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L'or : l'actif refuge des temps difficiles

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  • Henri-Louis Vedie

Abstract

On assiste, ces derniers mois, à un rebond des cours de l'or, le portant vers de nouveaux sommets. L'analyse des cours de ce précieux métal depuis deux siècles montre une grande stabilité jusqu'en 1971, date de l'abandon de la convertibilité or /dollar par les Etats-Unis, mais aussi de son mouvement erratique depuis cette date. Soumise aux lois du marché, cette matière première voit son cours dépendre essentiellement de la demande. Evolution qui confirme cet actif comme valeur refuge des temps difficiles, sans pour autant envisager sa remonétisation. Ce rebond, de nature conjoncturelle, qui s'inscrit dans les court et moyen termes, est une aubaine pour les pays producteurs, au premier rang desquels on trouve la Chine, la Russie et l'Australie, mais aussi certains producteurs africains, comme le Ghana.

Suggested Citation

  • Henri-Louis Vedie, 2020. "L'or : l'actif refuge des temps difficiles," Policy notes & Policy briefs 1932, Policy Center for the New South.
    • Handle: RePEc:ocp:ppaper:pb20-77
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