Gold has been valued as a quasi-currency for centuries for its malleability, lack of industrial uses and relative scarcity.

由于拥有金属延展性，缺少工业使用价值，以及相对稀少的特点，几个世纪以来黄金一直在充当准货币。

But despite warnings from gold bugs that central banks and emerging-market investors are snapping up all available stockpiles, there's still a lot of it available to the market.

但是尽管黄金的狂热者一直在警告说各大央行和新兴市场的投资者正在竞相买入所有可能得到的黄金库存，仍有大量黄金将流入市场。

Barclays calculates that gold supply from mines and recycled scrap will outpace demand for investment, jewelry and industry combined, by about 950 metric tons this year, and more than 1,200 tons in 2012.

根据巴克莱资本的计算，来自金矿和回收的黄金供应将会超过投资、珠宝业以及工业对黄金需求的总和。今年，多出的部分约为950吨，而在2012年将超过1,200吨。

The gold futures market, in typical fashion, ignores supply and demand, hovering today just below $1,700 an ounce.

通常，黄金期货市场并不在意供需量的多少。今天，黄金价格维持在略低于每盎司1,700美元的水平。

In 2007, when the gold production surplus stood at just 50 tons, prices averaged just $700 an ounce.

2007年，黄金生产盈余仅为50吨，而价格却只有每盎司700美元。

Matt Day