EXPANZIA TEZAURÁCIE ZLATA AKO DÔSLEDOK STRATY DÔVERY VO SVETOVÉ MENY
Expansion of gold hoarding as a result of the loss of confidence in world currencies
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Gold has been historically defined as the medium of exchange. Its role is significant even today, reflecting lack of confidence in fiat currencies and turbulences in the markets with the major reserve currencies and bonds denominated in them. Until 2009, there was an apparent trend of central banks to reduce the volume of gold reserves. However, after the full break out of the financial crisis in 2008, the trend reversed towards greater hoarding of gold. Investors are also turning to gold as an investment and increase the volume of precious metals in their portfolios. High gold price broke a record in nominal terms, however, in real terms, did not reach 60% of the price level from 1980. In submitted paper, the authors devote themselves to the analysis of gold prices and factors affecting it and present the estimates of the future price development.
199 – 218
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