{
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    "date": "2026-02-25T09:41:50",
    "date_gmt": "2026-02-25T02:41:50",
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    "modified": "2026-02-25T09:41:50",
    "modified_gmt": "2026-02-25T02:41:50",
    "slug": "da-tang-cua-vang-lan-nay-khac-gi-cac-chu-ky-truoc",
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    "link": "https:\/\/hbbgroup.net\/en_us\/da-tang-cua-vang-lan-nay-khac-gi-cac-chu-ky-truoc\/",
    "title": {
        "rendered": "\u0110\u00e0 t\u0103ng c\u1ee7a v\u00e0ng l\u1ea7n n\u00e0y kh\u00e1c g\u00ec c\u00e1c chu k\u1ef3 tr\u01b0\u1edbc?"
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        "rendered": "<div>\n<ul data-campaign=\"Header\">\n<li><a data-medium=\"Menu-KinhDoanh\" href=\"http:\/\/vnexpress.net\/kinh-doanh\" title=\"Kinh doanh\">Kinh doanh<\/a><\/li>\n<li><a data-medium=\"Menu-HangHoa\" href=\"http:\/\/vnexpress.net\/kinh-doanh\/hang-hoa\" title=\"H\u00e0ng h\u00f3a\">H\u00e0ng h\u00f3a<\/a><\/li>\n<p>\t<span id=\"parentCateDetail\" data-cate=\"1003165\"><\/span> <span id=\"site-sub-id\" data-cate=\"1003165\"><\/span> <\/ul>\n<p><span>Th\u1ee9 ba, 24\/2\/2026, 13:05 (GMT+7)<\/span> <\/p>\n<\/div>\n<p>K\u1ecbch b\u1ea3n t\u0103ng m\u1ea1nh r\u1ed3i gi\u1ea3m s\u00e2u, theo chuy\u00ean gia, kh\u00f4ng h\u1eb3n l\u1eb7p l\u1ea1i khi v\u00e0ng d\u1ea7n tr\u1edf th\u00e0nh t\u00e0i s\u1ea3n chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a m\u1ed9t s\u1ed1 n\u01b0\u1edbc mu\u1ed1n gi\u1ea3m l\u1ec7 thu\u1ed9c v\u00e0o USD.<\/p>\n<p>Gi\u00e1 v\u00e0ng th\u1ebf gi\u1edbi li\u00ean t\u1ee5c x\u00e1c l\u1eadp k\u1ef7 l\u1ee5c, v\u01b0\u1ee3t ng\u01b0\u1ee1ng 5.500 USD m\u1ed9t ounce v\u00e0o \u0111\u1ea7u 2026 tr\u01b0\u1edbc khi \u0111i\u1ec1u ch\u1ec9nh v\u1ec1 v\u00f9ng 5.000 USD g\u1ea7n \u0111\u00e2y. S\u00e1ng nay, gi\u00e1 kim lo\u1ea1i qu\u00fd l\u1ea1i t\u0103ng l\u00ean m\u1ee9c cao nh\u1ea5t 3 tu\u1ea7n, ch\u1ea1m 5.227 USD. Ch\u1ec9 trong v\u00f2ng 3 n\u0103m, gi\u00e1 v\u00e0ng \u0111\u00e3 t\u0103ng g\u1ea5p 3 l\u1ea7n, s\u1edbm v\u01b0\u1ee3t qua d\u1ef1 b\u00e1o c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh l\u1edbn.<\/p>\n<p>\u0110i k\u00e8m v\u1edbi \u0111\u00e0 t\u0103ng m\u1ea1nh, kh\u00f4ng \u00edt ng\u01b0\u1eddi lo ng\u1ea1i <a href=\"https:\/\/vnexpress.net\/chu-de\/gia-vang-1403\" rel=\"dofollow\">gi\u00e1 v\u00e0ng<\/a> s\u1ebd lao d\u1ed1c sau nhi\u1ec1u n\u0103m t\u0103ng &#8220;n\u00f3ng&#8221;. Trong h\u01a1n 50 n\u0103m qua, k\u1ecbch b\u1ea3n gi\u00e1 \u0111\u1ea3o chi\u1ec1u gi\u1ea3m s\u00e2u c\u0169ng t\u1eebng di\u1ec5n ra hai l\u1ea7n trong 3 chu k\u1ef3 t\u0103ng c\u1ee7a kim lo\u1ea1i qu\u00fd.<\/p>\n<p>N\u0103m 1971 \u0111\u00e1nh d\u1ea5u c\u1ed9t m\u1ed1c c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0ng hi\u1ec7n \u0111\u1ea1i khi M\u1ef9 ch\u1ea5m d\u1ee9t ch\u1ebf \u0111\u1ed9 b\u1ea3n v\u1ecb v\u00e0ng, kim lo\u1ea1i qu\u00fd tr\u1edf th\u00e0nh t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 t\u1ef1 do theo cung c\u1ea7u th\u1ecb tr\u01b0\u1eddng to\u00e0n c\u1ea7u. Sau s\u1ef1 ki\u1ec7n l\u1ecbch s\u1eed n\u00e0y c\u0169ng l\u00e0 chu k\u1ef3 gi\u00e1 v\u00e0ng t\u0103ng m\u1ea1nh g\u1ea5p 10 l\u1ea7n trong giai \u0111o\u1ea1n 1971- 1980. Kim lo\u1ea1i qu\u00fd n\u00e0y sau \u0111\u00f3 gi\u1ea3m m\u1ea1nh v\u1ec1 c\u00f2n ch\u01b0a \u0111\u1ebfn 50% gi\u00e1 tr\u1ecb so v\u1edbi v\u00f9ng \u0111\u1ec9nh nh\u1edd l\u1ea1m ph\u00e1t \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t v\u00e0 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 to\u00e0n c\u1ea7u \u0111\u1ea3o chi\u1ec1u.<\/p>\n<p>Chu k\u1ef3 t\u0103ng th\u1ee9 hai di\u1ec5n ra trong giai \u0111o\u1ea1n 2000 &#8211; 2011, g\u1eafn v\u1edbi h\u00e0ng lo\u1ea1t c\u00fa s\u1ed1c kinh t\u1ebf v\u00e0 t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u, \u0111\u1ec9nh \u0111i\u1ec3m l\u00e0 kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh n\u0103m 2008 v\u00e0 kh\u1ee7ng ho\u1ea3ng n\u1ee3 c\u00f4ng ch\u00e2u \u00c2u. Gi\u00e1 v\u00e0ng t\u0103ng g\u1ea5p 7 l\u1ea7n trong 10 n\u0103m tr\u01b0\u1edbc khi b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n 4 n\u0103m gi\u1ea3m 40% t\u1eeb \u0111\u1ec9nh.<\/p>\n<p>Chu k\u1ef3 t\u0103ng m\u1ea1nh th\u1ee9 ba kh\u1edfi ph\u00e1t t\u1eeb n\u0103m 2020 trong b\u1ed1i c\u1ea3nh \u0111\u1ea1i d\u1ecbch Covid-19 g\u00e2y ra nh\u1eefng x\u00e1o tr\u1ed9n ch\u01b0a t\u1eebng c\u00f3 \u0111\u1ed1i v\u1edbi kinh t\u1ebf to\u00e0n c\u1ea7u. Tuy nhi\u00ean, kh\u00e1c v\u1edbi hai chu k\u1ef3 tr\u01b0\u1edbc, \u0111\u00e0 t\u0103ng n\u00e0y kh\u00f4ng k\u1ebft th\u00fac b\u1eb1ng m\u1ed9t nh\u1ecbp gi\u1ea3m s\u00e2u r\u00f5 r\u1ec7t, m\u00e0 ti\u1ebfp t\u1ee5c \u0111\u01b0\u1ee3c &#8220;g\u1ed1i \u0111\u1ea7u&#8221; b\u1edfi l\u00e0n s\u00f3ng t\u0103ng gi\u00e1 m\u1edbi t\u1eeb sau 2022.<\/p>\n<p>N\u00f3i v\u1edbi <em>VnExpress<\/em>, \u00f4ng Hu\u1ef3nh Trung Kh\u00e1nh, Ph\u00f3 ch\u1ee7 t\u1ecbch Hi\u1ec7p h\u1ed9i kinh doanh v\u00e0ng Vi\u1ec7t Nam (VGTA) nh\u1eadn \u0111\u1ecbnh, xu h\u01b0\u1edbng t\u0103ng hi\u1ec7n nay \u0111\u01b0\u1ee3c k\u00edch ho\u1ea1t t\u1eeb 2022 khi xung \u0111\u1ed9t \u0111\u1ecba ch\u00ednh tr\u1ecb leo thang v\u00e0 M\u1ef9 \u0111\u1ea9y m\u1ea1nh c\u00e1c bi\u1ec7n ph\u00e1p tr\u1eebng ph\u1ea1t kinh t\u1ebf.<\/p>\n<p>T\u1eeb th\u1eddi \u0111i\u1ec3m n\u00e0y, \u0111\u1ed3ng USD b\u1ecb M\u1ef9 &#8220;v\u0169 kh\u00ed h\u00f3a&#8221; th\u00f4ng qua c\u00e1c l\u1ec7nh c\u1ea5m v\u1eadn, \u0111\u00f3ng b\u0103ng t\u00e0i s\u1ea3n \u0111\u00e3 th\u00fac \u0111\u1ea9y nhi\u1ec1u qu\u1ed1c gia b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n t\u00e1i c\u1ea5u tr\u00fac chi\u1ebfn l\u01b0\u1ee3c d\u1ef1 tr\u1eef.<\/p>\n<p>Xu h\u01b0\u1edbng phi \u0111\u00f4 la h\u00f3a tr\u1edf n\u00ean r\u00f5 n\u00e9t t\u1eeb n\u0103m 2022 khi nhi\u1ec1u qu\u1ed1c gia, \u0111\u1eb7c bi\u1ec7t Nga, Trung Qu\u1ed1c v\u00e0 c\u00e1c n\u01b0\u1edbc trong kh\u1ed1i BRICS \u0111\u1ea9y m\u1ea1nh chuy\u1ec3n d\u1ecbch d\u1ef1 tr\u1eef t\u1eeb USD v\u00e0 tr\u00e1i phi\u1ebfu M\u1ef9 sang v\u00e0ng nh\u1eb1m b\u1ea3o v\u1ec7 n\u1ec1n t\u00e0i ch\u00ednh tr\u01b0\u1edbc r\u1ee7i ro \u0111\u1ecba ch\u00ednh tr\u1ecb. V\u00e0ng tr\u1edf th\u00e0nh l\u1ef1a ch\u1ecdn thay th\u1ebf mang t\u00ednh trung l\u1eadp v\u1edbi c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng.<\/p>\n<p>&#8220;Kh\u00e1c v\u1edbi c\u00e1c chu k\u1ef3 tr\u01b0\u1edbc, v\u00e0ng trong giai \u0111o\u1ea1n hi\u1ec7n nay kh\u00f4ng \u0111\u01a1n thu\u1ea7n l\u00e0 t\u00e0i s\u1ea3n t\u00edch tr\u1eef hay ph\u00f2ng v\u1ec7 ng\u1eafn h\u1ea1n m\u00e0 \u0111ang \u0111\u1ea3m nh\u1eadn vai tr\u00f2 m\u1edbi trong chi\u1ebfn l\u01b0\u1ee3c t\u00e0i ch\u00ednh qu\u1ed1c gia&#8221;, \u00f4ng Kh\u00e1nh nh\u1eadn \u0111\u1ecbnh.<\/p>\n<p>Trong b\u1ed1i c\u1ea3nh h\u1ec7 th\u1ed1ng ti\u1ec1n gi\u1ea5y to\u00e0n c\u1ea7u d\u1ef1a tr\u00ean n\u1ee3 c\u00f4ng ng\u00e0y c\u00e0ng ph\u00ecnh to, v\u00e0ng, v\u1edbi \u0111\u1eb7c t\u00ednh h\u1eefu h\u1ea1n, kh\u00f4ng th\u1ec3 &#8220;in&#8221; th\u00eam v\u00e0 \u0111\u00e3 \u0111\u00f3ng vai tr\u00f2 kim b\u1ea3n v\u1ecb su\u1ed1t h\u00e0ng ngh\u00ecn n\u0103m, \u0111\u01b0\u1ee3c xem l\u00e0 t\u00e0i s\u1ea3n thay th\u1ebf chi\u1ebfn l\u01b0\u1ee3c. \u0110\u1ed9ng th\u00e1i mua v\u00e0o li\u00ean t\u1ee5c c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng tr\u1edf th\u00e0nh l\u1ef1c \u0111\u1ee1 quan tr\u1ecdng cho gi\u00e1 v\u00e0ng.<\/p>\n<p>Tr\u00e1i ng\u01b0\u1ee3c v\u1edbi giai \u0111o\u1ea1n c\u00e1ch \u0111\u00e2y hai th\u1eadp k\u1ef7 khi c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng th\u01b0\u1eddng b\u00e1n r\u00f2ng v\u00e0ng, t\u1eeb n\u0103m 2022 \u0111\u1ebfn nay, theo s\u1ed1 li\u1ec7u c\u1ee7a H\u1ed9i \u0111\u1ed3ng v\u00e0ng th\u1ebf gi\u1edbi (WTA), kh\u1ed1i n\u00e0y mua v\u00e0o kho\u1ea3ng 1.000 t\u1ea5n m\u1ed7i n\u0103m, ph\u1ea3n \u00e1nh s\u1ef1 thay \u0111\u1ed5i c\u0103n b\u1ea3n trong t\u01b0 duy d\u1ef1 tr\u1eef.<\/p>\n<p>David Einhorn, chuy\u00ean gia c\u1ee7a Greenlight Capital &#8211; nh\u00e2n v\u1eadt n\u1ed5i ti\u1ebfng t\u1eeb n\u0103m 2008 v\u1edbi th\u01b0\u01a1ng v\u1ee5 b\u00e1n kh\u1ed1ng Lehman Brothers &#8211; cho r\u1eb1ng v\u00e0ng t\u0103ng trong v\u00e0i n\u0103m qua v\u00ec ng\u00e0y c\u00e0ng \u0111\u01b0\u1ee3c c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng coi nh\u01b0 t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef.<\/p>\n<p>Trong cu\u1ed9c ph\u1ecfng v\u1ea5n v\u1edbi <em>CNBC<\/em>, Einhorn c\u0169ng nh\u1eadn \u0111\u1ecbnh ch\u00ednh s\u00e1ch th\u01b0\u01a1ng m\u1ea1i thi\u1ebfu \u1ed5n \u0111\u1ecbnh c\u1ee7a M\u1ef9 khi\u1ebfn nhi\u1ec1u n\u01b0\u1edbc mu\u1ed1n thanh to\u00e1n th\u01b0\u01a1ng m\u1ea1i b\u1eb1ng \u0111\u1ed3ng ti\u1ec1n kh\u00e1c thay v\u00ec USD. V\u1ec1 d\u00e0i h\u1ea1n, \u00f4ng cho r\u1eb1ng vi\u1ec7c n\u1eafm gi\u1eef v\u00e0ng h\u1ee3p l\u00fd v\u00ec m\u1ed1i quan h\u1ec7 gi\u1eefa ch\u00ednh s\u00e1ch t\u00e0i kh\u00f3a v\u00e0 ti\u1ec1n t\u1ec7 c\u1ee7a M\u1ef9 &#8220;kh\u00f4ng c\u00f3 \u00fd ngh\u0129a&#8221;, trong khi c\u00e1c \u0111\u1ed3ng ti\u1ec1n l\u1edbn kh\u00e1c c\u0169ng &#8220;t\u1ec7 ngang ho\u1eb7c t\u1ec7 h\u01a1n&#8221;.<\/p>\n<p>Di\u1ec5n \u0111\u00e0n C\u00e1c t\u1ed5 ch\u1ee9c Ti\u1ec1n t\u1ec7 v\u00e0 T\u00e0i ch\u00ednh Ch\u00ednh th\u1ee9c (OMFIF) cho r\u1eb1ng c\u00e1c s\u1ef1 ki\u1ec7n \u0111\u1ecba ch\u00ednh tr\u1ecb \u0111\u00e3 \u0111\u1eb7t n\u1ec1n t\u1ea3ng v\u1eefng ch\u1eafc \u0111\u1ec3 v\u00e0ng &#8220;tr\u1edf n\u00ean n\u1ed5i b\u1eadt tr\u1edf l\u1ea1i trong danh m\u1ee5c d\u1ef1 tr\u1eef c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng, c\u0169ng nh\u01b0 l\u00e0 ph\u01b0\u01a1ng ti\u1ec7n thanh to\u00e1n cho m\u1ed9t s\u1ed1 qu\u1ed1c gia.&#8221;<\/p>\n<p>&#8220;Th\u1ebf gi\u1edbi thay \u0111\u1ed5i r\u1ea5t nhi\u1ec1u v\u1ec1 \u0111\u1ecba ch\u00ednh tr\u1ecb v\u00e0 kinh t\u1ebf. Do \u0111\u00f3, c\u00e1c chu k\u1ef3 kinh t\u1ebf c\u0169 c\u00f3 th\u1ec3 kh\u00f4ng c\u00f2n l\u1eb7p l\u1ea1i ho\u00e0n to\u00e0n. C\u0169ng r\u1ea5t kh\u00f3 \u0111\u1ec3 \u0111\u1ea3o ng\u01b0\u1ee3c xu h\u01b0\u1edbng phi \u0111\u00f4la h\u00f3a c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng. Do \u0111\u00f3, v\u00e0ng tr\u1edf th\u00e0nh m\u1ed9t t\u00e0i s\u1ea3n chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a c\u00e1c qu\u1ed1c gia, ch\u1ee9 kh\u00f4ng \u0111\u01a1n thu\u1ea7n l\u00e0 k\u00eanh tr\u00fa \u1ea9n c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 trong b\u1ed1i c\u1ea3nh b\u1ea5t \u1ed5n&#8221;, \u00f4ng Kh\u00e1nh n\u00f3i.<\/p>\n<p><strong>Qu\u1ef3nh Trang<\/strong><\/p>\n<p><span id=\"article-end\"><\/span>     <\/p>",
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