lunes, 8 de junio de 2015

Oro y revalorizaciones trimestrales del Eurosistema 3


Dos de los comentarios en este reciente artículo de Zero Hedge “Gold At $64,000 – Bloomberg’s ‘China Gold Price’” (por cierto, con titular estilo FOFOA, pues FOFOA estima 55.000$/onza) nos recuerdan y explican, de nuevo, cómo el oro físico está ya presente en el sistema monetario de la mano del BCE (entre otros bancos centrales) desde la introducción del euro en 1999:


The word game being played here involves the word 'backed'.

In the gold standard countries promised gold for paper. They 'needed' a certain amount in case there was a panic into gold...but gold and paper were claimed to be equal.

The ECB has a different approach. They simply hold gold (10,800 tons of it!!) on their balance sheet. In this way the world can decide how much the Euro is worth by deciding how much gold they will pay for a Euro. This is a more elegant way to have gold in the monetary system and yet not limit the currency with the need for a semi-rare metal. 

It also allows the Euro's balance sheet to expand if the dollar dies. At that point gold would have a high dollar price and the ECB balance sheet would rise enormously in dollar terms. Their treasuries might be worthless but their gold would still 'back' the Euro.


The ECB does audit their gold. Lasvegas is right.

The ECB floats gold on the asset side of its balance sheet at marked to market prices.


Recordemos los anteriores posts:

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