????比安科还指出，就黄金的净多头仓位来看，基金经理们如今纷纷对黄金看跌，其悲观程度为过去10年所未见。而当其它人都怀疑一项投资时，往往是买入的大好时机。

????对普通投资者而言，要避免大举投资黄金。短期内，黄金不会取代法定货币体系，在金融危机和欧洲债务危机爆发后，金本位者曾声称将出现大量政府违约以及恶性通货膨胀，但如今看来，上述情况短期内也不会发生。

????不过，金价总有一天会触底，不论最低价是每盎司1100美元还是每盎司500美元。而精明——或走运——的专业投资者，将适时抄底，从中大赚一笔。（财富中文网）

????译者：Hunter

????Bianco also points out that money managers overall have not been as down on gold in the past 10 years than they are today, as measured by net long positions in the metal. When the rest of the crowd doubts an investment, it’s often the smartest time to buy.

????For the average investor, it makes sense to steer clear of large investments in gold. The precious metal isn’t going to replace the fiat monetary system anytime soon, nor does it look like the wave of government defaults and hyperinflation that gold bugs were calling for in the months immediately following the financial crisis and European debt crisis will be upon us any time soon.

????But gold will bottom out at some point, be it at $1,100 per ounce or $500 per ounce. And the savvy—or just plain lucky—professional investor who picks the bottom accurately, and at the right time, will stand to clean up on this trade.