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giovedì 12 novembre 2015

MASTERS OF GOLD. PERCHE' NON TUTTO E NON SEMPRE QUELLO CHE VEDIAMO SUL MERCATO DELL'ORO E' COME APPARE PT. 5

Qualche altra riga per chiudere, per adesso, sull'oro.
Cliccando qui, potete trovare qualcosina di interessante, ovvero un “memo” scritto nel 1974, da Sidney Weintraub, Deputy Assistant Secretary of State for International Finance and Development, a Paul Volker, allorquando questo era Under Secretay of the Treasury for Monetary Affairs e non ancora capo della Fed.
Sottolineo 2 soli passaggi; sostituite SDR con USD (dollaro americano) ed il gioco è fatto. 

«U.S. objectives for the world monetary system—a durable, stable system, with the SDR as a strong reserve asset at its center—are incompatible with a continued important role for gold as a reserve asset. [..] It is the U.S. concern that any substantial increase now in the price at which official gold transactions are made would strengthen the position of gold in the system, and cripple the SDR.
If international liquidity were injected via gold, there would be little likelihood of new SDR allocations.There also would be reduced incentive to sell gold on the private market even after an official price increase since central banks would cling to their gold in expectation of further official gold price increases».
«To encourage and facilitate the eventual demonetization of gold, our position is to keep the present gold price, maintain the present Bretton Woods agreement ban against official gold purchases at above the official price and encourage the gradual disposition of monetary gold through sales in the private market. An alternative route to demonetization could involve a substitution of SDRs for gold with the IMF, with the latter selling the gold gradually on the private market, and allocating the profits on such sales either to the original gold holders, or by other agreement.
European views on the role of gold in the world monetary system vary considerably. The British and Germans, on one hand, generally agree in principle to the desirability of phasing gold out of the system. On the other end of the spectrum, the French have been the main proponents of a continued important role for gold in the system.
Support for a continued role for gold in the system is based in large part on the belief that "paper gold"—the SDR—does not command sufficient confidence and acceptability to replace gold completely in the system. There is, in fact, still a considerable emotional attachment to gold as a monetary asset, and a basic distrust of bank or paper money not having intrinsic value.
On the other hand, most European officials recognize the basic problems involved in a combined SDR–gold reserve asset system. Belgian Finance Minister De Clerq, for example, speaking at the IMF annual meetings in September stated:
Any redefinition of the role of gold must be based on the principle stated above: that SDR must become the center of the system and that there can be no question of introducing a new form of gold– paper and gold–metal bimetallism, in which the SDR and gold would be in competition»