Another downside risk is that the dollar-funded carry trade may unravel, crashing the global asset bubble that it, together with the wave of monetary liquidity, has caused. And, since the carry trade and the wave of liquidity are causing a global asset bubble, some of gold’s recent rise is also bubble-driven, with herding behavior and “momentum trading” by investors pushing gold higher and higher.
另一大风险是，美元套息交易之路可能会走到尽头，而由美元套息交易会同流动性货币化一起推高的资产泡沫可能会崩溃。在一定程度上，金价最近的升势也是泡沫，投资者的跟风和追涨行为把金价越推越高。但是，是泡沫终究会破。泡沫越大，跌得越惨。