Rolul metalelor pretioase in economie

Ca si o continuare a postului anterior despre aur ca investitie, voi discuta azi despre modul in care metalele pretioase au functionat ca moneda timp de mii de ani si care a fost rolul acestora in economie. Intrebarea pe care am mai primit-o este cu ce este mai deosebita o bucata de metal fata de una de hartie ? Iar raspunsul pe care l-am dat este: faptul ca bucatile de metal sunt LIMITATE. Si nu pot fi produse "virtual" la infinit cu o imprimanta sau un click de mouse. Pentru a intelege exact cum se face aceasta limitare si de ce este acest fapt unul pozitiv, recomand calduros un articol mai detaliat exact pe aceasta tema: Gold and Economic Freedom Periodically, as a result of overly rapid credit expansion, banks became loaned up to the limit of their gold reserves, interest rates rose sharply, new credit was cut off, and the economy went into a sharp, but short-lived recession. (Compared with the depressions of 1920 and 1932, the pre-World War I business declines were mild indeed.) It was limited gold reserves that stopped the unbalanced expansions of business activity, before they could develop into the post-World War I type of disaster. Periodic, ca urmare a expansiunii prea rapide a credit rii, b ncile au devenit împrumutate pân la limita rezervelor lor de aur, ratele dobânzilor au crescut brusc,creditele noi au fost t iate, iar economia a intrat în recesiune puternic , dar de scurt durat . (Comparativ cu depresiunile din 1920 i 1932, dinaintea primului r zboi mondial scaderi de afaceri au fost u oare, într-adev r.) rezervele limitate de aur, au fost cele care au oprit extinderi dezechilibrate ale activit ii de afaceri, înainte ca acestea s se fi putut dezvolta în tipologia dezastrului de dup primul r zboi mondial. The readjustment periods were short and the economies quickly reestablished a sound basis to resume expansion. With a logic reminiscent of a generation earlier, statists argued that the gold standard was largely to blame for the credit debacle which led to the Great Depression. If the gold standard had not existed, they argued, Britain's abandonment of gold payments in 1931 would not have caused the failure of banks all over the world. (The irony was that since 1913, we had been, not on a gold standard, but on what may be termed "a mixed gold standard"; yet it is gold that took the blame.) But the opposition to the gold standard in any form -from a growing number of welfare-state advocates-was prompted by a much subtler insight: the realization that the gold standard is incompatible with chronic deficit spending (the hallmark of the welfare state). Articolul nu specifica deloc cum ca vai ce rele sunt creditarea sau tranzactiile electronice. Nici pe departe. Creditul are rostul sau in dezvoltarea economica, atata timp cat creditarea este facuta cu cap si lucrurile nu scapa de sub control asa cum s-a intamplat tot mai frecvent in ultimii ani. Rolul aurului sau a metalelor pretioase sau a oricarei resurse FINITE luate ca referinta este tocmai acela de a limita. De a limita riscurile luate de banci, de a limita creditarea in exces, de a limita furtul la nivel de guverne prin inflatie. Este modul in care regulile jocului ajung sa fie respectate de toata lumea si sistemul poate ramane sub control.

Altfel jocul cu focul duce la tot felul de situatii critice cu care ne-am tot intalnit in ultimul secol dupa infiintarea FED si primul sut dat aurului in 1913: marea depresiune, urmata de razboi, apoi de monopol financiar cu dolarul drept moneda de referinta. Apoi un al doilea sut dat aurului in anii 1970 cand s-a renuntat la garantarea prin metale pretioase, urmat de inflatie spectaculoasa, baloane de tot felul si culminat cu prabusirea sistemului economic de acum. Nu confundati evolutia tehnologica si cresterea fara precedent a nivelului de trai din ultimul secol cu cresterea inflatiei si balonarea sistemului economic. Explozia care a avut loc in ultimul secol a fost de fapt rezultatul unei combinatii de factori data de progresul tehnologic, trecerea la petrol ca si sursa principala de energie, destramarea imperiilor si reformele sociale de la inceput de secol si cercetarea impulsionata si de cursele pentru inarmare in razboaiele ultimului secol. Faptul ca fluturasii de hartie ai bancilor au zburat precum confetti in tot acest timp au adus doar un plus de "farmec" la petrecerea care era oricum in desfasurare. Insa mizeria care a ramas in urma lor ne va da un pic de furca acum cand trebuie sa maturam tonele de confetti si ne dam seama ca nu mai incap sub covor ca pana mai anii trecuti... :) Din aceste motive eu vad un viitor sistem economic care va aparea ulterior colapsului financiar din acest an, ca fiind bazat intr-o forma sau alta pe metalele pretioase. Cu rolul de a limita creditarea in exces, asa cum o faceau inainte de infiintarea FED in 1913. Si cu rolul de a opri inflatia si nivelul incredibil al datoriilor asa cum o faceau inainte de abolirea totala a garantarii cu aur din 1970. Dupa cum puteti vedea si in imaginea alaturata si in prezentarile lui Chris Martenson. Inchei acum tot cu un articol excelent pe tema aurului si a viitorului raport pe care acesta il va avea cu banii de hartie pe care ii cunoastem acum. Recomand si citirea integrala a acestuia ca si a celui de la inceputul topicului, deoarece sunt niste prezentari excelente pe tema sistemelor financiare trecute, actuale si viitoare: Gold: Musings & Peptalk FUTURE USDOLLAR ALTERNATIVES The Arabs, Russians, and Germans have already made decisions for new global reserve currencies. They will not only have a gold component, but a crude oil component as well. They might have other commodity components such as iron or copper. Include cotton too, which is needed to make the paper! The objective is to seek stability in both the banking sector and commodity price sector. Due to US$ foundation, and US$-based trading, the banking sector has been rendered insolvent and the commodity price arenas have been rendered fallacious. That cannot stand. For now, the new global reserve currencies have been shoved in a drawer at a guarded conference table. What are they waiting for? Simply stated, they are waiting for the US$ to die a horrible death, for the global US$-based banking system to demand an alternative amidst crisis, for the political interference to fade from the passage of time and the expedience of need. The foreigners need not act, since nature is taking its course. The liquidation process underway inside the US is painful and inexor able, yet certainly unstoppable. http://blog.flavian.ro/2009/03/rolul-metalelor-pretioase-in-economie.html

Ar mai fi oare si alte metode de producere a aurului in cantitati masive care sa ne faca probleme inflationiste din acest punct de vedere ? Cum. Asta ar genera o usoara inflatie. Ah. :) Ok.. credeati ca de "alchimia bancara" imi fac eu griji ? Nuu. la prima vedere aurul ar putea fi o solutie intermediara usor de adoptat. Ei..Alternative monetare . nu dati cu bolovani. Spuneam de unul din principalele dezavantaje ale monedelor locale care este circulatia lor internationala. Asa ca mi-am propus in acest articol sa vedem daca o revenire la acest etalon ar fi posibila. Cel mai usor ne vin in minte metalele pretioase care au indeplinit aceasta functie timp de cateva mii de ani. :) . Ramane sa gasim aceast element care va functiona ca o moneda inter-regionala si care sa poata fi usor recunoscuta ca si valoare etalon oriunde pe planeta. ati vazut ca deja precedentul exista ? De aici pana la monede alternative si independente de moneda oficiala a tarii mai e doar un pas. In caz de reactii adverse "consultati medicul sau farmacistul" si aruncati cu idei. In istoria omenirii au mai fost cateva astfel de elemente care au jucat rolul acesta pana s-a intamplat ce s-a intamplat. voi n-ati auzit de alchimie ? Cu putin talent si concentrare. nu este unul din dezavantaje. sunt recunoscute drept modalitate de plata in magazine etc. nisipuri miscatoare. deci asa cum multi "binevoitori" s-au grabit sa observe. Va avertizez in prealabil ca din acest episod al seriei intram pe taramuri necunoscute. pana la inventarea banilor de hartie. Intr-o lume care s-a obisnuit cu o moneda gen euro sau dolar care e aproape universal recunoscuta. Si va dau un exemplu din zilele noastre ca sa intelegeti ideea: bonurile de masa sau bonurile cadou. :) Dar sa revenim la articolul nostru. e cam greu sa-ti imaginezi revenirea la o multitudine de monede locale fara a avea un punct de referinta comun. De ce spun intermediara ? Pai la fel cum banii de hartie in genul dolarului produsi in cantitate nelimitata au dus la abuzuri si la dezintegrarea sistemului economic actual. sunt emise de societati independente. cei care transforma in zilele noastre hartia in aur oricum n-o mai duc mult. Si atunci. trebuie sa verificam daca asa ceva nu s-ar putea intampla si in cazul productiei de aur.. Ba chiar e un avantaj major. stati linistiti. aurul este produs doar prin exploatari miniere. in momentul pierderii de incredere in dolar sau alti bani de hartie "oficiali" si arhi-cunoscuti in ziua de azi. insa mai redusa si in limite mult mai acceptabile decat cea actuala. contin elemente de siguranta. Acestea functioneaza in multe aspecte exact ca o moneda locala alternativa: circula in paralel cu o moneda de baza. faptul ca banii nu vor mai fi in mana guvernului si vor putea fi administrati de emitentii locali. care ar putea fi acel punct de referinta ? Acel element care sa poata face mai usoara convertirea unei monezi regionale in alta moneda..varianta monede locale. alternativa cu monedele locale are si cateva dezavantaje. Nu. teorii necercetate si idei mai mult sau mai putin utopice.monedele inter-regionale si aurul Aceasta e partea a sasea a seriei alternativelor monetare si o continuare a partii a cincea de aici: Alternative monetare . ce-i drept nu foarte prietenoase pentru planeta. transformi cuprul in aur si gata. In momentul de fata... Mda.

Dar. obligatiunile. aurul si argintul sunt singurele active care nu au dat faliment. naivi sau mai rau. Cantitatea de energie necesara este foarte mare si pretzul cu cateva ordine de magnitudine peste costurile operatziunilor de minerit & rafinare. tocmai a dat o lovitura surprinzatoare si bulversanta unui tabu de mult inradacinat in elita economistilor si marilor actori din lumea bancar-financiara. Diamantele sau monedele de colectie au nevoie de un evaluator profesionist pentru a determina valoarea. Actiunile.aurmonedelingouri. Acesta. Cei ce o faceau. ceea ce inseamna ca o cantitate foarte mica de aur sau argint pur poseda o putere de cumparare semnificativ mai mare decat a celorlalte materii prime sau "commodities". rudimentari in intelegerea complexitatilor sistemului monetarfinanciar international. Aurul si argintul au fost. sunt si vor fi BANI. John mai ridica inca o problema interesanta: Aurul & argintul pot fi produse artificial. acelasi lucru se intampla cu valuta lui. contractele derivate. calamitati naturale. si se pot imparti foarte usor fara a se pierde proprietatile intregului. cu valoare intrinseca proprie. nu credeti ? y y y y y y y y y http://www. Aurul era considerat o relicva a unui sistem de mult depasit. Pot fi detinute in proportie de 100%.com/ O scurta si rapida reactie la interventia publica recenta a Presedintelui Bancii Mondiale. trebuie sa ia o pauza complexa de gandire. Cu alte cuvinte. razboi. Daca un stat este desfiintat. depind de bonitatea emitentului. De exemplu. http://blog. valoarea lor crescand pe timp de criza financiara. mult mai lichide decat diamantele de exemplu (uneori peste 100% diferenta bid/ask ) Aurul si argintul sunt FUNGIBILE. Aurul se pare ca totusi are . partile neavand aceleasi proprietati ca intregul. cei ce vand aur pe care il detin nu pot ajunge niciodata la "zero" cu valoarea personala. Au un istoric bun de a face fata atat inflatiei cat si deflatiei. Sunt active care sunt complet private si nu sunt parte a sistemului financiar. chiar si cash-ul. Acum stiti de ce anume bancile centrale din lume inca detin in seifuri 15% din rezervele mondiale de aur. valoarea lor nu depinde de capacitatea unei terte persoane de a-si onora obligatiile. Au o valoare financiara foarte mare pe unitatea de volum. fizice. Sunt considerate a fi active "de refugiu in ultima instanta". daca s-ar descoperi o sursa ieftina de energie (gen fuziune) s-ar putea produce aur in cantitatzi industriale. erau imediat catalogati drept paseisti. Un barbarism. adica sunt lichide. Sa vorbesti despre rolul aurului ca « stabilizator » al sistemului financiar international.flavian.Dar pe langa asta. Stiu ele ceva. era pana nu de mult o erezie. adica fiecare unitate de masura are aceleasi caracteristici fizice. imobiliarele nu pot fi detinute 100% niciodata. doar incercati sa nu va platiti impozitul pe proprietate si veti vedea cine este adevaratul proprietar. Pentru ca sunt active reale. Sunt printre putinele active care nu sunt in acelasi timp pasivele altcuiva. este de acum stiut.ro/2009/08/alternative-monetare-monedele-inter.html De ce ar trebui sa detii aur si argint fizic ? y De 5000 de ani incoace. Robert Zoellick. atentate teroriste. Au un "spread" foarte mic intre ofertele de cumparare si cele de vanzare. Iata insa ca vine o vreme cand complexitatea sistemului ajunge atat de complexa ca pana si creierele complexe care se laudau mai ieri ca pot intelege si calibra sistemul monetarfinanciar la milimetru.

isi zice el. Stiu guvernantii Romaniei sa o joace? In naivitatea sa. . Acestea fiind spuse.un rol in sistem. precum autorul de fata. el recunoaste ca statul a intrat cu multa vreme in urma in aceasta afacere. Nu e o chestiune conjuncturala. Acum. Functiile sale de etalon de valoare si de instrument de conservare de valoare stralucesc mai puternic si mai vizibil ca niciodata. daca il ai. Vom avea timp sa ne ocupam pe indelete de presupozitiile. Sigur. sa ne concentram pe ceva mai urgent. poate ca nu pragmatismul ci naivitatea ne sugereaza ca ar fi intelept sa ne tragem un pic sufletul si sa reevaluam ce se intampla in jurul nostru. evident. sau a negocierilor internationale legate de investii straine directe si care nici macar nu pretinde ca ar avea cine stie ce stiinta a complexitatilor sistemelor finaciare globale. cineva. ca si in chestia datoriei publice. Ideea de razboi valutar ± de neimaginat doar cu putina vreme in urma ± pluteste in aer. Stim doar ca stabilitatea actualului aranjament institutional global este sub semnul intrebarii. Aurul devine un refugiu ultim. Comentariile si reactiile la ea vor curge in zilele si saptamanile urmatoare. Vrei nu vrei. ceva foarte important pentru cei ce se intampla sa aiba un zacamant de aur in fundul gradinii. De aia sunt negocieri. atunci erodate. Cele de mai sus inseamna. Dar ce stim este ca atat timp cat conditiile de turbulenta si incertitudine se mentin. Mai ales daca este cea mai mare groapa din comuna sau chiar din zona. un om simplu. conditiile care fac ca valoarea aurului sa se mentina sau sa creasca. Pare un moment bun ca sa negociezi in jurul aurului pe care il ai. fundalul istoric. Ce inseamna asta? Inseamna ca pretul aurului creste. Inseamna ca averea lor a crescut in ultima perioada substantial. Ca poate ca ar fi bine sa ridicam piciorul de pe accelaratie si sa punem o delicata si amiabila frana pe acest proiect. Dar observa in acelasi timp cum conditiile s-au schimbat intre timp. si negocierile trebuie sa se ajusteze un pic la noile conditii. E una structurala. Poate ca nu e bine pentru niciuna dintre cele doua parti sa mearga inainte fara a intelege mai bine care sunt directiile pricipalelor forte ce afecteaza valoarea de piata a proiectului in discutie. Sau poate ca inseamna multe. samd Interventia lui Zoellick este probabil una istorica. care nu pretinde o mare expertiza in privinta pietei metalelor pretioase. Ce se intampla pe acest fundal? Aurul se intareste. Vedem in jurul nostru ca sistemul financiar-monetar a intrat intr-o faza de turbulenta. Foarte multe. O scurta pauza de reflectie -si pentru partea romana si pentru partenerul ei ± nu poate fi asa de rea. Va continua sa creasca? Nu stim. Etalonul aur de care vorbea implicit Zoellick poate ca nu inseamna nimic. Nu stim incotro merg lucrurile. realitatea economica te obliga sa iei act de ea: Nu poti consuma la infinit mai mult decat produci. reintra pe geam. nu poate sa nu se intrebe naiv: Iata ca Dumnezeu da Romaniei o carte mare. sa evolueze conform parametrilor in schimbare. Turbulentele prezente si viitoare fac ca groapa cu minereu din fundul curtii sa devina chiar mai importanta decat credeau. vor fi si ele acolo. la cald. implicatiile si semnificatiile problemei. Multe etaloanele de valoare par daca nu bulversate. Dai aurul afara pe usa. Poate.

in mod transparent.ro/dezbatere/standardul-aur-de-la-banca-mondiala-la-rosia-montana/ Presedintele Bancii Mondiale. trebuie sa ne dea sansa si noua. e de reflectat daca merita sa ne gandim la aceste lucruri. sa intelegem din cand in cand. Vorbeste despre rolul aurului ca "stabilizator" al sistemului financiar international. Oricum. euro. Bernanke a iesit zilele trecute chiar pe Jeckyll Island cu un discurs pasional si chiar nervos pe alocuri. lira sterlina si yuanul chinez (renminbi) ar putea utiliza aurul ca referinta pentru tot ce inseamna previziuni legate de inflatie. Si mai ales sa ne ajute sa intelegem daca negociatorul roman vede vreo legatura intre evolutiile recente din sistemul monetar-financiar international si maruntele noastre preocupari din fundul gradinii. public larg. ar putea folosi pretextul acestor prostii pentru a obtine un contract mai bun pentru Romania. Noul sistem. Degeaba spune Bernanke ca nu vrea sa genereze inflatie. Poate i-am da sansa sa aiba o pozitie mai buna in negociere. Pragmatism sau naivitate. pietele actuale il trateaza ca pe un activ monetar alternativ". Tot mai multi spun ca la viitoarea reuniune a G20.ro/economic/finante/7537-presedintele-bancii-mondiale-propune-ca-aurulsa-fie-stabilizatorul-sistemului-financiar-international. Robert Zoellick scrie un foarte interesant editorial in Financial Times.In plus. celor naivi si neinformati. ca mai nimeni nu il crede. cand se va trage linia. BCE si Federal Reserveisi etaleaza divergentele. ar merita sa putem vedea si noi. acest cineva. "Cu toate ca manualele ne vorbesc despre aur ca despre o moneda veche. Cu siguranta. criticandu-i la randul lui pe cei care il critica. iar joi si vineri urmeaza sa aiba loc o noua runda de discutii intre statele G20.html . El mai spune ca lumea are nevoie de un nou sistem monetar international care sa-i urmeze celui actual . Sa ne raporteze ca a negociat inteligent si sa ne demonstreze ca a obtinut cel mai bun contractposibil pentru tara. http://www. ar trebui sa includa dolarul sua.contributors. http://www.sursa de dezechilibre majore. deflatie si valoarea viitoare a valutelor. yenul. oricine ar fi el.ziuaonline. americanii vor fi izolati. care in opinia sefului BM. Poate ca in naivitatea noastra. FED a fost foarte criticata in ultima perioada pentru injectia masiva cu dolari a pietelor . toti stiu ca pretul unciei de aur a urcat in ultima perioada pe fondul slabirii dolarului ca efect al deciziilor de politica monetara a FED. de pe langa groapa cu minereu. Ministerul de Finante german spune brutal ca modelul american de crestere este pur si simplu in criza. Americanii dau vina pe chinezi si pe moneda lor subevaluata. mai spune Zoellick. scrie Dan Popa pe blogul sau. cineva trebuie sa iasa in fata Romaniei si sa-si asume responsabilitatea. Propunerile lui Zoellick intervin intr-un moment in care toata lumea se cearta cu toata lumea. Ca sa fie credibil. fie si daca spunem prostii cum sunt cele de mai sus. discutiile urmand sa abordeze celebrul deja razboi al monedelor.supranumit Breton Woods II. cum si in ce directie evolueaza aceste negocieri. la sfasit. noi publicul. pe unde mai sunt aceste discutii intre statul roman si diligentul si investitor strain. am putea ajuta un pic partea romana. Negociatorul roman. spun unii.

pre edinte al casei de brokeraj Euro Pacific Capital.400 USD/uncie.un parcurs coerent de majorare a ratelor de dobând .Adrian Panaite / adrian. În anticiparea lichidit ii suplimentare. dac pân acum Fed avea ca principal obiectiv "stabilitatea pre urilor" acesta pare a fi fost schimbat. Cu toate acestea. Dup anticip rile create de Rezerva Federal American i interven iile în pia a valutar a B ncii Japoniei.ro (citeste alte articole de acelasi autor ») Pre ul metalului galben a atins la sfâr itul s pt mânii trecute un nou maxim de 1386 USD/uncie Investitorii i traderii spun c este reac ia pie ei la rularea tiparni elor b ncilor centrale Avansul aurului ar putea fi oprit doar de ridicarea ratelor de dobând Cota ia interna ional a aurului s-a apropiat de 1.Unde se opre te goana dup aur? Piata bursiera . pre edinte la Euro Pacific Capital. investitorii i traderii s-au îndreptat c tre aur. teama de infla ie r mâne principalul motor al acestui trade. Pre ul spot de la Londra a atins joi un nou maxim istoric de 1. exclam Peter Schiff. dup cre terea accelerat din ultimele s pt mâni. spune Tres Knippa.panaite@curierulnational. Peter Schiff. "Înc nu a i v zut nimic!". într-o interven ie la CNBC. a fost rândul unor reprezentan i ai B ncii Angliei s fac declara ii în acest sens. o întoarcere a aurului pe o tendin de sc dere ar trebui s fie determinat de un factor declan ator pe care Francisco Blanch de la Bank of America Merrill Lynch îl vede a fi . ceea ce îi face pe unii observatori s afirme c ar fi exagerarea specific finalului de trend. trader la Chicago Mercantile Exchange i proprietar al Lotus Brokerage Services. Astfel. a spus Schiff.ase luni în care cererea din economia real este sporit în condi iile în care în acest r stimp sunt aglomerate sezonul nun ilor din India. Ascensiunea metalului galben este sus inut i de începutul unei perioade de cinci. care a avut în prima parte a lunii octombrie o apreciere furibund . Managing Director la Hedgeye Risk . Avansul din maxime în maxime al aurului în ultimele patru s pt mâni a fost antrenat de declara ii ale unor oficiali ai b ncilor centrale din statele industrializate potrivit c rora noi programe de "quantitative easing" (tip rire nesustenabil de moned ) urmeaz a fi rulate în viitorul apro piat.ca i la începutul anilor '80 . "Fed are o istorie întreag de e ecuri. Cr ciunul i Anul Nou chinezesc.8 USD/uncie în condi iile în care oficiali ai b ncilor centrale din SUA. este convins c atingerea unor noi maxime pe aur i argint precum i aprecierea altor m rfuri se datoreaz în primul rând proiectelor infla ioniste ale Rezervei Federale Americane. "R zboiul devaloriz rii monedelor" pare a fi fost principalul combustibil care a alimentat pia a aurului. iar oficialii institu iei v d o problem tocmai în stabilitatea pre urilor i spun c misiunea lor este aceea de a crea infla ie. Japonia i Marea Britanie au f cut public inten ia de devalorizare a monedelor prin programe extinse de "quantitative easing". dar de data aceasta cred c vor reu i i vor crea infla ie". iar unii reprezentan i ai pie ei spun c pre ul va cre te i mai mult. completând c tot mai mul i investitori vor merge c tre aur v zând c banca central a SUA "îi jefuie te".386. sugerând c este vorba doar de o manie a participan ilor la pia . Totu i. O explica ie similar este avansat i de c tre Daryl Jones. Scepticii pun la îndoial rolul aurului ca mijloc de protec ie a infla iei. "Cred c povestea aurului s-a terminat i a obosit".

pu ini sunt cei care chiar au aur". Frank Holmes. zice Gugerli. la începutul anilor '20 aurul reprezenta 25% din totalul activelor financiare. dar i investitorii. îns în 2008 aurul echivala cu doar 2% din portofoliile investitorilor. fiind alimentat de b ncile centrale. dar ar putea urma i b nci mai mari precum cele din Brazilia sau Coreea.ase luni în care acesta are c utare dat fiind c în acest interval avem comasate sezonul nun ilor din India. amintind c se vorbea despre bubble în aur i în 2006 când acesta era cotat la 600 USD/uncie. "Cred c cei care doreau s de in aur deja îl au inclus în portofolii. aminte te c aurul este sezonier i urmeaz cinci. dar aurul înc nu se afl în supracump rare." Nu numai b ncile centrale ar avea de cump rat aur. a declarat Knippa pentru CNBC.000 USD/uncie într-un moment în care oamenii vor dori s de in aurul fizic i nu doar pe hârtie. crede c aurul are poten ial s mai urce tocmai pentru c în pia ar putea veni noi cump r tori. Dolarul a fost supravândut în ultimii ani. Peter Schiff sus ine c speculatorii "înc nu au venit la petrecere". Cel mai bine e ca pe aceste niveluri s vând ." Website-ul Market Ticker apreciaz îns ca o exagerare aprecierea aurului din ultimele dou luni. vor deveni nervo i i vor începe s vând dezordonat. scrie Karl . infla ia va cuprinde aproape toate zonele economiei. Cât de atractiv este aurul pe actualul nivel de pre ? Peter Schiff crede îns c aurul trebuie p strat în portofolii. în afar de defla ia la nivelul pre urilor caselor din SUA. Mai sunt a tepta i i al i cump r tori Dincolo de achizi iile din pie ele mari. Dac îns pre ul va coborî sub 1. Astfel. "Tradeul pe aur eu îl numesc trade-ul fricii de guverne". Head of Global Commodities Research la Bank of America Merrill Lynch Global Research. Este o mi care tipic pie elor antrenate de mania investi ional . a declarat Jones.000 USD/uncie. trader la Chicago Mercantile Exchange i proprietar al Lotus Brokerage Services: "Cred c povestea aurului s-a terminat i a obosit i mai cred c aurul se afl în posesia oamenilor care nu trebuie. care arat "groaznic parabolic". fund manager la Gold2000. fiind înc ieftin raportat la banii crea i i cei care urmeaz s fie crea i: "Înc nu a i v zut nimic!". s rb tori în care aurul este solicitat pentru cadouri. Media a fost în general în jur de 20%. O opinie contrar a expus Tres Knippa. Marc Gugerli. a exclamat eful de la Euro Pacific. spune c propor ia aurului în raport cu alte active financiare din portofolii este foarte redus . rezumând c a fost un trade reu it". care vede o pia bull în aur pentru ani buni. în 1929 la începutul crizei financiare se cifra la 17%. determinând o depreciere i mai mare a cota iei. Cr ciunul i Anul Nou chinezesc. iar la începutul anilor '80 se situa cu pu in peste 20%.Management. ace tia vor spune c este bine i vor mai cump ra." Francisco Blanch. "De i se vorbe te de bubble în aur. CEO la US Global Investors. El a mai precizat c aurul reprezint 50% din portofoliul s u: "Tot ce încerc s fac este s m ap r de Rezerva Federal care încearc s îmi fure averea. Holmes sus ine c i contextul general favorizeaz aprecierea metalului galben: "Lumea judec aurul în func ie de dolar. Curba ascendent se accelereaz f r a l sa loc m car unor corec ii intermediare. El se gânde te în primul rând la b ncile centrale din rile în curs de dezvoltare care au un nivel subdimensionat de aur în cadrul rezervelor interna ionale: "A fost un anun din partea b ncii centrale din Bangladesh. cre terea aurului din aceast toamn este antrenat i de existen a unei cereri la nivelul economiei reale. cu un vârf de 10. care argumenteaz c ." Dac aurul va începe s scad .

Market Ticker contest rolul aurului ca mijloc efectiv de protec ie contra infla iei i conchide c raportul risc/recompens pe actualele paliere de pre este dezastruos. fondatorul i administratorul site-ului. Motorul Uniunii Europene detine 3 406. Francisco Blanch apreciaz . iar iesirile au fost de 1.curierulnational. Un aport deosebit la cresterea rezervelor l-a avut intrarea sumei de 2. o înt rire a dolarului sau un plan al b ncilor centrale de retragere a lichidit ii injectate în sistem în anii de criz .46 miliarde euro (29. corpora ie cu peste 25 de mine de aur în lume. cantitate care se mentine neschimbata de mai mult timp. Acestea se ridica la 32.3 miliarde de euro. http://www. Se schimba insa valoarea.5 tone. reprezentand aproape 30% din rezervele de pe glob. in functie de cotatiile de pe piata mondiala. euro) nu aduc niciun yield. Danemarca. Dac îns b ncile centrale vor opera major ri semnificative ale ratelor de dobând . a mai afirmat Blanch. care detine 31. Australia. La sfarsitul lunii februarie 2010. În plus. El admite c nu tie unde se va opri cre terea aurului. de asemenea. Serbia sau Ungaria. ceea ce reprezinta transele a treia si a patra aferente acordului stand-by convenit cu Fondul Monetar International.8 tone de aur. a refuzat s r spund dac nivelul actual de pre pentru aur este "fair": "Cred c pentru noi ca business pre ul este foarte bun. Brazilia. iar teama de o prabusire a acestora a readus aurul in atentie. Aproape se afla chiar Fondul Monetar International. Pozitia a doua.8 tone. valoarea rezervei de aur a Romaniei este apreciata la 2. Romania detine 0. ca în cazul oric ror manii. iar infla ia ridicat l sa loc imagina iei pentru un scenariu cu o hiperinfla ie de genul celei din Germania Republicii de la Weimar. adica 8 133. pre edintele i CEO-ul de la Barrick Gold. Cel mai mult aur este detinut de Statele Unite ale Americii. Romania este printre tarile lumii cu o rezerva importanta de aur.72 miliarde de euro.Denninger. Valutele s-au dovedit insa extrem de volatile. Urmatoarea in zona este Slovacia. in prezent. Rezervele de aur din lume se ridica la 30 190 de tone. Astfel. c mutarea se afl în curtea b ncilor centrale. orice element de analiz tehnic este inutil. Cresterea este semnificativa fata de ianuarie. îns acest lucru nu reprezint o probl m în momentul de e fa . iar aurul poate sc dea foarte u or. yen. Intrarile de valuta au fost de trei miliarde de euro. Canada. Foarte aproape este Polonia. cu 102.34% din total. Tara noastra este cel mai bine plasata in intrte statele din Europa Centrala si de Est. când se credea c un nou r zboi mondial va fi antrenat de criza ostaticilor din ambasada SUA din Teheran.9 tone de aur. este ocupata de Germania. Aurul are neajunsul fundamental de a nu genera venituri. la mare distanta. Invitat la CNBC. inaintea unor tari cum ar fi Polonia.ro/Piata%20bursiera/2010-1018/Unde+se+opreste+goana+dupa+aur%3F Ani in sir a existat tendinta de a se renunta la aur. in seifurile institutiei mondiale diind . O astfel de escaladare din maxime în maxime pe aur nu am mai avut decât la sfâr itul anilor '70 i începutul anilor '80. rezerva de aur a Romaniei nu reprezinta nici zece la suta din totalul rezervelor valutare detinute de tara noastra. când monedele importante (dolar. Bulgaria. Cu cele 103.7 tone ale sale. Romania se plaseaza pe locul 31 in lume.74 miliarde euro in valuta si 2. Aaron Regent.7 tone. Cu cantitatea de aur detinuta. mai ales dupa ce i-a fost scazut rolul de referinta pentru monedele nationale. aceasta era de 103. Cu toate acestea.3 miliarde de euro.72 miliarde euro in aur). Pre ul este în maxime istorice i nu exist nicio rezisten care s se interpun cump r torilor. acest proces ar fi un catalizator care s duc la inversarea tendin ei. ca în orice exagerare de final de trend." El crede c trendul se poate întoarce doar ca urmare a trei factori: o sc dere a cererii pe pia a chinez .

deoarece China. Chiar i pentru b ncile centrale! Financial Times a scris. a schimbat radical peisajul bancar interna ional în ultimele s pt mâni. în condi iile adâncirii crizei financiare. Vânzarea gradual a aurului din rezervele na ionale a permis men inerea sub control a pre ului. Financial Times arat c b ncile na ionale se afl . dar si pe piata materiilor prime. FMI acorda imprumuturi tarilor mai sarace si celor afectate puternic de criza economica.ro/news/news/29032/cine-detine-cel-mai-mult-aur-in-lume. despre suspendarea "temporar " a comercializ rii monedelor de o uncie American Buffalo. b ncile centrale au reu it s reduc dobânzile de interven ie la începutul deceniului f r a declan a imediat i o spiral a pre urilor. dar aceast limit nu a fost atins nici anul trecut. Organiza ia neguvernamental GATA (Gold Anti-Trust Action Committee) arat . Aurul s-a transformat. de cel pu in 10 ani. deoarece metalul pre ios era considerat "inert". Presa financiar interna ional a prezentat. în scopul "activ rii" acestuia. destinate investitorilor individuali.4 tone. conform site-ului Russia Today.3 tone de aur! Mai mult are chiar si Banca Centrala Europeana.3 tone de metal pretios. în prezent.depozitate acum 3005. În edi ia electronic de duminic . declan ate de instabilitatea financiar i teama de infla ie. Acordul de la Washington. permite b ncilor centrale europene s vând maximum 500 de tone pe an. aproape peste noapte. adica 501. prin cumpararea de aur. cu peste 54% mai mult decât în perioada corespunz toare a anului trecut. În august. din 1999. Astfel. avand in visterie1 040 tone. pân la cel mai sc zut nivel din ultimii 10 ani. reusind sa adune abia 310. Rezerva Fondului Monetar International se va diminua cu 403 tone de aur. c pia a aurului este manipulat de b ncile centrale în acest scop. în ultimul refugiu pentru p strarea puterii de cump rare. din cauza rolului s u de barometru infla ionist. iar Marea Britanie. http://www. Dmitri Medvedev i-a criticat pentru productivitatea sc zut i lipsa de cooperare cu guvernul. din cauza "cererii f r precedent". întrun proces de reconsiderare a pozi iilor fa de rolul aurului în cadrul rezervelor valutare. Clienti sunt suficienti. Pe lâng vânzarea direct pe pia . Acesta va fi vandut statelor interesate. actualul pre edinte a f cut acela i lucru. Este îngrijorat pre edintele c rezerva valutar a Rusiei nu poate cump ra suficient aur? Men inerea pre ului aurului la un nivel sc zut a fost absolut necesar . Monet ria SUA a suspendat vânzarea unei alte monede populare. zilele trecute. dintr-o "relicv barbar ". Între timp i obliga iunile de trezorerie americane au devenit inerte din punct de vedere investi ional. Întrega curb a randamentelor pentru obliga iunile . Interesant ca Elvetia este abia pe locul al saptelea in lume.html Criza financiar . India si Rusia doresc sa cumpere din greu. schimbarea radical a atitudinii b ncilor centrale din Rusia i China fa de aur. Bloomberg a scris ieri c randamentele acestora au coborât pân la un nivel întâlnit ultima dat în timpul administra iei Roosevelt (!!!). intrat într-o faz deosebit de acut . Stocurile s-au epuizat ca urmare a cump r rilor masive de pe pia a american . în cadrul unei conferin e cu produc torii. American Eagle. b ncile centrale au i împrumutat aurul din rezerv marilor b nci interna ionale.agenda. înc de la începutul anului. sa-si reduca si dependenta de dolar. dup cum scrie FT. Dup ce fostul pre edinte Vladimir Putin a fost fotografiat anul trecut "cânt rind" un lingou de aur. Articolul din FT arat c Monet ria SUA a vândut peste 400 de mii de astfel de monede de la începutul anului. fosta mare putere coloniala. Cu banii obtinuti. Aceste state urmaresc ca. se plaseaza pe locul 16. cotidianul financiar britanic scrie c i b ncile centrale i-au redus vânz rile de aur.

BNR a plasat o cot important a aurului din rezerva valutar la diferite b nci str ine. There is potential for substantial additional production in several other countries. which account for roughly two-thirds of global gold production. gold mining is a foundation industry that often provides the critical mass for the development of electricity. care se confrunt cu un risc semnificativ de sc dere a valorii. In many of these countries.ro/s=banci_asigurari&articol=34334&editie_precedenta=2008 -09-30. Developing countries accounted for 72% of global output in 2004. Dar aurul nostru pe unde mai este i cât de sigur este revenirea acestuia în ar ? Cel pu in de la începutul deceniului. that are the essential foundations of an economy. pe fondul unei percepii tot mai acute a riscului pe pie ele interna ionale. gold production provides royalty and tax income to their governments. În condi iile în care pân i investi iile în obliga iuni guvernamentale americane nu mai sunt justificate. Gold mining can also bring substantial improvements in physical. In addition to generating export revenue in these countries. The strongest rise in output has been seen in Heavily Indebted Poor Countries (HIPCs). Most of this came from low-income or lower-middle-income countries that together accounted for two thirds of global output.guvernamentale americane a coborât sub rata infla iei. 14 are significant gold producers with lesser or minor production in at least another 14 countries. technology transfer. Care sunt garan iile de returnare? Are contractul i clauze care permit returnarea unei sume echivalente în valut "forte". worker training and the creation of a skilled workforce. în locul aurului? Randamentele infime. http://www. De ce ar fi interesat o banc str in .a. siguran a rezervelor na ionale de aur este primordial . în scopul valorific rii. nu mai justific aceste plasamente. Of the 38 HIPC countries. road and rail transport in a region.html The Role of Gold in Modern Society Gold mining's value to developing countries Gold mining is vital to the fragile economies of many impoverished countries. motiva ia plas rii aurului în scopul activ rii sale a disp rut. legal and financial infrastructure.bursa. fie ea chiar i na ional . s pl teasc dobând pentru un activ "inert". whose gold production rose by 84% between 1994 and 2004. ci îl d cu împrumut în cadrul unei opera iuni de tip carry trade. water. iar agen ia Bloomberg arat c fondurile investite în aceste instrumente sunt "bani mor i". obliga iuni guvernamentale americane i obliga iuni emise de agen iile guvernamentale americane). comparate cu riscurile men inerii celei mai mari p r i din aurul na ional în afara grani elor. pentru care BNR prime te dobânda în dolari. Raportul anual din 2007 arat c 59. iar Banca Na ional a României ar trebui s adopte m suri urgente pentru repatrierea aurului.15% din rezerva de aur este plasat într-un singur depozit extern. Rezerva valutar a României include i o cot important de active denominate în dolari (n. . Condi iile actuale de pe pie ele financiare interna ionale ridic serioase semne de întrebare privind siguran a aurului nostru. Deoarece aurul este singurul activ financiar f r un element de pasiv corespunz tor. social. pe lâng celelalte cheltuieli de stocare? Pentru c banca str in nu îl stocheaz .

It will continue to have a role to play in fostering economic development. gold is still one of the most liquid and widely accepted forms of exchange. skilled employment and training for local populations. road and rail transport in a region. Gold is equally important to other low-income countries that are not HIPCs. and metals mining generally. Among those considered by the World Bank to be severely or moderately indebted. Mining is a foundation industry that often provides the critical mass for the development of electricity. gold exports in 2003 amounted to 87% of debt service payments. gold is the leading export for Kyrgyzstan (around 45% of total goods exports in 2003) and Papua New Guinea (36%). This characteristic of the industry is particularly important in Africa where lack of infrastructure has been identified as one of the major hindrances to economic development. For men and women throughout the developing world. Ghana (32%). Gold is often thought of as synonymous with wealth. Gold's value to consumers and investors in developing countries In much of Asia. the second most important export for Mongolia (20%) and Zimbabwe (11%) and one of the two leading exports for Uzbekistan. Guyana (26%) and the second most important for Guinea (23%). It provides royalty and tax income to governments. their impact on a developing country's balance of payments is strongly positive. legal and financial infrastructure. It is one of the most important exports for HIPCs. the Middle East. For HIPCs as a group. gold is the leading export for both South Africa (13% of goods exports in 2003) and Peru (17%). technology transfer. Tanzania (44%). The establishment of a formal mining industry can be the first step in a country's industrial development. gold is the best possible protection against upheaval. water. A $10 fall in the gold price would cause a loss of around $75m in HIPCs' export income. Thus. Around two thirds of the jewelry . In one or two cases it has provided the foundation for a significant jewelry manufacturing industry. and the Indian subcontinent. Gold is the leading export for Mali (59% of goods exports in 2003). Gold mining companies source supplies locally where possible and employ local labor where possible. Among lower-middle-income countries. social. together with further jobs through the multiplier effect. Yet gold coins. both political and economic. Gold mining. In 2003. For the 27 HIPC countries that have reached decision or completion point (those that receive at least some debt relief under the HIPC initiative). quite simply the most efficient store of value they possess. gold accounted for 13% of goods (merchandise) exports of the 14 significant producers and 10% of their exports of goods and services. even allowing for some necessary imports and for the remittance of profits and dividends. Export revenue is not the only benefit gold mining brings to a developing country. bars and high-carat jewelry play a crucial role as a means of saving and defense against misfortune to many of the poor of the world. is essentially free of the distorting subsidies applied by some developed countries to agricultural production. gold accounted for nearly 8% of goods exports and over 6% of exports of goods and services.The rise in HIPCs' output has been paralleled by rising export dependence on gold. Similarly gold mining brings benefits to poorer nations. Gold mining can also bring substantial improvements in physical.

China and Thailand have all seen their exports to developed countries rise in the last few years. in Vietnam. jewelry was often the only asset a Muslim or Hindu woman could own in practice. Gold also offers protection against a weak currency or high domestic inflation levels. birthdays. This arrangement means the buyer will still have enough to pay the agreed price when the sale is consummated. of people. Where men and women do not have easy access to liquid markets in company stock or government bonds. causing hardship to millions. religious ceremonies such as baptisms. as is the case in most countries. or "property of the woman". as the current rate of currency depreciation in that country is very rapid. Gold's value to women living in developing countries In the Middle East and the Indian sub-continent gold plays an important role in the financial security of women. . Accordingly. especially in rural areas. which are prevalent and persistent problems in the developing world. Historically. but gold was an excellent investment in terms of for. anniversaries. For example. but in gold. which holds its value in terms of purchasing power. While inflation has essentially been non-existent until recently in most developed countries. Buying a home in Vietnam takes time. Around two thirds of all jewelry manufacture takes place in the developing world and the proportion is rising. to US dollar bank accounts. Gold's important role in society's long-standing customs Gifts of gold make a vital contribution as tokens of love and precious souvenirs on those emotional occasions that bring people together . in many developing countries. or the Vietnamese dong. generating export earnings and employment. During this time. The US dollar price of gold did not perform well for 20 years from 1980 to 2000. Countries such as Turkey. inflation and the attendant currency depreciation have been rampant. the Indian rupee. India. gold has proved over and over again to be the most valuable financial asset to own. Gold jewelry sales to tourists are also important for Turkey. the Turkish lire. birthdays. gold plays an important role in the purchase of a home.weddings. the value of the Vietnamese currency may have fallen sharply.purchased in the Middle East and Asia is used as a means of saving in addition to its function as an adornment. the practice of giving an Indian bride gold. which is considered Streedhan. example. accounting in 2004 for one fifth of the global total. and many more. Egypt and Dubai. India is the world's largest market for gold jewelry. the buyer will arrange financing with a bank not in terms of the Vietnamese dong. Christmas and other religious holidays. From the moment a buyer and seller agree on a price to the day the paperwork and sale are completed takes a month or longer. or even any bank account at all. A woman's gold can therefore be her only protection against personal misfortune. if not billions. graduations. The use of jewelry as savings is often important in rural areas where access to a reliable and appropriate banking system is difficult or impossible. Mother's Day. and in more traditional families this is still very much the case. Hence.

there is evidence that when equities are under stress. the intrinsic beauty. Obviously. alchemists attempted to use their magic to make gold from other metals. And this aspect of gold's behavior runs directly counter to the way other asset classes perform in stress situations. Why is gold so coveted? Since the beginning of time. but also to international equities. an inverse correlation can develop between gold and equities. sensuality and spiritual richness of gold has earned it pride of place as the favorite metal of jewelers. such as US Government bonds. gold has shown no statistically significant correlation with equities. As a rule. As an asset class. the value . making it a good currency hedge. consumer demand for gold jewelry is growing by over 20% per annum. Gold as a preserver of value (inflation hedge. gold shows no statistically significant correlations with mainstream asset classes. The fundamental reason for this lack of correlation is that the factors driving the gold price are not the same as the factors that determine the returns on other assets. changes in gold supply and demand have no influence over the other asset classes. Gold's value as an effective portfolio diversifier Gold is a highly effective portfolio diversifier due to its low to negative correlation with all major asset classes. etc. there are some economic factors that influence the performance of all investments. warmth. Today. Treasury Bills. and so it was used in medicines designed to fight old age and prolong life. gold has all the advantages of being universally regarded as a currency. Tokyo. In the Middle Ages. safe haven. including those traded in London. unlike a currency. This means that. In addition. as jewelry. This level of demand far outstrips the supply for gold that mines can produce. However.000 years.) Gold is an effective hedge against inflation. Gold has also shown no statistically significant correlation with other mainstream asset classes.000 BC. in other words when shares are falling rapidly in value. But equally obviously. That applies not just to domestic US equities. The earliest gold jewelry dates from the Sumerian civilization that flourished in the fertile basin between the Tigris and Euphrates rivers around 4.Gold's function as an adornment. Gold has inspired craftsmen to create objects of desire that unite us with our emotions. and so on. demonstrating the confidence that women around the world have in gold. without what are all too often the disadvantages of being subject to the economic and monetary policies of one particular country's government. and equity real estate investment trusts. The most important reason is that gold is the only reserve asset that is no one's liability. Over the last 20 years. Gold's value as a currency reserve Gold is still considered an important reserve asset by most central banks. even though it is no longer the center of the international financial system. has been in existence for over 6. Frankfurt. gold is inversely correlated to the US dollar. They believed that gold was a source of immortality.

laptop computers. so that the . space travel. Gold has a long tradition of use in this application and is considered a very valuable metal in microsurgery of the ear. included gold in its purchases. such as the inner ear. Medical Applications Because it is "biocompatible". Also. gold plays an important role in medical implants. without damaging the tissues themselves. Gold is being used increasingly in pharmaceutical applications. Strands of DNA are blended with microscopic gold powder and injected into the skin in search of targeted cells. pollution control. when diversifying a portion of its reserves away from 100% reliance on the US dollar in 2004. Gold has a track record of holding its real value over the centuries. and many other things we consider indispensable to our modern lives. Gold accounts for 9% of reserves held by central banks (valued at market prices). This is important in the treatment of a range of diseases. Or in what doctors have started to describe as a "pharmacy on a chip" . it can not be repudiated and holding it is a safeguard against potential unforeseen crises. Gold's unique properties make it useful in medical applications. surgeons are able to place a stent with the utmost precision. an appropriate dose of drug is released. Gold possesses a high degree of resistance to bacterial colonization. including cancer and HIV. Other medical implants that contain gold are pace makers and insulin pumps. air bags. because it is a marriage of biology and ballistics. for example. which helps ensure optimal effectiveness. For example. Gold is ideal for delivering biologically active materials directly into the target tissues in the human body. performing vital functions in many areas of everyday life. On the molecular level. Gold helps doctors to deliver precise doses of powerful drugs to the parts of the body where they are required. Since gold is no-one's liability. because gold is opaque to x-rays. The central bank of Argentina. mobile telephones. gold-coated "stents" are inserted into clogged arteries to clear the flow of blood. Approximately 12% of demand for gold comes from industry. In a similar way. the virus that causes AIDS. and because of this it is the material of choice for implants that are at risk of infection. gold is the preferred material for a branch of medical research the scientists call "biolistics".a tiny covering of gold is used to encase micro doses of drugs on an electronic chip that is implanted in the body. Gold is used in these devices because of its high level of reliability in micro electronics. When the chip is electronically activated to dissolve the tiny casing of gold. anti-cancer drugs. Gold's value in industrial applications Gold ranks among the most high-tech of metals. Gold also brings much needed diversity to a central bank portfolio due to its low correlation with key currencies and its strong inverse correlation with the US dollar.of gold cannot be affected by the economic policies of the issuing country or undermined by inflation in that country. gold has applications through its organic and chemical compounds used in medical science: for instance. or altering the biological activity of the material being delivered.

or "green". New research published in the top scientific journal Nature has revealed that gold catalysts can clean up an important chemical process that is used every day to produce tons of pharmaceuticals. by means of fuel cells. the fact that gold is dense . November 2010 . There have been breakthroughs in research studies that have shown gold to be an excellent catalyst in a number of important chemical reactions. its non-reactiveness. Other Applications The standard touch-tone telephone would not function without the 33 contacts made from gold it contains. As a chemical catalyst. does not react when it comes into contact with other substances. In recent years. so it is much more reliable than other metals in electronic applications. and in the environment. Sensors. the Institute for Green Technology in Tokyo has 30 scientists working on gold catalysts for environmentally sensitive. And finally. three of gold's attributes are crucial: first. To give you an idea of the importance of catalysis. thereby facilitating oxidation reactions. just as with the stents. for detecting gases in industrial processes. such as pollution control (mercury emissions) and fuel cells. catalysts using gold have become a very hot topic of research. can split oxygen atoms. it has been estimated that about one trillion dollars of the Gross Domestic Product of the United States is derived from processes that use some form of industrial catalysis. gold is playing an important role in new environmental applications. Environmental Applications Recently.it has a high ratio of mass or weight to volume . detergents & food additives. which create useful organic products as oxygen atoms and carbon compounds combine. therefore. Gold may lead to new routes for the manufacture of many vital chemicals.means the compound can achieve the high speed required to penetrate the targeted cell. By way of example.responsiblegold. Clean energy generation. Air bag systems fitted in more than 30 million cars around the world rely on gold-coated electrical contacts. technology applications.researchers can observe the reaction. In addition. And every time you touch a key on your computer it strikes a gold circuit that relays your command to the computer's microprocessor. and its reliability compared with other metals such as palladium or copper is increased by the fact that gold is also an excellent conductor of heat. Gold is also inert and. Gold is one of the most effective conductors of electricity known to man. http://www. the fact that it is opaque means it can be precisely located.asp London. measuring only 25 nanometres across. In this application. And as catalysts for chemical and petrochemical processes. Some of the potential applications include: y y y y Pollution control in diesel-powered vehicles. Second.org/role_of_gold. Gold does not corrode or tarnish. it has been discovered that gold nanoparticles.

8% and 12% respectively. the nation owns over 18. As consumers have adjusted their price expectations upwards. This is equivalent to nearly half an ounce of gold ownership per capita. as such. Moreover. a further rise in gold jewellery and investment demand is anticipated and this trend is projected to continue over the long-run as local investors are buying gold driven by wealth accumulation motives. inflation and population growth by 6%. representing scope for additional future growth. it has promotional activities that cover the markets representing around three quarter of the world¶s yearly expenditure of gold. of which 10% is already invested in gold.´ Key statistics from the first report in the series include the following: In 2009. Over the past ten years.html The World Gold Council is an association of the world¶s most prominent gold producers who are highly dedicated and determined in the endorsement of gold. . the likely recovery of local gold demand to pre-crisis levels is of considerable strategic importance to the wider gold market. which addresses recent developments in the market. Investment Research Manager at the World Gold Council. total Indian gold demand reached US$19 billion. outpacing the country¶s real GDP.com/news/metals-and-mining/4101-gold-wgc-highlightsfundamental-role-of-india. Based on WGC estimates. estimated at around 30% of total income. The report is the first in a new series on the Indian gold market. or Rs974 billion. The World Gold Council is however a non-profit alliance affiliated with the world¶s chief gold process that has been created to promote the popularity and use of gold. said: ³India is the largest gold market in the world and. the value of gold demand in India has increased at an average rate of 13% per year. with the second scheduled for publication in 2011.000 tonnes of above ground gold stocks worth approximately US$800 billion at today¶s gold price and representing at least 11% of global stock. It has its headquarters in Geneva where the Council was formed by a network of offices. Ends -http://www.The World Gold Council (WGC) today published a research paper entitled ³India: Heart of Gold´. which are basically representatives of the major centres that meet up with the demand of gold all across the globe. The country currently has one of the highest saving rates in the world. ³Gold is an integral part of Indian society and a foundation of wealth and savings in India. which accounts for 15% of the global gold market. in the context of the revival of Indian demand for gold in 2010. which will analyse the strategic outlook for Indian gold demand over the next several decades. Eily Ong.commodities-now. a figure which is significantly below consumption in western markets.

The Gold Bulletin is the only journal that focuses on science. a World . It has its regional offices in India. coins. this has close relevance to the forms of gold that are consumed like jewellery. The foremost focus and concern over the past few years has been on smoothing the progress of the elimination of structural hindrances to the free surge of gold and hence.www. Core information regarding gold is provided by this research based programme to all the nationwide and international investors. Middle East. It provides with expert and professional gold information and the economic services to bulky proprietors of gold. and broadcasts information on expansion in gold stipulation and other gold related issues. London. For people who are interested in information regarding the gold markets they can visit their website. inflation and currency evade.org. a re-think on the taxes and levies currently preventing investment in gold from expanding further is required. Japan. http://www. Feb 01. dentistry in what ever structure gold is largely sold or consumed. it is quite supportive in its wellknown attainment and maintenance.com/business-articles/what-is-the-world-gold-council/ World Gold council sees greater role for gold in tax saving instruments India Infoline News Service / 16:35 .gold. These research papers are acknowledged by various academics and in-house experts that have the true knowledge of gold¶s features as an investment. 2010 In light of the current global economic scenario. These research papers also contain all the relevant information of the demand and supply of gold based on the market trend. Furthermore. its value. bars.The nature of the World Gold Council¶s work is very much closely related in partnership with the local gold trade and gold industry. Also. The mission of World Gold Council is to motivate and maintain the demand for gold and also establish the endurance value for the gold stakeholders. To sum up. The Gold Bulletin journal has been printed for around 40 years by the World Gold Council. the World Gold Council is an international and non-profitable association that has its headquarters based in Geneva.eddyarticles. technology and industrial applications for gold to augment its development. China. The World Gold Council manages regional and global market research studies. the Council¶s programme and the talented team of staff assist in modifying gold products and supervising its distribution process. It also includes the printing of wide-ranging research papers. It happens to vary as per the diverse requirements and stages of developments and progression that the countries might be undergoing. The world¶s principal gold mining companies are providing the World Gold Council with supporting funds. Turkey and North America. World Gold Council has seen a renewed interest in investing in gold worldwide. As Indian citizens continue to search for ways to preserve their wealth.

com/Markets/News/World-Gold-council-sees-greater-role-for-gold-in-taxsaving-instruments/4764734590 Forbes: Restoring gold's role in currency markets should be at the top of the G-20's agenda November 11. Furthermore. However. subsequent to the 1992 reforms. Ajay Mitra. the underlying appetite to invest in gold to protect wealth shows signs of increasing. and gold should play a central role. In India too. ³There needs to be a re-think on regulatory issues." columnist says It's time to reform the international monetary system. must be clarified. in India. in India the yellow metal is still being treated as a commodity. In light of the current global economic scenario. Kadlec. While gold has been increasingly viewed as an investment asset in international markets.Gold Council official stated at a recent industry conference. there have been no major moves to further liberalise the gold investment market. Managing Director. its role for income tax benefits. World Gold Council has seen a renewed interest in investing in gold worldwide. Gold should play a more significant role in the sustainable growth of the Indian economy and WGC welcomes the increasing pressure on Government to enable this´ Portfolios that contain even a small allocation of gold are proven to be generally more robust and better able to cope with market uncertainties than those that do not. http://www. in a Forbes article: .indiainfoline. a member of the Economic Advisory Board of the American Principles Project. at least for working women and for the bottom level in the income tax brackets. Speaking at a panel discussion titled ³Growth of the Indian Gold Industry´ organised by the Federation of Indian Chambers of Commerce & Industry earlier this month. 2010 "The scramble is on to find a permanent replacement for the dollar. The Reserve Bank of India itself has recently purchased 200 tonnes of gold from the IMF. World Gold Council said: ³There are a number of ways of accessing the investment benefits of gold and it is time that the Indian government started considering it for the provision of income tax benefits. Research conducted by the World Gold Council highlights a need for the Pension & Insurance Corpus to diversify its investment assets to create greater stability in the portfolio. Indian Sub-Continent. if gold is to be treated as an investment option. World Gold Council believes that there needs to be a change to the regulatory definition of gold in India. especially for working women and the µbottom of the pyramid¶ segment. taxes and levies that currently prevent investment in gold from expanding further and offering Indian citizens access to much needed ways of protecting their wealth´ opines Ajay Mitra. writes Charles W.

that provided the vital ingredient for a growing world economy. facilitated the post World War II economic 'miracles' of Western Europe and Japan.php?article=1412 Gold Role Reversal: Central Banks Now Net Gold Buyers By Addison Wiggin 03/19/10 Baltimore.U. this mix of U. .com/investing-news-blog/econ.. introducing yet more uncertainty into a developed world struggling to recover from financial crisis. show it was gold. policies led to the great. price stability and modest trade imbalances."With the world's monetary system tethered to the dollar. the dollar was a reliable means of exchange.. in which the dollar was linked to gold. not the dollar. It delivered stable prices. global inflation of the 1970s.S. and helped a 20-year period of 4% growth in the U. The different results between that era." http://www. and the growing uncertainty and instability of the past 40 years. "During the Bretton Woods era of the 1950s and 1960s. "The surprising answer may turn out to be a gold standard designed to reflect the realities of a 21stcentury global economy. And the central banks of Britain and Japan have not shown themselves to be particularly skillful in providing a stable currency within their own economies.. "First.S. The sovereign debt crisis among E. and a developing world attempting to cope with an unstable dollar and hot money flows. the leading alternatives to gold would represent a grand new experiment in operating the international monetary system.blanchardonline. No wonder the scramble is on to find a permanent replacement for the dollar.. . countries limits the euro's role. Restoring gold's role as the key reference point therefore should be at the top of the G-20's agenda for reforming the international monetary system. while lack of infrastructure and liquidity--and political risks--rule out the renminbi. Maryland ± The world is turning upside down when central bankers are accumulating gold and ordinary people are not. . "No single currency has the credibility or liquidity to displace the dollar. "[World Bank President Robert] Zoellick's proposal [to revive a gold standard] should be considered for several reasons.

at least. sales of Gold Eagles in February fell 26% from year-ago figures. ³I think we already have a gold standard created by the marketplace. Second.Last year. The numbers aren¶t as dramatic in the United States. and for three simple reasons. Gold Prices aren't high enough.not for their tastes. In fact.4% of the gold central banks already held. That's with all the gold ever mined in history locked inside central-bank vaults. Gold Pricing & Value Backing the world's broad-money supply with gold . nor anytime soon an ywhere. but still. . That figure compares with well over 20% before 1930 . And third. the near -170. central banks were net buyers of gold for the first time since 1988. either: ³We have the [exchange-traded funds] that have proliferated. Now valued at $7.´ Then again. according to CPM Group. that¶s only 1. Nor against financial assets is gold priced highly enough to warrant becoming the world's sole monetary arbiter. by the way. or $6230 by 2020 on BullionVault's maths.9% of total investable wealth .000 tonnes of gold ever mined in history is worth only 3. Many buyers are waiting up to three weeks for delivery. out of jewelry and mined ore into coin and large -bar form. they bought the most gold in any year since 1964.would require a price nearer to $4000 per ounce than $1400.even at the 40% cover-ratio set by the United States in the interwar years . Sales of US Silver Eagles in the first two months of 2010 are up 40% compared with the same period in 2009. according to the World Gold Council. Not just the central banks. modern governments don't hold enough of the stuff .´ explains the Austrian mint¶s veteran marketing director Kerry Tattersall. Not in the West. and we have more and more physical buying of gold. But it¶s the trend that matters: China. and Russia all added to their reserves last year. Plus.com/gold-role-reversal-central-banks-now-net-gold-buyers/ Can the world go back to a Gold Standard? Nope.´ says the inimitable Marc Faber. Sales of the popular Austrian Philharmonic gold coins have crashed 80% compared with a year ago. Full cover for a reserves -backed "bullion standard" would need prices above $10. Addison Wiggin for The Daily Reckoning http://dailyreckoning.6 trillion. grew by 425 metric tons last year.000 per ounce. Total central bank holdings worldwide. Retail investors who buy coins? Not so much. And it fits into a bigger picture ± growing distrust of the world¶s reserve currency. True.´ At least there¶s more physical buying when it comes to the ultra-wealthy who can buy huge bars of the stuff. First. just isn't great enough. Yet.a valuation which at current mining -production rates (and with constant asset prices) would require a gold price of $6650 per ounce by 2015. maybe most of the folks who have the means to buy gold have done so already and those who don¶t are buying silver. the pace of phy sical monetization. India. ³a lot of people feel more relaxed about the economic crisis. ³There¶s no more upward surge in gold price to titillate buyers.

and "mixed-economy" planning . a decade ago. Nor do the largest gold holders . GDP growth and the free transfer of capital. Demolishing these pillars of "soft money" in the next five or 10 years. although recovering from what was. Yes. the weakest role it ever played in the world's financial system. even as the national ized gold stocks they first confiscated fell back. gold's private -investment weighting was six times greater than today. never mind the base of their monetary systems. looks less likely than even another quadrupling of gold prices.65 meters along each edge).historical facts which have scarcely retreated. let alone unwinding the centralized urge to control price-levels. Official-Sector Gold Holdings As a proportion of the above-ground total (a cube now measuring some 20. more widely -held and heavily-weighted assets . the welfare state. that period marked high tide for the classic al gold-coin standard. world governments haven't held this little gold since 1911.1 official holder. gold remains dwarfed by other.So. The No. last flirted with talk of a return to gold in the early '80s. But with the ebb came the Federal Reserve.most obviously the US Dollar and Treasury bonds. the United States. .those states nearest to a practical level of cover .show any enthusiasm for mobilizing their gold hoards as part. But back then. and double-digit interest rates gave cash savers positive real returns on their money (post -inflation) for the first time in a decade.

from continuing to build their own gold reserves. but it appeals to the same thinking which gave us the United States' exorbitant privilege of Dollar issuance. But is that pace enough? A little under a century ago. Even in 1900. It wasn't until Great Britain re-introduced gold convertibility in 1925 that the Bank of England issued paper notes to represent its gold holdings .meaning primarily household cash savings.230). . So never say never. formally. and to cover M2 . private holdings of Gold Coins still exceeded central-bank hoards worldwide. rather th an as jewelry.monetization of newly-mined gold was running well above 45%. Dollars. only losing ground as Europe's second thirty-year war drew near and nation states began hoarding for war.with private actors trading goods and settling debts with transfers of bullion. the average proportion held by central banks between 1945 and 1971. it would take 15 years to raise that physically monetized level to 44%.Such a "hard money" backdrop remains a long way off today. believe the people who could decide such a change. Because the largest hoarders of gold by far today are the newly -enriched consumers of emerging Asia's two largest economies. held on depo sit and in money-market accounts . it ain't going to happen. India's world -beating appetite is beginning to devour low -margin investment coins and bars once more (some 30% of the subcontinent's gold pu rchases. in fact). Absent that kind of price. Physical Monetization of Gold This dim outlook for a dictated return to some level of "Gold Standard" in the rich West. not sound money. the sheer weight of privately -held gold reserves may in fact tip us back towards the origins of the clas sical Gold Standard. of course. while existing mone tary units surely retained their form.rather than enabling free circulation of metal in coin . the first (if not last) period when interventionist. won't prevent private savers. We need devalued currency.not central-bank diktat or academic theorists sitting in Princeton. and given the deflation -fearing consensus amongst central bankers and the academics they l isten to. Because that historical "accident" (as gold -market historian Timothy Green calls it in his Ages of Gold) developed out of freely-decided convention . at present. cost-efficient coins and bars are gaining fast on non-investment forms. So must gold play no role in money? Indexing a notional. dental fillings. however.133 tonnes of gold would need to be valued almost 10 times higher per ounce ($13. nor emerging-economy states. coin and bar) world wide is now running at twice the pace of five years ago. welfare states in the West yoked their money supplies to gold. Chinese households have bought more gold in the last two -and-half years than the People's Bank holds in total . plus that explosion of state intervention in all economic activity which we're still very much living with today. Yuan and gold might seem wise. But even at current rates of investment fabrication. according to Sunil Kashyap at Scotia Mocatta). for over 200 years .thereby shifting the world from a gold -coin to a bullion standard. or flakes floating in schnapps. vaulting for victory.and here too.e. in time.in a world where gold had been money. Demand for "monetary" gold (i. eating perhaps 49% of 2010's total global-market supplies in the form of low -margin units for trading and storage. bonding wire. government -only Bancor currency or Special Drawing Right against a basket of. Jewelry recycling no doubt topped that level. Furthermore. despite the fact that the US could actually back its currency in circulation with a 40% cover-ratio at current prices ($1390 per ounce. say. Euros. Joseph Kitchen (he of the wonderfully -named 'Kitchen Cycle' in commodity prices) studied bullion flows and found that . a little over a third of the world's above -ground gold is currently held in coins or bars (as measured by best estimates for investment plus central-bank stocks). Whereas. Money is much more than just notes and coins today. Berkeley or on Southwark Bridge .the Treasury's 8.

most secure route to owning it.pensionsperformance. growing economies have ever employed precious metals successfully as their monetary standard.. and converting your gold into widely accepted currency as you need.. over-indebted states.Actively encouraged by Beijing. For as long as gold is used to store value. Still.com/editorial/2008/index05_2008. Western investors fearing what Asia's rise could do to their own standard of living might also consider getting the ju mp on China's rapid accumulation of privately-held gold." as prime minister Benjamin Disraeli noted in a speech to Glasgow industrialists fifty years earlier. China's rapid private accumulation of both gold and silver should remind economic historians that only structurally sound.ibtimes.com/articles/81632/20101113/going-back-to-gold-standard. "Our gold standard is not the c ause but the consequence of our commercial prosperity. rather than directly for buying and selling. We'll have to wait and see whether China quite fits that bill.htm http://www. looks the next best thing to enjoying gold -backed currency . http://www. as the disaster of Britain's return to gold in 1925 proved.pdf . But gold has never been a panacea for weak..your own private Gold Standard in a world of central bankers hell -bent on devaluing your savings. Put another way.. then seeking out the most efficient.

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