\u00c7in\u2019in merkez bankas\u0131 (PBoC), Nisan ay\u0131nda fiyatlarda g\u00f6r\u00fclen ge\u00e7ici d\u00fc\u015f\u00fc\u015f\u00fcn ard\u0131ndan alt\u0131n rezervlerine ekleme yapt\u0131. B\u00f6ylece al\u0131m serisini 18 aya \u00e7\u0131kard\u0131; 8,1 tonluk art\u0131\u015f, Aral\u0131k 2024\u2019ten bu yana en b\u00fcy\u00fck ayl\u0131k y\u00fckseli\u015f oldu.<\/p>\n
D\u00fcnya Alt\u0131n Konseyi (WGC) verilerine g\u00f6re, merkez bankalar\u0131 ve di\u011fer kamu kurumlar\u0131 y\u0131l\u0131n ilk \u00e7eyre\u011finde (Q1) yakla\u015f\u0131k 245 ton alt\u0131n ald\u0131. Bu tutar, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %3 daha y\u00fcksek ve be\u015f y\u0131ll\u0131k ortalaman\u0131n biraz \u00fczerinde.<\/p>\n
\u0130lk \u00e7eyrekte en b\u00fcy\u00fck ek al\u0131mlar\u0131 Polonya ve \u00d6zbekistan yapt\u0131; s\u0131ras\u0131yla 31 ton ve 25 ton ald\u0131. \u00c7in, Q1\u2019de 7 ton ald\u0131; mevcut \u00e7eyrekte toplam\u0131n artmas\u0131 bekleniyor.<\/p>\n
Nisan ay\u0131ndaki fiyat geri \u00e7ekilmesi, \u00c7in Merkez Bankas\u0131 i\u00e7in alt\u0131n rezervini art\u0131rma f\u0131rsat\u0131 oldu. Bu al\u0131m, Aral\u0131k 2024\u2019ten beri en b\u00fcy\u00fck art\u0131\u015f ve 18 ayd\u0131r s\u00fcren d\u00fczenli al\u0131m\u0131n devam\u0131 niteli\u011finde. Bu tablo, resmi kurumlar\u0131n alt\u0131n\u0131 uzun vadeli birikim arac\u0131 olarak g\u00f6rd\u00fc\u011f\u00fcne i\u015faret ediyor.<\/p>\n
Bu e\u011filim tek bir \u00fclkeyle s\u0131n\u0131rl\u0131 de\u011fil; d\u00fcnya genelinde merkez bankalar\u0131 ilk \u00e7eyrekte yakla\u015f\u0131k 245 ton ek al\u0131m yapt\u0131. 2022-2024 d\u00f6nemine bak\u0131ld\u0131\u011f\u0131nda, merkez bankalar\u0131n\u0131n g\u00fc\u00e7l\u00fc al\u0131mlar\u0131, dolar g\u00fc\u00e7l\u00fc olsa bile alt\u0131n\u0131n \u00f6nceki rekorlar\u0131 a\u015fmas\u0131na destek olmu\u015ftu. \u00c7in\u2019in bu \u00e7eyrekte al\u0131mlar\u0131n\u0131 art\u0131rmas\u0131 beklendi\u011finden, kurumsal talep fiyatlar i\u00e7in \u00f6nemli bir dayanak olu\u015fturuyor.<\/p>\n
Yat\u0131r\u0131mc\u0131lar a\u00e7\u0131s\u0131ndan bu kal\u0131c\u0131 al\u0131mlar, fiyat i\u00e7in \u201ctaban\u201d (sert d\u00fc\u015f\u00fc\u015fleri s\u0131n\u0131rlayan destek) olu\u015fturabilir ve \u00f6n\u00fcm\u00fczdeki haftalarda belirgin bir a\u015fa\u011f\u0131 hareketi daha az olas\u0131 k\u0131lar. Cboe Alt\u0131n Oynakl\u0131k Endeksi (GVZ) (alt\u0131n fiyat\u0131ndaki beklenen dalgalanmay\u0131 g\u00f6steren endeks) Nisan\u2019daki zirvelerinden 20,5 seviyesine geriledi\u011fi i\u00e7in, temmuz ve a\u011fustos vadeli \u201cal\u0131m opsiyonlar\u0131\u201d (call: belirli fiyattan alma hakk\u0131 veren s\u00f6zle\u015fme) daha cazip fiyatlan\u0131yor. \u201cY\u00fckseli\u015f y\u00f6nl\u00fc call spread\u201d (bir call al\u0131p daha y\u00fcksek kullan\u0131m fiyatl\u0131 call satarak maliyeti d\u00fc\u015f\u00fcren strateji) kurmak, y\u0131l\u0131n zirvelerine do\u011fru kademeli bir hareket beklentisine d\u00fc\u015f\u00fck maliyetle pozisyon almak i\u00e7in kullan\u0131labilir.<\/p>\n
D\u00fczenli talep nedeniyle yat\u0131r\u0131mc\u0131lar, \u201cout-of-the-money\u201d put (kullan\u0131m fiyat\u0131 mevcut fiyat\u0131n alt\u0131nda oldu\u011fu i\u00e7in bug\u00fcn kullan\u0131lmas\u0131 mant\u0131kl\u0131 olmayan sat\u0131m opsiyonu) satarak \u201cprim\u201d (opsiyon sat\u0131c\u0131s\u0131n\u0131n pe\u015fin ald\u0131\u011f\u0131 \u00fccret) toplamay\u0131 da de\u011ferlendirebilir. Nisan sonunda 2.300 dolar seviyesine ini\u015fin h\u0131zl\u0131 \u015fekilde al\u0131mlarla kar\u015f\u0131lanmas\u0131, bu merkez bankas\u0131 hareketiyle uyumlu g\u00fc\u00e7l\u00fc bir \u201cdestek\u201de i\u015faret ediyor. Bu yakla\u015f\u0131m, fiyat y\u00fckselirken ya da yatay seyrederken kazan\u00e7 hedefler; b\u00fcy\u00fck bir sat\u0131\u015f dalgas\u0131n\u0131n olas\u0131 olmad\u0131\u011f\u0131 g\u00f6r\u00fc\u015f\u00fcne dayan\u0131r.<\/p>\n
ABD \u00c7al\u0131\u015fma \u0130statistikleri B\u00fcrosu verilerinde Nisan i\u00e7in y\u0131ll\u0131k T\u00dcFE\u2019nin (CPI: t\u00fcketici fiyat endeksi, enflasyonun ana g\u00f6stergesi) %3,6 ile y\u00fcksek kalmas\u0131, Fed\u2019in faizleri sabit tutabilece\u011fine i\u015faret ediyor. Tarihsel olarak bu t\u00fcr bir faiz duru\u015fu alt\u0131n i\u00e7in olumsuz say\u0131labilir. Ancak merkez bankalar\u0131n\u0131n \u0131srarl\u0131 al\u0131mlar\u0131, bu etkiye kar\u015f\u0131 g\u00fc\u00e7l\u00fc bir denge unsuru olarak \u00f6ne \u00e7\u0131k\u0131yor; strateji olu\u015ftururken bu fakt\u00f6r\u00fcn hesaba kat\u0131lmas\u0131 gerekiyor.<\/p>\n","protected":false},"excerpt":{"rendered":"
Alt\u0131nda perde arkas\u0131 g\u00fc\u00e7l\u00fc: PBoC, Nisan d\u00fc\u015f\u00fc\u015f\u00fcn\u00fc f\u0131rsat bilip 8,1 tonla 18 ayl\u0131k al\u0131m\u0131 s\u00fcrd\u00fcrd\u00fc. Q1\u2019de kurumlar 245 ton ald\u0131; talep fiyat taban\u0131n\u0131 g\u00fc\u00e7lendiriyor, opsiyon stratejileri \u00f6ne \u00e7\u0131k\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-46462","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\/46462","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=46462"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/46462\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=46462"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=46462"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=46462"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}