The striking exception to this extra demand comes from central banks, which would like to sell some of the gold they already have. As a legacy of the days when their currencies were backed by the metal, central banks still hold one-fifth of the world s gold. Last month the Bank of France said it would sell 500 tonnes in coming years. But big sales by central banks can cause the price to plunge--as when the Bank of England sold 395 tonnes between 1999 and 2002. The result was an agreement between central banks to co-ordinate and limit future sales.
If the price of gold marches higher, this agreement will presumably be ripped up, although a dollar crisis might make central banks think twice about switching into paper money. Will the overhang of central-bank gold drag the price down again? Not necessarily. As James Grant, gold bug and publisher of Grant s Interest Rate Observer, a newsletter, points out, in recent years the huge glut of government debt has not stopped a sharp rise in its price.
1.In economists eyes, gold is something__________.
[A] they look down upon
[B] that can be exchanged in the market
[C] worth peoples reverence
[D] that should be replaced by other forms of money
2.According to the author, one of the reasons for the rising of gold price is___________.
[A] the increasing demand for gold
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