Bank of America Metal Ara\u015ft\u0131rmalar\u0131 Ba\u015fkan\u0131 Michael Widmer, raporda alt\u0131n\u0131n \u00f6nemli bir hedge ve birincil getiri fakt\u00f6r\u00fc olmaya devam edece\u011fini belirtti. Banka, ortalama alt\u0131n fiyat\u0131n\u0131n 2026 y\u0131l\u0131nda ons ba\u015f\u0131na 4 bin 538 dolara ula\u015faca\u011f\u0131n\u0131 ve 5 bin dolarl\u0131k kilometre ta\u015f\u0131n\u0131 test etme potansiyeli oldu\u011funu tahmin ediyor. Etkileyen fakt\u00f6rler aras\u0131nda alt\u0131n arz\u0131n\u0131n daralmas\u0131, \u00fcretim maliyetlerinin artmas\u0131 ve g\u00fc\u00e7l\u00fc yat\u0131r\u0131m talebi yer al\u0131yor.<\/p>\n
Ancak raporda, g\u00fcm\u00fc\u015f\u00fcn yukar\u0131 y\u00f6nl\u00fc potansiyelinin alt\u0131n\u0131nkini \u00e7ok a\u015ft\u0131\u011f\u0131 \u00f6zellikle vurgulan\u0131yor. Widmer, mevcut alt\u0131n-g\u00fcm\u00fc\u015f oran\u0131n\u0131n yakla\u015f\u0131k 59:1 oldu\u011funu, tarihsel a\u015f\u0131r\u0131 d\u00fc\u015f\u00fck seviyelerin ise 2011'de 32:1 ve 1980'de 14:1 oldu\u011funu belirtti. Bu oran\u0131n tarihsel d\u00fc\u015f\u00fck seviyelere d\u00f6nmesi, g\u00fcm\u00fc\u015f fiyat\u0131n\u0131n ons ba\u015f\u0131na 135 ila 309 dolar aral\u0131\u011f\u0131na y\u00fckselebilece\u011fi anlam\u0131na geliyor. Bu \u00f6nemli de\u011fer art\u0131\u015f potansiyeli, ekstra y\u00fckseli\u015f i\u00e7in daha y\u00fcksek risk almaya istekli yat\u0131r\u0131mc\u0131lar i\u00e7in g\u00fcm\u00fc\u015f\u00fc olduk\u00e7a cazip hale getiriyor.<\/p>\n
Bank of America, g\u00fcm\u00fc\u015f\u00fcn alt\u0131ndan daha iyi performans g\u00f6sterece\u011fine dair \u00f6ng\u00f6r\u00fclerinin nedenlerini de \u015f\u00f6yle a\u00e7\u0131kl\u0131yor:<\/p>\n
“Mevcut 60:1 oran\u0131, uzun vadeli tarihsel ortalaman\u0131n olduk\u00e7a \u00fczerinde ve y\u00fcksek bir aral\u0131kta yer almaktad\u0131r. Tarihsel veriler, de\u011ferli metallerin b\u00fcy\u00fck bo\u011fa piyasalar\u0131nda, g\u00fcm\u00fc\u015f\u00fcn daha y\u00fcksek volatilitesi ve daha k\u00fc\u00e7\u00fck piyasa de\u011feri nedeniyle genellikle alt\u0131ndan \u00f6nemli \u00f6l\u00e7\u00fcde daha iyi performans g\u00f6sterdi\u011fini ve bu durumun oran\u0131n keskin bir daralmas\u0131na yol a\u00e7t\u0131\u011f\u0131n\u0131 g\u00f6stermektedir. Tarihsel oran seviyelerine do\u011fru ortalama geri d\u00f6n\u00fc\u015f, g\u00fcm\u00fc\u015f\u00fcn patlay\u0131c\u0131 b\u00fcy\u00fcme potansiyelinin matematiksel temelini olu\u015fturmaktad\u0131r.<\/p>\n
“G\u00fcm\u00fc\u015f, alt\u0131nla benzer finansal g\u00fcvenli liman \u00f6zelliklerine sahip olmakla kalmaz, ayn\u0131 zamanda fotovoltaik ve elektronik gibi end\u00fcstriyel uygulamalarda da yayg\u0131n olarak kullan\u0131l\u0131r. Ye\u015fil enerjiye ge\u00e7i\u015f ve k\u00fcresel imalat sekt\u00f6r\u00fcnde potansiyel bir toparlanma ba\u011flam\u0131nda, end\u00fcstriyel talepteki b\u00fcy\u00fcme g\u00fcm\u00fc\u015f fiyatlar\u0131na ek destek sa\u011flayarak \u201cfinansal + end\u00fcstriyel\u201d \u00e7ift motorlu bir itici g\u00fc\u00e7 olu\u015fturacakt\u0131r.<\/p>\n
“Alt\u0131n yat\u0131r\u0131m talebi (\u00f6zellikle yat\u0131r\u0131m fonlar\u0131na \/ ETF) belirgin bir \u015fekilde toparlanm\u0131\u015f olsa da, g\u00fcm\u00fc\u015f piyasas\u0131ndaki konumland\u0131rma nispeten zay\u0131f kalmaya devam etmektedir. Piyasa duyarl\u0131l\u0131\u011f\u0131 de\u011ferli metalleri takip etme y\u00f6n\u00fcnde de\u011fi\u015firse, g\u00fcm\u00fc\u015f piyasas\u0131na sermaye giri\u015flerinin b\u00fcy\u00fctme etkisi daha belirgin hale gelebilir ve h\u0131zl\u0131 bir fiyat art\u0131\u015f\u0131n\u0131 daha kolay tetikleyebilir.<\/p>\n
“BofA, platin ve paladyum dahil olmak \u00fczere t\u00fcm de\u011ferli metal sekt\u00f6r\u00fcne olumlu bak\u0131yor. B\u00f6ylesine geni\u015f bir y\u00fckseli\u015f trendi i\u00e7inde, tarihsel performans genellikle, “alt\u0131n\u0131n \u00f6nc\u00fcl\u00fck etti\u011fi, ard\u0131ndan g\u00fcm\u00fc\u015f\u00fcn h\u0131zla ivme kazand\u0131\u011f\u0131' bir model izler.”<\/p>\n
BofA, Kuzey Amerika'n\u0131n \u00f6nde gelen alt\u0131n madencilerinin \u00fcretiminin 2026'da y\u00fczde 2 azalaca\u011f\u0131n\u0131, ortalama toplam s\u00fcrd\u00fcr\u00fclebilir maliyetlerin (AISC) ise y\u00fczde 3 artarak ons ba\u015f\u0131na yakla\u015f\u0131k 1.600 dolara \u00e7\u0131kaca\u011f\u0131n\u0131 ve bu durumun temel destek sa\u011flayaca\u011f\u0131n\u0131 \u00f6ng\u00f6rmektedir.<\/p>\n
Widmer, yat\u0131r\u0131m talebindeki sadece y\u00fczde 14'l\u00fck bir art\u0131\u015f\u0131n alt\u0131n\u0131 5.000 dolara \u00e7\u0131karabilece\u011fini belirtti. \u015eu anda, profesyonel yat\u0131r\u0131m sekt\u00f6r\u00fcndeki (\u00f6rne\u011fin, y\u00fcksek net de\u011ferli bireyler) alt\u0131n tahsisi sadece yakla\u015f\u0131k y\u00fczde 0,5'tir ve model optimize edilmi\u015f seviye olan yakla\u015f\u0131k y\u00fczde 30'un \u00e7ok alt\u0131ndad\u0131r, bu da sahip olunan miktar\u0131n art\u0131r\u0131lmas\u0131 i\u00e7in \u00f6nemli bir alan oldu\u011funu g\u00f6steriyor.<\/p>\n
Analistler, merkez bankalar\u0131n\u0131n alt\u0131n rezervlerinin ABD Hazine tahvillerindeki varl\u0131klar\u0131n\u0131 a\u015ft\u0131\u011f\u0131n\u0131, ancak ortalama alt\u0131n pay\u0131n\u0131n sadece y\u00fczde 15 civar\u0131nda oldu\u011funu belirtti. BofA'n\u0131n modellemesi, ortalama alt\u0131n tahsisat\u0131n\u0131n y\u00fczde 30 civar\u0131na \u00e7\u0131kar\u0131lmas\u0131n\u0131n rezerv varl\u0131klar\u0131n\u0131 tamamen optimize edece\u011fini g\u00f6steriyor ve bu da merkez bankalar\u0131n\u0131n al\u0131mlar\u0131n\u0131n devam edebilece\u011fini d\u00fc\u015f\u00fcnd\u00fcr\u00fcyor.
\n\u00a0<\/p>\n
<\/strong> \u0130stanbul, 6 Ocak (Hibya) – Merkezi Kuzey Carolina’da yer alan Amerikan \u00e7ok uluslu yat\u0131r\u0131m bankas\u0131 Bank of America’n\u0131n (BofA) son metal ara\u015ft\u0131rma raporuna g\u00f6re, alt\u0131n 2026 y\u0131l\u0131nda da \u00f6nemli bir portf\u00f6y hedge ve getiri kayna\u011f\u0131 olmaya devam edecek ve g\u00fcm\u00fc\u015f, tarihsel zirveleri test etme potansiyeli ile daha b\u00fcy\u00fck kazan\u00e7lar elde edecek.<\/p>\n","protected":false},"author":1,"featured_media":29605,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"googlesitekit_rrm_CAow07ekDA:productID":"","footnotes":""},"categories":[12,4,1],"tags":[],"class_list":["post-29604","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-spor","category-dunya","category-ekonomi"],"_links":{"self":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/29604","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/comments?post=29604"}],"version-history":[{"count":0,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/29604\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media\/29605"}],"wp:attachment":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media?parent=29604"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/categories?post=29604"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/tags?post=29604"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nEKONOM\u0130 GAZETES\u0130 <\/p>\n","protected":false},"excerpt":{"rendered":"