黄金究竟是如何定价的？
黄金的价值，由货币职能带来的金融属性和避险属性组成。采用实际利率表征黄金的金融属性，用 VIX 指数表征市场的避险情绪。两个因子对黄金价格的回归系数都非常显著（P 值均为 0.0%），解释力很强（全样本回归的 R^2 为 83%）。
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