L’or est-il une bonne couverture contre le risque ?

CAMBRIDGE – En traversant récemment l’aéroport de Dubaï, j’ai été frappé par le grand nombre de personnes qui achetaient des pièces d’or. Elles ne réagissaient pas aux difficultés financières de Dubaï, mais participaient du même mouvement qui pousse les gens à acquérir de l’or avant que son prix augmente encore. À cause de ce comportement, le cours de l’or, de 400 dollars l’once en 2005, est passé à 1100 dollars en décembre 2009.

L’achat d’or individuel va bien au-delà des boutiques d’aéroport et autres officines vendant des pièces d’or. Outre l’achat de pièces frappées par différents gouvernements, les particuliers achètent des lingots d’or d’un kilo, des fonds indiciels négociables en bourse qui représentent des créances sur l’or physique, des contrats à terme sur l’or et des participations dans des sociétés minières qui offrent une position d’effet de levier sur le prix futur de l’or.

Et les acheteurs ne sont pas seulement des particuliers, mais également des institutions de premier plan et des fonds souverains. Dernièrement, le gouvernement indien a acheté 200 tonnes d’or auprès du Fonds monétaire international.

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