Investors have pumped more than $50bn into commodities this year, chasing a recovery in oil prices while falling interest rates have increased the attraction of haven assets like gold.

投资者今年对大宗商品的投资已超过500亿美元，这一方面是受油价回升吸引，另一方面，利率不断下滑也令黄金等避险资产变得更富吸引力。

The inflows mark the best start to a year since 2009, when commodity assets were at the start of a three-year boom, according to figures compiled by Barclays.

巴克莱(Barclays)汇编的数据显示，今年开年资金流入大宗商品资产的情况是2009年以来的历年开年中最好的。2009年，大宗商品资产正处于一个长达三年的繁荣期的开端。

The new money, combined with rising prices, have pushed total commodity assets under management to $235bn, up from a low of $161bn reached at the end of 2015.

新流入的资金加上不断上涨的大宗商品价格，推动大宗商品资产管理总额从2015年底的低点1610亿美元增至2350亿美元。

While that appears to be a vote of confidence in commodities as an asset class, most of the gains have been driven by investors looking for exposure to oil and gold.

虽然这似乎是对大宗商品作为一种资产类别投下的信任票，但这种增长其实主要是由寻求建立石油和黄金敞口的投资者驱动的。

Oil prices have rallied sharply from January lows as the market has started to slowly rebalance, while gold has shone in the wake of shocks like the Brexit vote and uncertainty about the outcome of the US Presidential election.

随着石油市场开始慢慢恢复平衡，油价已从1月份的低点大幅反弹，而经过英国脱欧公投等事件的冲击，再加上美国大选结果的不确定性，黄金也充满了吸引力。

Commodities were the best performing major asset class in the first half of the year, outpacing global bonds and equities. Total returns from the Bloomberg Commodity Index (BCI) were over 14 per cent during the six months to June.

今年上半年，大宗商品是表现最好的主要资产类别，要强于全球债券和股票。在截至今年6月的半年里，彭博大宗商品指数(Bloomberg Commodity Index)总回报率超过14%。

Barclays estimates that precious metals — mainly gold — have captured around 60 per cent of all commodity inflows this year, and reckons 2016 could be the best year on record for gold backed exchange traded funds.

巴克莱预计，贵金属——主要是黄金——捕获了今年流入所有大宗商品的资金的约60%。该行认为，2016年或成为有记录以来黄金ETF（交易所交易基金）表现最好的一年。

Traders say gold’s 28 per cent price advance this year to $1,363 a troy ounce has largely been driven by investors ploughing money into ETFs, with holdings of the metal up 16 per cent in 2016 to a three-year high of 56.8m ounces.

交易员们表示，今年黄金价格之所以上涨了28%至每盎司1363美元，主要是因为大量投资者投资了黄金ETF。2016年，黄金ETF持仓量增长了16%，至5680万盎司，达到三年高点。