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The following article was published in our article directory on December 2, 2010.
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Gold Will Always Be Secure Value-added Tools and Hedging Tool

Article Category: Business

Author Name: xia zihui

Although the story so far is still fascinating talk in gold, but gold standard than a half century ago led the world, has greatly reduced the brilliant gold. World Bank President Robert Zoellick on November 8 the implementation of improved version of the accident made the gold standard, although provoked many objections, but also reminiscent of the "golden in power," the eventful years.

In history, every economic, financial, political turmoil, gold is always prudent hedging instruments and hedging tool. As Nobel Prize winner George Bernard Shaw in 1928 during the turmoil and inflation, said: "either that the natural stability of gold, or that the government cabinet and the honesty and wisdom. For the understanding of those gentlemen, I suggest you As long as capitalism exists, it should believe in gold. "

In the 20th century, late 60s, the peak position of gold. Under the gold standard, the value of any currency to gold to have fixed. In 1931, European financial turmoil, speculators began to pound a lot in exchange for gold, resulting in the Bank of England's gold reserves depleted rapidly. After 9 to 10 months, the dollar again this scene repeat itself, investors moved funds into gold from the Bank of America, resulting in thousands of U.S. banks experienced a run on depositors. Early August 1971, General de Gaulle, France to send ships to New York to the main port of the French presence in New York asked the U.S. Treasury's foreign exchange earnings to take away the form of physical gold. , The French began selling dollars. In this wave, the European countries have asked the U.S. government with a treasury of gold exchange their dollar reserves after the trade surplus. This time, the U.S. gold reserves from the down before World War II more than twenty thousand tons to 8,500 tons.

August 9, 1971, the last straw breaks the camel came. Personal representative of the British economy to visit the U.S. Treasury, will hold 3.0 billion requested dollars into gold. 4 days later, Nixon make a determined effort to convene a lightning 16-bit secret key in formulating economic policy cabinet members, proposed a "new economic policy", including forced off the gold window and freeze prices and wages. That year, the U.S. government announced in such a way decoupling of the dollar and gold, the gold standard advocated by the resulting collapse of the Bretton Woods system. U.S. non-governmental economic observers Andi Sen - Viking in "dollar decline," a book written in the abolition of the gold standard, the Mint's machines can run late into the night, as the number of U.S. Treasury gold reserves in early is not They want things.

Western economist John Maynard Keynes once summed up the image of gold's role in the monetary system, said: "Gold as a last resort when necessary guards and emergency reserves, there is no other better things to replace it." In a few words years later, again revealed its "true character." U.S. rumbling start of the printing press to make the world once again shaken the confidence of the dollar, but also shows the current round of financial turmoil, gold is still the absolute heart weight of the world. Zoellick's "absurd" initiative is a manifestation of this mentality. A source close to Singapore's sovereign wealth fund Temasek investment firm on the "Global Times" said that not long ago they interviewed an American MBA graduates of top schools for only asked two questions: First, how do you see gold ? Second, do you think gold will happen? The first half of this year, the Indian government in Australia has been quietly acquired a sizeable gold. ANZ chief economist of China, said Liu Ligang, the long term, gold is more strategic scarce resources.

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