国际金价是否虚高?

（单词翻译）

Jim Boulden: Another deal done, another customer selling gold coins to London dealer¹ Mike Temple. It's no surprise people are selling their gold coins and bars with prices at 25-year highs. But why are there still plenty of people buying at this level?

Mike Temple: Because they see it as a long term investment, and as a security backing, you know, to their total portfolio², just to keep a little bit, say, 10% or whatever they want to keep, in physical gold.

Jim Boulden: Gold has always had an appeal of course. And demand in Asia for personal use is very strong. But the price has spiked³ in recent months thanks to speculators, and also buying from conservative institutions like pension funds , making these little bars worth ever more their weight in gold. (be worth its/your weight in gold: to be extremely useful or valuable)

Jim Boulden: This is almost 20, 000 dollars here [Yeah! ]as an investment, and the value of this would have gone up how much in the last year?

Mike Temple: Well, nearly, say between 30 and 50 percent.

Jim Boulden: People are now talking about a bubble in gold prices. But speculators are gambling⁴ that demand will continue and gold will continue to be in short supply.

Jill Leyland: There has been a dearth⁵ of exploration at the end of 1990s and the beginning of this decade. There are, there have been relatively⁶ few major finds of golds to replace exhausted⁷ mines. In contrast, demand last year was extremely strong. Identifiable demand rose by 7% in tonnage terms and by 16% in dollar terms.

Jim Boulden: But of course it's not just gold that glitters these days. Oil is backed up at record levels, silver is at a 22-year high, even orange juice futures⁸ are at a 14-year high. And copper⁹ prices have doubled in the past year.

Peter Kettle: It's a combination of the supply-demand position in the individual markets and a number of general factors, the, the growth in demand from China was a big one. But I think also, yes, the, the increasing interest of, of pension funds in diversifying¹⁰ their assets, putting a very small proportion of the total into commodities. But that small proportion is very big money.

Jim Boulden: A risk perhaps with prices so high. But for now, Mike Temple is happy to lug¹¹ bags of silver and gold to and from his vaults¹² each day, as sellers and even more buyers are pouring through his door.

Jim Boulden: Jim Boulden, CNN, London.