美国量化宽松政策对国际黄金价格的影响分析.doc

美国量化宽松政策对国际黄金价格的影响分析 内容摘要 关键词： Abstract Since the United States broke out the subprime mortgage crisis, the world economy has continued to decline. The US has carried out the quantitative easing policy four times successively to stimulate its economy, during which the international gold price continued to rise. The role of gold as a measure of value performance was particularly evident as a major instrument to hedge against devaluation of currencies of the world. Under the increasingly complex international situation and financial turmoil, the study of the influence on international gold price that caused by quantitative easing monetary policy has a particularly important significance on the analysis of world powers’ economic game and investors’ hedge of financial assets behind the monetary policy and large fluctuations in the gold price. This paper starts at the financial properties of gold, and introduces the background of gold in circulation and transactions worldwide, as well as analyzes inner link between gold price fluctuation and Quantitative easing policy of the US. The author divides several quantitative easing policies’ start-up times to summarizes different characteristics of the respective stages of the gold price fluctuations, and to systematically discuss the impact on gold price fluctuation caused by the Quantitative easing policies, in order to provide a reference for our government to make monetary policy, and investors to increase the value of their assets and prevent risks. This paper argues that the Quantitative easing policy led to the depreciation of US Dollar, causing inflation worldwide, raising the gold price. The analysis of gold price fluctuation in the various stages of the US Quantitative easing has proved that liquidity of Quantitative easing would boost the rise of the gold price. However,with the increasing rounds of US QE policies. the range and the time of the gold pric