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1、考研英语时文阅读:BurnishedUpgoesgold,downgoesthedollarMosteconomistshategold.Not,youunderstand,thattheywouldturnuptheirnosesatabarortwo.Buttheyfindthereverenceinwhichmanyholdthemetalalmostirrational.Thatitwasusedasmoneyformillenniaisirrelevant:itisn'tanymore・Modernmoneytakestheformofpape
2、ror,moreoften,electronicdata.Toeconomists,goldisnowjustanothercommodity・Sowhyisitspricesoaring?Overthepastweek,thishastopped$450atroyounce,upby9%sincethebeginningoftheyearand77%sinceApril2001.Ah,comesthereply,goldtransactionsaredenominatedindollars,andtheriseinthepricesimplyrefle
3、ctsthedollar'sfallintermsofothercurrencies,especiallytheeuro,againstwhichithitanewlowthisweek.Expressedineuros,thegoldpricehasmovedmuchless.However,thereisnoironlink,asitwere,betweenthevalueofthedollarandthevalueofgold・Arisingpriceofgold,likethatofanythingelse,canreflectanincreas
4、eindemandaswellasadepreciationofitsunitofaccount.Thisiswheregoldbullscomein.Thefallinthedollarisimportant,butmainlybecauseasastoreofvaluethedollarstinks・Withafewlongishrallies,thegreenbackhasbeenonadownwardtrendsinceitcameoffthegoldstandardin1971.Nowitissufferingoneofitssharperde
5、clines.Atthemargin,extrademandhascomefromthosewhothinkdollars—indeedanymoneybackedbynothingmorethanpromisestokeepinflationlow-adecidedlyriskyinvestment,mainlybecauseAmerica,withtheworld'sreservecurrency,hasbeenabletocreateandboirowsomanyofthem.Theleastpainfulwayofrepayingthosedol
6、larsistomakethemworthless.Thestrikingexceptiontothisextrademandcomesfromcentralbanks,whichwouldliketosellsomeofthegoldtheyalreadyhave・Asalegacyofthedayswhentheircurrencieswerebackedbythemetal,centralbanksstillholdone-fifthoftheworld'sgold・LastmonththeBankofFrancesaiditwouldsell50
7、0tonnesincomingyears.Butbigsalesbycentralbankscancausethepricetoplunge~aswhentheBankofEnglandsold395tonnesbetween1999and2002.Theresultwasanagreementbetweencentralbankstoco-ordinateandlimitfuturesales.Ifthepriceofgoldmarcheshigher,thisagreementwillpresumablyberippedup,althoughadol
8、larcrisismightmakecentralbanksthinktwice
