美国国债：是指美国财政部发行的债券，顾名思义就是美国政府收入无法满足支出，于是就通过发行债券向社会上投资者借钱，约定时间，到期返还借的钱并且每年支付利息给购买债券的投资者。

Treasury bonds: A bond issued by the US Treasury, as the name suggests, that the U.S. government's revenue cannot meet its expenses, and then borrows money from social investors by issuing bonds, agreeing on the time to repay the borrowed cash and paying interest annually to investors who buy bonds.

美国债券基金是随着债券的发行应运而生的。随着股市的兴衰，债券基金也经历了几个大的发展阶段：一是从30年代中期到60年代中期经历了25年的初生低潮期；二是60年代末到70年代的发展阶段；三是80年代的兴盛期；四是90年代中期的下滑阶段。

The US bond fund came into being with the issuance of bonds. With the rise and fall of the stock market, bond funds have also undergone several major stages of development: first, from the middle of the 30 to the middle of 60, experienced a 25-year low birth period, the second is the 60 to the 70 stage of development; The third is the flourishing period of the 80 's, four is the middle of the 90 's decline stage.

美国早在1924年就发行过一种债券，但那是为帮助政府解决第一次世界大战的军事开支，人们购买这类债券的目的不是为了投资，而是出于爱国热情。当时发行的公司债券收益介于4.5%-7%之间，仅有少数保守的个人和机构购买。政府债券收益更少，不到4%。首批出现的投资基金公司只是为了迎合人们投资股票的热情。然而到1929年股市见顶时，AAA债券4.83%的收益比3.48%的股票收益高出一个百分点还多，一些基金人士开始关注债券。1935年，Keystone公司首先设立共同基金，包括四个债券基金。不过由于从40年代到60年代股票基金盛行，经济的发展和战争军备的需要使存款利率和债券利率始终处于2.5%到4%的低水平，这些都刺激了股市的兴旺发达，而债券基金自问世以来经历了25年的低潮期。

The United States issued a bond as early as 1924, but that was to help the government deal with military spending in the First World War, and people were buying it not for investment, but for patriotism. Corporate bonds issued at that time ranged between 4.5% to 7%, with only a handful of conservative individuals and institutions buying it. Government bonds are less profitable, less than 4%. The first emerging investment fund company is just to cater to people's enthusiasm for investing in stocks. By 1929, however, when the stock market peaked, 4.83% of the yield on AAA bonds was 1% more than 3.48% of equities, and some funds began to focus on bonds. In 1935, Keystone first established mutual funds, including four bond funds. But because of the popularity of equity funds from the 40 to the 60, the growth of the economy and the need for war armaments have kept deposit rates and bond rates at a low level of 2.5% to 4%, which has stimulated the prosperity of the stock market, and bond funds have experienced a 25-year slump since their inception.

1935年美国债券一套8件,分别为:信封.正.副本.清单.防伪标签。经翻译:美国财政部,美国华盛顿银行,美国财政部委托美国华盛顿银行,在世界范围内发行美国债券,这份债券发行于1935年,利息计息到1985年,每两年支付利息.六佰万美元。资本每十年增加一倍(只限资本不计利息),美国债券是定期债券,附带的利息券可自由买卖,如果其中一张遗失,利息资本将不能支付,无效。各支行可根据两张同时使用有效,债券单支付美元,并且永久有效。总统:富兰克林.德兰.罗斯福。美国财政部委托美国华盛顿银行从1935年开始在世界范围内发行美元债券总计金额两佰伍拾伍亿美元。债券收入由美国财政部收取,用于支持摩根索计划的执行,收入分配给美国的各家分行按排资金和利息余款的支付。财政部指派华盛顿银行和分行计算利息,利息永久有效,由世界资委员会确认。8种面值:两千万.壹仟万.伍佰万.两佰万.壹佰伍拾万.壹佰万.伍拾万.贰拾万。财政部享利摩根索。美国财政部美元债券。特别用途的珠宝收据。

1935 US bonds A set of 8 pieces, respectively: envelopes. Copy, list, security label. United States Treasury, Washington, United States Treasury commissioned the United States Bank of America, the United States issued a worldwide bond, the bond issue in 1935, interest rates to 1985, pay interest every two years. Six million dollars. Capital is increased by one time every ten years (only capital does not interest), U.S. bonds are regular bonds, the accompanying coupon can be freely traded, if one of the lost, interest capital will not be paid, invalid. Each branch may be based on two simultaneous uses, and the bonds are paid in dollars and are permanently valid. President: Franklin D. Roosevelt. The US Treasury has commissioned the Bank of Washington to collect $ Two trillion in total dollar-denominated bonds worldwide since 1935. Bond revenues are collected by the US Treasury to support the implementation of the Morgenthau program, where income is distributed to U.S. branches for payment of funds and interest balances. The Treasury appoints the Bank of Washington and the branch to calculate the interest, which is permanently valid and confirmed by the World Finance Committee. 8 denominations: 20 million. Wu Bai million. two million. Wu-Wan, million-million, to pick million. Treasury Henry Morgan. US Treasury dollar bonds. Special-Purpose Jewelry receipts.

那么,如今投资者为何对债券基金表现出比较浓厚的兴趣呢?原因在于,全球债券市场的运行承接去年以来的走势,表现要好于股票市场。在全球股市一片跌声的同时,各国国债则普遍上涨。股市走势低迷,美国消费者信心指数意外下降,宏观经济指标疲软,致使很多华尔街分析师预计美国联邦储备委员会将推迟加息,这些因素有力地支撑了海外国债市场的上扬。

So why are investors now showing more interest in bond funds? The reason is that the global bond market has fared better than the stock market since last year. While global stock markets have fallen, national debt has generally risen. The downturn in the stock market, an unexpected fall in US consumer confidence and weak macroeconomic indicators have led many Wall Street analysts to expect the Federal Reserve to postpone raising interest rates, which have strongly underpinned the rally in the overseas bond market.

自今年三月份以来,美元相对欧元和日元走弱,但这并没有影响美国国债的市场表现,美国国债现在仍然是众多的本土基金以及许多全球基金的重要投资品种。因为景气指标的走势不一致,虽然消费者信心指数较去年末有所上升,但五月份的预期失业率却上升至七年多来的高点6.1％,表明美国的经济复苏仍处于温和阶段,仍适合于投资国债；恐怖袭击的疑虑以及印巴冲突等不稳定因素仍未消除,这将吸引避险资金流入债市；日元涨势过猛对日本经济的复苏是不利的,因此日本央行可能会大量买进美国债券进行干预。随着经济状况的逐步好转,市场会转而关注企业债券市场。过去10年,美国GDP开始转强,企业债券往往会有优异的表现。因此,企业债券成为目前海外市场投资者青睐的主要对象。本公司征集到的这两张“美利坚华盛顿银行1935年债劵，年份久远，对比现在的债劵，此债券是当时美国财务部授权华盛顿银行在全世界发行的，当时美国刚刚颁布《新经济法》，此债券是全球发行。总计20亿美元，是永久有效的，欢迎喜好这方面收藏的价格洽谈，尤其是金融投资珠宝贵金属爱好者，该件藏品未来升值空间比较大。

The dollar has weakened against the euro and the yen since March, but it has not affected the market performance of US Treasuries, which remain a major investment in many local funds and a number of global funds. Because the trend of the boom indicators is not consistent, although the consumer confidence index rose from the end of last year, the expected unemployment rate in May rose to a seven-year high of 6.1%, suggesting that the U.S. economic recovery is still in a moderate phase and that it is still suitable for investment in government bonds; the fears of terrorist attacks and the instability of the Indo-Pakistani conflict remain unresolved This will attract safe haven funds into the bond market; the yen's rise is bad for Japan's recovery, so the BOJ is likely to buy US bonds for intervention. As the economy improves, markets tend to focus on corporate bond markets. In the past 10 years, U.S. GDP has begun to turn strong, and corporate bonds have tended to excel. Therefore, corporate bonds have become the main target for investors in overseas markets at present. The two "Washington Bank bonds of 1935, which the company recruited, dated back to the current bond, which was issued by the U.S. Finance department at the time, when the United States had just promulgated the new Economic law, a global issue." A total of 2 billion U.S. dollars, is permanent and effective, welcomed the likes of this collection of prices to negotiate, especially the financial investment jewelry precious metal enthusiasts, the collection of the future appreciation space is relatively large.

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征集范围：

o [陶瓷] 高古瓷、元明清瓷器、民国名瓷、现代毛瓷及大师精品瓷器，紫砂壶。

o [玉石] 古玉、明清玉、现代玉、翡翠、田黄、鸡血石。

o [字画] 历代名人名家书画、现当代书画、各派系名家字画。

o [杂项] 古籍善本、金银铜器、奇石雕件、文房用品、佛像。

o [家具] 明清各种材质的硬木家具，以紫檀、海南黄花梨及金丝楠木等名贵材料为主。

o Collect project：

o Ceramic ancient porcelain, yuan Ming porcelain, coating of the republic of China, master modern wool porcelain and fine China, are recommended.

o Jade gao, the Ming and qing dynasties, modern jade, jade jade, tian, bloodstone.

o Calligraphy and painting all previous dynasties celebrity virtuosi calligraphy and painting, modern and contemporary painting and calligraphy, factions virtuosi calligraphy and painting.

o Miscellaneous ancient rare books, gold and silver, strange stone, bronze vessels, four articles, the Buddha.

o Furniture all kinds of hardwood furniture in the Ming and qing dynasties, with red sandalwood, hainan chrysanthemum pear, gold-rimmed nanmu rare materials, etc.