{"id":15648,"date":"2026-05-20T10:14:56","date_gmt":"2026-05-20T03:14:56","guid":{"rendered":"https:\/\/taichinhphowall.com\/index.php\/2026\/05\/20\/gia-vang-bien-dong-va-nghich-ly-ve-vai-tro-tai-san-tru-an\/"},"modified":"2026-05-20T10:14:56","modified_gmt":"2026-05-20T03:14:56","slug":"gia-vang-bien-dong-va-nghich-ly-ve-vai-tro-tai-san-tru-an","status":"publish","type":"post","link":"https:\/\/taichinhphowall.com\/index.php\/2026\/05\/20\/gia-vang-bien-dong-va-nghich-ly-ve-vai-tro-tai-san-tru-an\/","title":{"rendered":"Gi\u00e1 v\u00e0ng bi\u1ebfn \u0111\u1ed9ng v\u00e0 ngh\u1ecbch l\u00fd v\u1ec1 vai tr\u00f2 t\u00e0i s\u1ea3n tr\u00fa \u1ea9n"},"content":{"rendered":"
\n

Gi\u00e1 v\u00e0ng bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh trong th\u1eddi gian qua \u0111\u00e3 t\u1ea1o ra m\u1ed9t l\u00e0n s\u00f3ng ho\u00e0i nghi v\u1ec1 vai tr\u00f2 l\u00e0 “h\u1ea7m tr\u00fa \u1ea9n” an to\u00e0n truy\u1ec1n th\u1ed1ng c\u1ee7a kim lo\u1ea1i qu\u00fd n\u00e0y. Trong b\u1ed1i c\u1ea3nh b\u1ea5t \u1ed5n \u0111\u1ecba ch\u00ednh tr\u1ecb t\u1ea1i Trung \u0110\u00f4ng, thay v\u00ec \u0111\u00f3ng vai tr\u00f2 l\u00e0 \u0111i\u1ec3m t\u1ef1a v\u1eefng ch\u00e3i cho danh m\u1ee5c \u0111\u1ea7u t\u01b0 nh\u01b0 k\u1ef3 v\u1ecdng, gi\u00e1 v\u00e0ng \u0111\u00e3 ghi nh\u1eadn nh\u1eefng c\u00fa r\u01a1i s\u00e2u, th\u1eadm ch\u00ed gi\u1ea3m t\u1edbi 25% so v\u1edbi m\u1ee9c \u0111\u1ec9nh v\u00e0o cu\u1ed1i th\u00e1ng 3 v\u1eeba qua, tr\u00e1i ng\u01b0\u1ee3c ho\u00e0n to\u00e0n v\u1edbi \u0111\u00e0 t\u0103ng \u1ea5n t\u01b0\u1ee3ng 60% tr\u01b0\u1edbc \u0111\u00f3.<\/p>\n

\n \"Gi\u00e1
\u1ea2nh t\u1eeb ngu\u1ed3n: cafef.vn<\/em><\/figcaption><\/figure>\n

B\u1ea3n ch\u1ea5t thay \u0111\u1ed5i c\u1ee7a gi\u00e1 v\u00e0ng tr\u01b0\u1edbc \u00e1p l\u1ef1c thanh kho\u1ea3n<\/h2>\n

Vi\u1ec7c v\u00e0ng suy y\u1ebfu trong giai \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng \u0111\u1ea7y r\u1eaby bi\u1ebfn s\u1ed1 \u0111\u1ecba ch\u00ednh tr\u1ecb kh\u00f4ng h\u1eb3n l\u00e0 d\u1ea5u hi\u1ec7u cho th\u1ea5y ni\u1ec1m tin c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1ecb lung lay. Ng\u01b0\u1ee3c l\u1ea1i, th\u1ef1c t\u1ebf cho th\u1ea5y m\u1ed9t ngh\u1ecbch l\u00fd l\u00e0 v\u00e0ng \u0111ang \u0111\u1ea3m nh\u1eadn m\u1ed9t ch\u1ee9c n\u0103ng kh\u00e1c bi\u1ec7t: tr\u1edf th\u00e0nh c\u00f4ng c\u1ee5 thanh kho\u1ea3n t\u1ee9c th\u1eddi thay v\u00ec ch\u1ec9 l\u00e0 n\u01a1i t\u00edch tr\u1eef gi\u00e1 tr\u1ecb \u0111\u01a1n thu\u1ea7n. Khi c\u00e1c n\u1ec1n kinh t\u1ebf \u0111\u1ed1i m\u1eb7t v\u1edbi gi\u00e1n \u0111o\u1ea1n ngu\u1ed3n cung n\u0103ng l\u01b0\u1ee3ng v\u00e0 \u00e1p l\u1ef1c thi\u1ebfu h\u1ee5t USD, c\u00e1c qu\u1ed1c gia bu\u1ed9c ph\u1ea3i k\u00edch ho\u1ea1t c\u01a1 ch\u1ebf b\u00e1n v\u00e0ng \u0111\u1ec3 \u1ed5n \u0111\u1ecbnh ng\u00e2n s\u00e1ch. \u0110i\u1ec3n h\u00ecnh nh\u01b0 Th\u1ed5 Nh\u0129 K\u1ef3, n\u01a1i ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng \u0111\u00e3 th\u1ef1c hi\u1ec7n c\u00e1c giao d\u1ecbch ho\u00e1n \u0111\u1ed5i v\u00e0ng quy m\u00f4 l\u1edbn \u0111\u1ec3 \u0111\u1ed1i ph\u00f3 v\u1edbi c\u00fa s\u1ed1c n\u0103ng l\u01b0\u1ee3ng, bi\u1ebfn kim lo\u1ea1i qu\u00fd n\u00e0y th\u00e0nh “b\u1ec7 \u0111\u1ee1” cung c\u1ea5p ti\u1ec1n m\u1eb7t cho ch\u00ednh ph\u1ee7.<\/p>\n

Di\u1ec5n bi\u1ebfn n\u00e0y cho th\u1ea5y m\u1ed9t s\u1ef1 d\u1ecbch chuy\u1ec3n trong t\u00e2m l\u00fd n\u1eafm gi\u1eef t\u00e0i s\u1ea3n. Trong gi\u1edbi t\u00e0i ch\u00ednh, c\u00f3 m\u1ed9t c\u00e2u n\u00f3i v\u1eabn th\u01b0\u1eddng \u0111\u01b0\u1ee3c nh\u1eafc l\u1ea1i r\u1eb1ng khi lo l\u1eafng v\u1ec1 t\u01b0\u01a1ng lai, ng\u01b0\u1eddi ta mua v\u00e0ng, c\u00f2n khi lo l\u1eafng v\u1ec1 hi\u1ec7n t\u1ea1i, h\u1ecd b\u00e1n ra. S\u1ef1 c\u1ea7n thi\u1ebft ph\u1ea3i gi\u1ea3i quy\u1ebft c\u00e1c ngh\u0129a v\u1ee5 t\u00e0i ch\u00ednh tr\u01b0\u1edbc m\u1eaft \u0111\u00e3 khi\u1ebfn v\u00e0ng t\u1ea1m th\u1eddi m\u1ea5t \u0111i h\u00e0o quang c\u1ee7a m\u1ed9t t\u00e0i s\u1ea3n an to\u00e0n trong ng\u1eafn h\u1ea1n.<\/p>\n

M\u1ed1i li\u00ean h\u1ec7 gi\u1eefa gi\u00e1 v\u00e0ng v\u00e0 c\u00e1c quy\u1ebft \u0111\u1ecbnh l\u00e3i su\u1ea5t<\/h2>\n

\u0110\u00e1ng ch\u00fa \u00fd, **gi\u00e1 v\u00e0ng bi\u1ebfn \u0111\u1ed9ng** c\u00f2n ch\u1ecbu \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp t\u1eeb c\u00e1c bi\u1ebfn s\u1ed1 v\u0129 m\u00f4 nh\u01b0 l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu Kho b\u1ea1c M\u1ef9 v\u00e0 s\u1ee9c m\u1ea1nh c\u1ee7a \u0111\u1ed3ng USD. Nh\u1eefng \u00e1p l\u1ef1c n\u00e0y \u0111ang t\u00e1c \u0111\u1ed9ng m\u1ea1nh m\u1ebd \u0111\u1ebfn c\u00e1c th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u. \u0110i\u1ec3n h\u00ecnh nh\u01b0 nh\u1eefng bi\u1ebfn \u0111\u1ed9ng g\u1ea7n \u0111\u00e2y tr\u00ean th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu M\u1ef9 khi l\u1ee3i su\u1ea5t k\u1ef3 h\u1ea1n 30 n\u0103m l\u1eadp \u0111\u1ec9nh 19 n\u0103m \u0111\u00e3 t\u1ea1o ra \u00e1p l\u1ef1c b\u00e1n th\u00e1o di\u1ec7n r\u1ed9ng, m\u00e0 b\u1ea1n c\u00f3 th\u1ec3 t\u00ecm hi\u1ec3u k\u1ef9 h\u01a1n t\u1ea1i b\u00e0i vi\u1ebft th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu M\u1ef9 b\u00e1n th\u00e1o khi l\u1ee3i su\u1ea5t k\u1ef3 h\u1ea1n 30 n\u0103m l\u1eadp \u0111\u1ec9nh 19 n\u0103m<\/a>.<\/p>\n

S\u1ef1 gia t\u0103ng k\u1ef3 v\u1ecdng l\u1ea1m ph\u00e1t do gi\u00e1 d\u1ea7u leo thang \u0111\u00e3 \u0111\u1ea9y th\u1ecb tr\u01b0\u1eddng v\u00e0o tr\u1ea1ng th\u00e1i th\u1eaft ch\u1eb7t ti\u1ec1n t\u1ec7. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u1edd \u0111\u00e2y ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi th\u1ef1c t\u1ebf r\u1eb1ng Fed c\u00f3 kh\u1ea3 n\u0103ng duy tr\u00ec l\u00e3i su\u1ea5t cao l\u00e2u h\u01a1n d\u1ef1 ki\u1ebfn. \u0110i\u1ec1u n\u00e0y l\u00e0m t\u0103ng chi ph\u00ed c\u01a1 h\u1ed9i cho vi\u1ec7c n\u1eafm gi\u1eef v\u00e0ng \u2013 m\u1ed9t t\u00e0i s\u1ea3n kh\u00f4ng sinh l\u00e3i. H\u1ec7 qu\u1ea3 t\u1ea5t y\u1ebfu l\u00e0 l\u00e0n s\u00f3ng ch\u1ea1y v\u1ec1 thanh kho\u1ea3n thay v\u00ec ch\u1ea1y v\u1ec1 ch\u1ea5t l\u01b0\u1ee3ng, khi\u1ebfn nh\u1eefng nh\u00e0 giao d\u1ecbch d\u00f9ng \u0111\u00f2n b\u1ea9y \u0111\u1ed1i m\u1eb7t v\u1edbi c\u00e1c l\u1ec7nh g\u1ecdi k\u00fd qu\u1ef9 margin call kh\u1eaft khe. Nh\u1eefng \u00e1p l\u1ef1c n\u00e0y lan r\u1ed9ng sang c\u1ea3 l\u0129nh v\u1ef1c c\u00f4ng ngh\u1ec7, n\u01a1i c\u00e1c doanh nghi\u1ec7p \u0111ang ph\u1ea3i v\u1eadt l\u1ed9n v\u1edbi \u00e1p l\u1ef1c t\u1eeb l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu, nh\u01b0 \u0111\u00e3 \u0111\u01b0\u1ee3c \u0111\u1ec1 c\u1eadp trong b\u00e0i vi\u1ebft v\u1ec1 vi\u1ec7c c\u1ed5 phi\u1ebfu chip lao d\u1ed1c v\u00e0 \u00e1p l\u1ef1c t\u1eeb l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7<\/a>.<\/p>\n

Tri\u1ec3n v\u1ecdng ph\u1ee5c h\u1ed3i trong m\u00f4i tr\u01b0\u1eddng ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 ph\u1ee9c t\u1ea1p<\/h2>\n

D\u00f9 \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng c\u01a1n gi\u00f3 ng\u01b0\u1ee3c t\u1eeb l\u00e3i su\u1ea5t, gi\u00e1 v\u00e0ng v\u1eabn \u0111\u01b0\u1ee3c c\u00e1c t\u1ed5 ch\u1ee9c l\u1edbn nh\u01b0 Morgan Stanley k\u1ef3 v\u1ecdng s\u1ebd t\u00ecm l\u1ea1i \u0111\u00e0 t\u0103ng trong n\u1eeda cu\u1ed1i n\u0103m, v\u1edbi m\u1ee5c ti\u00eau c\u00f3 th\u1ec3 \u0111\u1ea1t 5.200 USD\/ounce. Tuy nhi\u00ean, m\u1ee9c \u0111\u1ed9 ph\u1ee5c h\u1ed3i n\u00e0y ph\u1ee5 thu\u1ed9c ho\u00e0n to\u00e0n v\u00e0o l\u1ed9 tr\u00ecnh c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t c\u1ee7a Fed. \u0110\u1ed9 nh\u1ea1y c\u1ee7a v\u00e0ng v\u1edbi ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 hi\u1ec7n \u0111ang tr\u1edf th\u00e0nh y\u1ebfu t\u1ed1 chi ph\u1ed1i gi\u00e1 ch\u00ednh, l\u00e0m lu m\u1edd ph\u1ea7n n\u00e0o c\u00e1c xung \u0111\u1ed9t \u0111\u1ecba ch\u00ednh tr\u1ecb. N\u1ebfu c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng v\u00e0 ETF quay l\u1ea1i mua v\u00e0o d\u1ef1a tr\u00ean t\u00edn hi\u1ec7u l\u00e3i su\u1ea5t th\u1ef1c, v\u00e0ng c\u00f3 th\u1ec3 s\u1ebd d\u1ea7n quay l\u1ea1i qu\u1ef9 \u0111\u1ea1o t\u0103ng tr\u01b0\u1edfng.<\/p>\n

M\u1eb7c d\u00f9 v\u1eady, s\u1ef1 th\u1eadn tr\u1ecdng v\u1eabn c\u1ea7n \u0111\u01b0\u1ee3c \u0111\u1eb7t l\u00ean h\u00e0ng \u0111\u1ea7u khi c\u00e1c r\u1ee7i ro v\u1ec1 xung \u0111\u1ed9t n\u0103ng l\u01b0\u1ee3ng v\u1eabn c\u00f2n ti\u1ec1m \u1ea9n. B\u1ea5t k\u1ef3 s\u1ef1 gi\u00e1n \u0111o\u1ea1n n\u00e0o t\u1ea1i c\u00e1c tuy\u1ebfn \u0111\u01b0\u1eddng v\u1eadn t\u1ea3i huy\u1ebft m\u1ea1ch c\u0169ng c\u00f3 th\u1ec3 khi\u1ebfn k\u1ef3 v\u1ecdng l\u1ea1m ph\u00e1t neo \u1edf m\u1ee9c cao, t\u1eeb \u0111\u00f3 c\u1ea3n tr\u1edf l\u1ed9 tr\u00ecnh c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t c\u1ee7a Fed. Trong m\u1ed9t m\u00f4i tr\u01b0\u1eddng m\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh \u0111ang c\u1ea7n ti\u1ec1n m\u1eb7t h\u01a1n l\u00e0 s\u1ef1 b\u1ea3o v\u1ec7, v\u00e0ng v\u1eabn s\u1ebd ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng th\u1eed th\u00e1ch l\u1edbn tr\u01b0\u1edbc khi c\u00f3 th\u1ec3 kh\u1eb3ng \u0111\u1ecbnh l\u1ea1i vai tr\u00f2 tr\u00fa \u1ea9n truy\u1ec1n th\u1ed1ng c\u1ee7a m\u00ecnh trong m\u1eaft gi\u1edbi \u0111\u1ea7u t\u01b0 to\u00e0n c\u1ea7u.<\/p>\n

B\u00e0i vi\u1ebft \u0111\u00e3 \u0111\u01b0\u1ee3c bi\u00ean t\u1eadp l\u1ea1i t\u1eeb ngu\u1ed3n: cafef.vn<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Gi\u00e1 v\u00e0ng bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh trong th\u1eddi gian qua \u0111\u00e3 t\u1ea1o ra m\u1ed9t l\u00e0n s\u00f3ng ho\u00e0i nghi v\u1ec1 vai tr\u00f2 l\u00e0 “h\u1ea7m tr\u00fa \u1ea9n” an to\u00e0n truy\u1ec1n th\u1ed1ng c\u1ee7a kim lo\u1ea1i qu\u00fd n\u00e0y. Trong b\u1ed1i c\u1ea3nh b\u1ea5t \u1ed5n \u0111\u1ecba ch\u00ednh tr\u1ecb t\u1ea1i Trung \u0110\u00f4ng, thay v\u00ec \u0111\u00f3ng vai tr\u00f2 l\u00e0 \u0111i\u1ec3m t\u1ef1a v\u1eefng ch\u00e3i cho […]<\/p>\n","protected":false},"author":1,"featured_media":15645,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[41],"tags":[],"class_list":["post-15648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tin-tuc-fed"],"_links":{"self":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/15648","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/comments?post=15648"}],"version-history":[{"count":0,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/15648\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media\/15645"}],"wp:attachment":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media?parent=15648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/categories?post=15648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/tags?post=15648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}