A1 Capital\u2019in raporunda Trump\u2019\u0131n se\u00e7imleri kazanmas\u0131yla ba\u015flayan s\u00fcre\u00e7te \u00c7in Merkez Bankas\u0131n\u0131n da Aral\u0131k ay\u0131nda alt\u0131n al\u0131m program\u0131n\u0131 14. ay\u0131na uzatt\u0131\u011f\u0131 belirtildi. Raporda \u015funlar kaydedildi:<\/p>\n
\u201cAlt\u0131ndaki y\u00fckseli\u015f ba\u015flang\u0131\u00e7 noktas\u0131 i\u015fte tam buras\u0131. Bu y\u0131lda k\u0131ymetli metaller i\u00e7in en \u00f6nemli belirleyici fakt\u00f6rler “Trump ve yine Trump”. Son jeopolitik gerilimde, ABD Ba\u015fkan\u0131 Donald Trump Cumartesi g\u00fcn\u00fc yapt\u0131\u011f\u0131 a\u00e7\u0131klamada, Kanada'n\u0131n \u00c7in ile bir ticaret anla\u015fmas\u0131na varmas\u0131 halinde y\u00fczde 100 g\u00fcmr\u00fck vergisi uygulayaca\u011f\u0131n\u0131 s\u00f6yledi. Yat\u0131r\u0131mc\u0131lar\u0131n dikkatini \u00e7eken bir di\u011fer konu ise ABD ve Japon yetkililerinin koordineli bir d\u00f6viz m\u00fcdahalesinin yak\u0131n zamanda ger\u00e7ekle\u015febilece\u011fi ihtimaliydi.<\/p>\n
Ge\u00e7ti\u011fimiz y\u0131l alt\u0131n, ilk kez 3.000 dolar\/ons ve 4.000 dolar\/ons seviyelerine ula\u015farak \u00f6nemli kilometre ta\u015flar\u0131n\u0131 a\u015fm\u0131\u015f, 2025 y\u0131l\u0131nda de\u011ferine y\u00fczde 64 oran\u0131nda de\u011fer katm\u0131\u015f bu 1979'dan bu yana g\u00f6r\u00fclen en b\u00fcy\u00fck y\u0131ll\u0131k art\u0131\u015f olmu\u015ftu. Bu art\u0131\u015fta g\u00fcvenli liman talebi, ABD faiz indirimlerine y\u00f6nelik beklentiler, g\u00fc\u00e7l\u00fc merkez bankas\u0131 al\u0131mlar\u0131, dolar\u0131n kullan\u0131m\u0131n\u0131n azalmas\u0131 e\u011filimleri ve yat\u0131r\u0131mc\u0131lar\u0131 i\u00e7in k\u00fcl\u00e7e alt\u0131n depolayan ve metal i\u00e7in yat\u0131r\u0131m talebinin \u00f6nemli bir b\u00f6l\u00fcm\u00fcn\u00fc olu\u015fturan alt\u0131n destekli ETF'lere olan giri\u015fler de ki – . D\u00fcnya Alt\u0131n Konseyi verilerine g\u00f6re, alt\u0131n ETF'lerine 2025 y\u0131l\u0131nda Kuzey Amerika fonlar\u0131n\u0131n \u00f6nc\u00fcl\u00fc\u011f\u00fcnde rekor giri\u015fler ya\u015fand\u0131 ve y\u0131ll\u0131k giri\u015fler 89 milyar dolara ula\u015ft\u0131. Tonaj olarak ise giri\u015fler 801 metrik ton ile 2020'deki rekor seviyesinden bu yana en y\u00fcksek seviyeye ula\u015ft\u0131- piyasalar\u0131n bu y\u0131l ABD'nin faiz oranlar\u0131nda daha fazla indirim yapmas\u0131n\u0131 beklemesiyle fiyatlar\u0131 destekliyor.<\/p>\n
Alt\u0131n, artan jeopolitik gerilimler kar\u015f\u0131s\u0131nda yat\u0131r\u0131mc\u0131lar\u0131n g\u00fcvenli liman varl\u0131\u011f\u0131na y\u00f6nelmesiyle d\u00fcn ons ba\u015f\u0131na 5.100 dolar\u0131n \u00fczerine \u00e7\u0131karak rekor seviyeye ula\u015ft\u0131 ve tarihi y\u00fckseli\u015fini s\u00fcrd\u00fcrd\u00fc ve bu y\u0131l \u015fimdiye kadar y\u00fczde 18 oran\u0131nda de\u011fer kazand\u0131.<\/p>\n
Alt\u0131n\u0131n son d\u00f6nemdeki y\u00fckseli\u015fi, Gr\u00f6nland konusunda ABD-NATO s\u00fcrt\u00fc\u015fmesinden ve g\u00fcmr\u00fck vergisi belirsizli\u011finden, ABD Merkez Bankas\u0131'n\u0131n ba\u011f\u0131ms\u0131zl\u0131\u011f\u0131na ili\u015fkin artan \u015f\u00fcphelere kadar jeopolitik gerilimlerden kaynaklan\u0131yor . Spot alt\u0131n fiyatlar\u0131n\u0131n, artan k\u00fcresel gerilimlerin yan\u0131 s\u0131ra merkez bankalar\u0131n\u0131n ve perakende yat\u0131r\u0131mc\u0131lar\u0131n g\u00fc\u00e7l\u00fc talebiyle bu y\u0131l 6.000 \u2013 6,400 dolara do\u011fru daha da y\u00fckselece\u011fi tahmin edilmeye ba\u015fland\u0131 ve hatta Londra K\u00fcl\u00e7e Piyasas\u0131 Birli\u011fi'nin y\u0131ll\u0131k k\u0131ymetli metaller tahmin anketi, analistlerin alt\u0131n\u0131n 2026'da 7.150 dolara kadar y\u00fckselece\u011fini bile \u00f6ng\u00f6r\u00fclmekte. Trump'\u0131n bu y\u0131lki y\u0131k\u0131c\u0131 politika yakla\u015f\u0131m\u0131, de\u011ferli metallerin savunma ama\u00e7l\u0131 yat\u0131r\u0131m arac\u0131 olarak i\u015fine yar\u0131yor. Kanada ve G\u00fcney Kore'ye y\u00f6nelik y\u00fcksek g\u00fcmr\u00fck vergisi tehditleri, alt\u0131n\u0131 g\u00fcvenli liman se\u00e7ene\u011fi olarak tutmaya yetiyor.<\/p>\n
Peki ne alt\u0131nda d\u00fczeltme e\u011filimi olu\u015fturabilir? ABD'de faiz indirim beklentilerinde geri \u00e7ekilme, hisse senetlerinde teminat tamamlama \u00e7a\u011fr\u0131lar\u0131 ve Fed'in ba\u011f\u0131ms\u0131zl\u0131\u011f\u0131na ili\u015fkin endi\u015felerin azalmas\u0131 ve daha istikrarl\u0131 bir ekonomik ve jeopolitik ortama geri d\u00f6n\u00fclmesini ile olabilir. Ama g\u00f6r\u00fcnen ya\u015fanacak herhangi bir geri \u00e7ekilme de k\u0131sa s\u00fcrecek ve bir al\u0131m f\u0131rsat\u0131 olarak de\u011ferlendirilecekmi\u015f gibi duruyor.<\/p>\n
Spot g\u00fcm\u00fc\u015f, ons ba\u015f\u0131na 117,69 dolar ile yeni bir zirveye ula\u015ft\u0131 ve son olarak y\u00fczde 4 art\u0131\u015fla ons ba\u015f\u0131na 108,05 dolara y\u00fckseldi. Fiyatlar Cuma g\u00fcn\u00fc 100 dolar s\u0131n\u0131r\u0131n\u0131 a\u015ft\u0131; perakende yat\u0131r\u0131mc\u0131lar\u0131n ve ivme odakl\u0131 al\u0131mlar\u0131n etkisiyle, de\u011ferli ve end\u00fcstriyel metalin fiziki piyasalar\u0131ndaki uzun s\u00fcreli daralma devam etti. G\u00fcm\u00fc\u015f bu y\u0131l \u015fimdiye kadar y\u00fczde 53 oran\u0131nda de\u011fer kazand\u0131.<\/p>\n
ABD Ba\u015fkan Trump, d\u00fcn yapt\u0131\u011f\u0131 a\u00e7\u0131klamada, G\u00fcney Kore'den ithal edilen otomobil ve di\u011fer mallara uygulanan g\u00fcmr\u00fck vergilerini art\u0131rd\u0131\u011f\u0131n\u0131 belirterek, m\u00fcttefiki ve \u00f6nemli bir ticaret orta\u011f\u0131 olan \u00fclkenin yasama organ\u0131n\u0131 ge\u00e7en y\u0131l var\u0131lan anla\u015fman\u0131n y\u00fcr\u00fcrl\u00fc\u011fe girmesinde ayak s\u00fcr\u00fcd\u00fc\u011f\u00fc i\u00e7in su\u00e7lad\u0131. Trump, G\u00fcney Kore yasama organ\u0131n\u0131n anla\u015fmay\u0131 y\u00fcr\u00fcrl\u00fc\u011fe koymad\u0131\u011f\u0131n\u0131 belirterek, “Bu nedenle, G\u00fcney Kore'nin otomobil, kereste, ila\u00e7 ve di\u011fer t\u00fcm kar\u015f\u0131l\u0131kl\u0131 g\u00fcmr\u00fck vergilerini y\u00fczde 15'ten y\u00fczde 25'e \u00e7\u0131kar\u0131yorum” dedi. Cumartesi g\u00fcn\u00fc ise Kanada Ba\u015fbakan\u0131 Mark Carney'nin \u00c7in'e yapt\u0131\u011f\u0131 ziyaretin ard\u0131nda fiili bir ticaret ambargosuyla tehdit etmi\u015fti.<\/p>\n
UK Ba\u015fbakan Keir Starmer, d\u00fcnyan\u0131n ikinci b\u00fcy\u00fck ekonomisiyle ili\u015fkileri d\u00fczeltmek ve giderek daha \u00f6ng\u00f6r\u00fclemez hale gelen Amerika Birle\u015fik Devletleri'ne olan ba\u011f\u0131ml\u0131l\u0131\u011f\u0131n\u0131 azaltmak amac\u0131yla, sekiz y\u0131l sonra bir \u0130ngiliz liderin ger\u00e7ekle\u015ftirece\u011fi ilk ziyaret i\u00e7in bug\u00fcn \u00c7in'e u\u00e7acak. Hindistan ve Avrupa Birli\u011fi, bug\u00fcn bir ticaret anla\u015fmas\u0131 imzalamaya haz\u0131rlan\u0131yor. Anla\u015fma, AB yap\u0131m\u0131 otomobillerin ithalat\u0131ndaki g\u00fcmr\u00fck vergilerini y\u00fczde 110'dan y\u00fczde 40'a d\u00fc\u015f\u00fcrmeyi de i\u00e7eriyor.<\/p>\n
Washington'\u0131n daha zay\u0131f bir para birimine duydu\u011fu istek de dahil olmak \u00fczere giderek artan bir dizi fakt\u00f6r, yat\u0131r\u0131mc\u0131lar\u0131n dolar\u0131n istikrarl\u0131 bir d\u00f6nem ge\u00e7irece\u011fine dair iyimser varsay\u0131mlar\u0131n\u0131 yeniden g\u00f6zden ge\u00e7irmelerine neden olurken, ABD dolar\u0131 2026 y\u0131l\u0131n\u0131n ilk birka\u00e7 \u00e7alkant\u0131l\u0131 haftas\u0131nda tekrar bask\u0131 alt\u0131na giriyor.<\/p>\n
Piyasa oynakl\u0131\u011f\u0131 \u00f6l\u00e7\u00fctleri hala y\u00fcksek seviyelerde seyrediyor ve tahvil piyasas\u0131 duyarl\u0131l\u0131\u011f\u0131 k\u0131r\u0131lgan, \u00f6zellikle de Japon devlet tahvillerinde ya\u015fanan ve ABD Hazine tahvillerine de s\u0131\u00e7rayabilecek agresif sat\u0131\u015f dalgas\u0131 nedeniyle; \u00f6te yandan alt\u0131n\u0131n s\u00fcrekli olarak yeni rekorlar k\u0131rmas\u0131, yat\u0131r\u0131mc\u0131lar\u0131n alternatif g\u00fcvenli limanlar arad\u0131\u011f\u0131n\u0131n bir i\u015fareti. Trump'\u0131n, bu ay iki ABD vatanda\u015f\u0131n\u0131n \u00f6l\u00fcm\u00fcne ve protestolara yol a\u00e7an yasad\u0131\u015f\u0131 g\u00f6\u00e7menli\u011fe kar\u015f\u0131 sert \u00f6nlemler de dahil olmak \u00fczere i\u00e7 politikalar\u0131, bu ay bir ba\u015fka h\u00fck\u00fcmet kapanmas\u0131na neden olabilir.<\/p>\n
Dolar, d\u00fcn, ABD Ba\u015fkan\u0131 Trump'\u0131n “Kurtulu\u015f G\u00fcn\u00fc” g\u00fcmr\u00fck vergilerinin ABD varl\u0131klar\u0131nda sert bir sat\u0131\u015f dalgas\u0131na yol a\u00e7t\u0131\u011f\u0131 ge\u00e7en Nisan ay\u0131ndan bu yana, ba\u015fl\u0131ca para birimlerinden olu\u015fan bir sepet kar\u015f\u0131s\u0131nda en b\u00fcy\u00fck \u00fc\u00e7 g\u00fcnl\u00fck d\u00fc\u015f\u00fc\u015f\u00fcn\u00fc ya\u015famak \u00fczereyken 97,09 seviyesinde sabit kald\u0131 ve 4,5 ay\u0131n en d\u00fc\u015f\u00fck seviyesi olan 96,8'e yakla\u015ft\u0131. ABD Hazine tahvilleri piyasas\u0131nda, g\u00f6sterge niteli\u011findeki 10 y\u0131ll\u0131k tahvil getirisi, son d\u00f6nemdeki y\u00fczde 4,313'l\u00fck zirve noktas\u0131ndan d\u00f6rt seans \u00fcst \u00fcste d\u00fc\u015f\u00fc\u015f g\u00f6sterdikten sonra, 1 baz puan artarak y\u00fczde 4,225'e y\u00fckseldi.<\/p>\n
FED'in \u00c7ar\u015famba g\u00fcn\u00fc faiz oranlar\u0131nda herhangi bir de\u011fi\u015fiklik beklenmeyen son politika karar\u0131n\u0131 a\u00e7\u0131klamas\u0131 planlan\u0131yor. Ancak toplant\u0131, g\u00f6rev s\u00fcresi May\u0131s ay\u0131nda sona erecek olan Ba\u015fkan Jerome Powell hakk\u0131nda Trump y\u00f6netiminin y\u00fcr\u00fctt\u00fc\u011f\u00fc cezai soru\u015fturma nedeniyle g\u00f6lgede kalacak gibi. Piyasalar BlackRock'\u0131n tahvil b\u00f6l\u00fcm\u00fc ba\u015fkan\u0131 Rick Rieder'\u0131n (t\u0131pk\u0131 Trump gibi d\u00fc\u015f\u00fck faiz oranlar\u0131n\u0131 savunan biri) muhtemel halef olma olas\u0131l\u0131\u011f\u0131n\u0131 y\u00fczde 50 olarak de\u011ferlendiriyor.\u201d<\/p>\n
<\/strong> \u0130stanbul, 27 Ocak (Hibya) \u2013 A1 Capital, alt\u0131n\u0131n, artan jeopolitik gerilimler kar\u015f\u0131s\u0131nda yat\u0131r\u0131mc\u0131lar\u0131n g\u00fcvenli liman varl\u0131\u011f\u0131na y\u00f6nelmesiyle d\u00fcn ons ba\u015f\u0131na 5.100 dolar\u0131n \u00fczerine \u00e7\u0131karak rekor seviyeye ula\u015ft\u0131\u011f\u0131n\u0131, tarihi y\u00fckseli\u015fini s\u00fcrd\u00fcrd\u00fc\u011f\u00fcn\u00fc ve bu y\u0131l \u015fimdiye kadar y\u00fczde 18 oran\u0131nda de\u011fer kazand\u0131\u011f\u0131n\u0131 bildirdi. <\/p>\n","protected":false},"author":1,"featured_media":38658,"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-38657","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\/38657","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=38657"}],"version-history":[{"count":0,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/38657\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media\/38658"}],"wp:attachment":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media?parent=38657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/categories?post=38657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/tags?post=38657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nEKONOM\u0130 GAZETES\u0130 <\/p>\n","protected":false},"excerpt":{"rendered":"