The Role of Gold in the Global Stability

Marina Luminita SARBOVAN

Abstract


The contemporary global gold control activities are in close connection with the worldhierarchy of the states, following their economic potential and performances. The lacunoseexplanation of scarcity in pricing this resource became weak and dried up. The gold standard remainsunique, and the central banks permanently increase their gold reserves, as the International MonetaryFund statistics of national assets reveal; the usual explanation for this fact is that, promoting andsecuring the macroeconomic stability, while the national currencies fluctuate or most common beingdepreciated, the gold price is raising continuously. Moreover, the gold holdings in the nationalFOREX reserves are every year higher, especially for the leading countries of the world economy:USA- 76.6%, Germany - 73.7%, Italy - 73.4%, France - 71.8%. Romania is not very committed tothis global trend of empowering the national financial system by investing in gold assets, owing only11.3% gold assets in its’ reserves; thus, granting the gold mines to business entities (“Rosia Montanaâ€case) is not in accordance with the financial convergence goal, and the structural catching up with themost advanced economies, that our country must fulfill, in order to enter the euro zone.

Keywords


gold reserve, economic performance, stability

Full Text:

PDF


DOI: http://dx.doi.org/10.15835/buasvmcn-hort:8644




University of Agricultural Sciences and Veterinary Medicine
3-5 Manastur St., 400372 Cluj-Napoca
Romania
Tel: +40-264-596.384 | Fax: +40-264-593.792 
biroupublicatii@usamvcluj.ro