{"id":3315,"date":"2026-07-20T11:13:15","date_gmt":"2026-07-20T09:13:15","guid":{"rendered":"https:\/\/goldmansons.ee\/?p=3315"},"modified":"2026-07-20T11:13:15","modified_gmt":"2026-07-20T09:13:15","slug":"vaarismetallide-nadal-inflatsioon-jahtus-kuld-koikus-4000-dollari-umber","status":"publish","type":"post","link":"https:\/\/goldmansons.ee\/fi\/vaarismetallide-nadal-inflatsioon-jahtus-kuld-koikus-4000-dollari-umber\/","title":{"rendered":"V\u00e4\u00e4rismetallide n\u00e4dal: inflatsioon jahtus, kuld k\u00f5ikus 4000 dollari \u00fcmber"},"content":{"rendered":"<p><em>Turu-uudised \u00b7 20. juuli 2026 \u00b7 Goldman &amp; Sons toimetus<\/em><\/p>\n<p>M\u00f6\u00f6dunud n\u00e4dal oli v\u00e4\u00e4rismetallidele kahe n\u00e4oga: jahtunud USA inflatsioon andis kullale korraks hoogu, kuid tugev majandusstatistika ja k\u00f5rge v\u00f5lakirjatulusus surusid hinna taas alla. Taustal j\u00e4tkavad keskpangad kulla ostmist ning Hormuzi v\u00e4ina pinged hoiavad naftat ja riskifooni \u00fcleval. Allpool n\u00e4dala olulisemad uudised \u2014 k\u00f5ik viidatud allikatega.<\/p>\n<h2>N\u00e4dala olulisemad uudised<\/h2>\n<ul>\n<li><strong>Jahtunud inflatsioon kergitas kulla \u00fcle 4080 dollari \u2014 seej\u00e4rel vajus see alla 4000.<\/strong> USA juuni tarbijahinnad langesid 0,4% (suurim kuine langus alates 2020. aasta aprillist) ja aastane inflatsioon aeglustus 3,5%-ni (varasema 4,2% asemel), tuuminflatsioon 2,6%-ni. 14. juulil t\u00f5usis spot-kuld ~4089 dollarini (+2,2%) ja h\u00f5be ~59 dollarini (+2,8%), kui kauplejad loobusid Fedi l\u00e4hiaja intressit\u00f5usu ootustest. <a href=\"https:\/\/www.kitco.com\/news\/article\/2026-07-14\/gold-and-silver-rally-cpi-cools-fed-rate-pressure-kitco-am-report\">(Kitco, 14.07.2026)<\/a><\/li>\n<li><strong>Tugev statistika ja k\u00f5rge tulusus p\u00f6\u00f6rasid kulla tagasi.<\/strong> 16. juulil vajus kuld alla 4000 dollari (~3975 dollarit, \u22122%), kui jaem\u00fc\u00fck kasvas 0,2% ja t\u00f6\u00f6tuabiraha taotlused langesid 208 000-ni \u2014 m\u00e4rk, et majandus pole n\u00f5rgenenud. 10-aastase v\u00f5lakirja tulusus t\u00f5usis \u00fcle 4,57%, mis t\u00f5stis kulla hoidmise alternatiivkulu. Fedi 28.\u201329. juuli koosolekul oodatakse intressi paigalseisu (~90%), kuid septembri t\u00f5stmise t\u00f5en\u00e4osus kasvas. <a href=\"https:\/\/www.kitco.com\/news\/article\/2026-07-16\/gold-breaks-4000-yields-rise-fed-rate-relief-fades-kitco-pm-report\">(Kitco, 16.07.2026)<\/a><\/li>\n<li><strong>Keskpangad ostavad edasi: Hiina lisas juunis 15 tonni.<\/strong> Hiina keskpank suurendas kullavaru juba 20. j\u00e4rjestikust kuud ja tegi aasta suurima ostu. Aasta algusest on suurimad ostjad Poola (64 t), Usbekistan (41 t) ja Hiina (\u00fcle 40 t). See struktuurne n\u00f5udlus toetab hinda pikas plaanis, s\u00f5ltumata l\u00fchiajalisest k\u00f5ikumisest. <a href=\"https:\/\/www.kitco.com\/news\/article\/2026-07-07\/chinas-central-bank-buys-dip-increasing-gold-reserves-15-tonnes-june\">(Kitco, 07.07.2026)<\/a>, <a href=\"https:\/\/www.gold.org\/goldhub\/gold-focus\/2026\/07\/central-bank-gold-statistics-central-banks-remain-committed-gold\">(World Gold Council)<\/a><\/li>\n<li><strong>Kuld-ETFidest voolas juunis v\u00e4lja 8,9 miljardit dollarit.<\/strong> World Gold Council&#8217;i andmeil juhtis v\u00e4ljavoolu P\u00f5hja-Ameerika (\u22125,5 mld), mille esimene poolaasta oli n\u00f5rgim alates 2013. aastast. Sellegipoolest j\u00e4i kogu poolaasta netopositiivseks (+8 mld) ja Aasia tegi rekordilise poolaasta (+12 mld); globaalne ETF-varamaht oli 526 mld dollarit. L\u00e4\u00e4nes jahtus ETF-isu Fedi k\u00f5rgemate intressiootuste t\u00f5ttu, Idas p\u00fcsis n\u00f5udlus tugev. <a href=\"https:\/\/www.gold.org\/goldhub\/research\/gold-etfs-holdings-and-flows\/2026\/07\">(World Gold Council, ETF-voog)<\/a><\/li>\n<li><strong>Hormuzi pinged hoiavad naftat ja tulusust k\u00f5rgel.<\/strong> USA taaskehtestas Iraani mereblokaadi ja nafta p\u00fcsis k\u00f5rgel \u2014 Brent ~85,78 ja WTI ~80,19 dollarit (15. juuli). Kullale on see kahepoolne: geopoliitiline risk toetab turvasadama n\u00f5udlust, kuid k\u00f5rgem nafta ja tulusus piiravad t\u00f5usu. <a href=\"https:\/\/www.kitco.com\/news\/article\/2026-07-13\/gold-and-silver-slide-hormuz-oil-shock-lifts-yields-kitco-am-report\">(Kitco, 13.07.2026)<\/a><\/li>\n<\/ul>\n<h2>X-nurk: Peter Schiff<\/h2>\n<p>12. juulil kirjutas Peter Schiff X-is, et kauplejaid &#8221;tingitakse uskuma, et s\u00f5da on n\u00fc\u00fcd kulla jaoks negatiivne&#8221;, kuna metall langes vaatamata USA\u2013Iraani pingete kasvule. Tegemist on \u00fche turuosalise arvamusega, mitte prognoosikindlusega \u2014 esitame selle neutraalselt taustaks. <a href=\"https:\/\/www.benzinga.com\/markets\/commodities\/26\/07\/60406191\/peter-schiff-says-conditions-ripe-for-a-huge-rally-in-gold-as-iran-war-escalates-here-are-some-etfs-to-watch\">(Benzinga, 12.07.2026)<\/a><\/p>\n<h2>N\u00e4dala hind: mida see Eesti investorile t\u00e4hendab<\/h2>\n<p>Meie hinnakirjas maksavad 1-untsised kuldm\u00fcndid praegu ligikaudu 3670\u20133725 eurot ning 1-untsine h\u00f5bem\u00fcnt umbes 70 eurot. Dollarihinna k\u00f5ikumine 4000 dollari \u00fcmber kandub eurohinda edasi pehmemalt, sest euro ja dollari kurss tasandab osa liikumisest \u2014 Eesti investori jaoks t\u00e4hendab see, et l\u00fchiajaline m\u00fcra on v\u00e4iksem kui USA pealkirjad seda paista lasevad.<\/p>\n<p>Praktikas j\u00e4\u00e4b pilt samaks: f\u00fc\u00fcsiline kuld ja h\u00f5be on pikaajaline v\u00e4\u00e4rtuse hoidmise vahend, mitte l\u00fchiajalise kauplemise instrument. Kui kaalud sisenemist, tasub j\u00e4lgida pigem oma ajahorisonti kui \u00fcksikut n\u00e4dalaliikumist. Populaarsemad valikud on n\u00e4iteks <a href=\"https:\/\/goldmansons.ee\/?p=2347\">1 oz Kanada Maple Leaf kuldm\u00fcnt<\/a> ja <a href=\"https:\/\/goldmansons.ee\/?p=2337\">1 oz Austria Philharmoniker kuldm\u00fcnt<\/a>; h\u00f5bepoolel <a href=\"https:\/\/goldmansons.ee\/?p=2852\">1 oz Austria Philharmoniker h\u00f5bem\u00fcnt<\/a>, mis n\u00f5rgema h\u00f5beda foonil on v\u00e4iksema summaga sisenemispunkt.<\/p>\n<p><em>K\u00e4esolev artikkel on \u00fcksnes informatiivne ega kujuta endast investeerimisn\u00f5uannet ega \u00fcleskutset osta v\u00f5i m\u00fc\u00fca v\u00e4\u00e4rismetalle. V\u00e4\u00e4rismetallide hind k\u00f5igub. Enne investeerimisotsust kaalu oma olukorda ja vajadusel konsulteeri spetsialistiga.<\/em><\/p>\n<p><strong>Goldman &amp; Sons toimetus<\/strong><\/p>\n<figure class=\"gms-chart\"><img loading=\"lazy\" width=\"1024\" height=\"512\" src=\"https:\/\/goldmansons.ee\/wp-content\/uploads\/2026\/07\/gms-chart-3315-20260720-1024x512.webp\" class=\"attachment-large size-large not-transparent lazyload\" alt=\"Kullahinna graafik, viimased 30 p\u00e4eva (spot, EUR)\" decoding=\"async\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%272400%27%20height%3D%271200%27%20viewBox%3D%270%200%202400%201200%27%3E%3Crect%20width%3D%272400%27%20height%3D%271200%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-has-transparency=\"false\" data-dominant-color=\"f8f4e8\" style=\"--dominant-color: #f8f4e8;\" data-orig-src=\"https:\/\/goldmansons.ee\/wp-content\/uploads\/2026\/07\/gms-chart-3315-20260720-1024x512.webp\" data-srcset=\"https:\/\/goldmansons.ee\/wp-content\/uploads\/2026\/07\/gms-chart-3315-20260720-200x100.webp 200w, https:\/\/goldmansons.ee\/wp-content\/uploads\/2026\/07\/gms-chart-3315-20260720-300x150.webp 300w, https:\/\/goldmansons.ee\/wp-content\/uploads\/2026\/07\/gms-chart-3315-20260720-400x200.webp 400w, https:\/\/goldmansons.ee\/wp-content\/uploads\/2026\/07\/gms-chart-3315-20260720-500x250.webp 500w, https:\/\/goldmansons.ee\/wp-content\/uploads\/2026\/07\/gms-chart-3315-20260720-600x300.webp 600w, https:\/\/goldmansons.ee\/wp-content\/uploads\/2026\/07\/gms-chart-3315-20260720-700x350.webp 700w, https:\/\/goldmansons.ee\/wp-content\/uploads\/2026\/07\/gms-chart-3315-20260720-768x384.webp 768w, https:\/\/goldmansons.ee\/wp-content\/uploads\/2026\/07\/gms-chart-3315-20260720-800x400.webp 800w, https:\/\/goldmansons.ee\/wp-content\/uploads\/2026\/07\/gms-chart-3315-20260720-1024x512.webp 1024w, https:\/\/goldmansons.ee\/wp-content\/uploads\/2026\/07\/gms-chart-3315-20260720-1200x600.webp 1200w, https:\/\/goldmansons.ee\/wp-content\/uploads\/2026\/07\/gms-chart-3315-20260720-1536x768.webp 1536w\" data-sizes=\"auto\" \/><figcaption>Kullahind (spot, EUR\/unts), viimased 30 kauplemisp\u00e4eva. Allikas: turg (Yahoo Finance).<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>N\u00e4dala kokkuv\u00f5te: jahtunud USA inflatsioon kergitas kulla \u00fcle 4080 dollari, ent k\u00f5rge tulusus surus selle taas alla 4000. Keskpangad ostavad edasi.<\/p>\n","protected":false},"author":0,"featured_media":3316,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[129],"tags":[],"class_list":["post-3315","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-turu-uudised"],"_links":{"self":[{"href":"https:\/\/goldmansons.ee\/fi\/wp-json\/wp\/v2\/posts\/3315","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goldmansons.ee\/fi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goldmansons.ee\/fi\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/goldmansons.ee\/fi\/wp-json\/wp\/v2\/comments?post=3315"}],"version-history":[{"count":1,"href":"https:\/\/goldmansons.ee\/fi\/wp-json\/wp\/v2\/posts\/3315\/revisions"}],"predecessor-version":[{"id":3318,"href":"https:\/\/goldmansons.ee\/fi\/wp-json\/wp\/v2\/posts\/3315\/revisions\/3318"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/goldmansons.ee\/fi\/wp-json\/wp\/v2\/media\/3316"}],"wp:attachment":[{"href":"https:\/\/goldmansons.ee\/fi\/wp-json\/wp\/v2\/media?parent=3315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goldmansons.ee\/fi\/wp-json\/wp\/v2\/categories?post=3315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goldmansons.ee\/fi\/wp-json\/wp\/v2\/tags?post=3315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}