El delirio alemán por el oro

WASHINGTON, DC – El oro alemán cambiará de lugar. Por primera vez desde que las transacciones oficiales con oro se hicieron más transparentes, las autoridades alemanas transferirán hacia el país una parte significativa de sus reservas de oro que actualmente están en Francia y los Estados Unidos, según ha informado el Bundesbank. Claramente se trata solo de una cuestión de gestión monetaria. Pero, ¿por qué ahora?

Una posibilidad es que los responsables del diseño de políticas alemanas piensan que estamos llegando a una situación de “sálvese quien pueda”  –y solamente el oro resguardado por uno mismo tiene valor.

No obstante, esto es demasiado exagerado. Un mundo en el que la confianza financiera entre Alemania y Francia o Alemania y los Estados Unidos desapareciera por completo tendría problemas mucho mayores que decidir dónde poner el oro de un país. El comercio internacional se desplomaría y las principales empresas globales tendrían dificultades para vender sus productos. Tener el oro en casa o en las bóvedas de la Reserva Federal de Nueva York no tendría gran importancia en tal situación.

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