{"id":5302,"date":"2026-02-06T15:06:31","date_gmt":"2026-02-06T14:06:31","guid":{"rendered":"http:\/\/wem.sk\/insights\/wem-market-pulse-prve-lekcie-z-volatility-trhov\/"},"modified":"2026-02-06T15:06:31","modified_gmt":"2026-02-06T14:06:31","slug":"wem-market-pulse-prve-lekcie-z-volatility-trhov","status":"publish","type":"post","link":"https:\/\/wem.sk\/cs\/insights\/wem-market-pulse-prve-lekcie-z-volatility-trhov\/","title":{"rendered":"WEM Market Pulse\/Febru\u00e1r 2026 \u2014 Prv\u00e9 lekcie z volatility trhov"},"content":{"rendered":"\n

6. febru\u00e1ra 2026<\/p>\n\n\n\n

<\/div>\n\n\n\n

„Nie je v\u0161etko zlato, \u010do sa bly\u0161t\u00ed?“<\/h2>\n\n\n\n
<\/div>\n\n\n\n


Prv\u00fd mesiac roka 2026 zav\u0155\u0161ili komoditn\u00e9 trhy pohybom, ktor\u00fd sa zap\u00ed\u0161e do hist\u00f3rie. Ceny drah\u00fdch kovov \u2014 nielen zlata a striebra \u2014 sa v priebehu dvoch obchodn\u00fdch dn\u00ed prepadli v percentu\u00e1lnom vyjadren\u00ed o dvojcifern\u00e9 \u00farovne. \u017de i\u0161lo o mimoriadnu udalos\u0165, potvrdzuje aj skuto\u010dnos\u0165, \u017ee ukazovatele volatility cien zlata vystrelili na najvy\u0161\u0161ie \u00farovne od obdobia pand\u00e9mie.<\/p>\n\n\n\n

Mimoriadna volatilita sa z komoditn\u00e9ho trhu preniesla aj na \u010fal\u0161ie kateg\u00f3rie akt\u00edv, paradoxne op\u00e4\u0165 aj na kryptoakt\u00edva a akciov\u00e9 trhy. U\u017e v tre\u0165om a \u0161tvrtom obchodnom dni sa v\u0161ak situ\u00e1cia za\u010dala stabilizova\u0165, o \u010dom sved\u010dili aj sign\u00e1ly z retailov\u00e9ho trhu, ke\u010f prudk\u00fd pohyb cien zlata motivoval sk\u00f4r kupuj\u00facich medzi retailov\u00fdmi investormi. Zopakovala sa tak situ\u00e1cia spred t\u00fd\u017ed\u0148a, ke\u010f rin\u010danie na soci\u00e1lnych m\u00e9di\u00e1ch okolo potenci\u00e1lneho obsadenia gr\u00f3nskeho ostrova silou sp\u00f4sobilo \u0161ok na akciovom trhu, no dopyt retailov\u00fdch investorov akoby predv\u00eddal \u00fastup, ktor\u00fd nakoniec predviedla americk\u00e1 administrat\u00edva v prejave na Svetovom ekonomickom f\u00f3re v Davose (WEM Research to komentoval na\u017eivo, z\u00e1znam je dostupn\u00fd tu<\/a>).<\/p>\n\n\n\n

Ako sme uviedli u\u017e v predo\u0161l\u00fdch WEM Market Pulse z janu\u00e1ra, rok 2026 bude rokom zv\u00fd\u0161en\u00e9ho v\u00fdskytu geopolitick\u00fdch riz\u00edk. Extern\u00e9 \u0161oky, zvl\u00e1\u0161\u0165 tie sp\u00f4soben\u00e9 geopolitick\u00fdmi faktormi, maj\u00fa spravidla na finan\u010dn\u00e9 trhy kr\u00e1tkodob\u00fd efekt. To v\u0161ak nevylu\u010duje, \u017ee m\u00f4\u017eu prispie\u0165 aj k na\u0161tartovaniu v\u00fdraznej\u0161\u00edch korekci\u00ed, ktor\u00e9 sa pr\u00e1vom o\u010dak\u00e1vaj\u00fa po dosiahnut\u00ed nov\u00fdch historick\u00fdch rekordov. Rok 2026 si preto vy\u017eiada pripravenos\u0165 na zv\u00fd\u0161en\u00fd v\u00fdskyt turbulenci\u00ed.<\/p>\n\n\n\n

Lekcia s cenami zlata (a striebra) z prelomu janu\u00e1ra a febru\u00e1ra je preto dobr\u00fdm pripomenut\u00edm potreby adekv\u00e1tne dlhodob\u00e9ho investi\u010dn\u00e9ho horizontu, ako aj primeranej tolerancie vo\u010di prijat\u00e9mu trhov\u00e9mu riziku. Najm\u00e4 v\u0161ak ide o lekciu z rozli\u0161ovania medzi kr\u00e1tkodobou dynamikou trhov\u00e9ho davu a zmenou v \u0161truktur\u00e1lnych fundament\u00e1lnych faktoroch, ktor\u00e9 ovplyv\u0148uj\u00fa dominuj\u00faci doteraj\u0161\u00ed trend. A to aj v pr\u00edpadoch, ke\u010f tento trend m\u00f4\u017ee p\u00f4sobi\u0165 tempom svojho v\u00fdvoja premr\u0161tene, ako p\u00f4sobili nieko\u013ekopercentu\u00e1lne denn\u00e9 zisky najm\u00e4 v druhej polovici janu\u00e1ra.<\/p>\n\n\n\n

Ako sme u\u017e spomenuli v pravidelnej rubrike graf t\u00fd\u017ed\u0148a (dostupn\u00e1 napr. tu<\/a>),, rozsah ziskov cenn\u00fdch kovov vr\u00e1tane zlata p\u00f4sobil po janu\u00e1ri prehnane aj z historick\u00e9ho poh\u013eadu. Na prelome rokov sa celkov\u00e1 kapitaliz\u00e1cia zlata v pomere k celkov\u00e9mu objemu pe\u0148a\u017enej z\u00e1soby M2 v USA ocitla na najvy\u0161\u0161ej \u00farovni od tridsiatych rokov minul\u00e9ho storo\u010dia (171 %).<\/p>\n\n\n\n

Aj to pripomenulo obavy z toho, ak\u00fdm tempom sa rast cien zlata a \u010fal\u0161\u00edch drah\u00fdch kovov zr\u00fdchlil po\u010das janu\u00e1ra 2026. K prudkej korekcii z posledn\u00fdch dvoch janu\u00e1rov\u00fdch obchodn\u00fdch dn\u00ed pritom prispeli aj \u0161pekul\u00e1cie o tom, \u017ee ozn\u00e1men\u00fd n\u00e1stupca v kresle \u0161\u00e9fa Fed-u nebude presadzova\u0165 tak\u00fa uvo\u013enen\u00fa menov\u00fa politiku, ako sa zdalo na z\u00e1klade kritickej kampane proti aktu\u00e1lnemu \u0161\u00e9fovi Fed-u, Jerome Powellovi, zo strany Bieleho domu.<\/p>\n\n\n\n

Je preto dobr\u00e9 pripomen\u00fa\u0165 si cel\u00fd diapaz\u00f3n \u0161truktur\u00e1lnych d\u00f4vodov, ktor\u00e9 prispeli k vla\u0148aj\u0161ej rally zlata (a sprostredkovane aj \u010fal\u0161\u00edch drah\u00fdch kovov).<\/p>\n\n\n\n

V ostatn\u00fdch rokoch sa zintenz\u00edvnili n\u00e1kupy zlata zo strany svetov\u00fdch centr\u00e1lnych b\u00e1nk. Pod\u013ea World Gold Council v rokoch 2022 a\u017e 2024 nak\u00fapili do svojich rezerv v priemere ka\u017ed\u00fd rok vy\u0161e 1 000 ton zlata (v roku 2025 viac ne\u017e 800), k\u00fdm v rokoch 2010 \u2014 2021 bol priemer ich celkov\u00e9ho ro\u010dn\u00e9ho n\u00e1kupu okolo 400 ton.<\/p>\n\n\n\n

Nekon\u010diaca sa s\u00e1ga agres\u00edvnej ruskej inv\u00e1zie na Ukrajinu, za\u010diatok obchodnej vojny USA so v\u0161etk\u00fdmi obchodn\u00fdmi partnermi, leteck\u00e9 \u00fatoky na ir\u00e1nsky jadrov\u00fd program, ale aj nap\u00e4t\u00e1 vn\u00fatropolitick\u00e1 situ\u00e1cia v najv\u00e4\u010d\u0161\u00edch eur\u00f3pskych krajin\u00e1ch vlani op\u00e4\u0165 pripomenuli, \u017ee k dopytu po zlate prispieva aj prostredie rast\u00faceho geopolitick\u00e9ho nap\u00e4tia. Novoro\u010dn\u00e9 udalosti vo Venezuele a masov\u00e9 protesty proti vl\u00e1dnucemu re\u017eimu v Ir\u00e1ne d\u00f4le\u017eitos\u0165 tohto argumentu osvie\u017eili aj v \u00favode tohto roka.<\/p>\n\n\n\n

V investi\u010dnom svete minul\u00e9ho storo\u010dia platilo pravidlo, \u017ee v situ\u00e1cii zv\u00fd\u0161en\u00fdch ekonomick\u00fdch \u010di geopolitick\u00fdch riz\u00edk sa investori utiekali k takzvan\u00fdm bezpe\u010dn\u00fdm pr\u00edstavom \u2014 akt\u00edvam, ktor\u00fdch ceny boli odoln\u00e9 vo\u010di nepriazniv\u00fdm vplyvom. Jedn\u00fdm z najd\u00f4le\u017eitej\u0161\u00edch bezpe\u010dn\u00fdch pr\u00edstavov boli \u0161t\u00e1tne dlhopisy najv\u00e4\u010d\u0161\u00edch ekonom\u00edk s najvy\u0161\u0161\u00edm investi\u010dn\u00fdm ratingom, najm\u00e4 americk\u00e9 feder\u00e1lne \u0161t\u00e1tne dlhopisy \u2014 Treasuries.<\/p>\n\n\n\n

Viacer\u00e9 z\u00e1sadn\u00e9 politick\u00e9 rozhodnutia uskuto\u010dnen\u00e9 novou administrat\u00edvou (nielen cl\u00e1, ale aj v\u00fdznamn\u00e9 zn\u00ed\u017eenia dan\u00ed) pritom predstavuj\u00fa v\u00e1\u017ene riziko pre strednodob\u00e9 vyhliadky rozpo\u010dtovej a dlhovej udr\u017eate\u013enosti v z\u00e1mor\u00ed. R\u00e9torika spojen\u00e1 s pl\u00e1novan\u00fdm koncom funk\u010dn\u00e9ho obdobia centr\u00e1lnej banky vyvol\u00e1va ot\u00e1zniky nad doteraz vcelku funguj\u00facim vyva\u017eovan\u00edm medzi rozpo\u010dtovou a menovou politikou. V takomto prostred\u00ed sa tak zo zlata (a \u010fal\u0161\u00edch cenn\u00fdch kovov) stal hlavn\u00fd zost\u00e1vaj\u00faci \u201ebezpe\u010dn\u00fd pr\u00edstav\u201c.<\/p>\n\n\n\n

U\u017e pop\u00edsan\u00e9 uvo\u013enenie rozpo\u010dtovej politiky, ktor\u00e9mu \u010delia nielen v z\u00e1mor\u00ed, ako aj ned\u00e1vna sk\u00fasenos\u0165 s n\u00e1razov\u00fdmi ponukov\u00fdmi \u0161okmi na trhoch s energetick\u00fdmi \u010di potravin\u00e1rskymi komoditami, vyvol\u00e1vaj\u00fa obavy z bud\u00facej udr\u017eate\u013enosti infl\u00e1cie. Infla\u010dn\u00e9 hrozby s\u00fa u\u010debnicov\u00fdm faktorom prospievaj\u00facim dopytu po zlate vzh\u013eadom na obmedzenia v jeho ponuke.<\/p>\n\n\n\n

Z podobn\u00e9ho s\u00fadka s\u00fa aj obavy zo \u0161truktur\u00e1lne zv\u00fd\u0161en\u00fdch rozpo\u010dtov\u00fdch deficitov, ktor\u00fdch skrotenie nemus\u00ed by\u0165 tak\u00e9 jednoduch\u00e9, ako sa posledn\u00e9 tri roky presvied\u010dame aj na Slovensku. Z\u00e1rove\u0148 rastie obava z toho, \u010di okrem infl\u00e1cie nezostane nakoniec in\u00e1 mo\u017enos\u0165 ne\u017e tzv. monetiz\u00e1cia verejn\u00fdch dlhov, teda n\u00e1kup dlhopisov do bilanci\u00ed centr\u00e1lnych b\u00e1nk. S t\u00fdm s\u00favis\u00ed aj takzvan\u00fd proces dedolariz\u00e1cie \u2014 v\u0161eobecn\u00e9ho oslabenia americk\u00e9ho dol\u00e1ra nielen vo\u010di in\u00fdm dev\u00edzov\u00fdm kurzom, ale aj proces diverzifik\u00e1cie dev\u00edzov\u00fdch rezerv. V posledn\u00fdch rokoch vzr\u00e1stol nepriamo \u00famern\u00fd vz\u0165ah medzi oslaben\u00edm kurzu dol\u00e1ra a zhodnoten\u00edm drah\u00fdch kovov.<\/p>\n\n\n\n

Zlep\u0161enie dostupnosti invest\u00edci\u00ed do zlata pre mal\u00fdch investorov umo\u017enil rozmach ETF \u2014 na burze obchodovan\u00fdch investi\u010dn\u00fdch fondov. Mas\u00edvne pr\u00edlevy prostriedkov od mal\u00fdch investorov do t\u00fdchto ETF patrili k \u010fal\u0161\u00edm neprehliadnute\u013en\u00fdm faktorom rely cien zlata.<\/p>\n\n\n\n

K\u00fdm tento faktor m\u00f4\u017ee by\u0165 prelietav\u00fd, aktu\u00e1lne obmedzenia pre roz\u0161\u00edrenie \u0165a\u017eby z existuj\u00facich zlat\u00fdch ban\u00ed patria medzi d\u00f4le\u017eit\u00e9 faktory pre v\u00fdvoj cien zlata. Vla\u0148aj\u0161ie zn\u00ed\u017eenie dol\u00e1rov\u00fdch \u00farokov, ako aj o\u010dak\u00e1van\u00e9 pokra\u010dovanie uvo\u013enenej menovej politiky \u010di dokonca \u010fal\u0161ie zn\u00ed\u017eenia \u00farokov, zv\u00fd\u0161en\u00e1 neistota z hospod\u00e1rskych vyhliadok a takzvan\u00fd \u201edebasement trade\u201c \u2014 presun kapit\u00e1lu od fiat mien k hmatate\u013en\u00fdm akt\u00edvam vr\u00e1tane drah\u00fdch kovov \u2014 uzatv\u00e1raj\u00fa desatoro hlavn\u00fdch argumentov, ktor\u00e9 p\u00f4sobili na rally zlata z uplynul\u00fdch rokov.<\/p>\n\n\n\n

V\u00e4\u010d\u0161ina z vymenovan\u00fdch faktorov m\u00e1 sk\u00f4r \u0161truktur\u00e1lnu ne\u017e cyklick\u00fa povahu. Mnoh\u00e9 z t\u00fdchto argumentov ost\u00e1vaj\u00fa relevantn\u00e9 aj v tomto roku, hoci je ot\u00e1zkou, v akej intenzite a s ak\u00fdm na\u010dasovan\u00edm. Napriek tomu je pr\u00edli\u0161 prudk\u00e9 janu\u00e1rov\u00e9 posilnenie v priebehu doslova nieko\u013ek\u00fdch dn\u00ed pripomenut\u00edm, \u017ee investori musia aj na trhu s drah\u00fdmi kovmi po\u010d\u00edta\u0165 s pravideln\u00fdmi korekciami. Vzh\u013eadom na mieru likvidity a rozsah z\u00e1ujmu, ktor\u00e9mu prakticky od za\u010diatku ruskej inv\u00e1zie \u010delia komoditn\u00e9 trhy, m\u00f4\u017eu korekcie dosiahnu\u0165 rozmer podobn\u00fd 30. janu\u00e1ru 2026, ke\u010f do\u0161lo k pohybu o takmer 8 % v priebehu 30 min\u00fat. Hoci, ako sme uviedli v \u00favode, optikou minul\u00e9ho storo\u010dia ide pre trh s drah\u00fdmi kovmi
o historicky bezprecedentn\u00fd v\u00fdkyv.<\/p>\n\n\n\n

U\u017e v \u00favode minul\u00e9ho t\u00fd\u017ed\u0148a investi\u010dn\u00e1 banka Goldman Sachs odpor\u00fa\u010dala klientom vybra\u0165 zisky z doteraj\u0161ieho zhodnotenia, no z\u00e1rove\u0148 zv\u00fd\u0161ila svoju progn\u00f3zu koncoro\u010dn\u00fdch cien zlata na 5 400 USD. JP Morgan tento t\u00fd\u017ede\u0148, u\u017e po prudkej korekcii z prelomu janu\u00e1ra a febru\u00e1ra, dokonca potvrdila, \u017ee do konca roka o\u010dak\u00e1va n\u00e1rast cien zlata a\u017e na \u00farove\u0148 6 300 USD. V uplynul\u00fdch rokoch, ke\u010f sa darilo takmer v\u0161etk\u00fdm akt\u00edvam bez rozdielu, v\u00fdrazne vzr\u00e1stla popularita takzvan\u00e9ho pas\u00edvneho investovania \u2014 n\u00e1kupu indexov\u00fdch ETF a \u201esurfovania\u201c na vzostupnej vlne doslova v\u0161etk\u00fdch trhov.<\/p>\n\n\n\n

Prudk\u00e9 turbulencie cien drah\u00fdch kovov v uplynul\u00fdch dvoch t\u00fd\u017ed\u0148och s\u00fa tak vhodn\u00fdm pripomenut\u00edm toho, \u017ee rok 2026 m\u00f4\u017ee prinies\u0165 na trhy nezvy\u010dajne zv\u00fd\u0161en\u00fa mieru volatility nielen kv\u00f4li geopolitick\u00fdm nap\u00e4tiam. Koniec koncov, pripomenul to vlani v apr\u00edli aj \u201ede\u0148 oslobodenia\u201c. V takomto prostred\u00ed rastie d\u00f4le\u017eitos\u0165 akt\u00edvnej a profesion\u00e1lnej spr\u00e1vy portf\u00f3li\u00ed.<\/p>\n\n\n\n

Janu\u00e1rov\u00e1 sk\u00fasenos\u0165 s nieko\u013ekopercentn\u00fdmi ziskami doslova ka\u017ed\u00fd de\u0148 preto nevdojak pripom\u00edna okr\u00eddlen\u00fd pr\u00edbeh z Wall Street, \u017ee vo chv\u00edli, ke\u010f v\u00e1m investi\u010dn\u00e9 odpor\u00fa\u010dania d\u00e1va u\u017e dokonca aj \u010disti\u010d top\u00e1nok\u2026 je d\u00f4vod ma\u0165 sa na pozore.<\/p>\n\n\n\n

<\/div>\n\n\n\n
\"\"<\/figure>\n\n\n\n

Zdroj: Wealth Effect Management; Graf pou\u017eit\u00fd z Bloomberg Professional Terminal.<\/em><\/mark>
<\/p>\n\n\n\n

<\/div>\n\n\n\n
\"\"
Vladim\u00edr Va\u0148o
<\/strong>Chief Economist<\/figcaption><\/figure>\n\n\n\n
<\/div>\n\n\n\n
<\/div>\n\n\n\n
<\/div>\n","protected":false},"excerpt":{"rendered":"

6. febru\u00e1ra 2026 „Nie je v\u0161etko zlato, \u010do sa bly\u0161t\u00ed?“ Prv\u00fd mesiac roka 2026 zav\u0155\u0161ili komoditn\u00e9 trhy pohybom, ktor\u00fd sa zap\u00ed\u0161e do hist\u00f3rie. Ceny drah\u00fdch kovov \u2014 nielen zlata a striebra \u2014 sa v priebehu dvoch obchodn\u00fdch dn\u00ed prepadli v percentu\u00e1lnom vyjadren\u00ed o dvojcifern\u00e9 \u00farovne. \u017de i\u0161lo o mimoriadnu udalos\u0165, potvrdzuje aj skuto\u010dnos\u0165, \u017ee ukazovatele … Continued<\/a><\/p>\n","protected":false},"author":5,"featured_media":1496,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[177],"insight_author":[173],"class_list":["post-5302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wem-market-pulse"],"acf":[],"yoast_head":"\nWEM Market Pulse\/Febru\u00e1r 2026 \u2014 Prv\u00e9 lekcie z volatility trhov - Wealth Effect Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wem.sk\/cs\/insights\/wem-market-pulse-prve-lekcie-z-volatility-trhov\/\" \/>\n<meta property=\"og:locale\" content=\"cs_CZ\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WEM Market Pulse\/Febru\u00e1r 2026 \u2014 Prv\u00e9 lekcie z volatility trhov - Wealth Effect Management\" \/>\n<meta property=\"og:description\" content=\"6. febru\u00e1ra 2026 „Nie je v\u0161etko zlato, \u010do sa bly\u0161t\u00ed?“ Prv\u00fd mesiac roka 2026 zav\u0155\u0161ili komoditn\u00e9 trhy pohybom, ktor\u00fd sa zap\u00ed\u0161e do hist\u00f3rie. Ceny drah\u00fdch kovov \u2014 nielen zlata a striebra \u2014 sa v priebehu dvoch obchodn\u00fdch dn\u00ed prepadli v percentu\u00e1lnom vyjadren\u00ed o dvojcifern\u00e9 \u00farovne. \u017de i\u0161lo o mimoriadnu udalos\u0165, potvrdzuje aj skuto\u010dnos\u0165, \u017ee ukazovatele … Continued\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wem.sk\/cs\/insights\/wem-market-pulse-prve-lekcie-z-volatility-trhov\/\" \/>\n<meta property=\"og:site_name\" content=\"Wealth Effect Management\" \/>\n<meta property=\"article:published_time\" content=\"2026-02-06T14:06:31+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/wem.sk\/wp-content\/uploads\/2026\/02\/mesto.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"668\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Marek Hlavenka\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Napsal(a)\" \/>\n\t<meta name=\"twitter:data1\" content=\"Marek Hlavenka\" \/>\n\t<meta name=\"twitter:label2\" content=\"Odhadovan\u00e1 doba \u010dten\u00ed\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minut\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/wem.sk\\\/cs\\\/insights\\\/wem-market-pulse-prve-lekcie-z-volatility-trhov\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/wem.sk\\\/cs\\\/insights\\\/wem-market-pulse-prve-lekcie-z-volatility-trhov\\\/\"},\"author\":{\"name\":\"Marek Hlavenka\",\"@id\":\"https:\\\/\\\/wem.sk\\\/cs\\\/#\\\/schema\\\/person\\\/1b4122ceef2fc26f4e49491a11fcbfec\"},\"headline\":\"WEM Market Pulse\\\/Febru\u00e1r 2026 \u2014 Prv\u00e9 lekcie z volatility trhov\",\"datePublished\":\"2026-02-06T14:06:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/wem.sk\\\/cs\\\/insights\\\/wem-market-pulse-prve-lekcie-z-volatility-trhov\\\/\"},\"wordCount\":1633,\"image\":{\"@id\":\"https:\\\/\\\/wem.sk\\\/cs\\\/insights\\\/wem-market-pulse-prve-lekcie-z-volatility-trhov\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/wem.sk\\\/wp-content\\\/uploads\\\/2026\\\/02\\\/mesto.jpg\",\"articleSection\":[\"WEM Market Pulse\"],\"inLanguage\":\"cs\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/wem.sk\\\/cs\\\/insights\\\/wem-market-pulse-prve-lekcie-z-volatility-trhov\\\/\",\"url\":\"https:\\\/\\\/wem.sk\\\/cs\\\/insights\\\/wem-market-pulse-prve-lekcie-z-volatility-trhov\\\/\",\"name\":\"WEM Market Pulse\\\/Febru\u00e1r 2026 \u2014 Prv\u00e9 lekcie z volatility trhov - Wealth Effect Management\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/wem.sk\\\/cs\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/wem.sk\\\/cs\\\/insights\\\/wem-market-pulse-prve-lekcie-z-volatility-trhov\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/wem.sk\\\/cs\\\/insights\\\/wem-market-pulse-prve-lekcie-z-volatility-trhov\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/wem.sk\\\/wp-content\\\/uploads\\\/2026\\\/02\\\/mesto.jpg\",\"datePublished\":\"2026-02-06T14:06:31+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/wem.sk\\\/cs\\\/#\\\/schema\\\/person\\\/1b4122ceef2fc26f4e49491a11fcbfec\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/wem.sk\\\/cs\\\/insights\\\/wem-market-pulse-prve-lekcie-z-volatility-trhov\\\/#breadcrumb\"},\"inLanguage\":\"cs\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/wem.sk\\\/cs\\\/insights\\\/wem-market-pulse-prve-lekcie-z-volatility-trhov\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"cs\",\"@id\":\"https:\\\/\\\/wem.sk\\\/cs\\\/insights\\\/wem-market-pulse-prve-lekcie-z-volatility-trhov\\\/#primaryimage\",\"url\":\"https:\\\/\\\/wem.sk\\\/wp-content\\\/uploads\\\/2026\\\/02\\\/mesto.jpg\",\"contentUrl\":\"https:\\\/\\\/wem.sk\\\/wp-content\\\/uploads\\\/2026\\\/02\\\/mesto.jpg\",\"width\":1000,\"height\":668},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/wem.sk\\\/cs\\\/insights\\\/wem-market-pulse-prve-lekcie-z-volatility-trhov\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/wem.sk\\\/cs\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"WEM Market Pulse\\\/Febru\u00e1r 2026 \u2014 Prv\u00e9 lekcie z volatility trhov\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/wem.sk\\\/cs\\\/#website\",\"url\":\"https:\\\/\\\/wem.sk\\\/cs\\\/\",\"name\":\"Wealth Effect Management\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/wem.sk\\\/cs\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"cs\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/wem.sk\\\/cs\\\/#\\\/schema\\\/person\\\/1b4122ceef2fc26f4e49491a11fcbfec\",\"name\":\"Marek Hlavenka\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"cs\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/122543b759387a9dee58fa9152e3008a25ace6a0752d9a6a6c03d37f1176bcbc?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/122543b759387a9dee58fa9152e3008a25ace6a0752d9a6a6c03d37f1176bcbc?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/122543b759387a9dee58fa9152e3008a25ace6a0752d9a6a6c03d37f1176bcbc?s=96&d=mm&r=g\",\"caption\":\"Marek Hlavenka\"},\"url\":\"https:\\\/\\\/wem.sk\\\/cs\\\/insights\\\/author\\\/marek-hlavenka\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"WEM Market Pulse\/Febru\u00e1r 2026 \u2014 Prv\u00e9 lekcie z volatility trhov - Wealth Effect Management","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wem.sk\/cs\/insights\/wem-market-pulse-prve-lekcie-z-volatility-trhov\/","og_locale":"cs_CZ","og_type":"article","og_title":"WEM Market Pulse\/Febru\u00e1r 2026 \u2014 Prv\u00e9 lekcie z volatility trhov - Wealth Effect Management","og_description":"6. febru\u00e1ra 2026 „Nie je v\u0161etko zlato, \u010do sa bly\u0161t\u00ed?“ Prv\u00fd mesiac roka 2026 zav\u0155\u0161ili komoditn\u00e9 trhy pohybom, ktor\u00fd sa zap\u00ed\u0161e do hist\u00f3rie. Ceny drah\u00fdch kovov \u2014 nielen zlata a striebra \u2014 sa v priebehu dvoch obchodn\u00fdch dn\u00ed prepadli v percentu\u00e1lnom vyjadren\u00ed o dvojcifern\u00e9 \u00farovne. \u017de i\u0161lo o mimoriadnu udalos\u0165, potvrdzuje aj skuto\u010dnos\u0165, \u017ee ukazovatele … Continued","og_url":"https:\/\/wem.sk\/cs\/insights\/wem-market-pulse-prve-lekcie-z-volatility-trhov\/","og_site_name":"Wealth Effect Management","article_published_time":"2026-02-06T14:06:31+00:00","og_image":[{"width":1000,"height":668,"url":"http:\/\/wem.sk\/wp-content\/uploads\/2026\/02\/mesto.jpg","type":"image\/jpeg"}],"author":"Marek Hlavenka","twitter_card":"summary_large_image","twitter_misc":{"Napsal(a)":"Marek Hlavenka","Odhadovan\u00e1 doba \u010dten\u00ed":"8 minut"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/wem.sk\/cs\/insights\/wem-market-pulse-prve-lekcie-z-volatility-trhov\/#article","isPartOf":{"@id":"https:\/\/wem.sk\/cs\/insights\/wem-market-pulse-prve-lekcie-z-volatility-trhov\/"},"author":{"name":"Marek Hlavenka","@id":"https:\/\/wem.sk\/cs\/#\/schema\/person\/1b4122ceef2fc26f4e49491a11fcbfec"},"headline":"WEM Market Pulse\/Febru\u00e1r 2026 \u2014 Prv\u00e9 lekcie z volatility trhov","datePublished":"2026-02-06T14:06:31+00:00","mainEntityOfPage":{"@id":"https:\/\/wem.sk\/cs\/insights\/wem-market-pulse-prve-lekcie-z-volatility-trhov\/"},"wordCount":1633,"image":{"@id":"https:\/\/wem.sk\/cs\/insights\/wem-market-pulse-prve-lekcie-z-volatility-trhov\/#primaryimage"},"thumbnailUrl":"https:\/\/wem.sk\/wp-content\/uploads\/2026\/02\/mesto.jpg","articleSection":["WEM Market Pulse"],"inLanguage":"cs"},{"@type":"WebPage","@id":"https:\/\/wem.sk\/cs\/insights\/wem-market-pulse-prve-lekcie-z-volatility-trhov\/","url":"https:\/\/wem.sk\/cs\/insights\/wem-market-pulse-prve-lekcie-z-volatility-trhov\/","name":"WEM Market Pulse\/Febru\u00e1r 2026 \u2014 Prv\u00e9 lekcie z volatility trhov - Wealth Effect Management","isPartOf":{"@id":"https:\/\/wem.sk\/cs\/#website"},"primaryImageOfPage":{"@id":"https:\/\/wem.sk\/cs\/insights\/wem-market-pulse-prve-lekcie-z-volatility-trhov\/#primaryimage"},"image":{"@id":"https:\/\/wem.sk\/cs\/insights\/wem-market-pulse-prve-lekcie-z-volatility-trhov\/#primaryimage"},"thumbnailUrl":"https:\/\/wem.sk\/wp-content\/uploads\/2026\/02\/mesto.jpg","datePublished":"2026-02-06T14:06:31+00:00","author":{"@id":"https:\/\/wem.sk\/cs\/#\/schema\/person\/1b4122ceef2fc26f4e49491a11fcbfec"},"breadcrumb":{"@id":"https:\/\/wem.sk\/cs\/insights\/wem-market-pulse-prve-lekcie-z-volatility-trhov\/#breadcrumb"},"inLanguage":"cs","potentialAction":[{"@type":"ReadAction","target":["https:\/\/wem.sk\/cs\/insights\/wem-market-pulse-prve-lekcie-z-volatility-trhov\/"]}]},{"@type":"ImageObject","inLanguage":"cs","@id":"https:\/\/wem.sk\/cs\/insights\/wem-market-pulse-prve-lekcie-z-volatility-trhov\/#primaryimage","url":"https:\/\/wem.sk\/wp-content\/uploads\/2026\/02\/mesto.jpg","contentUrl":"https:\/\/wem.sk\/wp-content\/uploads\/2026\/02\/mesto.jpg","width":1000,"height":668},{"@type":"BreadcrumbList","@id":"https:\/\/wem.sk\/cs\/insights\/wem-market-pulse-prve-lekcie-z-volatility-trhov\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/wem.sk\/cs\/"},{"@type":"ListItem","position":2,"name":"WEM Market Pulse\/Febru\u00e1r 2026 \u2014 Prv\u00e9 lekcie z volatility trhov"}]},{"@type":"WebSite","@id":"https:\/\/wem.sk\/cs\/#website","url":"https:\/\/wem.sk\/cs\/","name":"Wealth Effect Management","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/wem.sk\/cs\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"cs"},{"@type":"Person","@id":"https:\/\/wem.sk\/cs\/#\/schema\/person\/1b4122ceef2fc26f4e49491a11fcbfec","name":"Marek Hlavenka","image":{"@type":"ImageObject","inLanguage":"cs","@id":"https:\/\/secure.gravatar.com\/avatar\/122543b759387a9dee58fa9152e3008a25ace6a0752d9a6a6c03d37f1176bcbc?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/122543b759387a9dee58fa9152e3008a25ace6a0752d9a6a6c03d37f1176bcbc?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/122543b759387a9dee58fa9152e3008a25ace6a0752d9a6a6c03d37f1176bcbc?s=96&d=mm&r=g","caption":"Marek Hlavenka"},"url":"https:\/\/wem.sk\/cs\/insights\/author\/marek-hlavenka\/"}]}},"_links":{"self":[{"href":"https:\/\/wem.sk\/cs\/wp-json\/wp\/v2\/posts\/5302","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wem.sk\/cs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wem.sk\/cs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wem.sk\/cs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/wem.sk\/cs\/wp-json\/wp\/v2\/comments?post=5302"}],"version-history":[{"count":0,"href":"https:\/\/wem.sk\/cs\/wp-json\/wp\/v2\/posts\/5302\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wem.sk\/cs\/wp-json\/wp\/v2\/media\/1496"}],"wp:attachment":[{"href":"https:\/\/wem.sk\/cs\/wp-json\/wp\/v2\/media?parent=5302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wem.sk\/cs\/wp-json\/wp\/v2\/categories?post=5302"},{"taxonomy":"insight_author","embeddable":true,"href":"https:\/\/wem.sk\/cs\/wp-json\/wp\/v2\/insight_author?post=5302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}