首页
登录
职称英语
Up goes gold, down goes the dollar. Most economists hate gold. Not, you unders
Up goes gold, down goes the dollar. Most economists hate gold. Not, you unders
游客
2023-12-16
22
管理
问题
Up goes gold, down goes the dollar. 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, That it was used as money for millennia is irrelevant: it isn’t any more. 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 pest 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, against which it hit a new low this week. Expressed in euros, the gold price has moved much less. How- ever, there is no iron link, us 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. As a legacy of the days when their currencies were backed by the metal, central banks still hold one-fifth of the world’s gold. 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, gold bug and publisher of Grant’s Interest Rate Observer, a newsletter, 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。文章第二段分析了金价上涨的两个主要原因:金价用美元表示,而美元相对于其他货币贬值了;市场对黄金需求的增加。
转载请注明原文地址:https://tihaiku.com/zcyy/3278211.html
相关试题推荐
Upgoesgold,downgoesthedollar.Mosteconomistshategold.Not,youunders
ThefoundersoftheRepublicviewedtheirrevolutionprimarilyinpoliticalra
ThefoundersoftheRepublicviewedtheirrevolutionprimarilyinpoliticalra
Economistsarescratchingtheirheadstoexplaintheporkpricejump.Somebla
Vibrationsinthegroundareapoorlyunderstoodbutprobablywidespreadmeans
Vibrationsinthegroundareapoorlyunderstoodbutprobablywidespreadmeans
Vibrationsinthegroundareapoorlyunderstoodbutprobablywidespreadmeans
Vibrationsinthegroundareapoorlyunderstoodbutprobablywidespreadmeans
Vibrationsinthegroundareapoorlyunderstoodbutprobablywidespreadmeans
Iwasslowtounderstandthedeepgrievancesofwomen.Thiswasbecause,asa
随机试题
Alreadyoverwhelmedchildren’sservicesarefacingrisingdemandasbenefit
关于围绝经期保健,不恰当的是A.如无自觉症状,不必保健 B.绝经后出血应及时就
下列哪些情况将影响大肠杆菌DNA复制的高保真性?( )A.细胞内用于DNA合成
吴瑭所称“辛凉平剂”指的是A:桑菊饮B:银翘散C:桑杏汤D:杏苏散E:以
在本案例中,咨询师不宜把求助者的情况透露给()。多选A.求助者本人 B.求助者
下面关于抵押效力的说法,错误的是()。A.当事人不可以在抵押合同中约定抵押担保的
同样工况下,与离心式压缩机相比,回转式压缩机的主要性能特点有()。A.压缩
水利工程质量事故分类中,对工程寿命有影响的事故是()。A.重大质量事故和较大质量
某高级住宅工程,建筑面积80000m2,由3栋塔楼构成,地下2层(含车库),地上
在国际上,以下对施工企业项目经理地位、作用以及其特征的表述,正确的说法是()。A
最新回复
(
0
)