{"id":1922,"date":"2019-09-08T18:56:01","date_gmt":"2019-09-08T15:56:01","guid":{"rendered":"https:\/\/super-news.info\/pl\/zloto-zaskoczylo-analitykow-bankier-pl\/"},"modified":"2020-02-19T17:41:17","modified_gmt":"2020-02-19T14:41:17","slug":"zloto-zaskoczylo-analitykow-bankier-pl","status":"publish","type":"post","link":"https:\/\/super-news.info\/pl\/zloto-zaskoczylo-analitykow-bankier-pl\/","title":{"rendered":"Z\u0142oto zaskoczy\u0142o analityk\u00f3w &#8211; Bankier.pl"},"content":{"rendered":"<div id=\"articleContent\" data-io-article-url=\"https:\/\/www.bankier.pl\/wiadomosc\/Zloto-zaskoczylo-analitykow-7733897.html\"><!-- authorContainer --><\/p>\n<p><span class=\"lead\">Wakacyjny rajd cen z\u0142ota<br \/>\nkompletnie zaskoczy\u0142 rynkowych analityk\u00f3w. I cho\u0107 kr\u00f3lewski metal <span class=\"lead\">zapewne<br \/>\n<\/span>czeka powa\u017cna korekta, to raczej i tak zako\u0144czy rok du\u017co wy\u017cej, ni\u017c<br \/>\noczekiwano.<br \/>\n<\/span><\/p>\n<p>Na<br \/>\npocz\u0105tku 2019 roku nastroje na rynku z\u0142ota trudno by\u0142o uzna\u0107 za optymistyczne.<br \/>\nNotowania kruszcu dopiero co zdo\u0142a\u0142y si\u0119 podnie\u015b\u0107 po druzgoc\u0105cych spadkach z<br \/>\nlata. Dolarowy kurs z\u0142ota startowa\u0142 z poziomu 1285 USD\/oz., a na rynku pe\u0142no<br \/>\nby\u0142o obaw zwi\u0105zanych z polityk\u0105 Rezerwy Federalnej, kt\u00f3ra wed\u0142ug \u00f3wczesnych deklaracji<br \/>\nmia\u0142a w kolejnych kwarta\u0142ach dalej podnosi\u0107 stopy procentowe.<\/p>\n<p><!--[ ads link bar ]--><\/p>\n<p>7 stycznia 2109 roku baza prognoz<br \/>\nBloomberga zawiera\u0142a 19 aktualnych prognoz dla cen z\u0142ota pochodz\u0105cych z du\u017cych firm<br \/>\nfinansowych i analitycznych. Mediana tych projekcji zak\u0142ada\u0142a, \u017ce na<br \/>\nkoniec wrze\u015bnia \u201919 kurs z\u0142ota pozostanie bez wi\u0119kszych zmian na poziomie 1280<br \/>\nUSD\/oz. Mediana prognoz na koniec 2019 roku wynosi\u0142a 1290 USD\/oz.<\/p>\n<table border=\"0\" width=\"513\" cellspacing=\"0\" cellpadding=\"0\">\n<colgroup>\n<col width=\"233\" \/>\n<col span=\"4\" width=\"70\" \/><\/colgroup>\n<tbody>\n<tr>\n<th style=\"text-align: center;\">Firma<\/th>\n<th>I kw. 19<\/th>\n<th>II kw. 19<\/th>\n<th>III kw. 19<\/th>\n<th>IV kw. 19<\/th>\n<\/tr>\n<tr>\n<td class=\"xl65\" height=\"20\">Westpac<br \/>\nBanking Corp<\/td>\n<td class=\"xl66\" align=\"right\">1 234<\/td>\n<td class=\"xl66\" align=\"right\">1 201<\/td>\n<td class=\"xl66\" align=\"right\">1 163<\/td>\n<td class=\"xl66\" align=\"right\">1 137<\/td>\n<\/tr>\n<tr>\n<td class=\"xl65\" height=\"20\">BNP Paribas SA<\/td>\n<td class=\"xl66\" align=\"right\">1 145<\/td>\n<td class=\"xl66\" align=\"right\">1 110<\/td>\n<td class=\"xl66\" align=\"right\">1 175<\/td>\n<td class=\"xl66\" align=\"right\">1 140<\/td>\n<\/tr>\n<tr>\n<td class=\"xl65\" height=\"20\">Itau Unibanco<br \/>\nHolding SA<\/td>\n<td class=\"xl66\" align=\"right\">1 172<\/td>\n<td class=\"xl66\" align=\"right\">1 165<\/td>\n<td class=\"xl66\" align=\"right\">1 164<\/td>\n<td class=\"xl66\" align=\"right\">1 170<\/td>\n<\/tr>\n<tr>\n<td class=\"xl65\" height=\"20\">DZ Bank AG<\/td>\n<td class=\"xl66\" align=\"right\">1 225<\/td>\n<td class=\"xl66\" align=\"right\">1 225<\/td>\n<td class=\"xl66\" align=\"right\">1 200<\/td>\n<td class=\"xl66\" align=\"right\">1 200<\/td>\n<\/tr>\n<tr>\n<td class=\"xl65\" height=\"20\">Deutsche Bank<br \/>\nAG<\/td>\n<td class=\"xl66\" align=\"right\">1 220<\/td>\n<td class=\"xl66\" align=\"right\">1 220<\/td>\n<td class=\"xl66\" align=\"right\">1 200<\/td>\n<td class=\"xl66\" align=\"right\">1 200<\/td>\n<\/tr>\n<tr>\n<td class=\"xl65\" height=\"20\">Market Risk<br \/>\nAdvisory Co Ltd<\/td>\n<td class=\"xl66\" align=\"right\">1 225<\/td>\n<td class=\"xl66\" align=\"right\">1 225<\/td>\n<td class=\"xl66\" align=\"right\">1 240<\/td>\n<td class=\"xl66\" align=\"right\">1 240<\/td>\n<\/tr>\n<tr>\n<td class=\"xl65\" height=\"20\">Oxford<br \/>\nEconomics Ltd<\/td>\n<td class=\"xl66\" align=\"right\">1 232<\/td>\n<td class=\"xl66\" align=\"right\">1 238<\/td>\n<td class=\"xl66\" align=\"right\">1 240<\/td>\n<td class=\"xl66\" align=\"right\">1 242<\/td>\n<\/tr>\n<tr>\n<td class=\"xl65\" height=\"20\">Capital<br \/>\nEconomics Ltd<\/td>\n<td class=\"xl66\" align=\"right\">1 200<\/td>\n<td class=\"xl66\" align=\"right\">1 215<\/td>\n<td class=\"xl66\" align=\"right\">1 240<\/td>\n<td class=\"xl66\" align=\"right\">1 275<\/td>\n<\/tr>\n<tr>\n<td class=\"xl65\" height=\"20\">Societe<br \/>\nGenerale SA<\/td>\n<td class=\"xl66\" align=\"right\">1 275<\/td>\n<td class=\"xl66\" align=\"right\">1 260<\/td>\n<td class=\"xl66\" align=\"right\">1 280<\/td>\n<td class=\"xl66\" align=\"right\">1 285<\/td>\n<\/tr>\n<tr>\n<td class=\"xl65\" height=\"20\">CIMB<\/td>\n<td class=\"xl66\" align=\"right\">1 260<\/td>\n<td class=\"xl66\" align=\"right\">1 270<\/td>\n<td class=\"xl66\" align=\"right\">1 280<\/td>\n<td class=\"xl66\" align=\"right\">1 290<\/td>\n<\/tr>\n<tr>\n<td class=\"xl65\" height=\"20\">Australia<br \/>\n&amp; New Zealand Banking Group Ltd<\/td>\n<td class=\"xl66\" align=\"right\">1 245<\/td>\n<td class=\"xl66\" align=\"right\">1 265<\/td>\n<td class=\"xl66\" align=\"right\">1 280<\/td>\n<td class=\"xl66\" align=\"right\">1 293<\/td>\n<\/tr>\n<tr>\n<td class=\"xl65\" height=\"20\">MPS Capital<br \/>\nServices Banca per le Imprese SpA<\/td>\n<td class=\"xl66\" align=\"right\">1 200<\/td>\n<td class=\"xl66\" align=\"right\">1 200<\/td>\n<td class=\"xl66\" align=\"right\">1 250<\/td>\n<td class=\"xl66\" align=\"right\">1 300<\/td>\n<\/tr>\n<tr>\n<td class=\"xl65\" height=\"20\">Natixis SA<\/td>\n<td class=\"xl66\" align=\"right\">1 230<\/td>\n<td class=\"xl66\" align=\"right\">1 270<\/td>\n<td class=\"xl66\" align=\"right\">1 290<\/td>\n<td class=\"xl66\" align=\"right\">1 310<\/td>\n<\/tr>\n<tr>\n<td class=\"xl65\" height=\"20\">Toronto-Dominion<br \/>\nBank\/Toronto<\/td>\n<td class=\"xl66\" align=\"right\">1 240<\/td>\n<td class=\"xl66\" align=\"right\">1 275<\/td>\n<td class=\"xl66\" align=\"right\">1 300<\/td>\n<td class=\"xl66\" align=\"right\">1 325<\/td>\n<\/tr>\n<tr>\n<td class=\"xl65\" height=\"20\">Landesbank<br \/>\nBaden-Wuerttemberg<\/td>\n<td class=\"xl66\" align=\"right\">1 275<\/td>\n<td class=\"xl66\" align=\"right\">1 325<\/td>\n<td class=\"xl66\" align=\"right\">1 350<\/td>\n<td class=\"xl66\" align=\"right\">1 350<\/td>\n<\/tr>\n<tr>\n<td class=\"xl65\" height=\"20\">ABN AMRO Bank<br \/>\nNV<\/td>\n<td class=\"xl66\" align=\"right\">1 275<\/td>\n<td class=\"xl66\" align=\"right\">1 313<\/td>\n<td class=\"xl66\" align=\"right\">1 338<\/td>\n<td class=\"xl66\" align=\"right\">1 375<\/td>\n<\/tr>\n<tr>\n<td class=\"xl65\" height=\"20\">Emirates NBD<br \/>\nPJSC<\/td>\n<td class=\"xl66\" align=\"right\">1 300<\/td>\n<td class=\"xl66\" align=\"right\">1 350<\/td>\n<td class=\"xl66\" align=\"right\">1 350<\/td>\n<td class=\"xl66\" align=\"right\">1 380<\/td>\n<\/tr>\n<tr>\n<td class=\"xl65\" height=\"20\">Incrementum AG<\/td>\n<td class=\"xl66\" align=\"right\">1 310<\/td>\n<td class=\"xl66\" align=\"right\">1 388<\/td>\n<td class=\"xl66\" align=\"right\">1 402<\/td>\n<td class=\"xl66\" align=\"right\">1 454<\/td>\n<\/tr>\n<tr>\n<td class=\"xl65\" height=\"20\">Commerzbank AG<\/td>\n<td class=\"xl66\" align=\"right\">1 350<\/td>\n<td class=\"xl66\" align=\"right\">1 400<\/td>\n<td class=\"xl66\" align=\"right\">1 450<\/td>\n<td class=\"xl66\" align=\"right\">1 500<\/td>\n<\/tr>\n<tr>\n<td class=\"xl67\" height=\"20\">Mediana<\/td>\n<td class=\"xl65\" colspan=\"3\" rowspan=\"3\"><\/td>\n<td class=\"xl68\" align=\"right\">1 290<\/td>\n<\/tr>\n<tr>\n<td class=\"xl65\" height=\"20\">Najni\u017csza<\/td>\n<td class=\"xl66\" align=\"right\">1 137<\/td>\n<\/tr>\n<tr>\n<td class=\"xl65\" height=\"20\">Najwy\u017csza<\/td>\n<td class=\"xl66\" align=\"right\">1 500<\/td>\n<\/tr>\n<tr>\n<td class=\"xl65\" colspan=\"5\" height=\"20\">\u0179r\u00f3d\u0142o: Bloomberg.<br \/>\nStan z 7.01.2019 r.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Przenie\u015bmy si\u0119 w czasie o 9<br \/>\nmiesi\u0119cy do przodu. Z\u0142oto kosztuje ok. 1500 USD za uncj\u0119 i po drodze zdo\u0142a\u0142o<br \/>\nustanowi\u0107 nowe rekordy wszech czas\u00f3w w kilku innych ni\u017c dolar walutach (m.in. w<br \/>\nEUR, GBP, PLN, INR). Fed zamiast dokona\u0107 zapowiadanych w grudniu PODWY\u017bEK st\u00f3p<br \/>\nprocentowych w lipcu zacz\u0105\u0142 je obni\u017ca\u0107 i przyspieszy\u0142 zako\u0144czenie QT (czyli<br \/>\nodwrotno\u015bci QE).<\/p>\n<p>Inwestorzy, kt\u00f3rzy zaufali<br \/>\nbankierom centralny, zostali wywiedzeni w pole. Zreszt\u0105 nie pierwszy i zapewne<br \/>\nnie ostatni raz. Z\u0142oto od wiek\u00f3w stanowi polis\u0119 ubezpieczeniow\u0105<br \/>\nprzed szale\u0144stwami w\u0142adc\u00f3w, w tym tak\u017ce \u201ew\u0142adc\u00f3w pieni\u0105dza\u201d. A jako \u017ce ryzyko<br \/>\nnieodpowiedzialnej polityki monetarnej znacz\u0105co wzros\u0142o (zw\u0142aszcza w strefie<br \/>\neuro), to i cena polisy posz\u0142a w g\u00f3r\u0119.<\/p>\n<p>Owszem, w mojej opinii<br \/>\nprawdopodobnie troch\u0119 za szybko i by\u0107 mo\u017ce zbyt wysoko. Jaka\u015b korekta przed<br \/>\nkolejnym skokiem w g\u00f3r\u0119 by\u0142aby jak najbardziej wskazana i zapewne zobaczymy j\u0105<br \/>\nw nadchodz\u0105cych tygodniach. Ale wi\u0119kszo\u015b\u0107 prognoz z pocz\u0105tku roku nadaje si\u0119<br \/>\nju\u017c tylko na makulatur\u0119.<\/p>\n<table border=\"0\" width=\"656\" cellspacing=\"0\" cellpadding=\"0\">\n<colgroup>\n<col width=\"289\" \/>\n<col span=\"2\" width=\"88\" \/>\n<col width=\"94\" \/>\n<col width=\"97\" \/><\/colgroup>\n<tbody>\n<tr>\n<th style=\"text-align: center;\" colspan=\"5\">Prognozowana<br \/>\ncena z\u0142ota (w USD za uncj\u0119) na koniec okresu<\/th>\n<\/tr>\n<tr>\n<th>Firma<\/th>\n<th>II kw. 19<\/th>\n<th>IV kw. 19<\/th>\n<th>I kw. 20<\/th>\n<th>II kw. 20<\/th>\n<\/tr>\n<tr>\n<td class=\"xl67\" height=\"20\">BNP Paribas SA<\/td>\n<td class=\"xl67\" align=\"right\">1375<\/td>\n<td class=\"xl67\" align=\"right\">1370<\/td>\n<td class=\"xl67\" align=\"right\">1475<\/td>\n<td class=\"xl67\" align=\"right\">1415<\/td>\n<\/tr>\n<tr>\n<td class=\"xl67\" height=\"20\">Landesbank<br \/>\nBaden-Wuerttemberg<\/td>\n<td class=\"xl67\" align=\"right\">1400<\/td>\n<td class=\"xl67\" align=\"right\">1450<\/td>\n<td class=\"xl67\" align=\"right\">1475<\/td>\n<td class=\"xl67\" align=\"right\">1500<\/td>\n<\/tr>\n<tr>\n<td class=\"xl67\" height=\"20\">Capital<br \/>\nEconomics Ltd<\/td>\n<td class=\"xl67\" align=\"right\">1405<\/td>\n<td class=\"xl67\" align=\"right\">1400<\/td>\n<td class=\"xl67\" align=\"right\">1395<\/td>\n<td class=\"xl67\" align=\"right\">1380<\/td>\n<\/tr>\n<tr>\n<td class=\"xl67\" height=\"20\">Commerzbank AG<\/td>\n<td class=\"xl67\" align=\"right\">1450<\/td>\n<td class=\"xl67\" align=\"right\">1500<\/td>\n<td class=\"xl67\" align=\"right\">1500<\/td>\n<td class=\"xl67\" align=\"right\">1450<\/td>\n<\/tr>\n<tr>\n<td class=\"xl67\" height=\"20\">Intesa<br \/>\nSanpaolo SpA<\/td>\n<td class=\"xl67\" align=\"right\">1410<\/td>\n<td class=\"xl67\" align=\"right\">1415<\/td>\n<td class=\"xl67\" align=\"right\">1410<\/td>\n<td class=\"xl67\" align=\"right\">1405<\/td>\n<\/tr>\n<tr>\n<td class=\"xl67\" height=\"20\">Bank of China<br \/>\nInternational UK Ltd<\/td>\n<td class=\"xl67\" align=\"right\">1410<\/td>\n<td class=\"xl67\" align=\"right\">1430<\/td>\n<td class=\"xl67\" align=\"right\">1450<\/td>\n<td class=\"xl67\" align=\"right\">1480<\/td>\n<\/tr>\n<tr>\n<td class=\"xl67\" height=\"20\">Westpac<br \/>\nBanking Corp<\/td>\n<td class=\"xl67\" align=\"right\">1393<\/td>\n<td class=\"xl67\" align=\"right\">1410<\/td>\n<td class=\"xl67\" align=\"right\">1401<\/td>\n<td class=\"xl67\" align=\"right\">1392<\/td>\n<\/tr>\n<tr>\n<td class=\"xl67\" height=\"20\">Market Risk<br \/>\nAdvisory Co Ltd<\/td>\n<td class=\"xl67\" align=\"right\">1375<\/td>\n<td class=\"xl67\" align=\"right\">1350<\/td>\n<td class=\"xl67\" align=\"right\">1350<\/td>\n<td class=\"xl67\" align=\"right\">1325<\/td>\n<\/tr>\n<tr>\n<td class=\"xl67\" height=\"20\">CIMB<\/td>\n<td class=\"xl67\" align=\"right\">1390<\/td>\n<td class=\"xl67\" align=\"right\">1460<\/td>\n<td class=\"xl67\" align=\"right\">1420<\/td>\n<td class=\"xl67\" align=\"right\">1440<\/td>\n<\/tr>\n<tr>\n<td class=\"xl67\" height=\"20\">Emirates NBD<br \/>\nPJSC<\/td>\n<td class=\"xl67\" align=\"right\">1350<\/td>\n<td class=\"xl67\" align=\"right\">1380<\/td>\n<td class=\"xl67\" align=\"right\">1380<\/td>\n<td class=\"xl67\" align=\"right\">1400<\/td>\n<\/tr>\n<tr>\n<td class=\"xl67\" height=\"20\">Societe<br \/>\nGenerale SA<\/td>\n<td class=\"xl67\" align=\"right\">1325<\/td>\n<td class=\"xl67\" align=\"right\">1350<\/td>\n<td class=\"xl67\" align=\"right\">1400<\/td>\n<td class=\"xl67\" align=\"right\">1400<\/td>\n<\/tr>\n<tr>\n<td class=\"xl67\" height=\"20\">Panmure Gordon<br \/>\n&amp; Co PLC<\/td>\n<td class=\"xl67\" align=\"right\">1250<\/td>\n<td class=\"xl67\" align=\"right\">1275<\/td>\n<td class=\"xl70\" style=\"text-align: right;\">bd<\/td>\n<td class=\"xl70\" style=\"text-align: right;\">bd<\/td>\n<\/tr>\n<tr>\n<td class=\"xl67\" height=\"20\">MPS Capital<br \/>\nServices Banca per le Imprese SpA<\/td>\n<td class=\"xl67\" align=\"right\">1280<\/td>\n<td class=\"xl67\" align=\"right\">1300<\/td>\n<td class=\"xl70\" style=\"text-align: right;\">1320<\/td>\n<td class=\"xl70\" style=\"text-align: right;\">bd<\/td>\n<\/tr>\n<tr>\n<td class=\"xl67\" height=\"20\">ABN AMRO Bank<br \/>\nNV<\/td>\n<td class=\"xl67\" align=\"right\">1338<\/td>\n<td class=\"xl67\" align=\"right\">1375<\/td>\n<td class=\"xl67\" align=\"right\">1413<\/td>\n<td class=\"xl67\" align=\"right\">1438<\/td>\n<\/tr>\n<tr>\n<td class=\"xl68\" height=\"20\">Mediana<\/td>\n<td class=\"xl68\" align=\"right\">1382,5<\/td>\n<td class=\"xl68\" align=\"right\">1390<\/td>\n<td class=\"xl68\" align=\"right\">1410<\/td>\n<td class=\"xl68\" align=\"right\">1410<\/td>\n<\/tr>\n<tr>\n<td class=\"xl67\" height=\"20\">Najni\u017csza<\/td>\n<td class=\"xl67\" align=\"right\">1250<\/td>\n<td class=\"xl67\" align=\"right\">1275<\/td>\n<td class=\"xl67\" align=\"right\">1320<\/td>\n<td class=\"xl67\" align=\"right\">1325<\/td>\n<\/tr>\n<tr>\n<td class=\"xl67\" height=\"20\">Najwy\u017csza<\/td>\n<td class=\"xl67\" align=\"right\">1450<\/td>\n<td class=\"xl67\" align=\"right\">1500<\/td>\n<td class=\"xl67\" align=\"right\">1500<\/td>\n<td class=\"xl67\" align=\"right\">1500<\/td>\n<\/tr>\n<tr>\n<td class=\"xl67\" colspan=\"5\" height=\"20\">\u0179r\u00f3d\u0142o: Bloomberg.<br \/>\nStan z 2.09.2019 r.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Najbardziej spud\u0142owali analitycy<br \/>\nz australijskiego Westpac Banking oraz francuskiego BNP Paribas, kt\u00f3rzy postawili<br \/>\nna spadek cen z\u0142ota poni\u017cej 1200 USD\/oz. Najbli\u017cej celu znale\u017ali si\u0119<br \/>\n(przynajmniej na razie) eksperci z niemieckiego Commerzbanku (prognozuj\u0105cy 1450<br \/>\nUSD na koniec wrze\u015bnia i 1500 USD na koniec grudnia) oraz tradycyjnie pozytywnie<br \/>\nnastawieni do z\u0142ota ekonomi\u015bci z Incrementum (odpowiednio 1402 USD o 1454 USD).<br \/>\nRzecz jasna ani trzeci kwarta\u0142 ani tym bardziej rok si\u0119 jeszcze nie sko\u0144czy\u0142,<br \/>\nale nawet g\u0142\u0119boka korekta raczej nie odwr\u00f3ci trendu wzrostowego.<\/p>\n<p>Jak to zwykle bywa, analitycy zacz\u0119li<br \/>\npodnosi\u0107 prognozy, goni\u0105c za uciekaj\u0105cym rynkiem. Wi\u0119kszo\u015b\u0107 jeszcze go nie<br \/>\ndogoni\u0142a. Wed\u0142ug stanu z 2 wrze\u015bnia mediana prognoz dla cen z\u0142ota wynosi\u0142a<br \/>\n1382,50 USD na koniec wrze\u015bnia oraz 1390 USD na koniec roku. To odpowiednio o<br \/>\n8% i 7,5% poni\u017cej obecnego kursu.<\/p>\n<p>Oczywi\u015bcie mo\u017ce si\u0119 zdarzy\u0107, \u017ce<br \/>\ndo ko\u0144ca roku cena z\u0142ota spadnie o kilkana\u015bcie procent i rynek przyzna racj\u0119<br \/>\nsceptykom. Tyle tylko, \u017ce trudno sobie wyobrazi\u0107, aby nagle wyparowa\u0142y<br \/>\nwszystkie bol\u0105czki, kt\u00f3re w ostatnich miesi\u0105cach pcha\u0142y ceny z\u0142ota w g\u00f3r\u0119: zaraza<br \/>\nujemnych st\u00f3p procentowych, rosn\u0105ce ryzyko recesji, eskalacja wojen handlowych<br \/>\ni walutowych oraz wysokie ryzyko polityczne w najwi\u0119kszych gospodarkach globu.<\/p>\n<p>Nie chodzi o to, aby<br \/>\nwy\u015bmiewa\u0107 prognost\u00f3w albo te\u017c zapakowa\u0107 portfel inwestycyjny w 100% z\u0142otem. Rzecz<br \/>\nw tym, \u017ce rynek uczy pokory i \u017ce <strong>pr\u00f3by przewidzenia dok\u0142adnego kursu w<br \/>\nokre\u015blonym czasie s\u0105 z g\u00f3ry skazane na niepowodzenie<\/strong>. Dlatego w<br \/>\nd\u0142u\u017cszym terminie rozwi\u0105zaniem problem\u00f3w z prognozowaniem jest dywersyfikacja.<br \/>\nJak dot\u0105d rok 2019 nale\u017cy do z\u0142ota i obligacji, za\u015b akcje spisuj\u0105 si\u0119 s\u0142abo.<br \/>\nAle w przysz\u0142ym roku mo\u017ce by\u0107 odwrotnie i ma\u0142o kto to<br \/>\nprzewidzi. Dlatego zamiast pr\u00f3bowa\u0107 przewidywa\u0107 nieprzewidziane, lepiej si\u0119<br \/>\nna nie zawczasu przygotowa\u0107.<\/p>\n<p>Krzysztof Kolany<\/p>\n<p><a href=\"http:\/\/www.bankier.pl\/wiadomosc\/Zloto-zaskoczylo-analitykow-7733897.html\" rel=\"nofollow\">Source link <\/a><br \/>\n<!--\/noindex--><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Wakacyjny rajd cen z\u0142ota kompletnie zaskoczy\u0142 rynkowych analityk\u00f3w. I cho\u0107 kr\u00f3lewski metal zapewne czeka powa\u017cna korekta, to raczej i tak zako\u0144czy rok du\u017co wy\u017cej, ni\u017c oczekiwano. Na pocz\u0105tku 2019 roku nastroje na rynku z\u0142ota trudno by\u0142o uzna\u0107 za optymistyczne. Notowania kruszcu dopiero co zdo\u0142a\u0142y si\u0119 podnie\u015b\u0107 po druzgoc\u0105cych spadkach z lata. Dolarowy kurs z\u0142ota startowa\u0142 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1923,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wiadomosci-finansowe"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Z\u0142oto zaskoczy\u0142o analityk\u00f3w - Bankier.pl - Super News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/super-news.info\/pl\/zloto-zaskoczylo-analitykow-bankier-pl\/\" \/>\n<meta property=\"og:locale\" content=\"pl_PL\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Z\u0142oto zaskoczy\u0142o analityk\u00f3w - Bankier.pl - Super News\" \/>\n<meta property=\"og:description\" content=\"Wakacyjny rajd cen z\u0142ota kompletnie zaskoczy\u0142 rynkowych analityk\u00f3w. I cho\u0107 kr\u00f3lewski metal zapewne czeka powa\u017cna korekta, to raczej i tak zako\u0144czy rok du\u017co wy\u017cej, ni\u017c oczekiwano. Na pocz\u0105tku 2019 roku nastroje na rynku z\u0142ota trudno by\u0142o uzna\u0107 za optymistyczne. Notowania kruszcu dopiero co zdo\u0142a\u0142y si\u0119 podnie\u015b\u0107 po druzgoc\u0105cych spadkach z lata. 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