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EN
The study considers questions related to the functioning of the Tripartite Commission for the Restitution of Gold Reserves created by France, the USA and Great Britain in 1946. Its role was to verify and distribute the gold reserves of 10 European countries stolen by Germany during the Second World War. One of the recipients was Czechoslovakia, which lost more than 45 tons of gold reserves in 1939-1940. The study is directed towards the marathon of talks between the commission and Czechoslovakia in the period 1947-1952, which finally led to recognition of the Czechoslovak claim to a share of the gold. However, this was blocked by pressure from the USA and it was eventually physically returned only in 1982.
EN
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.
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