{"id":53515,"date":"2026-09-01T22:25:59","date_gmt":"2026-09-01T22:25:59","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr-mena\/uncategorized\/fed-sikilasmasina-ragmen-altin-yukseliste-abd-borcu-ve-faiz-maliyetleri-altin-uzerinde-alim-opsiyonlarini-destekliyor\/"},"modified":"2026-09-01T22:25:59","modified_gmt":"2026-09-01T22:25:59","slug":"fed-sikilasmasina-ragmen-altin-yukseliste-abd-borcu-ve-faiz-maliyetleri-altin-uzerinde-alim-opsiyonlarini-destekliyor","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/fed-sikilasmasina-ragmen-altin-yukseliste-abd-borcu-ve-faiz-maliyetleri-altin-uzerinde-alim-opsiyonlarini-destekliyor\/","title":{"rendered":"Fed S\u0131k\u0131la\u015fmas\u0131na Ra\u011fmen Alt\u0131n Y\u00fckseli\u015fte: ABD Borcu ve Faiz Maliyetleri Alt\u0131n \u00dczerinde Al\u0131m Opsiyonlar\u0131n\u0131 Destekliyor"},"content":{"rendered":"

2022\u2019de Fed h\u0131zl\u0131 s\u0131k\u0131la\u015fmaya ba\u015flarken, hedef faiz oran\u0131 \u015eubat 2022\u2019de %0,08\u2019den Ekim 2022\u2019de %3,08\u2019e y\u00fckseldi; bu da mutlak olarak %3,00\u2019l\u00fck bir art\u0131\u015fa i\u015faret etti. Alt\u0131n \u015eubat 2022\u2019yi 1.908 dolardan kapatt\u0131 ve Mart 2022\u2019de yakla\u015f\u0131k 1.937 dolarla zirve yapt\u0131; ard\u0131ndan Ekim 2022\u2019de 1.633 dolarla dip seviyeye geriledi. Bu hareket, getirilerin ve faizsiz alt\u0131n\u0131n f\u0131rsat maliyetinin artmas\u0131n\u0131n bask\u0131 yaratt\u0131\u011f\u0131 ilk fazda %14,4\u2019l\u00fck (275 dolar) bir d\u00fc\u015f\u00fc\u015f anlam\u0131na geldi.<\/p>\n

Ekim 2022\u2019den A\u011fustos 2024\u2019e kadar faiz zemini k\u0131s\u0131tlay\u0131c\u0131 kalmaya devam etti ancak fiyatlama davran\u0131\u015f\u0131 de\u011fi\u015fti. Fed faizi A\u011fustos 2023 itibar\u0131yla %5,33\u2019e \u00e7\u0131kard\u0131 ve A\u011fustos 2024\u2019e kadar bu seviyede tuttu; bu, toplamda 5,25 y\u00fczde puanl\u0131k bir art\u0131\u015fa denk gelirken, alt\u0131n 1.633 dolardan 2.503 dolara y\u00fckseldi. B\u00f6ylece 870 dolarl\u0131k bir art\u0131\u015fla %53,3\u2019l\u00fck bir ralli ger\u00e7ekle\u015fti. Nisan 2022\u2013A\u011fustos 2024 olarak tan\u0131mlanan daha geni\u015f pencerede net y\u00fckseli\u015f 607 dolar, yani %32 oldu; bu tablo, faizlerin %20\u2019ye yak\u0131n seyretti\u011fi ve alt\u0131n\u0131n kal\u0131c\u0131 zay\u0131fl\u0131k g\u00f6sterdi\u011fi 1980\u2019lerin ba\u015f\u0131ndaki Volcker d\u00f6nemiyle kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131.<\/p>\n

Mali Bask\u0131lar ve Alt\u0131n\u0131n Direnci<\/h3>\n

ABD ulusal borcunun 38 trilyon dolar\u0131 a\u015fmas\u0131n\u0131 ve y\u0131ll\u0131k faiz \u00f6demelerinin 1 trilyon dolar\u0131n \u00fczerinde kal\u0131c\u0131la\u015fmas\u0131n\u0131 izliyoruz. Bu devasa mali y\u00fck, 2022\u20132024 d\u00f6neminde g\u00f6rd\u00fc\u011f\u00fcm\u00fcz gecikmeli tepki \u00f6r\u00fcnt\u00fcs\u00fcn\u00fc and\u0131r\u0131yor: Alt\u0131n, y\u00fcksek faizlere ra\u011fmen %53\u2019\u00fcn \u00fczerinde y\u00fckseldi. Yap\u0131sal b\u00fct\u00e7e a\u00e7\u0131\u011f\u0131 harcamalar\u0131 kontrol alt\u0131na al\u0131nmad\u0131\u011f\u0131 i\u00e7in, k\u0131sa vadeli faiz \u015foklar\u0131n\u0131n alt\u0131n fiyatlar\u0131n\u0131 uzun s\u00fcre bask\u0131layamayaca\u011f\u0131na inan\u0131yoruz.<\/p>\n

K\u0131ymetli Metallerde Yeni Bir Rejime Konumlanma<\/h3>\n

\u00d6n\u00fcm\u00fczdeki haftalarda t\u00fcrev piyasas\u0131 yat\u0131r\u0131mc\u0131lar\u0131, alt\u0131ndaki geri \u00e7ekilmeleri uzun vadeli al\u0131m (call) opsiyonlar\u0131yla de\u011ferlendirmeye odaklanmal\u0131. Yak\u0131n vadeli merkez bankas\u0131 politika de\u011fi\u015fimlerinin yaratt\u0131\u011f\u0131 g\u00fcr\u00fclt\u00fcy\u00fc atlatmak i\u00e7in vadesi alt\u0131 ay veya daha uzun opsiyonlar\u0131n hedeflenmesini \u00f6neriyoruz. Bu yakla\u015f\u0131m, k\u0131sa s\u00fcreli ve faiz kaynakl\u0131 sat\u0131\u015flara kar\u015f\u0131 koruma sa\u011flarken, temel itici g\u00fc\u00e7 olan egemen bor\u00e7 bask\u0131lar\u0131ndan faydalanmam\u0131za imkan verir.<\/p>\n

Tarihsel olarak, Fed 2024\u2019e kadar faizleri agresif bi\u00e7imde 5 y\u00fczde puan\u0131n \u00fczerinde art\u0131rd\u0131\u011f\u0131nda bile alt\u0131n, 2022 taban\u0131na g\u00f6re %32 net kazan\u00e7 \u00fcretebildi. Bu, ulusal borcun d\u00fc\u015f\u00fck oldu\u011fu ve y\u00fcksek faizlerin alt\u0131n\u0131 ezebildi\u011fi Volcker d\u00f6neminin eski kurallar\u0131n\u0131n art\u0131k ge\u00e7erli olmad\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Portf\u00f6ylerimizi, k\u0131ymetli metallerin ana belirleyicisinin egemen \u00f6deme g\u00fcc\u00fcne ili\u015fkin kayg\u0131lar\u0131n oldu\u011fu bir rejime g\u00f6re konumland\u0131rmam\u0131z gerekiyor.<\/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":"

Fed\u2019in sert faiz art\u0131\u015flar\u0131na ra\u011fmen alt\u0131n geri d\u00f6nd\u00fc: 2022\u2019de %14 d\u00fc\u015ft\u00fc, 2022\u201324\u2019te bor\u00e7\/ faize duyarl\u0131l\u0131kla %53 ralli yapt\u0131. Strateji: geri \u00e7ekilmelerde 6+ ay vadeli call opsiyonlar\u0131.<\/p>\n","protected":false},"author":87,"featured_media":49965,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-53515","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