Gold slumped to the lowest point in almost half a year as investors exchanged the metal for more liquid dollars.

金价跌至近半年新低，原因是投资者纷纷卖出黄金，买入流动性更好的美元。

Spot gold in London fell to $1,523 a troy ounce, the weakest since July and down nearly $400 from a nominal record reached this year.

伦敦现货金价跌至每金盎司1523美元，为7月份以来的最低水平，从今年创下的名义新高下跌了近400美元。

The reversal has spooked investors searching for havens. The largest gold exchange traded fund, held by both individual investors and the biggest hedge funds, has unloaded 44 tonnes, or 3 per cent of its hoard, this month.

金价走势逆转，惊吓了寻找避风港资产的投资者。个人投资者和大型对冲基金均持有的全球最大黄金ETF，本月减持了44吨，相当于这只交易所交易基金黄金持有总量的3%。

The latest fall came as some traders, including banks, sought to raise cash at the year’s end. They turned to dollars, which yesterday rose to a 15-month high against the euro.

金价的最新一轮下跌，是由于银行等交易商在年底寻求套现。他们转向了美元。昨日美元兑欧元汇率升至15个月高位。

“When you have an environment of a stronger dollar and people looking for the most liquid thing they can put money into, that pressures gold,” said Hayden Atkins, senior analyst at Macquarie in London.

“当美元走强、人们在寻找他们所能投资的最具流动性的东西时，这种环境会令黄金受压。”麦格理(Macquarie)驻伦敦高级分析师海登•阿特金斯(Hayden Atkins)表示。

Gold has nevertheless climbed almost 8 per cent in 2011, marking an 11th straight year of gains and outperforming most other commodities and stock indices. But a series of jarring drops since it peaked at $1,920 per ounce in early September undermined its attraction as a haven, rather than a risk asset.

尽管如此，金价在2011年仍累计上涨了近8%，连续第11年出现上涨，而且表现胜于其他多数大宗商品和股指。不过自9月初达到每盎司1920美元的峰值后，金价连连下跌，削弱了其作为避险投资工具（而非风险资产）的吸引力。

John Paulson, the hedge fund manager, sold more than a third of his holdings in the SPDR Gold Shares exchange traded fund in the third quarter – equivalent to about 34 tonnes – but remained the largest single shareholder as of September.

对冲基金经理约翰•保尔森(John Paulson)在第3季度售出了所持SPDR Gold Shares交易所交易基金股份的逾三分之一，相当于大约34吨黄金，不过截止9月，他仍是该ETF的第一大股东。

Gold’s champions see it as a hedge against inflation and the devaluation of paper currencies.

黄金拥护者把它视作防范通胀和纸币贬值的对冲工具。

“Gold has two unique characteristics which are tied together,” said Douglas Hepworth, director of research at Gresham Investment Management, which allocates more than $1bn of its $13bn commodities portfolio to gold. “It is a unique hedge against the debasement of all fiat currencies. That makes it a unique hedge against stagflation. However, in a period where you’re not having stagflation but stagnation, it’s not a hedge at all. It will do badly.”

“黄金具有两项相互联系的特性，”Gresham Investment Management研究主管道格拉斯•赫普沃斯(Douglas Hepworth)表示，“它是一项防范所有纸币贬值的独特对冲工具，这使它成为一种规避滞胀的独特对冲工具，然而，在经济不是处于滞胀、而是停滞的时期，它根本不是对冲工具。它会表现得很糟。”Gresham投资管理公司大宗商品资产组合的规模达到130亿美元，其中逾10亿美元配置在黄金上。