首页
登录
职称英语
So far, inflation is roaring in only a few sectors of the economy. While platinu
So far, inflation is roaring in only a few sectors of the economy. While platinu
游客
2023-12-15
17
管理
问题
So far, inflation is roaring in only a few sectors of the economy. While platinum has soared 121 percent, soybeans have risen 115 percent, and an index of Real Estate Investment Trusts has climbed 42 percent since May 2001, the consumer price index (CPI) has gone up only 4.2 percent during the same period. The challenge is figuring out what happens next.
Astute investors are asking two questions: 1) Will the dollar continue to decline? 2) Which assets will continue to inflate?
The value of the dollar matters because much of what Americans buy comes from abroad. And in the past two years, the dollar has been slipping badly: down some 25 percent against a basket of foreign currencies, including the euro and the yen. That makes imported goods more expensive. If the dollar falls further, the rise in prices could boost inflation.
And that’s exactly what some analysts predict. "This is not a run-of-the-mill problem where the currency corrects 25 percent" then stabilizes, says David Tice, Dallas-based manager of the Prudent Global Income Fund. "We have an economy that’s very dependent upon ever-increasing amounts of debt. Look at borrowing in this country for automobiles and housing. At the federal level, we are creating credit as if it is going out of style. Given that, we think the dollar can decline substantially more from here."
That’s why Mr. Tice’s income fund has invested in government bonds in countries that are major trading partners of the US. These bonds tend to increase in value as the dollar weakens.
There are other ways for investors to protect themselves from inflation. For example: TIPS (Treasury Inflation-Protected Securities) are US government bonds that increase both principal and interest payments in line with the CPI/U, which measures prices for urban dwellers. Thus, if the price of consumer goods goes up, TIPS owners get a boost in their rate of return. That’s a level of inflation protection that most bonds and money-market funds don’t provide.
Still, there are no guarantees. If real interest rates rise faster than inflation, TIPS can lose value if they’re not held to maturity. "TIPS have. generally been less volatile than traditional bonds," but investors have already seen periods when their inflation-protection doesn’t match the actual rise in prices, warns Duane Cabrera, head of the personal financial planning group at Vanguard, based in Valley Forge, Pa. For example, the year-over-year change in the CPI/U is running about 1.9 percent, he points out, but college costs have been rising about 5 percent annually.
Investors should also discuss the tax consequences with their investment advisers, Mr. Cabrera notes.
On the stock front, investors can also turn to natural-resource stocks or mutual funds that invest in them A slightly more exotic option: exchange-traded funds, which act like mutual funds but trade like stocks.
Commodities offer another avenue for profit during inflationary times. Individual investors probably want to avoid commodity trading, often a wild and woolly experience. But certain mutual funds offer shareholders a chance to profit when commodity prices go up. The PIMCO Commodity Real Return Fund, for example, provides exposure to the performance of the Dow-Jones AIG Commodity Index while generating income from TIPS. Another option: the Oppenheimer Real Asset Fund, which is actively managed and tracks the Goldman Sachs Commodity Index.
There’s no clear winner between these stock funds and the commodities their companies have invested in. When commodity prices are falling, natural-resource firms can protect themselves by hedging their risks, says Kevin Baum, portfolio manager of the Oppenheimer Real Asset Fund. On the other hand, hedging may keep them from benefiting when commodity prices rise. And the stocks can be more volatile than the commodities themselves. Gold funds typically are three times more volatile than the price of gold itself.
Sometimes, the commodities and funds tied to those commodities move in opposite directions, Mr. Baum says.
PIMCO’s Mr. Harris is quick to note that many commodity prices have been soaring. So the key question is: Which ones will continue to rise in price? Individual investors should maintain strict discipline when they pick commodities funds; he says. [br] Which of the following is true about the commodity trading?
选项
A、When commodity prices are falling, natural-resource firms loses money.
B、Stock funds benefit when commodity prices rise.
C、Individual investors should hold on to a commodities fund when they have decided upon it.
D、Market performances of the stock funds and the commodities they have invested in are not necessarily the same.
答案
D
解析
大宗商品交易基金除了现货交易以外,一般更多从事风险与收益都可能较大的期货交易,而期货交易是双向的,即期货价格上涨下跌都有盈利的可能。
转载请注明原文地址:https://tihaiku.com/zcyy/3275718.html
相关试题推荐
Sofar,inflationisroaringinonlyafewsectorsoftheeconomy.Whileplat
Sofar,inflationisroaringinonlyafewsectorsoftheeconomy.Whileplat
Sofar,inflationisroaringinonlyafewsectorsoftheeconomy.Whileplati
Sofar,inflationisroaringinonlyafewsectorsoftheeconomy.Whileplati
Sofar,inflationisroaringinonlyafewsectorsoftheeconomy.Whileplati
Sofar,inflationisroaringinonlyafewsectorsoftheeconomy.Whileplatinu
Sofar,inflationisroaringinonlyafewsectorsoftheeconomy.Whileplatinu
Hardlysurprisingly,Greenspan’scalloninflationisnowcomingunderthem
InflationInflation,asaneconomicphenomen
InflationInflation,asaneconomicphenomen
随机试题
Whatisthevalueofx?(1)x4+x2+1=[img]2022m10x/ct_ve01204002j_0044_22101
胎儿最早进入骨盆的部分为A.胎先露 B.胎方位 C.产轴 D.胎体式 E
根据《著作权法》规定,录音制作者使用他人已经合法录制为录音制品的音乐作品制作录音
检验检测机构应保持对检验检测结果、抽样结果的准确性或有效性有显著影响的设备,包括
下列病毒性肝炎潜伏期错误的是A.甲型2~7周 B.乙型6~8周 C.丙型2~
按照《建设工程施工专业分包合同(合同示范文本)》,分包人的责任和义务有?(?
试述急性单纯性阑尾炎的主要诊断依据
A.0.10 B.0.15 C.0.23 D.0.35
下列关于房地产市场划分的说法,不正确的是( )。A.二级市场是指土地转让、新建
下列关于社会工作的正确说法是( )。A.社会工作是一个专业,具有特殊的工作技巧
最新回复
(
0
)