对一名长期投资者而言，最兴奋的日子就是灾难发生时，每逢灾难就是机会，长期投资者不应该高追股票，而是
在灾难发生时贱价买股票，然后放在一边，耐性地等灾难结束。
- 曾渊沧博士
Stock market corrections, although painful at the time, are actually
a very healthy part of the whole mechanism, because there are
always speculative excesses that develop, particularly during the long bull market.
Ron Chernow
曾淵滄博士- 2013 年 04 月 17 日
Dr YC Chan - 17 April 2013 newsletter:
I have not written newsletters for sometime as
Singapore stock market is neither here nor there.
The market is stagnant, and I have nothing much to write for reference.
有好一段日子没有写通讯，原因是近两个月来新加坡股市几乎失去方向，升则升不上，跌也跌不下，僵住了，买也不是，卖也不是，我也不知道该写些什么让大家参考。
The US stock market has been hitting new high.
Chinese and Hong Kong markets on the other hand are going through a period of adjustments which to some extent affect the Singapore market.
China published the economic data two days ago, giving a general impression its economy is slowing down. As a result, prices of gold and natural resources tumbled; so was the US market. Chinese economy is now having an impact on the world.
美国股市是在不断地创新高。但是中国、香港股市正处於调整期，多多少少也影响了新加坡股市。
前天，中国政府公布最新的经济数据，一般认为中国经济在放缓，於是金价狂跌，其他天然资源的价格也大跌。美国股市同样大跌，中国的经济动态已开始影响全世界。
The tumbling of gold price is not out of the blue. It has been falling for sometime.
The price of gold was cheap before the financial tsunami. The voluminous printing of currency notes by the US government after the financial tsunami led to investors foreseeing US currency to devalue and inflation to rise, thus buying gold to preserve value.
当然，
金价大跌不是突然的；金价已经跌了好一段日子，金价在金融海啸前是很便宜的，金融海啸发生后，美国狂印钞票，投资者预期美元会贬值，通胀率会上升，於是买金保值。
Today’s gold has lost its monetary intrinsic value; gold buyers and sellers are speculators as the gold based monetary policy had disappeared long time ago.
今日的黄金已失去货币的价值，黄金的买卖主要是投机作用，所谓的金本位的货币制度早已消失。
However, there are still people who believe holding gold preserve the monetary value in time of inflation. The voluminous printingof US currency notes led to inflationary expectation, and speculators were buying up gold, pushing the price of gold to climb drastiscally after the financial tsunami.
不过世界上仍然有些人认为如果通胀率很高，持有黄金可以保值。於是，在美国狂印钞票的背景之下，不少人预期通胀率会高升。於是投机者大量抢购黄金，迅速地推高金价，黄金价格就是在金融海啸之后狂升。
The price of gold cannot keep going up forever, especially when the US inflation rate remains very low years after currency note printing. Thus, buying gold to counter inflation has lost its purpose, and some people begin to dispose off gold.
但是
黄金价格不可能无止境地升，特别是在美国狂印钞票这么多年之后，美国依然没有出现通胀，通胀率很低很低。
通胀率很低，买黄金来对冲通胀的价值消失了，於是有人开始沽售黄金。
Few days ago, the price of gold fell below US$1,500 an onze, and with media’s emphatic publication, it fell further. On 15 April, the price of gold tumbled 9%; those high leverage speculators must have been forced to clear out and leave the scene.
前几日，当金价跌破每安士 1500 美元后，传媒开始大事报导，传媒的报导推动金价再跌。4 月 15 日，金价一日下跌 9%，吓死人。那些以高捍杠比例炒金，持好仓的投机者恐怕已全部被逼斩仓离场。
Interestingly, when the price of gold tumbles, goldsmith shops are crowded with people buying physical gold jewels, gold coins, bullions, and gold pieces……..
有趣的是，金价狂跌时，金店挤满了人，很多人抢着买金，买实实在在的黄金首饰，买金币，金条，金粒………
I dare not predict if the price of gold has hit bottom at this level; but since it has tumbled so fast, it will for the short term rebound.
我不敢预测金价在现水平见底，但是，
金价如此急速的下跌，短期内价格必会反弹。
The stock market trend is unclear atthe moment. However, I am optimistic for the medium to long term. Consider buying in whenever there are sizeable market adjustments.
近一段日子，股市没有方向。但是，我依然看好中长线，因此，每一次当股市遇上较大幅度的调整时，都值得趁机买入。
The slow down in Chinese economy may not be a bad thing; Chinese stock market is going through a period of adjustments due to government’s own intention,
as it gives the opportunity for the government to change the course of its monetary tightening policy, which is good for the stock markets.
中国经济放缓不是坏事，目前中国股市之所以处於调整，完全是中国政府自己出手打压，经济放缓
有机会改变中国政府抽紧银根的作法，这将对股市有利。
