Carlos Manso ChicoteSEGUIRMadrid Updated: Save Send news by mail electrónicoTu name *

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The former vice president of the Government and former minister of Economy and Finance (2004-2009), is Pedro Solbes , decided to sell a 32% of the gold reserves of the Bank of Spain -some 133,7 tons or 4.3 million troy ounces of gold – a few months of the outbreak of the crisis subprime in the spring of 2007. In Spain, the official discourse spoke only of a mild slowdown or a “soft landing” of an economy, which is still one year would grow by 3.6%. For that gold, that was placed on the market between march and June, were obtained about 2.180 million euros for public finances apparently in impeccable shape. Today, this metal could be worth more than 8.400 millions of dollars (a few 7.166 million euros) .

Solbes described the spirit of the operation in the Senate circunscribiéndola to a broader movement by the other central banks of the Eurozone to get rid progressively of its reserves. Economic vice president Zapatero said at that time that gold was “no longer a profitable investment,” and added that “the reserves of the Bank of Spain must have as its fundamental objective the maximize your profitability “. In June of 2007, gold was priced at an average price of 655,49 per ounce –currently, nearly 2000 dollars– while a year later I made it to around the 888,49 dollars. Regarded as a value shelter in times of trouble investors tend to turn to the so-called “base metal”. Today, with gold trading at 1.959,17 per ounce could have made 8.424, $ 43 million approximately (7.188,69 million euros).

In the opinion of the professor of the IEB (Instituto de Estudios Bursátiles) Javier Niederleytner gold has gone up 120% since the operation orchestrated by Pedro Solbes, to which he attributes an intention to “raise cash” by selling gold before a possible deterioration of public accounts, and has said that it is very difficult to argue, that if it had endured more, it would have brought greater benefit. On the comparison between the two contexts, that of the eve of the subprime mortgage crisis and the current –to-door of another downturn in the economy by virulent virus– Niederleytner recognizes that it would not be strange “if the Government decides to sell part of its gold reserves, now touching nearly 2,000 dollars.”

A value of shelter against the Covid-19

so far In 2020, the tandem of the pandemic, the gold price has staged a continued rise, accelerating during the last month. Only a few references: on the 29th of January, the yellow metal was priced at 1.576, $ 31 falling slightly in the first few days of confinement up to 1.468, $ 37 on march 19. From then on, its tendency to rise is accelerated reaching 1.714,20 dollars an ounce on the 27th of April touching the 1.776,75 dollars in the past 3 July. In what has been subtracted from month has past trading close to the $ 2,000 (this Tuesday in the 1959,17 per ounce).

In the opinion of Niederleytner “the world is facing a series of uncertainties, the main one precisely because of the resurgence of the coronaviruses, although there is added tensions between the united States and China that recur, and that the economy will not get out of the rut”. In this sense, it has been recognized that it is a market that “has more or less with the tail wind, but that same wind can be turned with a story as the emergence of a vaccine”. This analyst has pointed out that if “the return of the summer was discovered the vaccine, out of the uncertainty.” This could keep the gold around $ 1,500 an ounce, a price not recorded since the first quarter of the year. As an example, the analyst prune what happened to the bags with heavy falls during the months of march, recovered in almost all the places during April and may. “The people don’t trust what might happen, act fast and with sudden changes,” he concludes.

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