日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

USEUROPEAFRICAASIA 中文雙語Fran?ais
Opinion
Home / Opinion / Op-Ed Contributors

Is this the end of a golden age?

By Julian Jessop | China Daily | Updated: 2013-04-23 08:12

Is this the end of a golden age?

After a decade-long bull market, investors appear to have fallen out of love with gold. The dramatic collapse in prices that began on April 12 has certainly undermined confidence in the precious metal and left many wondering whether it could ever be regarded as a safe haven again. In fact, sentiment has been weakening for some time, reflected in the large outflows from gold exchange-traded funds and fading enthusiasm for gold among speculators in the US futures market.

Nonetheless, the trigger for the recent slump appears to have been aggressive selling by a handful of traders, rather than the reversal of the fundamental drivers that have lifted gold prices in the past and may well do so again. Indeed, none of the fundamental explanations being discussed for the slump in gold prices really makes sense. One is the possibility that the troubled eurozone countries will be forced to sell their official reserves of the precious metal.

However, it is not even certain that Cyprus, whose holdings are tiny anyway, will actually sell any gold. What's more, if the crisis in the eurozone does escalate to the point where other, larger countries were desperate enough to consider dipping into their own reserves, demand for safe havens would surely be so strong that there would be plenty of willing buyers for this gold - even at higher prices.

Another fundamental explanation for the recent slump in gold prices is the possibility that the US Federal Reserve might scale back its asset purchases under quantitative easing (QE3) later in the year. Rising (real) yields could also reduce the attractiveness of an asset, like gold, which pays no income.

But, if anything, the weakness of the latest US economic data has made it less likely for the Fed to withdraw its monetary stimulus any time soon. Indeed, global bond yields have actually been falling in recent weeks, in part because of the prospect of additional monetary easing from Bank of Japan, the country's central bank.

Alternatively, market sentiment may simply have been turned by the bearish note issued by a well-known US investment bank recently. But while their timing has been impeccable, the bears do not appear to have made any new arguments. Their emphasis on the risks to the price of gold posed by a stronger global economic recovery and by rising interest rates certainly looks increasingly misplaced, or at least premature.

Previous Page 1 2 Next Page

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 午夜丁香婷婷 | 日本黄色三级网站 | 亚洲日本中文字幕永久 | 天天爽夜夜爽夜夜爽 | 99re在线精品 | 欧美日韩一区二区三区四区五区 | 成人欧美一区二区 | 天天操夜夜操天天操 | 久久精品 | 精品久久久久久久久久 | 激情久久久久 | 国产精品久久久久久久久久久久冷 | 欧美性xxxxx极品老少 | 日本亚洲天堂网 | 午夜性福 | 亚洲自拍偷拍在线 | 亚洲人成在线播放网站 | 日本免费高清一区 | 综合97 | 日韩免费大片 | 精品a级片 | 91久久线看在观草草青青 | 亚洲毛片网站 | 欧美大片一区二区三区 | 久久99国产综合精品免费 | 色宅男看片午夜大片免费看 | 中文字幕av在线 | 五月天婷婷综合 | 国产成人精品一区二区三区视频 | 欧美高清在线视频一区二区 | 偷偷要色偷偷 | www中文字幕 | 久久久久久久久久亚洲 | 日夜夜操 | 九色传媒 | 一级黄色毛片视频 | 一区二区在线不卡 | 一级做a爰片性色毛片2021 | 日韩一级在线播放 | 天天拍久久 | www午夜视频 |