{"id":43849,"date":"2026-04-06T04:17:00","date_gmt":"2026-04-06T04:17:00","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr\/uncategorized\/sahin-fed-beklentileri-ortaminda-gumus-uc-gunluk-dusus-serisini-surdurerek-ons-basina-7220-dolar-civarinda-islem-goruyor\/"},"modified":"2026-04-06T04:17:00","modified_gmt":"2026-04-06T04:17:00","slug":"sahin-fed-beklentileri-ortaminda-gumus-uc-gunluk-dusus-serisini-surdurerek-ons-basina-7220-dolar-civarinda-islem-goruyor","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/sahin-fed-beklentileri-ortaminda-gumus-uc-gunluk-dusus-serisini-surdurerek-ons-basina-7220-dolar-civarinda-islem-goruyor\/","title":{"rendered":"\u015eahin Fed beklentileri ortam\u0131nda g\u00fcm\u00fc\u015f, \u00fc\u00e7 g\u00fcnl\u00fck d\u00fc\u015f\u00fc\u015f serisini s\u00fcrd\u00fcrerek ons ba\u015f\u0131na 72,20 dolar civar\u0131nda i\u015flem g\u00f6r\u00fcyor"},"content":{"rendered":"G\u00fcm\u00fc\u015f (XAG\/USD) \u00fc\u00e7\u00fcnc\u00fc g\u00fcnde de geriledi; pazartesi Asya i\u015flemlerinde troy ons ba\u015f\u0131na 72,20 dolar civar\u0131nda i\u015flem g\u00f6rd\u00fc. Orta Do\u011fu\u2019daki gerilim enerji fiyatlar\u0131n\u0131 y\u00fckseltti ve b\u00fcy\u00fck merkez bankalar\u0131n\u0131n para politikas\u0131n\u0131 s\u0131k\u0131 (faizleri y\u00fcksek) tutabilece\u011fi beklentisini g\u00fc\u00e7lendirdi. Bu durum, faiz geliri sa\u011flamayan g\u00fcm\u00fc\u015f \u00fczerinde bask\u0131 yaratt\u0131.\n\nG\u00fcvenli liman talebi metali desteklemedi. Di\u011fer piyasalardaki zararlar\u0131 kapatmak i\u00e7in pozisyonlar\u0131n zorunlu kapat\u0131lmas\u0131 (zarar\u0131 b\u00fcy\u00fcten i\u015flemleri sonland\u0131rmak i\u00e7in sat\u0131\u015f) sat\u0131\u015f bask\u0131s\u0131n\u0131 art\u0131rd\u0131. Bu hareket, Orta Do\u011fu \u00e7at\u0131\u015fmas\u0131na ba\u011fl\u0131 genel dalgalanmayla (oynakl\u0131k: fiyatlar\u0131n h\u0131zl\u0131 ve sert de\u011fi\u015fmesi) birlikte geldi.\n\n

Orta Do\u011fu \u00dcltimatomu ve Piyasa Dalgalanmas\u0131<\/h3>\nABD Ba\u015fkan\u0131 Donald Trump, H\u00fcrm\u00fcz Bo\u011faz\u0131 a\u00e7\u0131lmazsa \u0130ran\u2019a kar\u015f\u0131 elektrik santralleri ve di\u011fer sivil altyap\u0131 hedeflerine y\u00f6nelik sald\u0131r\u0131lar olabilece\u011fi uyar\u0131s\u0131yla \u00fcltimatom verdi. Son tarih olarak sal\u0131 g\u00fcn\u00fc Do\u011fu Saati ile 20.00\u2019yi belirledi. \u0130ran ise \u00fcltimatomu reddetti ve Orta Do\u011fu genelinde enerji varl\u0131klar\u0131na y\u00f6nelik sald\u0131r\u0131lar\u0131n s\u00fcrd\u00fc\u011f\u00fcn\u00fc bildirdi.\n\nPiyasalar, enflasyon kal\u0131c\u0131 kal\u0131rsa ABD Merkez Bankas\u0131\u2019n\u0131n (Fed) faiz indirimlerini erteleyebilece\u011fini ve y\u0131l\u0131n ilerleyen d\u00f6neminde daha y\u00fcksek bor\u00e7lanma maliyetinin (faizlerin) fiyatlara yans\u0131yabilece\u011fini daha g\u00fc\u00e7l\u00fc \u015fekilde bekliyor. Para politikas\u0131na ili\u015fkin ipu\u00e7lar\u0131 i\u00e7in FOMC Toplant\u0131 Tutanaklar\u0131 (Fed\u2019in faiz karar\u0131n\u0131 alan kurulun ayr\u0131nt\u0131l\u0131 g\u00f6r\u00fc\u015f notlar\u0131) izleniyor.\n\n\u0130ngiltere Merkez Bankas\u0131, martta politika faizini %3,75\u2019te sabit b\u0131rakt\u0131; artan enerji maliyetlerine ba\u011fl\u0131 enflasyon riskleri nedeniyle gev\u015femeye (faiz indirmeye) ara verdi. Avrupa Merkez Bankas\u0131, enflasyon %2 hedefine d\u00f6nene kadar politikan\u0131n s\u0131k\u0131 (k\u0131s\u0131tlay\u0131c\u0131: talebi yava\u015flatan) kalaca\u011f\u0131n\u0131 s\u00f6yledi.\n\n

Enerji Enflasyonu ve Merkez Bankalar\u0131n\u0131n S\u0131n\u0131rlar\u0131<\/h3>\nTemel sorun, H\u00fcrm\u00fcz Bo\u011faz\u0131\u2019na y\u00f6nelik tehdidin tetikledi\u011fi enerji fiyatlar\u0131 kaynakl\u0131 enflasyon \u015foku (fiyatlar\u0131 aniden yukar\u0131 iten etki). H\u00fcrm\u00fcz Bo\u011faz\u0131, k\u00fcresel petrol arz\u0131n\u0131n yakla\u015f\u0131k be\u015fte birinin ge\u00e7ti\u011fi kritik bir ge\u00e7i\u015f noktas\u0131. Bu tablo Fed\u2019i ve di\u011fer merkez bankalar\u0131n\u0131 daha \u201c\u015fahin\u201d (enflasyona kar\u015f\u0131 sert tutum: faizleri y\u00fcksek tutma e\u011filimi) bir pozisyona iterek beklenen faiz indirimlerini geciktiriyor. Y\u00fcksek faiz ortam\u0131, getiri \u00fcretmeyen (faiz\/kupon \u00f6demeyen) g\u00fcm\u00fc\u015f gibi varl\u0131klar\u0131 olumsuz etkiliyor; k\u00fcresel gerilime ra\u011fmen zay\u0131fl\u0131\u011f\u0131n nedeni de bu.\n\nBu tablo yak\u0131n ge\u00e7mi\u015fte ya\u015fananlara benziyor. 2022\u2019de pandemi sonras\u0131 ABD T\u00dcFE\u2019nin (T\u00fcketici Fiyat Endeksi: hanehalk\u0131n\u0131n \u00f6dedi\u011fi fiyatlar\u0131n genel \u00f6l\u00e7\u00fcm\u00fc) k\u0131sa s\u00fcreli\u011fine %9\u2019un \u00fczerine \u00e7\u0131kmas\u0131 haf\u0131zalarda; bunun tekrar\u0131na y\u00f6nelik endi\u015fe bug\u00fcnk\u00fc politikay\u0131 \u015fekillendiriyor. 2024\u2019teki gibi, piyasa daha gev\u015fek para politikas\u0131 (faiz indirimi) beklentilerini h\u0131zl\u0131 \u015fekilde geri al\u0131yor.\n\nBu ko\u015fullarda, yat\u0131r\u0131mc\u0131lar \u201cen g\u00fcvenli liman\u201d olarak alt\u0131na y\u00f6nelirken, \u00f6nemli sanayi kullan\u0131m\u0131 olan g\u00fcm\u00fc\u015f\u00fcn geride kalmas\u0131 bekleniyor. Alt\u0131n-G\u00fcm\u00fc\u015f Oran\u0131 (alt\u0131n fiyat\u0131n\u0131n g\u00fcm\u00fc\u015f fiyat\u0131na oran\u0131) izlenmeli; oran muhtemelen a\u00e7\u0131l\u0131yor ve alt\u0131n uzun (fiyat art\u0131\u015f\u0131na oynayan) pozisyona kar\u015f\u0131 g\u00fcm\u00fc\u015f k\u0131sa (fiyat d\u00fc\u015f\u00fc\u015f\u00fcne oynayan) pozisyonla \u201cg\u00f6receli de\u011fer\u201d (iki varl\u0131k aras\u0131ndaki farktan faydalanma) f\u0131rsat\u0131 do\u011furabilir. 2020\u2019deki piyasa \u00e7alkant\u0131s\u0131nda bu oran 120\u2019nin \u00fczerine f\u0131rlam\u0131\u015ft\u0131; yeniden o seviyelere yakla\u015fabilir.\n\nZorunlu pozisyon kapatmalar\u0131 ifadesi, yat\u0131r\u0131mc\u0131lar\u0131n teminat tamamlama \u00e7a\u011fr\u0131s\u0131 (margin call: zarar nedeniyle ek teminat istenmesi) ald\u0131\u011f\u0131n\u0131 ve nakit yaratmak i\u00e7in g\u00fcm\u00fc\u015f gibi k\u00e2rdaki pozisyonlar\u0131 satt\u0131\u011f\u0131n\u0131 g\u00f6sterir. Bu durum zincirleme sat\u0131\u015fa yol a\u00e7arak fiyatlar\u0131, temel g\u00f6stergelerin (arz-talep gibi \u201cfundamentallerin\u201d) i\u015faret etti\u011finden daha a\u015fa\u011f\u0131 itebilir. Vadesi doldu\u011funda kullan\u0131m fiyat\u0131 piyasan\u0131n alt\u0131nda kalan sat\u0131m opsiyonu (out-of-the-money put: \u015fu an k\u00e2rda olmayan d\u00fc\u015f\u00fc\u015f opsiyonu) almak, k\u0131sa vadede d\u00fc\u015f\u00fc\u015f ivmesinin h\u0131zlanaca\u011f\u0131na d\u00fc\u015f\u00fck maliyetle bahis yapman\u0131n bir yolu olabilir.\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":"

G\u00fcm\u00fc\u015f \u00fc\u00e7\u00fcnc\u00fc g\u00fcnde de d\u00fc\u015ferek 72,20 dolara indi: Orta Do\u011fu gerilimi enerji enflasyonunu k\u00f6r\u00fckledi, Fed\u2019de \u201c\u015fahin\u201d beklenti g\u00fc\u00e7lendi. Zorunlu sat\u0131\u015flar ivmeyi art\u0131rd\u0131; alt\u0131n-g\u00fcm\u00fc\u015f oran\u0131 a\u00e7\u0131l\u0131yor.<\/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-43849","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\/43849","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=43849"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/43849\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=43849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=43849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=43849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}