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
2024-01-22
30
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] The phrase "ripped up"(Line 1, Para.5)most probably means______.
选项
A、strengthened
B、broadened
C、renegotiated
D、torn up
答案
D
解析
词汇题。由题干可定位至第五段第一句If the price of gold marches higher,this agreement will presumably be ripped up…,联系上下文并分析语义可知,ripped up在此处应指“撕毁协议”。故答案为D。
转载请注明原文地址:https://tihaiku.com/zcyy/3385151.html
相关试题推荐
TopicTheImportanceofMutualUnderstandingForthispart,youareallowe
Backin1975,economistsplottedrisinglifeexpectanciesagainstcountries’
Backin1975,economistsplottedrisinglifeexpectanciesagainstcountries’
Forthousandsofyears,peoplehaveknownthatthebestwaytounderstandac
Forthousandsofyears,peoplehaveknownthatthebestwaytounderstandac
Forthousandsofyears,peoplehaveknownthatthebestwaytounderstandac
Forthousandsofyears,peoplehaveknownthatthebestwaytounderstandac
[originaltext]Analyticalskillsareourabilitytounderstandandsolveprob
[originaltext]Analyticalskillsareourabilitytounderstandandsolveprob
[originaltext]Millionsofpeoplearestrugglingtounderstandtheirpaychec
随机试题
公路路基施工完成后进行压实度检测工作,现场采用挖坑罐砂方法侧定路基压度,请结合相
世界遗产的基本特征包括()。A.真实性 B.稀缺性 C.不可替代性 D.杰
某市某小学,学生午餐进食一种色泽鲜艳的熟肉后,部分学生感觉头晕、无力,口唇和指甲
泛制法的制备工艺流程是A:起模→加大成型→盖面→干燥→选丸→质检→包装B:起模
影响房地产经纪机构经营模式选择的因素包括()。(2012年真题)A.组织结构
某感染中毒性休克患者,伴尿少,宜选用的措施是A.地塞米松+多巴胺+头孢他啶B.地
在工作地点或检修设备上应悬挂()的标示牌。(A)“止步,高压危险!”(B
中性粒细胞碱性磷酸酶降低见于( )。A.再生障碍性贫血 B.急性淋巴细胞白血
根据民事法律制度的规定,下列关于代理制度的表述中,正确的是()。A.代理人和第三
建设工程项目结构图描述的是()。A.组织系统中各部门的职责分工 B.工作
最新回复
(
0
)