黄金失去光泽

黄金失去光泽
Gold shines during crises, as any self-respecting gold bug will tell you. But, in this crisis, bullion is not doing as well as some of its fervent supporters predicted. The price in London yesterday dropped to less than $710 per troy ounce, down 5 per cent since the September collapse of Lehman Brothers.In the past month - despite policymakers dubbing the crisis the worst since the 1930s' Depression - gold has shed 15 per cent of its value.
Gold bugs are deeply disappointed. Some spout conspiracy theories to explain why hair removal the precious metal is not trading well above $1,000 an ounce. Central bank selling is mentioned, although without proof. In fact, the opposite is the case: central banks are selling less and hair removal also lending far less.
Gold's dimmed glow is linked to the rebound in the dollar - particularly against the euro but also against the currencies of big consumers such as India. It is also linked to the oil price collapse, which has reduced inflation worries, and to lower demand for jewellery as higher prices hair removal earlier this year - gold hit a record high of $1,030.80 in March - and rising unemployment have cut consumer appetite.hrmovlser
Also, investors are liquidating their commodities indices and baskets, in which the precious metal has a large presence. As they sell oil, copper and wheat, they also dispose of gold.
In fairness, bullion is not doing so badly: if the investment case is wealth preservation, rather than stellar hair removal returns, it has delivered. Since the financial crisis began in August 2007, gold prices are up 7 per cent. That contrasts with losses of more than 40 per cent for the S&P 500 index. hair removal The situation looks even better in Europe. In sterling terms, gold has risen 46 per cent since last August and, in euros, 17 per cent. Good news for Europe-based gold bugs but not so good for their US counterparts.
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