Goldene Träume

CAMBRIDGE – Im Prinzip ist der Besitz von Gold eine Form der Versicherung gegen Krieg, den Zusammenbruch des Finanzsystems und allumfassende Währungsentwertung.  Und seit Beginn der globalen Finanzkrise wird der Goldpreis oft auch als Barometer der weltweiten wirtschaftlichen Unsicherheiten bezeichnet. Ist der Einbruch des Goldpreises – von einem Spitzenwert von 1.900 Dollar pro Unze im August 2011 auf weniger als 1.250 Dollar Anfang Juli 2013 – deshalb als Vertrauensbeweis gegenüber der Weltwirtschaft zu werten?

Die Feststellung, der Goldmarkt weise alle klassischen Anzeichen einer geplatzten Blase auf, ist eine übermäßige Vereinfachung. Zweifellos ließ der berauschende Goldpreisanstieg, ausgehend von etwa 350 Dollar pro Unze im Juli 2003, die Anleger in Verzückung geraten. Der Preis stieg jeden Tag, weil alles überzeugt war, dass er am nächsten Tag noch höher steigen würde.

Ärzte und Zahnärzte begannen Aktien abzustoßen und Goldmünzen zu kaufen. In Indien und China stieg die Nachfrage nach Goldschmuck rasant an. Die Zentralbanken in den Schwellenländern diversifizierten ihre Portefeuilles, indem sie Dollars verkauften und in Gold investierten.

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    The Brexit Surrender

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    The Holy Grail of Genetic Engineering

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  7. The Year Ahead 2018

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