{"id":52071,"date":"2026-07-30T23:21:39","date_gmt":"2026-07-30T23:21:39","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr-mena\/uncategorized\/merkez-bankalari-kulceyi-ulkeye-geri-getirirken-ve-dogu-fiyatlamasi-guc-kazanirken-altin-abd-tahvillerini-geride-birakti\/"},"modified":"2026-07-30T23:21:39","modified_gmt":"2026-07-30T23:21:39","slug":"merkez-bankalari-kulceyi-ulkeye-geri-getirirken-ve-dogu-fiyatlamasi-guc-kazanirken-altin-abd-tahvillerini-geride-birakti","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/merkez-bankalari-kulceyi-ulkeye-geri-getirirken-ve-dogu-fiyatlamasi-guc-kazanirken-altin-abd-tahvillerini-geride-birakti\/","title":{"rendered":"Merkez Bankalar\u0131 K\u00fcl\u00e7eyi \u00dclkeye Geri Getirirken ve Do\u011fu Fiyatlamas\u0131 G\u00fc\u00e7 Kazan\u0131rken Alt\u0131n, ABD Tahvillerini Geride B\u0131rakt\u0131"},"content":{"rendered":"

Bu haftaki *Live from the Vault* b\u00f6l\u00fcm\u00fc, alt\u0131n\u0131n d\u00fcnyan\u0131n en b\u00fcy\u00fck rezerv varl\u0131\u011f\u0131 olarak ABD Hazine tahvillerini geride b\u0131rakt\u0131\u011f\u0131 iddialar\u0131na odaklan\u0131rken, dolar bazl\u0131 sistemlere g\u00fcvenin zay\u0131flamas\u0131yla birlikte merkez bankalar\u0131n\u0131n egemen varl\u0131klar\u0131n\u0131 geri yurda getirme (repatriasyon) s\u00fcrecini h\u0131zland\u0131rd\u0131\u011f\u0131na dair haberleri de ele al\u0131yor. B\u00f6l\u00fcm; Fort Knox\u2019a yeniden artan ilgiyi Hong Kong-SGE alt\u0131n ba\u011flant\u0131s\u0131n\u0131n devreye al\u0131nmas\u0131yla ili\u015fkilendiriyor ve ABD alt\u0131n rezervlerinin kapsaml\u0131 bir denetimden ge\u00e7irilmesi ihtimalinin yan\u0131 s\u0131ra alt\u0131n yeniden de\u011ferleme s\u00fcrecinin erken a\u015famalar\u0131n\u0131 tart\u0131\u015f\u0131yor.<\/p>\n

Program, \u00c7in\u2019in Bat\u0131 kaynakl\u0131 40.000 tondan fazla fiziki alt\u0131n biriktirdi\u011fini \u00f6ne s\u00fcr\u00fcyor ve Hong Kong\u2019un rol\u00fcn\u00fc ek bir i\u015flem piyasas\u0131ndan ziyade yap\u0131sal bir \u201creset\u201d olarak konumland\u0131r\u0131yor. Ayr\u0131ca olas\u0131 bir \u201cshort squeeze\u201de i\u015faret eden grafik bazl\u0131 yorumlara yer veriyor; dolarizasyon kar\u015f\u0131t\u0131 e\u011filim yay\u0131l\u0131rken Laos\u2019un SGE fiyat standard\u0131n\u0131 benimsedi\u011fini belirtip, ard\u0131ndan CME\u2019nin 24 saat vadeli i\u015flem ticaretine ge\u00e7i\u015f hamlesine d\u00f6n\u00fcyor.<\/p>\n

Alt\u0131n ABD Hazine Tahvillerini Geride B\u0131rak\u0131yor ve Merkez Bankalar\u0131 Repatriasyonu H\u0131zland\u0131r\u0131yor<\/h3>\n

Alt\u0131n\u0131n, d\u00fcnyan\u0131n tercih etti\u011fi rezerv varl\u0131k olarak ABD Hazine tahvillerini resmen geride b\u0131rakmas\u0131yla tarihi bir k\u0131r\u0131lma ya\u015fand\u0131\u011f\u0131 belirtiliyor. Son raporlar, merkez bankalar\u0131n\u0131n alt\u0131n al\u0131mlar\u0131n\u0131n tarihsel zirvelerde kald\u0131\u011f\u0131n\u0131; \u00fcst \u00fcste y\u0131llarda net al\u0131mlar\u0131n 1.000 tonun \u00fczerinde ger\u00e7ekle\u015fti\u011fini g\u00f6steriyor. ABD dolar\u0131 sistemine duyulan g\u00fcven erimeye devam ederken, t\u00fcrev piyasa yat\u0131r\u0131mc\u0131lar\u0131na uzun vadeli ABD bor\u00e7lanma ara\u00e7lar\u0131ndaki pozisyon risklerini h\u0131zl\u0131 bi\u00e7imde d\u00fc\u015f\u00fcrmeleri tavsiye ediliyor.<\/p>\n

Merkez bankalar\u0131 fiziki alt\u0131nlar\u0131n\u0131 aktif bi\u00e7imde \u00fclkelerine geri ta\u015f\u0131yor; bu da k\u00e2\u011f\u0131t piyasalar\u0131 desteklemek i\u00e7in kullan\u0131labilir arz\u0131 ciddi \u015fekilde azalt\u0131yor. Anketler, egemen rezerv y\u00f6neticilerinin %70\u2019ten fazlas\u0131n\u0131n art\u0131k alt\u0131n\u0131 kendi s\u0131n\u0131rlar\u0131 i\u00e7inde tutmay\u0131 tercih etti\u011fini; \u00f6nceki y\u0131llarda bu oran\u0131n %50 seviyesinde bulundu\u011funu ortaya koyuyor. Bu fiziki \u00e7\u0131k\u0131\u015f, Bat\u0131 borsalar\u0131ndaki k\u00e2\u011f\u0131t bazl\u0131 alt\u0131n t\u00fcrevlerinin benzeri g\u00f6r\u00fclmemi\u015f likidite riskleriyle kar\u015f\u0131 kar\u015f\u0131ya oldu\u011fu anlam\u0131na geliyor.<\/p>\n

Do\u011fu\u2019da Alt\u0131n Fiyatlamas\u0131, Short Squeeze Riskleri ve Bat\u0131 Piyasalar\u0131n\u0131n K\u0131r\u0131lganl\u0131\u011f\u0131<\/h3>\n

Hong Kong-SGE alt\u0131n ba\u011flant\u0131s\u0131n\u0131n devreye al\u0131nmas\u0131, geleneksel Bat\u0131 h\u00e2kimiyetini baypas eden g\u00fc\u00e7l\u00fc bir Do\u011fu fiyatlama standard\u0131 olu\u015fturdu. Tahminler, \u00c7in\u2019in sessizce on binlerce ton fiziki alt\u0131n biriktirdi\u011fine i\u015faret ederken; fiyatlama g\u00fcc\u00fcn\u00fcn Londra ve New York\u2019tan \u015eanghay ve Hong Kong\u2019a h\u0131zla kayd\u0131\u011f\u0131 vurgulan\u0131yor. \u00d6zellikle Laos gibi kom\u015fu \u00fclkelerin dolars\u0131z yeni fiyat referanslar\u0131n\u0131 benimsemesiyle bu Do\u011fu hatt\u0131n\u0131n yak\u0131ndan izlenmesi gerekti\u011fi ifade ediliyor.<\/p>\n

\u00d6n\u00fcm\u00fczdeki haftalarda Bat\u0131 borsalar\u0131ndaki k\u00e2\u011f\u0131t \u201cshort\u201d pozisyonlar\u0131n kapat\u0131lmaya zorlanmas\u0131yla b\u00fcy\u00fck bir short squeeze bekleniyor. Tarihsel veriler, fiziki arz kurudu\u011funda k\u00e2\u011f\u0131t piyasalar\u0131n\u0131n fiyatlar\u0131 sonsuza kadar bask\u0131layamad\u0131\u011f\u0131n\u0131; \u00f6nceki alt\u0131n bo\u011fa d\u00f6nemlerindeki dinamiklere benzer bir s\u00fcre\u00e7 ya\u015fanabilece\u011fini g\u00f6steriyor. T\u00fcrev yat\u0131r\u0131mc\u0131lar\u0131n\u0131n bu yeniden de\u011ferlemeyi de\u011ferlendirmek i\u00e7in uzun vadeli al\u0131m opsiyonlar\u0131yla pozisyonlanmas\u0131 veya fiziki teslimatl\u0131 s\u00f6zle\u015fmelere ge\u00e7i\u015f yapmas\u0131 \u00f6neriliyor.<\/p>\n

Alaka d\u00fczeyini koruma \u00e7abas\u0131 kapsam\u0131nda CME gibi Bat\u0131l\u0131 borsalar 24 saat vadeli i\u015flem ticaretine y\u00f6nelse de bunun fiziki k\u0131tl\u0131k sorununu \u00e7\u00f6zmedi\u011fi belirtiliyor. K\u00e2\u011f\u0131t odakl\u0131 bu hamlelerin, sermayenin fiziki odakl\u0131 Do\u011fu merkezlerine g\u00f6\u00e7\u00fcn\u00fc durdurmas\u0131n\u0131n zor oldu\u011fu ifade ediliyor. Bat\u0131l\u0131 borsalarda kald\u0131ra\u00e7l\u0131 \u201cshort\u201d pozisyonlardan ka\u00e7\u0131n\u0131lmas\u0131; ani teminat (margin) art\u0131\u015flar\u0131 ve teslimat temerr\u00fcd\u00fc riskinin tarihi zirvelere \u00e7\u0131kt\u0131\u011f\u0131 uyar\u0131s\u0131 yap\u0131l\u0131yor.<\/p>\n\n\n\n

Hemen i\u015flem yapmaya ba\u015flay\u0131n \u2014 ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in buraya<\/a> t\u0131klay\u0131n.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"

Alt\u0131nda dengeler de\u011fi\u015fiyor: Hazine tahvilleri geride mi kald\u0131? Merkez bankalar\u0131 repatriasyonu h\u0131zland\u0131r\u0131rken Hong Kong-SGE Do\u011fu fiyatlamas\u0131n\u0131 g\u00fc\u00e7lendiriyor; Fort Knox denetimi, \u00c7in birikimi ve \u201cshort squeeze\u201d riski piyasay\u0131 s\u0131k\u0131\u015ft\u0131r\u0131yor.<\/p>\n","protected":false},"author":87,"featured_media":50139,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-52071","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t