经济类文章精选:Burnished

时间:2006-09-13 02:20:23

(单词翻译:单击)

4 Burnished1

  Up goes gold, down goes the dollar

  MOST economists2 hate gold. Not, you understand, that they would turn up their noses at a bar or two. But they find the reverence4 in which many hold the metal almost irrational5. That it was used as money for millennia6 is irrelevant7: it isn't any more. Modern money takes the form of paper or, more often, electronic data. To economists, gold is now just another commodity.

  So why is its price soaring? Over the past week, this has topped $450 a troy ounce, up by 9% since the beginning of the year and 77% since April 2001. Ah, comes the reply, gold transactions are denominated in dollars, and the rise in the price simply reflects the dollar's fall in terms of other currencies, especially the euro, against which it hit a new low this week. Expressed in euros, the gold price has moved much less. However, there is no iron link, as it were, between the value of the dollar and the value of gold. A rising price of gold, like that of anything else, can reflect an increase in demand as well as a depreciation8 of its unit of account.

  This is where gold bulls come in. The fall in the dollar is important, but mainly because as a store of value the dollar stinks9. With a few longish rallies, the greenback has been on a downward trend since it came off the gold standard in 1971. Now it is suffering one of its sharper declines. At the margin11, extra demand has come from those who think dollars--indeed any money backed by nothing more than promises to keep inflation low--a decidedly risky12 investment, mainly because America, with the world's reserve currency, has been able to create and borrow so many of them. The least painful way of repaying those dollars is to make them worth less.

  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 legacy13 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 bug14 and publisher of Grant's Interest Rate Observer, a newsletter, points out, in recent years the huge glut15 of government debt has not stopped a sharp rise in its price.

  --------------------------------------------------------------------------------

  Economist3; 12/4/2004, Vol. 373 Issue 8404, p76-76, 1/3p, 1 graph

  注(1):本文选自Economist;12/4/2004, p76-76, 1/3p;

  注(2):本文习题命题模仿2000年真题text 4第3题(1),2001年真题text 4第2题(2),text 1第2题(3),2002年真题text 2第2题(4)和text 5第3题(5);

  1.In economists’ eyes, gold is something__________.

  [A] they look down upon

  [B] that can be exchanged in the market

  [C] worth people’s 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

  [B] the depreciation of the euro

  [C] the link between the dollar and gold

  [D] the increment16 of the value of the dollar

  3.We can infer from the third paragraph that_________.

  [A] the decline of the dollar is inevitable17

  [B] America benefits from the depreciation of the dollar

  [C] the depreciation of the dollar is good news to other currencies

  [D] investment in the dollar yields more returns than that in gold

  4.The phrase “ripped up” (Line 1, Paragraph 5) most probably means__________.

  [A] strengthened

  [B] broadened

  [C] renegotiated

  [D] torn up

  5.According to the passage, the rise of gold price__________.

  [A] will not last long

  [B] will attract some central banks to sell gold

  [C] will impel18 central banks to switch into paper money

  [D] will lead to a dollar crisis

  答案:B A B D B

  篇章剖析

  本篇文章采用了提出问题-分析问题的模式,分析了金价上涨,美元下跌的经济态势。第一段说明黄金是一种商品;第二段分析了金价上涨的原因:金价的上涨反映了需求的增加以及计价单位的贬值;第三段美元下跌的原因;第四段分析了各国央行的反应;最后一段对金价继续上扬可能带来的影响进行了分析。

  词汇注释

  reverence: [5revErEns] n. 崇敬,尊敬

  millennia: [mI`lenIE] n. millennium的复数

  soaring: [5sC:riN] adj. 剧增的;上升到明显高于正常水平的

  troy ounce: n. 金衡制盎司, 金衡?

  denominate: [di5nCmineit] v. 以…面值发行以某种给定的货币单位发行或表达

  euro: [`jJErEJ] n. 欧元

  depreciation: [dIpri:FI5eIF(E)n] n. 跌价;贬值

  bull: [bul] n. 买空;(做)多头

  stink10: [stiNk] v. 发出臭味

  longish: [5lRNIF] adj. 相当长的

  rally: [5rAli] n. (行情、价格等)跌后复升

  greenback: [`^ri:nbAk] n. 美钞

  tonne: [tQn] n. 公吨(=1,000公斤或称 metric ton)

  rip up: 斯毁;取消

  overhang: [5EuvE5hAN] n. 突出量

  难句突破

  At the margin, extra demand has come from those who think dollars--indeed any money backed by nothing more than promises to keep inflation low--a decidedly risky investment, mainly because America, with the world's reserve currency, has been able to create and borrow so many of them.

  主体句式:extra demand has come

  结构分析:本句是一个复杂句,from这个介词所引导的状语中包含一个who 引导的定语从句,一个插入语,主句之后是一个because引导的原因状语从句。nothing more than的意思是“只不过,仅仅”。

  句子译文:在此下跌情况下,导致金价上扬的额外需求来自于那些认为美元---或者任何一种依靠抑制通胀的许诺来支撑的货币—无疑是一种高风险投资的人,主要因为美国拥有美元这一世界储备货币,而且一直能够制造和借来很多美元。

  题目分析

  1. 答案为B,属事实细节题。文章第一段提到经济学家不喜欢黄金的原因是人们对黄金缺乏理性的崇拜。在他们看来,黄金只不过是一种商品,也就是可以在市场交换的东西。

  2. 答案为A,属事实细节题。文章第二段分析了金价上涨的两个主要原因:金价用美元表示,而美元相对于其他货币贬值了;市场对黄金需求的增加。

  3. 答案为B,属推理判断题。根据文章第三段,美国因为拥有世界储备货币,而且一直能够制造和借来很多美元。要偿还这些美元,最不费力的方式就是让美元贬值。可见,美元贬值对美国是有益无害的事情。

  4. 答案为D,属猜词题。根据文章第四段,为了防止出现一国央行大量抛售黄金导致金价下跌的情况,各国央行达成协议,协调和限制今后的黄金销售。如果金价持续上涨,很可能一些央行会再次抛售黄金(文中提到法国央行出售黄金的决定),那样各国央行之间的协议就会被破坏。因此,根据上下文,“ripped up”最有可能的意思就是“torn up”(撕毁)。

  5. 答案为B,属推理判断题。根据文章第四段,在许多买家大量买入黄金的同时,许多央行却打算将他们囤积的黄金出售。文章第五段说,如果金价继续上扬,各国央行之间的“限制和协调未来黄金销售”的协议将会被打破,也就是说金价的上涨会吸引各国央行出售黄金。

  参考译文

  大多数经济学家都讨厌黄金。要知道,这可不是因为他们瞧不起一两块金条,而是因为他们发现许多人对这种金属的崇敬几乎到了毫无理性的地步。这与它被用作千禧年的货币并无关系:那已经是昨日黄花了。现代货币采用的是纸币的形式,或者,更多时候,采用的是电子数据的形式。对经济学家来说,黄金现在只是另外一种商品。

  那么为什么金价会大幅上涨呢?在过去一周里,每金衡(1金衡约31.1025克)的价格达到了450美元,比年初上涨了9%,而比2001年4月则上涨了77%。啊,答案来了,黄金交易是以美元来计数的,价格的上涨只是反映了美元对其他货币的比价,尤其是对欧元比价的下跌,而本周美元对欧元的比价又创新低。用欧元计数的话,金价的波动要小得多。然而,美元价值和黄金价值之间似乎并没有固定联系。像其他任何东西一样,金价的上涨反映了需求的增加以及计价单位的贬值。

  因此就出现了黄金买空。美元的下跌之所以重要主要是因为作为一种价值储存手段美钞可谓臭名昭著。自从1971年美元脱离金本位,就一直处于跌势,其间只有为数不多的几次跌后复升。这一次下跌的跌幅更大。在此下跌情况下,导致金价上扬的额外需求来自于那些认为美元---或者任何一种依靠抑制通胀的许诺来支撑的货币—无疑是一种高风险投资的人,主要因为美国拥有美元这一世界储备货币,而且一直能够制造和借来很多美元。要偿还这些美元,最不费力的方式就是让美元贬值。

  各国中央银行的反应跟这种额外需求正好形成鲜明对照。这些银行都想把手里的黄金卖掉一些。以前各国货币都依靠这种金属,历史继承的结果就是各国中央银行的黄金储量是世界黄金总量的五分之一。上个月,法国中央银行宣布即将在未来几年出售500吨黄金。不过中央银行大量出售黄金会导致金价猛跌--- 1999年至2002年之间英格兰银行出售395吨黄金时就发生过这种情况。其结果是各国央行达成协议,协调限制今后的销售。

  如果金价继续上扬,这个协议就会被破坏,虽然一场美元危机会让各国央行在转向纸币经营问题上慎之又慎。那么央行所储备的大量黄金是否会将金价再次拉下来呢?那倒不一定。正如黄金迷,时事通讯《格兰特利率观察家》的出版人詹姆斯·格兰特所指出的,最近几年政府的巨额债务并未阻止金价的大幅上涨。

 


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1 burnished fd53130f8c1e282780d281f960e0b9ad     
adj.抛光的,光亮的v.擦亮(金属等),磨光( burnish的过去式和过去分词 );被擦亮,磨光
参考例句:
  • The floor was spotless; the grate and fire-irons were burnished bright. 地板上没有污迹;炉栅和火炉用具擦得发亮。 来自辞典例句
  • The woods today are burnished bronze. 今天的树林是一片发亮的青铜色。 来自辞典例句
2 economists 2ba0a36f92d9c37ef31cc751bca1a748     
n.经济学家,经济专家( economist的名词复数 )
参考例句:
  • The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
  • Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》
3 economist AuhzVs     
n.经济学家,经济专家,节俭的人
参考例句:
  • He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
  • He's an economist who thinks he knows all the answers.他是个经济学家,自以为什么都懂。
4 reverence BByzT     
n.敬畏,尊敬,尊严;Reverence:对某些基督教神职人员的尊称;v.尊敬,敬畏,崇敬
参考例句:
  • He was a bishop who was held in reverence by all.他是一位被大家都尊敬的主教。
  • We reverence tradition but will not be fettered by it.我们尊重传统,但不被传统所束缚。
5 irrational UaDzl     
adj.无理性的,失去理性的
参考例句:
  • After taking the drug she became completely irrational.她在吸毒后变得完全失去了理性。
  • There are also signs of irrational exuberance among some investors.在某些投资者中是存在非理性繁荣的征象的。
6 millennia 3DHxf     
n.一千年,千禧年
参考例句:
  • For two millennia, exogamy was a major transgression for Jews. 两千年来,异族通婚一直是犹太人的一大禁忌。
  • In the course of millennia, the dinosaurs died out. 在几千年的时间里,恐龙逐渐死绝了。
7 irrelevant ZkGy6     
adj.不恰当的,无关系的,不相干的
参考例句:
  • That is completely irrelevant to the subject under discussion.这跟讨论的主题完全不相关。
  • A question about arithmetic is irrelevant in a music lesson.在音乐课上,一个数学的问题是风马牛不相及的。
8 depreciation YuTzql     
n.价值低落,贬值,蔑视,贬低
参考例句:
  • She can't bear the depreciation of the enemy.她受不了敌人的蹂躏。
  • They wrote off 500 for depreciation of machinery.他们注销了500镑作为机器折旧费。
9 stinks 6254e99acfa1f76e5581ffe6c369f803     
v.散发出恶臭( stink的第三人称单数 );发臭味;名声臭;糟透
参考例句:
  • The whole scheme stinks to high heaven—don't get involved in it. 整件事十分卑鄙龌龊——可别陷了进去。 来自《简明英汉词典》
  • The soup stinks of garlic. 这汤有大蒜气味。 来自《现代英汉综合大词典》
10 stink ZG5zA     
vi.发出恶臭;糟透,招人厌恶;n.恶臭
参考例句:
  • The stink of the rotten fish turned my stomach.腐烂的鱼臭味使我恶心。
  • The room has awful stink.那个房间散发着难闻的臭气。
11 margin 67Mzp     
n.页边空白;差额;余地,余裕;边,边缘
参考例句:
  • We allowed a margin of 20 minutes in catching the train.我们有20分钟的余地赶火车。
  • The village is situated at the margin of a forest.村子位于森林的边缘。
12 risky IXVxe     
adj.有风险的,冒险的
参考例句:
  • It may be risky but we will chance it anyhow.这可能有危险,但我们无论如何要冒一冒险。
  • He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。
13 legacy 59YzD     
n.遗产,遗赠;先人(或过去)留下的东西
参考例句:
  • They are the most precious cultural legacy our forefathers left.它们是我们祖先留下来的最宝贵的文化遗产。
  • He thinks the legacy is a gift from the Gods.他认为这笔遗产是天赐之物。
14 bug 5skzf     
n.虫子;故障;窃听器;vt.纠缠;装窃听器
参考例句:
  • There is a bug in the system.系统出了故障。
  • The bird caught a bug on the fly.那鸟在飞行中捉住了一只昆虫。
15 glut rflxv     
n.存货过多,供过于求;v.狼吞虎咽
参考例句:
  • The glut of coffee led to a sharp drop in prices.咖啡供过于求道致价格急剧下跌。
  • There's a glut of agricultural products in Western Europe.西欧的农产品供过于求。
16 increment o8Cx6     
n.增值,增价;提薪,增加工资
参考例句:
  • Each increment of knowledge tells us more of our world.知识的点滴增长都会增进我们对世界的认知。
  • She receives a salary increment each year.她每年得到加薪。
17 inevitable 5xcyq     
adj.不可避免的,必然发生的
参考例句:
  • Mary was wearing her inevitable large hat.玛丽戴着她总是戴的那顶大帽子。
  • The defeat had inevitable consequences for British policy.战败对英国政策不可避免地产生了影响。
18 impel NaLxG     
v.推动;激励,迫使
参考例句:
  • Financial pressures impel the firm to cut back on spending.财政压力迫使公司减少开支。
  • The progress in science and technical will powerfully impel the education's development.科学和技术的进步将有力地推动教育的发展。
19 millennium x7DzO     
n.一千年,千禧年;太平盛世
参考例句:
  • The whole world was counting down to the new millennium.全世界都在倒计时迎接新千年的到来。
  • We waited as the clock ticked away the last few seconds of the old millennium.我们静候着时钟滴答走过千年的最后几秒钟。

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