设为首页收藏本站我的收藏

大耳朵英语社区

 找回密码
 注册
搜索
查看: 1435|回复: 3

考研英语阅读理解文章26-Burnished

[复制链接]
发表于 2017-3-31 07:00:00 | 显示全部楼层 |阅读模式
Burnished
Up goes gold, down goes the dollar

MOST economists hate gold. Not, you understand, that they would turn up their noses at a bar or two. But they find the reverence in which many hold the metal almost irrational. That it was used as money for millennia is irrelevant: 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 depreciation 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 stinks. 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 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. 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 legacy 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 bug and publisher of Grant's Interest Rate Observer, a newsletter, points out, in recent years the huge glut of government debt has not stopped a sharp rise in its price.
--------------------------------------------------------------------------------
Economist; 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 increment of the value of the dollar

3.We can infer from the third paragraph that_________.
[A] the decline of the dollar is inevitable
[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 impel central banks to switch into paper money
[D] will lead to a dollar crisis

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 n. 崇敬,尊敬
millennia n. millennium的复数
soaring 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 v. 以…面值发行以某种给定的货币单位发行或表达
euro n. 欧元
depreciation n. 跌价;贬值
bull n. 买空;(做)多头
stink v. 发出臭味
longish adj. 相当长的
rally n. (行情、价格等)跌后复升
greenback n. 美钞
tonne n. 公吨(=1,000公斤或称 metric ton)
rip up 斯毁;取消
overhang 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。

参考答案回复可见:
游客,如果您要查看本帖隐藏内容请回复


发表于 2017-8-23 23:09:51 | 显示全部楼层
6666666666666666666
回复 支持 反对

使用道具 举报

发表于 2017-9-18 15:01:28 | 显示全部楼层
Good, Thanks!
回复 支持 反对

使用道具 举报

发表于 2017-9-19 07:44:49 | 显示全部楼层
Burnished
Up goes gold, down goes the dollar

MOST economists hate gold. Not, you understand, that they would turn up their noses at a bar or two. But they find the reverence in which many hold the metal almost irrational. That it was used as money for millennia is irrelevant: 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 depreciation 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 stinks. 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 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. 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 legacy 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 bug and publisher of Grant's Interest Rate Observer, a newsletter, points out, in recent years the huge glut of government debt has not stopped a sharp rise in its price.
--------------------------------------------------------------------------------
Economist; 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 increment of the value of the dollar

3.We can infer from the third paragraph that_________.
[A] the decline of the dollar is inevitable
[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 impel central banks to switch into paper money
[D] will lead to a dollar crisis

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 n. 崇敬,尊敬
millennia n. millennium的复数
soaring 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 v. 以…面值发行以某种给定的货币单位发行或表达
euro n. 欧元
depreciation n. 跌价;贬值
bull n. 买空;(做)多头
stink v. 发出臭味
longish adj. 相当长的
rally n. (行情、价格等)跌后复升
greenback n. 美钞
tonne n. 公吨(=1,000公斤或称 metric ton)
rip up 斯毁;取消
overhang 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。

参考答案回复可见:
回复 支持 反对

使用道具 举报

您需要登录后才可以回帖 登录 | 注册

本版积分规则

关闭

站长推荐上一条 /1 下一条

Archiver|手机版|小黑屋|大耳朵英语社区 ( 客服QQ群:19012993  

GMT+8, 2019-1-20 17:36

Powered by Discuz!

© 2001-2017 Comsenz Inc.

快速回复 返回顶部 返回列表