{"id":81184,"date":"2026-05-21T10:04:47","date_gmt":"2026-05-21T03:04:47","guid":{"rendered":"https:\/\/hbbgroup.net\/vang-bi-ban-thao-kich-ban-dao-lon-moi-quy-tac\/"},"modified":"2026-05-21T10:04:47","modified_gmt":"2026-05-21T03:04:47","slug":"vang-bi-ban-thao-kich-ban-dao-lon-moi-quy-tac","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/vang-bi-ban-thao-kich-ban-dao-lon-moi-quy-tac\/","title":{"rendered":"V\u00e0ng b\u1ecb b\u00e1n th\u00e1o, k\u1ecbch b\u1ea3n \u0111\u1ea3o l\u1ed9n m\u1ecdi quy t\u1eafc"},"content":{"rendered":"
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T\u1eeb cu\u1ed1i th\u00e1ng 2\/2026, khi xung \u0111\u1ed9t leo thang, gi\u1edbi \u0111\u1ea7u t\u01b0 d\u1ef1 \u0111o\u00e1n v\u00e0ng s\u1ebd t\u0103ng v\u1ecdt nh\u01b0 v\u1eabn th\u1ea5y trong l\u1ecbch s\u1eed. Tuy nhi\u00ean, m\u1ed9t k\u1ecbch b\u1ea3n tr\u00e1i ng\u01b0\u1ee3c ho\u00e0n to\u00e0n \u0111\u00e3 x\u1ea3y ra. Sau phi\u00ean giao d\u1ecbch ng\u00e0y 19\/5, gi\u00e1 v\u00e0ng ti\u1ebfp t\u1ee5c suy y\u1ebfu v\u00e0 l\u00f9i v\u1ec1 c\u00e1c v\u00f9ng th\u1ea5p m\u1edbi v\u00e0o h\u00f4m qua.<\/p>\n

\u2018C\u00fa s\u1ed1c\u2019 t\u1eeb l\u1ea1m ph\u00e1t v\u00e0 l\u00e3i su\u1ea5t<\/strong><\/p>\n

L\u00fd do cho \u0111\u1ee3t lao d\u1ed1c th\u1eb3ng \u0111\u1ee9ng n\u00e0y kh\u00f4ng ph\u1ea3i do\u00a0v\u00e0ng m\u1ea5t \u0111i gi\u00e1 tr\u1ecb tr\u00fa \u1ea9n, m\u00e0 \u0111\u1ebfn t\u1eeb l\u1ea1m ph\u00e1t. Theo s\u1ed1 li\u1ec7u m\u1edbi c\u00f4ng b\u1ed1, l\u1ea1m ph\u00e1t t\u1ea1i M\u1ef9 trong th\u00e1ng T\u01b0 \u0111\u00e3 l\u00ean t\u1edbi 3,8%, m\u1ee9c cao nh\u1ea5t k\u1ec3 t\u1eeb th\u00e1ng 5\/2023.\u00a0<\/p>\n

Ch\u1ec9 s\u1ed1 gi\u00e1 s\u1ea3n xu\u1ea5t (PPI) c\u0169ng ghi nh\u1eadn m\u1ee9c t\u0103ng m\u1ea1nh nh\u1ea5t k\u1ec3 t\u1eeb \u0111\u1ea7u n\u0103m 2022, ph\u1ea3n \u00e1nh \u00e1p l\u1ef1c gi\u00e1 \u0111ang lan t\u1ecfa m\u1ea1nh m\u1ebd t\u1eeb chi ph\u00ed n\u0103ng l\u01b0\u1ee3ng.<\/p>\n

Nguy\u00ean nh\u00e2n ch\u00ednh \u0111\u1ebfn t\u1eeb gi\u00e1 d\u1ea7u – “c\u01a1n \u00e1c m\u1ed9ng” c\u1ee7a m\u1ecdi n\u1ec1n kinh t\u1ebf. Xung \u0111\u1ed9t Trung \u0110\u00f4ng \u0111\u00e3 \u0111\u1ea9y gi\u00e1 d\u1ea7u Brent v\u01b0\u1ee3t m\u1ed1c 100 USD\/th\u00f9ng, t\u1ea1o ra c\u00fa s\u1ed1c chi ph\u00ed \u0111\u1ea7u v\u00e0o cho to\u00e0n c\u1ea7u. L\u1ea1m ph\u00e1t leo thang bu\u1ed9c C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang M\u1ef9 (Fed) ph\u1ea3i thay \u0111\u1ed5i l\u1eadp tr\u01b0\u1eddng.<\/p>\n

\"H\u00ecnh<\/picture>
V\u00e0ng \u0111ang r\u01a1i v\u00e0o th\u1ebf “l\u01b0\u1ee1ng nan”: v\u1eeba l\u00e0 n\u1ea1n nh\u00e2n c\u1ee7a l\u1ea1m ph\u00e1t do chi\u1ebfn tranh g\u00e2y ra, v\u1eeba m\u1ea5t \u0111i s\u1ee9c h\u1ea5p d\u1eabn so v\u1edbi tr\u00e1i phi\u1ebfu khi l\u00e3i su\u1ea5t t\u0103ng. \u1ea2nh: Watcher.Guru<\/figcaption><\/figure>\n

K\u1ef3 v\u1ecdng Fed c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t trong n\u0103m 2026 hi\u1ec7n \u0111\u00e3 suy y\u1ebfu \u0111\u00e1ng k\u1ec3. Thay v\u00e0o \u0111\u00f3, th\u1ecb tr\u01b0\u1eddng \u0111ang \u0111\u1eb7t c\u01b0\u1ee3c v\u00e0o kh\u1ea3 n\u0103ng Fed s\u1ebd t\u0103ng l\u00e3i su\u1ea5t tr\u1edf l\u1ea1i.<\/p>\n

Vi\u1ec5n c\u1ea3nh n\u00e0y khi\u1ebfn b\u1ea5t k\u1ef3 nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00e0o c\u0169ng ph\u1ea3i e d\u00e8. \u0110\u1ed3ng USD v\u00ec th\u1ebf m\u1ea1nh l\u00ean, trong khi l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 M\u1ef9 t\u0103ng cao.<\/p>\n

\u2018V\u00e0ng gi\u1ea5y\u2019 b\u1ecb b\u00e1n th\u00e1o, v\u00e0ng th\u1eadt v\u1eabn h\u00fat ti\u1ec1n<\/strong><\/p>\n

Ch\u00ednh c\u01a1 ch\u1ebf l\u00e3i su\u1ea5t \u0111ang “si\u1ebft” v\u00e0ng. V\u00ec v\u00e0ng l\u00e0 t\u00e0i s\u1ea3n kh\u00f4ng sinh l\u00e3i, khi l\u00e3i su\u1ea5t ng\u00e2n h\u00e0ng v\u00e0 l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu t\u0103ng, vi\u1ec7c n\u1eafm gi\u1eef kim lo\u1ea1i qu\u00fd tr\u1edf n\u00ean k\u00e9m h\u1ea5p d\u1eabn h\u01a1n.\u00a0<\/p>\n

Nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c \u00e0o \u1ea1t r\u00fat kh\u1ecfi c\u00e1c qu\u1ef9 ETF v\u00e0ng. C\u1ee5 th\u1ec3, theo d\u1eef li\u1ec7u t\u1eeb H\u1ed9i \u0111\u1ed3ng V\u00e0ng Th\u1ebf gi\u1edbi (WGC), qu\u00fd I\/2026 ch\u1ee9ng ki\u1ebfn d\u00f2ng v\u1ed1n r\u00fat kh\u1ecfi c\u00e1c qu\u1ef9 ETF v\u00e0ng t\u1ea1i B\u1eafc M\u1ef9 l\u00ean t\u1edbi 16 t\u1ea5n, ch\u1ea5m d\u1ee9t chu\u1ed7i 9 th\u00e1ng li\u00ean ti\u1ebfp \u0111\u01b0\u1ee3c b\u01a1m v\u1ed1n tr\u01b0\u1edbc \u0111\u00f3.<\/p>\n

\u0110\u00e1ng n\u00f3i h\u01a1n, ri\u00eang th\u00e1ng 3\/2026 ghi nh\u1eadn m\u1ee9c r\u00fat r\u00f2ng to\u00e0n c\u1ea7u kho\u1ea3ng 12 t\u1ef7 USD – m\u1ee9c cao nh\u1ea5t l\u1ecbch s\u1eed \u0111\u1ed1i v\u1edbi d\u00f2ng ti\u1ec1n ra kh\u1ecfi c\u00e1c qu\u1ef9 ETF v\u00e0ng.\u00a0<\/p>\n

C\u00f4ng c\u1ee5 theo d\u00f5i FedWatch c\u1ee7a CME Group cho th\u1ea5y x\u00e1c su\u1ea5t Fed t\u0103ng l\u00e3i su\u1ea5t trong th\u00e1ng 12 l\u00ean t\u1edbi 39%.<\/p>\n

Tuy nhi\u00ean, c\u00e2u chuy\u1ec7n c\u00e0ng tr\u1edf n\u00ean k\u1ecbch t\u00ednh khi nh\u00ecn v\u00e0o s\u1ef1 ph\u00e2n h\u00f3a gi\u1eefa “v\u00e0ng gi\u1ea5y” (h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai, qu\u1ef9 ETF tr\u00ean s\u00e0n Comex) v\u00e0 “v\u00e0ng th\u1eadt” (v\u00e0ng mi\u1ebfng, v\u00e0ng nh\u1eabn).<\/p>\n

Trong khi nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c x\u1ea3 h\u00e0ng \u201cv\u00e0ng gi\u1ea5y\u201d tr\u00ean s\u00e0n Comex, th\u00ec ng\u01b0\u1eddi d\u00e2n v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1ecf l\u1ebb t\u1ea1i ch\u00e2u \u00c1 v\u1eabn l\u1eb7ng l\u1ebd mua v\u00e0o v\u00e0ng v\u1eadt ch\u1ea5t. Theo H\u1ed9i \u0111\u1ed3ng V\u00e0ng Th\u1ebf gi\u1edbi (WGC), nhu c\u1ea7u v\u00e0ng mi\u1ebfng v\u00e0 v\u00e0ng xu to\u00e0n c\u1ea7u trong qu\u00fd I\/2026 \u0111\u1ea1t 474 t\u1ea5n – m\u1ee9c cao th\u1ee9 hai trong l\u1ecbch s\u1eed, v\u1edbi Trung Qu\u1ed1c v\u00e0 \u1ea4n \u0110\u1ed9 d\u1eabn \u0111\u1ea7u.<\/p>\n

\u0110i\u1ec1u n\u00e0y ph\u1ea3n \u00e1nh nhu c\u1ea7u v\u00e0ng v\u1eadt ch\u1ea5t t\u1eeb ng\u01b0\u1eddi d\u00e2n v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1ecf l\u1ebb v\u1eabn r\u1ea5t m\u1ea1nh \u1edf v\u00f9ng gi\u00e1 th\u1ea5p, tr\u00e1i ng\u01b0\u1ee3c ho\u00e0n to\u00e0n v\u1edbi c\u01a1n b\u00e1n th\u00e1o tr\u00ean th\u1ecb tr\u01b0\u1eddng ph\u00e1i sinh.<\/p>\n

S\u1ef1 tr\u00e1i ng\u01b0\u1ee3c n\u00e0y cho th\u1ea5y \u00e1p l\u1ef1c hi\u1ec7n ch\u1ee7 y\u1ebfu n\u1eb1m \u1edf th\u1ecb tr\u01b0\u1eddng “v\u00e0ng gi\u1ea5y”, n\u01a1i c\u00e1c t\u00e0i s\u1ea3n ph\u00e1i sinh b\u1ecb b\u00e1n th\u00e1o \u0111\u1ec3 gi\u1ea3i ch\u1ea5p, h\u01a1n l\u00e0 \u1edf nhu c\u1ea7u n\u1eafm gi\u1eef v\u00e0ng v\u1eadt ch\u1ea5t.<\/p>\n

T\u01b0\u01a1ng lai n\u00e0o cho kim lo\u1ea1i qu\u00fd?<\/strong><\/p>\n

N\u1ebfu nh\u00ecn v\u00e0o l\u1ecbch s\u1eed, v\u00e0ng t\u1eebng tr\u1ea3i qua nh\u1eefng \u0111\u1ee3t gi\u1ea3m s\u00e2u t\u01b0\u01a1ng t\u1ef1 v\u00e0o c\u00e1c n\u0103m 1974-1976 v\u00e0 2008. Trong cu\u1ed1i n\u0103m 1974, v\u00e0ng m\u1ea5t t\u1edbi 41% gi\u00e1 tr\u1ecb khi n\u1ec1n kinh t\u1ebf M\u1ef9 \u0111\u1ed1i m\u1eb7t v\u1edbi l\u1ea1m ph\u00e1t \u0111\u00ecnh tr\u1ec7.<\/p>\n

Tuy nhi\u00ean, trong hai n\u0103m sau \u0111\u00f3, gi\u00e1 v\u00e0ng \u0111\u00e3 b\u1eadt t\u0103ng h\u01a1n 340%. C\u00e2u chuy\u1ec7n t\u01b0\u01a1ng t\u1ef1 c\u0169ng x\u1ea3y ra sau kh\u1ee7ng ho\u1ea3ng 2008.<\/p>\n

C\u00e1c ng\u00e2n h\u00e0ng l\u1edbn nh\u01b0 JPMorgan v\u00e0 Goldman Sachs v\u1eabn gi\u1eef quan \u0111i\u1ec3m l\u1ea1c quan d\u00e0i h\u1ea1n, v\u1edbi d\u1ef1 b\u00e1o cu\u1ed1i n\u0103m l\u1ea7n l\u01b0\u1ee3t l\u00e0 6.300 USD v\u00e0 5.400 USD\/ounce.<\/p>\n

L\u00fd do n\u1eb1m \u1edf \u00e1p l\u1ef1c th\u00e2m h\u1ee5t ng\u00e2n s\u00e1ch c\u1ee7a M\u1ef9. V\u1edbi m\u1ee9c th\u00e2m h\u1ee5t l\u00ean t\u1edbi 1.900 t\u1ef7 USD m\u1ed7i n\u0103m, Fed v\u1ec1 d\u00e0i h\u1ea1n kh\u00f4ng th\u1ec3 duy tr\u00ec l\u00e3i su\u1ea5t<\/a> qu\u00e1 cao m\u00e3i \u0111\u01b0\u1ee3c v\u00ec \u0111i\u1ec1u \u0111\u00f3 s\u1ebd b\u00f3p ngh\u1eb9t n\u1ec1n kinh t\u1ebf v\u00e0 khi\u1ebfn chi ph\u00ed tr\u1ea3 n\u1ee3 qu\u1ed1c gia b\u00f9ng n\u1ed5.<\/p>\n

Ngay l\u00fac n\u00e0y, c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng to\u00e0n c\u1ea7u, d\u1eabn \u0111\u1ea7u l\u00e0 Trung Qu\u1ed1c v\u00e0 \u1ea4n \u0110\u1ed9, v\u1eabn mua r\u00f2ng v\u00e0ng \u0111\u1ec3 gi\u1ea3m s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o \u0111\u1ed3ng USD.\u00a0<\/p>\n

D\u00f9 \u1ea4n \u0110\u1ed9 t\u0103ng thu\u1ebf nh\u1eadp kh\u1ea9u v\u00e0ng nh\u1eb1m ki\u1ec3m so\u00e1t nh\u1eadp kh\u1ea9u, nhu c\u1ea7u \u0111\u1ed1i v\u1edbi kim lo\u1ea1i qu\u00fd t\u1ea1i qu\u1ed1c gia n\u00e0y v\u1eabn duy tr\u00ec \u1edf m\u1ee9c cao. \u0110\u1ed9ng th\u00e1i cho th\u1ea5y s\u1ee9c h\u1ea5p d\u1eabn c\u1ee7a v\u00e0ng \u0111\u1ed1i v\u1edbi n\u1ec1n kinh t\u1ebf th\u1ef1c v\u1eabn r\u1ea5t l\u1edbn.<\/p>\n

Trong ng\u1eafn h\u1ea1n, v\u00e0ng c\u00f3 th\u1ec3 ch\u1ecbu th\u00eam \u00e1p l\u1ef1c khi l\u1ea1m ph\u00e1t ch\u01b0a h\u1ea1 nhi\u1ec7t. Tuy nhi\u00ean, n\u1ebfu x\u1ea3y ra k\u1ecbch b\u1ea3n “l\u1ea1m ph\u00e1t \u0111\u00ecnh tr\u1ec7”, t\u1ee9c l\u00e0 khi l\u1ea1m ph\u00e1t cao \u0111i c\u00f9ng t\u0103ng tr\u01b0\u1edfng ch\u1eadm l\u1ea1i, Fed s\u1ebd kh\u00f4ng th\u1ec3 t\u0103ng l\u00e3i su\u1ea5t th\u00eam n\u1eefa. \u0110\u00f3 l\u00e0 l\u00fac v\u00e0ng, v\u1edbi t\u01b0 c\u00e1ch l\u00e0 t\u00e0i s\u1ea3n ph\u00f2ng h\u1ed9 l\u1ea1m ph\u00e1t, s\u1ebd m\u1ed9t l\u1ea7n n\u1eefa t\u1ecfa s\u00e1ng.<\/p>\n

\u0110\u1ee3t b\u00e1n th\u00e1o hi\u1ec7n t\u1ea1i c\u00f3 th\u1ec3 ch\u1ec9 l\u00e0 m\u1ed9t nh\u1ecbp \u0111i\u1ec1u ch\u1ec9nh m\u1ea1nh c\u1ee7a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh. L\u1ecbch s\u1eed cho th\u1ea5y v\u00e0ng th\u01b0\u1eddng ch\u1ecbu \u00e1p l\u1ef1c khi l\u00e3i su\u1ea5t t\u0103ng, nh\u01b0ng c\u0169ng nhi\u1ec1u l\u1ea7n ph\u1ee5c h\u1ed3i m\u1ea1nh sau c\u00e1c chu k\u1ef3 th\u1eaft ch\u1eb7t ti\u1ec1n t\u1ec7.<\/p>\n

Theo The Hindu Business Line, The Trading Economics<\/em><\/p>\n

<\/picture><\/a> <\/p>\n
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Gi\u00e1 v\u00e0ng h\u00f4m nay 21\/5\/2026: B\u1eadt t\u0103ng d\u1eef d\u1ed9i, v\u00e0ng trong n\u01b0\u1edbc l\u1ea1i bay cao<\/a>Gi\u00e1 v\u00e0ng h\u00f4m nay 21\/5\/2026 tr\u00ean th\u1ebf gi\u1edbi t\u0103ng m\u1ea1nh sau phi\u00ean gi\u1ea3m s\u00e2u tr\u01b0\u1edbc \u0111\u00f3. Trong n\u01b0\u1edbc, gi\u00e1 v\u00e0ng SJC v\u00e0 v\u00e0ng nh\u1eabn c\u00f3 kh\u1ea3 n\u0103ng t\u0103ng cao tr\u1edf l\u1ea1i sau khi v\u1ec1 m\u1ee9c th\u1ea5p nh\u1ea5t nhi\u1ec1u th\u00e1ng.<\/span><\/p>\n<\/div><\/div>","protected":false},"excerpt":{"rendered":"

T\u1eeb cu\u1ed1i th\u00e1ng 2\/2026, khi xung \u0111\u1ed9t leo thang, gi\u1edbi \u0111\u1ea7u t\u01b0 d\u1ef1 \u0111o\u00e1n v\u00e0ng s\u1ebd t\u0103ng v\u1ecdt nh\u01b0 v\u1eabn […]<\/p>","protected":false},"author":5,"featured_media":81186,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[219],"tags":[],"class_list":["post-81184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-vang"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/81184","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/comments?post=81184"}],"version-history":[{"count":0,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/81184\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media\/81186"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media?parent=81184"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/categories?post=81184"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/tags?post=81184"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}