{"id":53547,"date":"2026-09-02T10:47:49","date_gmt":"2026-09-02T10:47:49","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr-mena\/uncategorized\/the-fed-isnt-cutting-so-why-is-gold-rallying-anyway\/"},"modified":"2026-09-02T10:47:49","modified_gmt":"2026-09-02T10:47:49","slug":"the-fed-isnt-cutting-so-why-is-gold-rallying-anyway","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/featured\/the-fed-isnt-cutting-so-why-is-gold-rallying-anyway\/","title":{"rendered":"Fed Faiz \u0130ndirmiyor. Peki Alt\u0131n Neden Y\u00fckseliyor?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/09\/img_v3_02155_2f49e442-1d24-4405-af0b-9055017edehu-1024x570.jpg\" alt=\"\" class=\"wp-image-66578\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Alt\u0131n, geleneksel olarak ABD Merkez Bankas\u0131\u2019n\u0131n (Fed) politikalar\u0131yla yak\u0131ndan ba\u011flant\u0131l\u0131 g\u00f6r\u00fcl\u00fcr. Faizler d\u00fc\u015ft\u00fc\u011f\u00fcnde, <strong>faiz getirmeyen<\/strong> bir varl\u0131k olan alt\u0131n\u0131 elde tutman\u0131n \u201cvazge\u00e7ilen getiri\u201d maliyeti (yani tahvil gibi faiz \u00f6deyen alternatiflerden kazan\u0131labilecek faizin ka\u00e7\u0131r\u0131lmas\u0131) azal\u0131r. D\u00fc\u015f\u00fck faizler ayr\u0131ca \u00e7o\u011fu zaman ABD dolar\u0131n\u0131 zay\u0131flat\u0131r; bu da alt\u0131na talebi destekler. Faizler y\u00fckseldi\u011finde ise tabloda tersine d\u00f6n\u00fc\u015f olur: Tahviller daha cazip hale gelir, dolar g\u00fc\u00e7lenebilir ve alt\u0131n bask\u0131 g\u00f6rebilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ancak bu ili\u015fki art\u0131k eskisi kadar net de\u011fil. Alt\u0131n, yat\u0131r\u0131mc\u0131lar Fed\u2019in yeniden faiz art\u0131r\u0131p art\u0131ramayaca\u011f\u0131n\u0131 tart\u0131\u015fmay\u0131 s\u00fcrd\u00fcr\u00fcrken 4.700 dolara do\u011fru y\u00fckseldi. Son tetikleyici Fed\u2019den de\u011fil, ABD Hazine Bakanl\u0131\u011f\u0131\u2019ndan geldi. Bu t\u00fcr b\u00fcy\u00fck ekonomik de\u011fi\u015fimleri (b\u00fcy\u00fcme, enflasyon, faiz, b\u00fct\u00e7e gibi \u201cmakro\u201d ba\u015fl\u0131klar\u0131) takip eden yat\u0131r\u0131mc\u0131lar, anl\u0131k grafikler ve ge\u00e7mi\u015f seviyeleri de izler: <a href=\"https:\/\/www.vtmarkets.com\/discover\/xauusd-price-forecast-gold-trading-analysis-charts-news\/\" target=\"_blank\" rel=\"noopener\">XAU\/USD fiyat tahmini ve analiz<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hazine Bakan\u0131 Scott Bessent, baz\u0131 uzun vadeli Hazine tahvillerinde \u201cgeri al\u0131m\u201d (devletin daha \u00f6nce \u00e7\u0131kard\u0131\u011f\u0131 tahvilleri piyasadan geri sat\u0131n almas\u0131) tutar\u0131n\u0131 en az iki kat\u0131na \u00e7\u0131karma plan\u0131n\u0131 a\u00e7\u0131klad\u0131. CNBC\u2019nin haberine g\u00f6re \u00fcst d\u00fczey Hazine yetkilileri, bu al\u0131mlar\u0131 finanse etmek i\u00e7in yakla\u015f\u0131k 1 trilyon dolara yakla\u015fan <strong>Hazine Genel Hesab\u0131<\/strong>n\u0131n (TGA) bir b\u00f6l\u00fcm\u00fcn\u00fcn kullan\u0131labilece\u011fini de belirtti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu da alt\u0131n yat\u0131r\u0131mc\u0131s\u0131 i\u00e7in yeni bir soruyu g\u00fcndeme getiriyor: <strong>Fed faizi y\u00fcksek tutsa bile Hazine, uzun vadeli tahvil faizlerini d\u00fc\u015f\u00fcr\u00fcp alt\u0131n\u0131 destekleyebilir mi?<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Hazine, Uzun Vadeli Faizleri Hedefliyor<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Hik\u00e2ye ABD tahvil piyasas\u0131nda ba\u015fl\u0131yor: Uzun vadeli faizler sert y\u00fckseldi. 30 y\u0131ll\u0131k ABD tahvil faizi son d\u00f6nemde %5,33\u2019e \u00e7\u0131karak yakla\u015f\u0131k 19 y\u0131l\u0131n zirvesine yakla\u015ft\u0131. Uzun vadeli faizlerin y\u00fckselmesi devletin bor\u00e7lanma maliyetini art\u0131r\u0131r; ayr\u0131ca konut kredisi faizlerini, \u015firketlerin finansman giderlerini ve piyasalardaki de\u011ferlemeleri (varl\u0131klar\u0131n \u201cpahal\u0131\/ucuz\u201d g\u00f6r\u00fcnmesini) etkiler.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/09\/codeOGQ2NjBhZTc2NDlhMWZlYjcwMTEzMzE2OWNkODg3YzdfZUM0bVZjSHJlc2dUUUpKUmRxMXVJUUxua1lnWnIxYURfVG9rZW46VVhMZ2JSb1Zyb29FYmF4ZTFrZ2xaY3hmZzNlXzE3ODgzMzk4NzA6MTc4ODM0MzQ3MF9WNAampadd_watermarktrueampscene_typeCCM.png\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Bu \u201csabit getirili\u201d piyasay\u0131 (faizi \u00f6nceden belli tahvil gibi ara\u00e7lar) daha iyi izlemek i\u00e7in: <a href=\"https:\/\/www.vtmarkets.com\/discover\/how-to-read-the-10-year-treasury-yield-chart\/\" target=\"_blank\" rel=\"noopener\">10 y\u0131ll\u0131k tahvil faizi grafi\u011fi nas\u0131l okunur?<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hazine, uzun vadeli ve eski (piyasada zaten i\u015flem g\u00f6ren) tahvilleri daha fazla geri alarak yan\u0131t verdi. Geni\u015fleyen program kapsam\u0131nda 10\u201320 y\u0131l ve 20\u201330 y\u0131l vadeli tahvillerde \u201clikiditeyi destekleme\u201d ama\u00e7l\u0131 geri al\u0131mlar\u0131n (piyasada al\u0131c\u0131-sat\u0131c\u0131 bulunmas\u0131n\u0131 kolayla\u015ft\u0131rma) i\u015flem ba\u015f\u0131na azami tutar\u0131 2 milyar dolardan en az 4 milyar dolara \u00e7\u0131kar\u0131lacak. Bessent ayr\u0131ca al\u0131mlar\u0131n daha da b\u00fcy\u00fcyebilece\u011fine i\u015faret etti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mekanizma basit: Hazine piyasadaki tahvilleri sat\u0131n al\u0131r, talep artar ve tahvil fiyat\u0131 y\u00fckselebilir. Tahvil fiyat\u0131 y\u00fckselince tahvilin faizi (getirisi) genellikle d\u00fc\u015fer. B\u00f6ylece Fed politika faizini de\u011fi\u015ftirmeden, \u201cfaiz e\u011frisinin\u201d uzun taraf\u0131ndaki (uzun vadeler) bask\u0131 azalabilir. Tahvil fiyat hareketlerinden yararlanmak isteyen yat\u0131r\u0131mc\u0131lar i\u00e7in: <a href=\"https:\/\/www.vtmarkets.com\/discover\/how-to-trade-bond-cfds-complete-guide-to-bonds-cfd-trading\/\" target=\"_blank\" rel=\"noopener\">Tahvil CFD\u2019leri nas\u0131l i\u015flem g\u00f6r\u00fcr?<\/a> (CFD: Varl\u0131\u011f\u0131n kendisini almadan fiyat fark\u0131 \u00fczerinden i\u015flem yap\u0131lan t\u00fcrev \u00fcr\u00fcn).<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">Hazine ad\u0131m\u0131<\/td><td class=\"has-text-align-center\" data-align=\"center\">Olas\u0131 piyasa etkisi<\/td><\/tr><tr><td>Uzun vadeli ABD tahvili al\u0131m\u0131<\/td><td>Mevcut tahvillere talep artar<\/td><\/tr><tr><td>Talep art\u0131\u015f\u0131<\/td><td>Tahvil fiyat\u0131 y\u00fckselebilir<\/td><\/tr><tr><td>Tahvil fiyat\u0131 y\u00fckseli\u015fi<\/td><td>Uzun vadeli tahvil faizi d\u00fc\u015febilir<\/td><\/tr><tr><td>Faizlerin d\u00fc\u015fmesi<\/td><td>Alt\u0131n tutman\u0131n vazge\u00e7ilen getiri maliyeti azalabilir<\/td><\/tr><tr><td>Daha d\u00fc\u015f\u00fck faiz + daha zay\u0131f dolar<\/td><td>Alt\u0131n ek destek bulabilir<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">TGA\u2019daki nakdin kullan\u0131labilmesi, Hazine\u2019ye al\u0131mlar\u0131 art\u0131rmak i\u00e7in daha fazla hareket alan\u0131 sa\u011flayabilece\u011finden stratejiyi daha \u00f6nemli hale getiriyor.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">TGA, Hazine\u2019ye Daha Fazla Hareket Alan\u0131 Veriyor<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Hazine Genel Hesab\u0131<\/strong> (TGA), ABD devletinin Fed nezdindeki ana nakit hesab\u0131d\u0131r. Vergi gelirleri ve bor\u00e7lanmadan gelen kaynaklar \u00f6nce bu hesaba girer, ard\u0131ndan kamu harcamalar\u0131nda kullan\u0131l\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hazine, eyl\u00fcl sonu itibar\u0131yla TGA bakiyesinin yakla\u015f\u0131k 950 milyar dolar olmas\u0131n\u0131; ekim sonuna do\u011fru ise ge\u00e7ici olarak yakla\u015f\u0131k 1,05 trilyon dolara \u00e7\u0131kabilmesini bekliyor. \u00dcst d\u00fczey yetkililer, bu nakdin bir k\u0131sm\u0131n\u0131n eski Hazine tahvillerini geri almak i\u00e7in kullan\u0131labilece\u011fini s\u00f6ylese de ne kadar\u0131n\u0131n kullan\u0131laca\u011f\u0131na dair net bir karar a\u00e7\u0131klanmad\u0131.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">The yields on the longest-dated US government bonds shot back to levels seen just before Treasury Secretary Scott Bessent shocked markets last month by expanding a buyback program in an effort to halt the rise <a href=\"https:\/\/t.co\/UCBIrLq9Xe\">https:\/\/t.co\/UCBIrLq9Xe<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2094945931208597630?ref_src=twsrc%5Etfw\">September 2, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Bu, Hazine\u2019nin 1 trilyon dolarl\u0131k bir tahvil al\u0131m program\u0131 ba\u015flatt\u0131\u011f\u0131 anlam\u0131na gelmiyor. TGA\u2019n\u0131n \u00f6nemli b\u00f6l\u00fcm\u00fc devletin g\u00fcnl\u00fck \u00f6demeleri i\u00e7in gerekti\u011finden, bakiyenin tamam\u0131 tahvil al\u0131m\u0131na ayr\u0131lamaz.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yine de mevcut nakdin kullan\u0131lmas\u0131, Hazine\u2019ye ayn\u0131 miktarda yeni bor\u00e7lanmaya hemen gitmeden uzun vadeli tahvil al\u0131m\u0131 yapma imk\u00e2n\u0131 verir. Alternatif olarak Hazine daha fazla k\u0131sa vadeli hazine bonosu \u00e7\u0131kar\u0131p (k\u0131sa vadeli bor\u00e7lanma) buradan gelen parayla uzun vadeli tahvil alabilir; bu da devlet borcunun vade yap\u0131s\u0131n\u0131 (k\u0131sa-uzun da\u011f\u0131l\u0131m\u0131n\u0131) de\u011fi\u015ftirir. Makro de\u011fi\u015fimleri okumak i\u00e7in: <a href=\"https:\/\/www.vtmarkets.com\/discover\/leading-lagging-coincident-economic-indicators-explained\/\" target=\"_blank\" rel=\"noopener\">\u00d6nc\u00fc, gecikmeli ve e\u015f zamanl\u0131 g\u00f6stergeler<\/a> (ekonominin nereye gitti\u011fini farkl\u0131 zamanlarda i\u015faret eden veriler).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Piyasalar a\u00e7\u0131s\u0131ndan TGA nakdinin kullan\u0131labilmesi, uzun vadeli faizler y\u00fcksek kal\u0131rsa Hazine\u2019nin daha h\u0131zl\u0131 ve daha b\u00fcy\u00fck ad\u0131m atabilmesi demek.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Alt\u0131n Neden Tepki Veriyor?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Burada Hazine hik\u00e2yesi alt\u0131nla birle\u015fiyor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Alt\u0131n faiz \u00f6demedi\u011fi i\u00e7in, cazibesi k\u0131smen yat\u0131r\u0131mc\u0131n\u0131n ABD tahvili gibi alternatiflerden ne kazanabildi\u011fine ba\u011fl\u0131d\u0131r. Tahvil faizleri y\u00fckselince alt\u0131n tutman\u0131n vazge\u00e7ilen getiri maliyeti artar; faizler d\u00fc\u015f\u00fcnce bu dezavantaj k\u00fc\u00e7\u00fcl\u00fcr. Ayr\u0131ca \u201creel faiz\u201d (enflasyondan ar\u0131nd\u0131r\u0131lm\u0131\u015f faiz) alt\u0131n i\u00e7in kritiktir: <a href=\"https:\/\/www.vtmarkets.com\/discover\/us-treasury-yields-and-gold-why-traders-watch-real-rates\/\" target=\"_blank\" rel=\"noopener\">ABD tahvil faizleri ve alt\u0131n: neden reel faiz izlenir?<\/a><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Gold bulls, rejuvenated by the Treasury Department\u2019s efforts to keep US borrowing costs in check, are turning to exotic options and spreads to bet on higher bullion prices. Read more: <a href=\"https:\/\/t.co\/FOyqlqkQL7\">https:\/\/t.co\/FOyqlqkQL7<\/a><br><br>\ud83d\udcf7\ufe0f: Damian Lemanski\/Bloomberg <a href=\"https:\/\/t.co\/QKEC0fn2XY\">pic.twitter.com\/QKEC0fn2XY<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2094130631227650444?ref_src=twsrc%5Etfw\">August 30, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Hazine\u2019nin daha b\u00fcy\u00fck geri al\u0131mlar\u0131 uzun vadeli tahvillere talebi art\u0131r\u0131rsa, faizlerin d\u00fc\u015fmesi Fed faiz indirmese bile alt\u0131na destek verebilir. Dolar\u0131n zay\u0131flamas\u0131 da ek destek yaratabilir. XAU\/USD (alt\u0131n\/dolar) dinamikleri i\u00e7in: <a href=\"https:\/\/www.vtmarkets.com\/discover\/xau-usd-trading-a-beginners-guide-to-gold-vs-us-dollar\/\" target=\"_blank\" rel=\"noopener\">XAU\/USD temel dinamikleri<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">D\u00fcnya Alt\u0131n Konseyi, geri al\u0131m duyurusunun ard\u0131ndan alt\u0131n\u0131n g\u00fcn i\u00e7inde yakla\u015f\u0131k %3 y\u00fckseldi\u011fini tahmin etti. Bu, tahvil piyasas\u0131 beklentilerindeki de\u011fi\u015fimin k\u0131ymetli metallere ne kadar h\u0131zl\u0131 yans\u0131d\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu tablo, alt\u0131n yat\u0131r\u0131mc\u0131s\u0131n\u0131n sadece Fed politika faizine bakmas\u0131n\u0131n yetmedi\u011fini de g\u00f6steriyor. Reel tahvil faizleri, dolar ve para politikas\u0131 (faiz\/likidite kararlar\u0131) ile maliye politikas\u0131 (b\u00fct\u00e7e\/bor\u00e7lanma kararlar\u0131) beklentileri alt\u0131n\u0131 etkileyebilir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Fed ve Hazine Farkl\u0131 Y\u00f6nlere \u00c7ekebilir<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Bu geli\u015fme al\u0131\u015f\u0131lmad\u0131k bir denge yarat\u0131yor; \u00e7\u00fcnk\u00fc Fed ve Hazine faiz piyasas\u0131n\u0131n farkl\u0131 b\u00f6l\u00fcmlerini etkiler.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fed, para politikas\u0131yla k\u0131sa vadeli faizleri belirler ve enflasyon kayg\u0131s\u0131 s\u00fcrerse s\u0131k\u0131 duru\u015fu (faizleri y\u00fcksek tutma) koruyabilir. Hazine uzun vadeli faizleri do\u011frudan belirlemez; ancak bor\u00e7lanma takvimi, geri al\u0131mlar ve nakit y\u00f6netimiyle uzun vadeli tahvillere arz-talebi etkileyebilir. Faiz beklentileri \u00fczerinden i\u015flem dinamikleri i\u00e7in: <a href=\"https:\/\/www.vtmarkets.com\/discover\/how-to-trade-interest-rate-expectations\/\" target=\"_blank\" rel=\"noopener\">Faiz beklentileri nas\u0131l fiyatlan\u0131r?<\/a><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">Fed<\/td><td class=\"has-text-align-center\" data-align=\"center\">ABD Hazinesi<\/td><\/tr><tr><td>K\u0131sa vadeli faizleri y\u00f6netir<\/td><td>Uzun vadeli tahvil arz-talebini etkiler<\/td><\/tr><tr><td>Para politikas\u0131n\u0131 kullan\u0131r<\/td><td>Bor\u00e7lanma ve geri al\u0131m ara\u00e7lar\u0131n\u0131 kullan\u0131r<\/td><\/tr><tr><td>Y\u00fcksek faiz dolar\u0131 destekleyebilir<\/td><td>Geri al\u0131mlar uzun vadeli tahvillere talebi art\u0131rabilir<\/td><\/tr><tr><td>Faiz indirimi alt\u0131n\u0131 destekleyebilir<\/td><td>Uzun vadeli faizlerin d\u00fc\u015fmesi de alt\u0131n\u0131 destekleyebilir<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Bu, Fed k\u0131sa vadeli faizleri y\u00fcksek tutarken Hazine\u2019nin uzun vadeli bor\u00e7lanma maliyetlerindeki bask\u0131y\u0131 azaltmaya \u00e7al\u0131\u015fabilece\u011fi anlam\u0131na gelir. Alt\u0131n taraf\u0131nda, bir sonraki Fed karar\u0131na ek olarak 10 ve 30 y\u0131ll\u0131k tahvil faizleri daha da kritikle\u015fiyor.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Ya Hazine Faiz Art\u0131\u015f\u0131n\u0131 Durduramazsa?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Bir olas\u0131l\u0131k daha var; bu da alt\u0131n i\u00e7in olumlu olabilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">ABD federal borcu 40 trilyon dolar\u0131 a\u015ft\u0131. Bor\u00e7lanma maliyetleri y\u00fckseldik\u00e7e devletin faiz gideri de art\u0131yor. Bu nedenle yat\u0131r\u0131mc\u0131lar, ABD\u2019nin b\u00fct\u00e7e g\u00f6r\u00fcn\u00fcm\u00fcn\u00fc ve uzun vadeli tahvili ta\u015f\u0131mak i\u00e7in talep ettikleri \u201crisk primini\u201d (belirsizlik i\u00e7in ek getiri iste\u011fi) daha yak\u0131ndan sorgulayabilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hazine, geri al\u0131m program\u0131n\u0131n amac\u0131n\u0131n likiditeyi art\u0131rmak ve tahvil piyasas\u0131n\u0131n sa\u011fl\u0131kl\u0131 i\u015flemesini desteklemek oldu\u011funu s\u00f6yl\u00fcyor. Ancak al\u0131mlar artsa bile uzun vadeli faizler y\u00fckselmeyi s\u00fcrd\u00fcr\u00fcrse, piyasalar bunu enflasyon, b\u00fct\u00e7e a\u00e7\u0131\u011f\u0131 ve bor\u00e7lanmaya dair sorunlar\u0131n \u00e7\u00f6z\u00fclmedi\u011fine dair bir i\u015faret olarak okuyabilir. Alt\u0131n\u0131n enflasyona kar\u015f\u0131 koruma olup olmad\u0131\u011f\u0131na dair: <a href=\"https:\/\/www.vtmarkets.com\/discover\/gold-and-inflation-is-gold-really-an-inflation-hedge\/\" target=\"_blank\" rel=\"noopener\">Alt\u0131n ve enflasyon<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu durumda alt\u0131n, faiz d\u00fc\u015f\u00fc\u015f\u00fcyle de\u011fil \u201cmali risk\u201d endi\u015fesiyle y\u00fckselebilir.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">Senaryo<\/td><td class=\"has-text-align-center\" data-align=\"center\">Piyasa sonucu<\/td><td class=\"has-text-align-center\" data-align=\"center\">Alt\u0131na olas\u0131 etki<\/td><\/tr><tr><td>Hazine ba\u015far\u0131l\u0131 olur<\/td><td>Uzun vadeli faizler d\u00fc\u015fer<\/td><td>Vazge\u00e7ilen getiri maliyeti azal\u0131r, alt\u0131n destek bulur<\/td><\/tr><tr><td>Hazine zorlan\u0131r<\/td><td>Faizler y\u00fcksek kal\u0131r veya y\u00fckselir<\/td><td>B\u00fct\u00e7e ve para birimi endi\u015feleri alt\u0131n\u0131 destekleyebilir<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u00d6zetle: Hazine m\u00fcdahalesi ba\u015far\u0131l\u0131 olursa d\u00fc\u015fen faizler \u00fczerinden alt\u0131n\u0131 destekleyebilir; ba\u015far\u0131s\u0131z olursa da yat\u0131r\u0131mc\u0131lar\u0131n ABD\u2019nin mali g\u00f6r\u00fcn\u00fcm\u00fcne ve dolar\u0131n uzun vadeli al\u0131m g\u00fcc\u00fcne dair kayg\u0131lar\u0131 artarsa alt\u0131na talep g\u00fc\u00e7lenebilir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Alt\u0131n Yat\u0131r\u0131mc\u0131s\u0131 Bundan Sonra Neyi \u0130zlemeli?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>10 ve 30 y\u0131ll\u0131k ABD tahvil faizleri<\/strong> en kritik g\u00f6stergeler aras\u0131nda olacak. Fed k\u0131sa vadeli faizleri y\u00fcksek tutarken uzun vadeli faizlerde kal\u0131c\u0131 d\u00fc\u015f\u00fc\u015f g\u00f6r\u00fcl\u00fcrse, Hazine\u2019nin alt\u0131na \u201cFed\u2019den ba\u011f\u0131ms\u0131z\u201d bir destek kanal\u0131 yaratt\u0131\u011f\u0131 alg\u0131s\u0131 g\u00fc\u00e7lenebilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Hazine Genel Hesab\u0131 (TGA)<\/strong> da \u00f6nemli. As\u0131l soru TGA\u2019n\u0131n 1 trilyon dolara \u00e7\u0131k\u0131p \u00e7\u0131kmamas\u0131 de\u011fil; Hazine\u2019nin bu nakdin anlaml\u0131 bir k\u0131sm\u0131n\u0131 ger\u00e7ekten uzun vadeli tahvil geri al\u0131m\u0131nda kullan\u0131p kullanmayaca\u011f\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>ABD dolar\u0131<\/strong> da izlenmeli. Hazine ad\u0131m\u0131 uzun vadeli faizleri d\u00fc\u015f\u00fcr\u00fcrken dolar zay\u0131flarsa, bu birle\u015fim alt\u0131n i\u00e7in daha elveri\u015fli bir zemin yaratabilir. DXY (dolar endeksi) hareketleri i\u00e7in: <a href=\"https:\/\/www.vtmarkets.com\/discover\/why-does-dxy-rise-in-uncertain-markets\/\">Belirsiz d\u00f6nemlerde DXY neden y\u00fckselir?<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Son olarak <strong>Hazine tahvil ihaleleri<\/strong> ve <strong>ABD borcuna talep<\/strong> izlenmeli. Zay\u0131f ihaleler ya da m\u00fcdahaleye ra\u011fmen uzun vadeli faizlerin \u0131srarla y\u00fckselmesi, yat\u0131r\u0131mc\u0131lar\u0131n enflasyon, a\u00e7\u0131klar ve orta-uzun vadeli mali g\u00f6r\u00fcn\u00fcme dair endi\u015felerinin s\u00fcrd\u00fc\u011f\u00fcne i\u015faret edebilir.<\/p>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>SSS<\/summary>\n<p class=\"wp-block-paragraph\">1) Fed politikas\u0131 normalde alt\u0131n fiyat\u0131n\u0131 nas\u0131l etkiler?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fed faizi d\u00fc\u015f\u00fcrd\u00fc\u011f\u00fcnde, alt\u0131n gibi faiz \u00f6demeyen varl\u0131klar tahvillere g\u00f6re daha cazip hale gelir; ayr\u0131ca dolar\u0131n zay\u0131flamas\u0131 alt\u0131n talebini art\u0131rabilir. Fed faizi y\u00fckseltti\u011finde ise faiz\/getiri sa\u011flayan varl\u0131klar ve dolar daha \u00e7ekici olabilir, bu da alt\u0131n \u00fczerinde bask\u0131 yaratabilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2) ABD Hazinesi, Fed\u2019den ba\u011f\u0131ms\u0131z \u015fekilde alt\u0131n fiyat\u0131n\u0131 etkileyebilir mi?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Evet. Fed k\u0131sa vadeli faizleri para politikas\u0131yla y\u00f6netir. Hazine ise bor\u00e7lanma plan\u0131, nakit y\u00f6netimi (TGA) ve tahvil geri al\u0131mlar\u0131yla uzun vadeli tahvil faizlerini dolayl\u0131 etkileyebilir. Bu ad\u0131mlar uzun vadeli faizleri d\u00fc\u015f\u00fcr\u00fcrse, Fed k\u0131sa vadeli faizi y\u00fcksek tutsun ya da tutmas\u0131n alt\u0131n destek g\u00f6rebilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">3) Hazine\u2019nin \u201clikidite ama\u00e7l\u0131 geri al\u0131m\u0131\u201d nedir, neden \u00f6nemlidir?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hazine\u2019nin likidite ama\u00e7l\u0131 geri al\u0131m\u0131, piyasada daha az i\u015flem g\u00f6ren, eski ve uzun vadeli tahvillerin devlet taraf\u0131ndan geri sat\u0131n al\u0131nmas\u0131d\u0131r. Bu al\u0131mlar talebi art\u0131r\u0131p tahvil fiyat\u0131n\u0131 yukar\u0131 itebilir; fiyat y\u00fckselince tahvil faizi d\u00fc\u015fme e\u011filimine girer. Uzun vadeli faizlerin d\u00fc\u015fmesi, alt\u0131n tutman\u0131n vazge\u00e7ilen getiri maliyetini azalt\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">4) Hazine Genel Hesab\u0131 (TGA) nedir, faizleri nas\u0131l etkiler?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">TGA, ABD devletinin Fed\u2019de tuttu\u011fu ana nakit hesab\u0131d\u0131r. Hazine bu hesaptaki nakdin bir k\u0131sm\u0131n\u0131 geri al\u0131mlar i\u00e7in kullan\u0131rsa, uzun vadeli tahvilleri sat\u0131n almak i\u00e7in hemen ayn\u0131 \u00f6l\u00e7ekte yeni uzun vadeli bor\u00e7lanma yapmak zorunda kalmayabilir. Bu da uzun vadeli faizlerdeki ani y\u00fckseli\u015flere kar\u015f\u0131 daha esnek hareket etmesini sa\u011flar.<\/p>\n<\/details>\n\n\n\n\n<p class=\"wp-block-paragraph\"><b>Hemen i\u015flem yapmaya ba\u015flay\u0131n \u2014 ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in <a href=\"https:\/\/www.vtmarkets.com\/tr-mena\/trade-now\">buraya<\/a> t\u0131klay\u0131n.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"<p>Alt\u0131nda Fed\u2019e ba\u011f\u0131ml\u0131l\u0131k zay\u0131fl\u0131yor: ABD Hazinesi uzun vadeli tahvil geri al\u0131mlar\u0131n\u0131 b\u00fcy\u00fct\u00fcp TGA nakdini kullanarak faizleri bast\u0131rabilir. 30 y\u0131ll\u0131k %5,33, XAU\/USD\u2019ye 4.700 hedefi.<\/p>\n","protected":false},"author":87,"featured_media":53546,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[48,51],"tags":[],"class_list":["post-53547","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-learn"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 5.0.1.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"Alt\u0131nda Fed\u2019e ba\u011f\u0131ml\u0131l\u0131k zay\u0131fl\u0131yor: ABD Hazinesi uzun vadeli tahvil geri al\u0131mlar\u0131n\u0131 b\u00fcy\u00fct\u00fcp TGA nakdini kullanarak faizleri bast\u0131rabilir. 30 y\u0131ll\u0131k %5,33, XAU\/USD\u2019ye 4.700 hedefi.\" \/>\n\t<meta name=\"robots\" content=\"max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/www.vtmarkets.com\/tr-mena\/featured\/the-fed-isnt-cutting-so-why-is-gold-rallying-anyway\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO Pro (AIOSEO) 5.0.1.1\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"VT Markets -\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"Fed Faiz \u0130ndirmiyor. 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