{"id":10985,"date":"2026-06-08T09:41:20","date_gmt":"2026-06-08T07:41:20","guid":{"rendered":"https:\/\/www.api.parlonsfinance.fr\/?p=10985"},"modified":"2026-06-08T09:41:21","modified_gmt":"2026-06-08T07:41:21","slug":"pourquoi-lor-nest-plus-une-valeur-refuge","status":"publish","type":"post","link":"https:\/\/www.api.parlonsfinance.fr\/index.php\/2026\/06\/08\/pourquoi-lor-nest-plus-une-valeur-refuge\/","title":{"rendered":"Pourquoi l\u2019or n\u2019est plus une valeur refuge"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>Pendant longtemps, le r\u00e9flexe semblait \u00e9vident : lorsque la guerre \u00e9clate, les investisseurs se pr\u00e9cipitent pour quitter les actifs \u00e0 risque, \u00e0 la recherche du canot de sauvetage en or.<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Mais les march\u00e9s modernes sont devenus plus complexes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Au cours des derni\u00e8res ann\u00e9es, plusieurs crises g\u00e9opolitiques ont mis en lumi\u00e8re ce que l\u2019on peut qualifier de paradoxe inverse de l\u2019or : lors des phases de panique, l\u2019or a aussi \u00e9t\u00e9 vendu. Le m\u00e9tal pr\u00e9cieux a chut\u00e9 en mars 2020, au plus fort des turbulences li\u00e9es au Covid-19, avant de se reprendre quelques semaines plus tard. Certaines tensions au Moyen-Orient ont \u00e9galement provoqu\u00e9 ce type de mouvement. les investisseurs ont alors privil\u00e9gi\u00e9 le dollar et la liquidit\u00e9 plut\u00f4t que les actifs refuges traditionnels.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">La logique est simple : en cas de crise, le march\u00e9 se pr\u00e9cipite d\u2019abord vers le cash.<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Les principaux acteurs de la finance doivent r\u00e9agir rapidement aux appels de marge, r\u00e9duire l\u2019effet de levier et rechercher des garanties lorsque survient un choc. Pendant ces p\u00e9riodes, tout ce qui peut \u00eatre vendu finit par l\u2019\u00eatre m\u00eame l\u2019or, parfois.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Une fois la panique retomb\u00e9e, ce n\u2019est plus la m\u00eame logique. Les investisseurs commencent alors \u00e0 r\u00e9allouer leur capital vers les secteurs qui devraient mieux s\u2019en sortir dans ce nouvel environnement. Lors de ces grandes crises g\u00e9opolitiques, l\u2019\u00c9nergie et la d\u00e9fense re\u00e7oivent g\u00e9n\u00e9ralement la plus grande part des flux.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>le dollar.<\/li>\n\n\n\n<li>les taux d\u2019int\u00e9r\u00eat r\u00e9els.<\/li>\n\n\n\n<li>le p\u00e9trole.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Le r\u00f4le du dollar reste intact Dans de tels \u00e9pisodes de stress, il s\u2019appr\u00e9cie g\u00e9n\u00e9ralement face au reste du monde entier, ce qui p\u00e8se souvent, au minimum, sur l\u2019or, les mati\u00e8res premi\u00e8res, les march\u00e9s \u00e9mergents et, d\u2019un m\u00eame mouvement, sur les actifs pr\u00e9sentant du risque.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les banques centrales jouent \u00e9galement un r\u00f4le d\u00e9cisif. Des taux \u00e9lev\u00e9s finissent par rendre peu attrayants les actifs qui ne rapportent pas de rendement, comme l\u2019or. \u00c0 l\u2019inverse, une politique mon\u00e9taire plus accommodante favorise souvent les m\u00e9taux pr\u00e9cieux.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">La guerre de 2022 en Ukraine a mis en sc\u00e8ne un m\u00e9canisme assez typique :<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>choc initial.<\/li>\n\n\n\n<li>hausse de l\u2019\u00e9nergie.<\/li>\n\n\n\n<li>rotation sectorielle.<\/li>\n\n\n\n<li>stabilisation progressive des march\u00e9s.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">La crise du Covid-19 suivait une logique diff\u00e9rente, il ob\u00e9issait \u00e0 une autre logique non plus un choc \u00e9nerg\u00e9tique, mais un effondrement de l\u2019\u00e9tat de la demande mondiale.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les r\u00e9flexes simplistes ne suffisent plus pour comprendre les crises modernes. Le jour m\u00eame, les march\u00e9s r\u00e9agissent moins \u00e0 ce qui se passe qu\u2019aux flux de capitaux que cela d\u00e9clenche.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Car, au final, ce ne sont pas tant les guerres qui font bouger les march\u00e9s.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ce sont les r\u00e9actions des investisseurs \u00e0 ces conflits.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-normal-font-size\"><a><\/a><strong>Sources :<\/strong><\/h3>\n\n\n\n<h2 class=\"wp-block-heading has-small-font-size\"><a><\/a><a href=\"https:\/\/www.ecb.europa.eu\/pub\/financial-stability\/fsr\/html\/index.en.html?utm_source=chatgpt.com\"><strong>ECB \u2013 Financial Stability Review<\/strong><\/a><strong> (impact des taux r\u00e9els, du dollar et des tensions g\u00e9opolitiques sur les march\u00e9s europ\u00e9ens)<\/strong><\/h2>\n\n\n\n<h2 class=\"wp-block-heading has-small-font-size\"><a><\/a><a href=\"https:\/\/www.gold.org\/goldhub\/research\/market-update\/gold-and-coronavirus?utm_source=chatgpt.com\"><strong>World Gold Council \u2013 Gold and market stress during Covid-19<\/strong><\/a><strong> (chute puis rebond de l\u2019or durant la crise de mars 2020)<\/strong><\/h2>\n\n\n\n<h2 class=\"wp-block-heading has-small-font-size\"><a><\/a><a href=\"https:\/\/www.sciencedirect.com\/science\/article\/abs\/pii\/S1544612309000549?utm_source=chatgpt.com\"><strong>Baur &amp; Lucey \u2013 Is Gold a Hedge or a Safe Haven?<\/strong><\/a><strong> (travail acad\u00e9mique majeur sur le r\u00f4le refuge de l\u2019or)<\/strong><\/h2>\n\n\n\n<h2 class=\"wp-block-heading has-small-font-size\"><a><\/a><a href=\"https:\/\/www.federalreserve.gov\/econres\/feds\/global-us-dollar-funding-and-liquidity.htm?utm_source=chatgpt.com\"><strong>Federal Reserve \u2013 Dollar liquidity and global funding stress<\/strong><\/a><strong> (r\u00f4le central du dollar dans les p\u00e9riodes de stress financier)<\/strong><\/h2>\n\n\n\n<h2 class=\"wp-block-heading has-small-font-size\"><a><\/a><a href=\"https:\/\/www.imf.org\/en\/Publications\/GFSR?utm_source=chatgpt.com\"><strong>IMF \u2013 Global Financial Stability Report<\/strong><\/a><strong> (flux de capitaux, liquidit\u00e9 mondiale et r\u00e9allocation des portefeuilles.<\/strong><\/h2>\n\n\n\n<h2 class=\"wp-block-heading has-small-font-size\"><a><\/a><a href=\"https:\/\/www.reuters.com\/markets\/?utm_source=chatgpt.com\"><strong>Reuters Markets Coverage<\/strong><\/a><strong> (exemples r\u00e9cents de r\u00e9actions de march\u00e9 aux tensions g\u00e9opolitiques)<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pendant longtemps, le r\u00e9flexe semblait \u00e9vident : lorsque la guerre \u00e9clate, les investisseurs se pr\u00e9cipitent pour quitter les actifs \u00e0 risque, \u00e0 la recherche du canot de sauvetage en or. Mais les march\u00e9s modernes sont devenus plus complexes. Au cours des derni\u00e8res ann\u00e9es, plusieurs crises g\u00e9opolitiques ont mis en lumi\u00e8re ce que l\u2019on peut qualifier [&hellip;]<\/p>\n","protected":false},"author":91,"featured_media":10986,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[800,13,3,14,810,75,4],"tags":[10,7,5,23,412],"class_list":["post-10985","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actualite","category-banque-finance","category-bourse","category-economie","category-macro","category-monde","category-nos-analyses","tag-bourse","tag-business","tag-finance","tag-investissement","tag-or"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.8 - aioseo.com -->\n\t<meta name=\"description\" content=\"Pendant longtemps, le r\u00e9flexe semblait \u00e9vident : lorsque la guerre \u00e9clate, les investisseurs se pr\u00e9cipitent pour 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