首页
登录
职称英语
Most economists hate gold. Not, you understand, that they would turn up thei
Most economists hate gold. Not, you understand, that they would turn up thei
游客
2023-07-06
31
管理
问题
Most economists hate gold. Not, you understand, that they would turn up their noses at a bar or two. But they find the reverence in which many hold the metal almost irrational. Modern money takes the form of paper or, more often, electronic data. To economists, gold is now just another commodity.
So why is its price soaring? Over the past week, this has topped $450 a troy ounce, up by 9% since the beginning of the year and 77% since April 2001. Ah, comes the reply, gold transactions are denominated in dollars, and the rise in the price simply reflects the dollar’s fall in terms of other currencies, especially the euro. However, there is no iron link, as it were, between the value of the dollar and the value of gold. A rising price of gold, like that of anything else, can reflect an increase in demand as well as a depreciation of its unit of account.
This is where gold bulls come in. The fall in the dollar is important, but mainly because as a store of value the dollar stinks. With a few longish rallies, the greenback has been on a downward trend since it came off the gold standard in 1971. Now it is suffering one of its sharper declines. At the margin, extra demand has come from those who think dollars—indeed any money backed by nothing more than promises to keep inflation low—a decidedly risky investment, mainly because America, with the world’ s reserve currency, has been able to create and borrow so many of them. The least painful way of repaying those dollars is to make them worth less.
The striking exception to this extra demand comes from central banks, which would like to sell some of the gold they already have. Last month the Bank of France said it would sell 500 tonnes in coming years. But big sales by central banks can cause the price to plunge—as when the Bank of England sold 395 tonnes between 1999 and 2002. The result was an agreement between central banks to co-ordinate and limit future sales.
If the price of gold marches higher, this agreement will presumably be
ripped up
, although a dollar crisis might make central banks think twice about switching into paper money. Will the overhang of central-bank gold drag the price down again? Not necessarily. As James Grant points out, in recent years the huge glut of government debt has not stopped a sharp rise in its price. [br] According to the author, one of the reasons for the rising of gold price is______.
选项
A、the increasing demand for gold
B、the depreciation of the euro
C、the link between the dollar and gold
D、the increment of the value of the dollar
答案
A
解析
细节题。作者在短文第二段最后一句提出A rising price of gold,like that ofanything else.can reflect an increase in demand as well as a depreciation of its unit ofaccount.即他认为,金价上涨有两个主要原因:对黄金需求的增加;金价用美元表示,而美元贬值了。故答案为A。
转载请注明原文地址:https://tihaiku.com/zcyy/2811869.html
相关试题推荐
[originaltext]W:Idon’tunderstandwhyIreceivedsuchalowgradeonmymath
[originaltext]W:Idon’tunderstandwhyIreceivedsuchalowgradeonmymath
[originaltext]W:Idon’tunderstandwhyIreceivedsuchalowgradeonmymath
[originaltext]W:Idon’tunderstandwhyIreceivedsuchalowgradeonmymath
[originaltext]W:Idon’tunderstandwhyIreceivedsuchalowgradeonmymath
[originaltext]W:Idon’tunderstandwhyIreceivedsuchalowgradeonmymath
[originaltext]W:Idon’tunderstandwhyIreceivedsuchalowgradeonmymath
Mosteconomistshategold.Not,youunderstand,thattheywouldturnupthei
Thetwoeconomistscalltheirpaper"MentalRetirement,"andtheirfindings
Thetwoeconomistscalltheirpaper"MentalRetirement,"andtheirfindings
随机试题
[originaltext]M:Weplantogotothebeachafterclass.Wanttocome?W:I’dl
Lookingbackonmychildhood,Iamconvincedthatnaturalistsarebornandn
《混凝土规范》规定,框架梁截面宽度不宜小于()mm,且截面高宽比不宜大于(
嗅觉传导通路是A.嗅细胞-嗅神经-嗅束-嗅球-皮质中枢 B.嗅细胞-嗅神经-嗅
吗啡镇痛作用的部位是A.纹状体B.大脑边缘系统C.脑干网状上行激活系统D.脑室及
下列哪项不属于城市规划的功能?( )A.保护社会的长远利益 B.安排基础设施
汤剂是应用最早、最为广泛的传统剂型。麻杏石甘汤是由麻黄、杏仁、石膏、炙甘草组成的
根据企业的业务活动量和人员数量这两种因素之间的相关关系,来预测企业未来人员需求的
医德修养要坚持( )。A.集体性 B.组织性 C.实践性 D.强制性
甲与乙因施工合同纠纷诉至人民法院。在法庭调查时,乙出示了双方订立的有效仲裁协议,
最新回复
(
0
)