Zlato ako nová globálna mena

Cena zlata sa od začiatku milénia do súčasnosti takmer strojnásobila, čo nám indikuje prichádzajúce ekonomické problémy. Zostane na konci tejto éry opätovne len zlato ako plnohodnotná globálna mena?

The price of gold sinve new millenium has doubled quite quickly as gold scented inflation. Inflation did not come in the expected form of hikes in the prices of goods and services in the developed world, because China and other emerging economies were flooding the world market with cheap goods while India and others supplied outsourced services that also kept conventional measures of inflation in check.

Gold has more to worry about than a new great inflation. There is a widespread perception (going well beyond China) that the US has debauched its currency by printing so much of it and that its future value as the principal store of international reserves has been compromised as a result.

What will step into the breach if confidence in the dollar continues to wane? Not the euro, because as former Fed chairman Paul Volcker pointed out recently, it is not in the long-term interest of any single nation (or geographical region) to bear the burden of operating a global reserve currency.

Another candidate could be forced willy nilly to occupy the role of principal store of value and immutable medium of exchange - ie gold.

It has been playing these roles for thousands of years, even if forced to do so in a 'shadow' capacity recently by a belief that fiat currencies such as the dollar (and before that the pound) were as good as gold. This is why the gold price is where it is now. Be warned!

Článok:business.asiaone.com/Business/My%2BMoney/Opinion/Story/A1Story20090807-159804.html

11.08.2009