Según John Ciampaglia, Consejero Delegado de Sprott Asset Management, la subida del precio del oro refleja la incertidumbre y el riesgo crecientes en los mercados del dólar y de renta fija estadounidenses. Los inversores sopesan si el repunte de los metales es temporal o indica un cambio más permanente en los mercados financieros.

Wall Street

Gold has recorded its best yearly performance since 1979, with its rising price reflecting significant uncertainty and risk in global markets. According to John Ciampagna, CEO of Sprott Asset Management, the move towards gold is driven by concerns over the U.S. dollar and U.S. treasuries, prompting both institutional and individual investors to substitute bonds with physical gold.

Central banks and institutions are increasing their gold holdings, often targeting allocations between five and fifteen percent, as part of a broader trend away from traditional reserve assets. Other precious metals, such as silver and platinum, are also seeing strong gains, with silver nearing its 2011 high and platinum breaking out of long-term trading ranges due to supply constraints.

El oro señala la incertidumbre en torno al dólar y los bonos estadounidenses

La plata ha sido un comercio caliente, también, hasta el 67 por ciento este año, pero al punto de Josh Brown, hoy en día la plata finalmente pasó su máximo de 2011, todavía no ha vuelto a su máximo histórico establecido en 1980. Entonces, ¿los metales sólo tienen un brillo temporal o algo ha cambiado permanentemente? Se une a nosotros ahora John Ciampagna, CEO de Sprott Asset Management. Sprott tiene varios ETFs centrados en el oro y la plata. John, ¿qué dices? ¿Es diferente ahora con el oro? ¿Va a duplicarse quizás de nuevo en los próximos tres a cinco años? Sí, bueno, el oro está obviamente teniendo su mejor año desde 1979, y lo que el oro está haciendo este año no es típico. No está diseñado para subir un 50% al año, e incluso el año pasado subió un 25%. y casi nadie se dio cuenta. Y creo que es importante reflexionar sobre qué señal está enviando el precio del oro al mercado, y es básicamente un montón de incertidumbre, un montón de riesgo, y algunas preocupaciones acerca de las cosas como el dólar y los bonos del tesoro de EE.UU. y T-bills de EE.UU., que obviamente han sido la reserva durante muchas décadas. Y tanto si se trata de bancos centrales extranjeros como de inversores particulares o instituciones, hay claramente alguna sustitución entre los bonos del Tesoro y T-bills y oro, y es no tanto la gente dejando las acciones. Creo que es la gente reemplazando sus asignaciones típicas a los bonos y en lugar de ir a oro fiscal. Y, John, ¿cuánto de esto podría reducirse a la diferencia entre la forma en que un Ray Dalio o un Jeffrey Gundlach invierte y la forma en que la mayoría de la gente, incluso relativamente alto valor neto ¿la gente invierte? Para la mayoría de la gente es malo entrar y salir de operaciones con frecuencia o en grandes cantidades. Dollar cost averaging, tener una estrategia fija tiende a tener más sentido. ¿Es eso parte de lo que la gente debe tener en cuenta cuando están considerando la cantidad de oro y por cuánto tiempo? Sí, quiero decir, hemos sido defensores del oro desde que estaba a 250 dólares la onza. Así que hemos estado, ya sabes, tocando este tambor durante mucho tiempo. Y nuestra opinión es, obviamente, que es el lastre en su cartera. Te ayuda a mantenerte invertido en otras clases de activos. Históricamente ha sido una alternativa de moneda refugio cuando las cosas en los mercados se vuelven dislocados y, obviamente, estamos en un período en el que una serie de diferentes mercados son inestables. Así que siempre lo vemos como una posición estratégica a largo plazo. Realmente depende. Del 5 al 15 por ciento, creo que es una cantidad razonable para la mayoría de los inversores. Obviamente, vemos los bancos centrales en el mundo moviendo sus reservas de divisas a los objetivos en que rango, algunos incluso más alto. Y creemos que esto forma parte de una tendencia secular a largo plazo. Y es interesante que las instituciones están empezando a imitar a los bancos centrales en términos de de alejarse de los bonos del Tesoro y T-bills al oro físico como una inversión refugio seguro. Sí, seguimos oyendo hablar de la desdolarización y también de la idea de un comercio de devaluación. En cuanto a tu punto sobre cómo todo esto está alimentando el oro, tengo curiosidad por saber qué piensas de los movimientos que hemos visto no sólo en la plata, que parece estar jugando un comercio de ponerse al día aquí, pero también más recientemente el platino e incluso tal vez ahora el paladio. Sí, hemos visto grandes movimientos en el platino rompiendo rangos de cotización de varios años. Es muy alcista. Creo que la historia del platino es obviamente más sobre la escasez. Tuvimos precios muy por debajo de lo económico durante mucho tiempo, no alentó ningún tipo de platino desarrollo minero. Son minas muy antiguas y hay una escasez natural de estos metales. La plata es obviamente un metal híbrido, ya sabes, parte monetaria y parte industrial. en la naturaleza. Y la plata, como mencionaste al principio del programa, por fin empieza a acercarse, ya sabes, su reciente máximo de 2011. Creemos que la plata es claramente en medio de un comercio de ponerse al día y creemos que tiene mucho más espacio para ir.

Layoffs of federal workers begin as the government shutdown enters Day 10, OMB Director Russ Vought says. Some federal employees received notices Friday telling them they will be laid off in 60 days, CBS News has confirmed. Nancy Cordes has more.

Washington

Federal workers start receiving layoff notices amid shutdown

French President Emmanuel Macron on Friday named Sebastien Lecornu as prime minister, reappointing him after he quit the job earlier this week.

Paris

Macron reappoints Lecornu as French PM days after he quit the job

Officials say a deadly explosion at a military explosives facility in Tennessee killed multiple people, and others remain missing. CBS News' Shanelle Kaul reports.

McEwen

Deadly explosion at military explosives facility in Tennessee

A federal judge has temporarily blocked the deployment of National Guard troops anywhere in the state of Illinois. CBS News' Ian Lee reports.

Chicago

Judge temporarily blocks National Guard deployment to Illinois

The Israeli military has begun withdrawing troops following a ceasefire agreement with Hamas. The deal, brokered by the U.S. and Egypt, includes releasing hostages and a plan for Gaza's future governance.

Jerusalem

Middle East Conflict

Gaza ceasefire agreement has come into effect, Israeli military says

Venezuelan political opposition leader Maria Corina Machado has been awarded the 2025 Nobel Peace Prize. CBS News' Ramy Inocencio reports.

Stockholm

María Corina Machado wins Nobel Peace Prize

U.S. President Donald Trump will travel to Egypt and Israel this weekend to attend the signing of the Gaza peace agreement, address Israel's parliament and witness the release of hostages.

Trump to visit Middle East for Gaza peace deal signing

New York Attorney General Letitia James was indicted on one count of bank fraud and one count of giving false statements. She called the charges baseless and politically motivated, accusing President Donald Trump of using the Justice Department for revenge.

New York

NY Attorney General Letitia James indicted on federal fraud charges

China dramatically expanded its rare earths export controls on Thursday (October 9), adding five new elements and extra scrutiny for semiconductor users as Beijing tightens control over the sector ahead of talks between Presidents Donald Trump and Xi Jinping.

Beijing

China tightens rare earth export controls ahead of U.S. talks

A French court on Thursday (October 9) rejected the appeal of a former construction worker found guilty last year of the aggravated rape of Gisele Pelicot, and increased his prison sentence by a year to 10 years, his lawyer said

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At least two people have died in a powerful 7.4 earthquake that struck the south east coast of the Philippines on Friday (October 10). Authorities had initially issued evacuation warnings following tsunami threats; however, these have now been lifted.

Davao Oriental

Philippines hit by 7.4 magnitude earthquake, at least two dead

Peru’s Congress has voted to impeach President Dina Boluarte on grounds of moral incapacity, plunging the country into fresh political turmoil after months of unrest.

Quito

Peru's President Dina Boluarte impeached

Israeli Prime Minister Benjamin Netanyahu announced that his government has approved a plan to release all remaining hostages in Gaza. The move is part of President Trump’s peace plan and could bring an end to the two-year conflict in the region.

Tel Aviv-Yafo

Israeli government approves framework to release hostages

New York Attorney General Letitia James has been indicted by a grand jury in Alexandria, Virginia. She faces two separate charges, one count of bank fraud and one count of false statements to a financial institution.

Alexandria

Federal grand jury indicts New York AG Letitia James

Israel and the Palestinian militant group Hamas signed an agreement on Thursday to cease fire and free Israeli hostages in exchange for Palestinian prisoners, in the first phase of U.S. President Donald Trump's initiative to end the two-year war in Gaza.

Trump says Israel hostages to be freed early next week

The U.S. Senate held its seventh round of votes Thursday on Democratic and Republican plans to fund and reopen the government, but once again the bills failed to pass.

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The chemistry award is the third 2025 Nobel Prize to be announced this week. Three U.S. scientists won the award in chemistry for creating a new molecular structure.

U.S. scientist trio win Nobel Prize in chemistry

Ukrainian President Volodymyr Zelenskyy accused Russia of wanting to sow "chaos" in Ukraine by launching strikes on his country's energy grid and railway infrastructure, in comments published Thursday.

Kyiv

Ukraine Invasion

Zelenskyy says Russia aims to sow 'chaos' with energy strikes

U.S. President Donald Trump announced Wednesday (October 8) that Hamas has agreed to release hostages and Israel will pull back its troops in Gaza in the "first phase" of a peace deal. CBS News' Debora Patta reports.

Israel and Hamas agree to phase one of peace deal

Russia and China are sending high-level representatives to North Korea for celebrations honoring 80 years of the ruling party. CBS News' Ramy Inocencio reports.

Pyongyang

Russia, China send representatives to North Korea

The Toronto Blue Jays won Game 4 of their American League Division Series matchup against the New York Yankees to advance to the next round of the Major League Baseball playoffs.

Blue Jays defeat Yankees to advance to ALCS

The ongoing U.S. government shutdown has led to major delays and staffing shortages at airports, raising safety concerns. The flight attendants’ union says reduced oversight and overworked crews are putting additional strain on the aviation system.

Aviation less safe during any government shutdown, union warns

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Los Angeles International Airport

Why the government shutdown is playing into travel delays

President Trump says he might travel to the Middle East as soon as this weekend as Israel and Hamas continue indirect negotiations to end the war in Gaza. CBS News senior White House and political correspondent Ed O'Keefe has the details.

Cairo

Trump 'may' go to Egypt or Gaza amid Israel-Hamas peace

A 29-year-old Florida man has been arrested on suspicion of arson in connection with the deadly Palisades Fire that scorched parts of Los Angeles earlier this year, officials said Wednesday.

Los Angeles

Man arrested for allegedly starting Palisades Fire in California

Former FBI Director James Comey pleaded not guilty to two counts in federal court on Wednesday (October 8) after being indicted by the U.S. Department of Justice in September.

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Some air traffic control staffing issues and bad weather are affecting flight delays as the government shutdown enters its eighth day. CBS News senior transportation correspondent Kris Van Cleave has more details.

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Hamas’ lead negotiator says the group needs guarantees of a lasting peace as indirect talks with Israel to reach an agreement over the implementation of the first phase of Trump’s peace plan for Gaza enter the third day.

Sharm El-Sheikh

Hamas says it is ready to reach Gaza deal but needs 'real' guarantees

Sebastien Lecornu to hold two days of talks to try to shore up cross-party support for his collapsed government.

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Israel is pressing forward with its attacks across the Gaza Strip. 
Its forces have targeted displaced families in Khan Younis, killing a mother and her children. Several Palestinians have also been killed in a strike on Al Shati refugee camp, in Gaza City.

Breakdown