\u0131n\u0131rl\u0131.<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-30013","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/30013","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/comments?post=30013"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/30013\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=30013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=30013"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=30013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}