Alt\u0131n piyasas\u0131 stratejisti Prof. Dr. Metin Duyar, H\u0130BYA'ya yapt\u0131\u011f\u0131 a\u00e7\u0131klamada, k\u00fcresel piyasalarda alt\u0131n\u0131n, haftan\u0131n ilk i\u015flem g\u00fcn\u00fcnde yeniden sert bir y\u00fckseli\u015f dalgas\u0131 yakalad\u0131\u011f\u0131n\u0131, spot alt\u0131n fiyat\u0131n\u0131n g\u00fcn i\u00e7inde 4 bin 600 dolar\u0131n \u00fczerine ta\u015farak, tarihi zirvelerini tazeledi\u011fini s\u00f6yledi.<\/p>\n
''Bu hareketin arka plan\u0131nda tek bir 'haber' de\u011fil; ayn\u0131 anda \u00e7al\u0131\u015fan \u00fc\u00e7 ana motor var, g\u00fcvenli liman talebi, para politikas\u0131 beklentileri ve kurumsal\/jeopolitik belirsizlik'' diyen Prof. Dr. Duyar, k\u00fcresel risk alg\u0131s\u0131nda son haftalarda belirgin bir bozulma oldu\u011funu, jeopolitik ba\u015fl\u0131klar\u0131n, finansal sistemdeki k\u0131r\u0131lganl\u0131klar ile k\u00fcresel b\u00fcy\u00fcmeye dair soru i\u015faretlerinin yat\u0131r\u0131mc\u0131y\u0131 yeniden ''nakit d\u0131\u015f\u0131 g\u00fcvenli varl\u0131klara'' y\u00f6neltti\u011fine i\u015faret etti.<\/p>\n
Duyar, bu noktada alt\u0131n\u0131n, faiz getirisi olmamas\u0131na ra\u011fmen, tarihsel refleksini bir kez daha g\u00f6sterdi\u011fini belirterek, \u015f\u00f6yle devam etti:<\/p>\n
''\u00d6te yandan fiyatlaman\u0131n yaln\u0131zca korku \u00fczerinden ilerledi\u011fini s\u00f6ylemek eksik olur. Para politikas\u0131 beklentileri de alt\u0131n\u0131n arkas\u0131ndaki \u00f6nemli desteklerden biri. K\u00fcresel \u00f6l\u00e7ekte faiz art\u0131\u015f d\u00f6ng\u00fcs\u00fcn\u00fcn sonuna gelindi\u011fi, hatta \u00f6n\u00fcm\u00fczdeki d\u00f6nemde daha gev\u015fek bir para politikas\u0131 alan\u0131n\u0131n a\u00e7\u0131labilece\u011fi beklentisi, reel faizleri a\u015fa\u011f\u0131 \u00e7ekerken alt\u0131n\u0131n cazibesini art\u0131r\u0131yor. Yat\u0131r\u0131mc\u0131 a\u00e7\u0131s\u0131ndan bak\u0131ld\u0131\u011f\u0131nda, 'ta\u015f\u0131ma maliyeti' azalan her varl\u0131k gibi alt\u0131n da bu ortamda daha rahat al\u0131c\u0131 buluyor. Bir di\u011fer kritik nokta, alt\u0131na olan talebin art\u0131k yaln\u0131zca bireysel yat\u0131r\u0131mc\u0131dan gelmemesi. Merkez bankalar\u0131n\u0131n rezerv \u00e7e\u015fitlendirme stratejileri, portf\u00f6y y\u00f6neticilerinin risk da\u011f\u0131l\u0131m\u0131 aray\u0131\u015f\u0131 ve uzun vadeli fonlar\u0131n korunma refleksi, alt\u0131n\u0131n y\u00fckseli\u015fini daha yap\u0131sal bir zemine oturtuyor. Bu da fiyat hareketlerini ge\u00e7ici bir dalgalanma olmaktan \u00e7\u0131kar\u0131p, daha kal\u0131c\u0131 bir trend tart\u0131\u015fmas\u0131na d\u00f6n\u00fc\u015ft\u00fcr\u00fcyor.''<\/p>\n
Alt\u0131n tek y\u00f6nl\u00fc bir hikaye sunmuyor<\/p>\n
Prof. Dr. Metin Duyar, alt\u0131n\u0131n ''tek y\u00f6nl\u00fc bir hikaye'' sundu\u011funu d\u00fc\u015f\u00fcnmenin hatal\u0131 olaca\u011f\u0131n\u0131, k\u00fcresel risk i\u015ftah\u0131n\u0131n yeniden g\u00fc\u00e7lenmesi, faiz beklentilerinin tersine d\u00f6nmesi ya da dolar\u0131n belirgin bi\u00e7imde de\u011fer kazanmas\u0131 halinde alt\u0131n fiyatlar\u0131nda ya\u015fanabilecek bir soluklanman\u0131n \u015fa\u015f\u0131rt\u0131c\u0131 olmayaca\u011f\u0131n\u0131 bildirdi.<\/p>\n
Mevcut seviyelerin, ayn\u0131 zamanda oynakl\u0131\u011f\u0131n da artabilece\u011fi bir b\u00f6lgeye i\u015faret etti\u011fini aktaran Duyar, ''Bug\u00fcnk\u00fc y\u00fckseli\u015fi bu \u00e7er\u00e7evede okumak gerekiyor. Piyasa alt\u0131n al\u0131rken asl\u0131nda gelece\u011fe dair belirsizli\u011fi, \u00f6ng\u00f6r\u00fclemeyen riskleri ve korunma ihtiyac\u0131n\u0131 sat\u0131n al\u0131yor. Fiyat\u0131n nereye gidece\u011finden \u00e7ok, neden bu kadar g\u00fc\u00e7l\u00fc bir talep g\u00f6rd\u00fc\u011f\u00fc sorusu \u015fu an daha belirleyici.'' dedi.<\/p>\n
Prof. Dr. Duyar, alt\u0131n\u0131n y\u00fckseldi\u011fini, bunun nedeninin d\u00fcnyan\u0131n bir s\u00fcredir net cevaplardan \u00e7ok ihtiyatl\u0131 pozisyonlar\u0131 tercih etmesi oldu\u011funu belirterek, \u015funlar\u0131 kaydetti:<\/p>\n
''T\u00fcrkiye a\u00e7\u0131s\u0131ndan bak\u0131ld\u0131\u011f\u0131nda ise bu k\u00fcresel tablo, gram alt\u0131n fiyatlar\u0131na do\u011frudan ve \u00e7arpanl\u0131 bi\u00e7imde yans\u0131yor. Gram alt\u0131n yaln\u0131zca ons fiyat\u0131ndaki y\u00fckseli\u015ften de\u011fil, ayn\u0131 zamanda d\u00f6viz kuru \u00fczerindeki yap\u0131sal bask\u0131lardan da besleniyor. Bu nedenle T\u00fcrkiye'de alt\u0131n, klasik bir yat\u0131r\u0131m arac\u0131n\u0131n \u00f6tesinde, para politikas\u0131na duyulan g\u00fcvenin ve ekonomik beklentilerin bir g\u00f6stergesi haline gelmi\u015f durumda. Enflasyonla m\u00fccadelede kal\u0131c\u0131 bir iyile\u015fme alg\u0131s\u0131 olu\u015fmad\u0131\u011f\u0131 s\u00fcrece, bireysel tasarruf sahibinin alt\u0131na y\u00f6nelimi rasyonel bir tercih olarak okunuyor. Bug\u00fcnk\u00fc fiyat hareketi, yaln\u0131zca k\u00fcresel belirsizli\u011fin de\u011fil, T\u00fcrkiye'de ekonomik istikrar aray\u0131\u015f\u0131n\u0131n da bir yans\u0131mas\u0131d\u0131r. Gram alt\u0131n y\u00fckselirken asl\u0131nda bir anlamda 'gelece\u011fe dair temkin' fiyatlan\u0131yor.''
\n\u00a0<\/p>\n
<\/strong> \u0130stanbul 12 Ocak (Hibya) – De\u011ferli maden alt\u0131n, haftaya y\u00fckseli\u015fle ba\u015flad\u0131.<\/p>\n","protected":false},"author":1,"featured_media":32376,"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-32375","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\/32375","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=32375"}],"version-history":[{"count":0,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/32375\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media\/32376"}],"wp:attachment":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media?parent=32375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/categories?post=32375"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/tags?post=32375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nEKONOM\u0130 GAZETES\u0130 <\/p>\n","protected":false},"excerpt":{"rendered":"