{"id":13939,"date":"2026-04-20T15:10:43","date_gmt":"2026-04-20T13:10:43","guid":{"rendered":"https:\/\/www.veracash.com\/?page_id=13939"},"modified":"2026-07-08T14:57:23","modified_gmt":"2026-07-08T12:57:23","slug":"evolution-cours-or-20-ans","status":"publish","type":"page","link":"https:\/\/www.veracash.com\/fr\/cours-or\/prix-historique\/evolution-cours-or-20-ans","title":{"rendered":"\u00c9volution du cours de l&rsquo;or sur 20 ans"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row row_height_percent=\u00a0\u00bb0&Prime; override_padding=\u00a0\u00bbyes\u00a0\u00bb h_padding=\u00a0\u00bb2&Prime; top_padding=\u00a0\u00bb3&Prime; bottom_padding=\u00a0\u00bb3&Prime; back_color=\u00a0\u00bbcolor-128411&Prime; overlay_alpha=\u00a0\u00bb50&Prime; gutter_size=\u00a0\u00bb3&Prime; column_width_percent=\u00a0\u00bb100&Prime; shift_y=\u00a0\u00bb0&Prime; z_index=\u00a0\u00bb0&Prime; content_parallax=\u00a0\u00bb0&Prime; uncode_shortcode_id=\u00a0\u00bb214504&Prime; back_color_type=\u00a0\u00bbuncode-palette\u00a0\u00bb][vc_column width=\u00a0\u00bb1\/1&Prime;][uncode_breadcrumbs][vc_custom_heading heading_semantic=\u00a0\u00bbh1&Prime; text_size=\u00a0\u00bbh1&Prime; uncode_shortcode_id=\u00a0\u00bb201305&Prime;]\u00c9volution du cours de l&rsquo;or sur 20 ans[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb183892&Prime;]Depuis 2005, le cours de l&rsquo;or a connu une \u00e9volution remarquable, passant d&rsquo;environ 350 euros l&rsquo;once \u00e0 plus de 3 800 euros fin 2025. Entre crises financi\u00e8res, politiques mon\u00e9taires et tensions g\u00e9opolitiques, le m\u00e9tal jaune a travers\u00e9 des phases contrast\u00e9es. Cette analyse retrace l&rsquo;\u00e9volution du cours de l&rsquo;or sur 20 ans pour mieux comprendre les m\u00e9canismes \u00e0 l&rsquo;\u0153uvre.<br \/>\n<em style=\"font-size: 14px\">Ce contenu est publi\u00e9 \u00e0 titre d\u2019information. Il ne constitue pas un conseil d\u2019investissement. Seuls les Conseillers en Investissement Financiers CIF sont habilit\u00e9s \u00e0 conseiller les investisseurs.\u00a0<\/em>[\/vc_column_text][vc_button button_color=\u00a0\u00bbcolor-216272&Prime; size=\u00a0\u00bbbtn-sm\u00a0\u00bb border_width=\u00a0\u00bb0&Prime; button_color_type=\u00a0\u00bbuncode-palette\u00a0\u00bb uncode_shortcode_id=\u00a0\u00bb577080&Prime; link=\u00a0\u00bburl:https%3A%2F%2Fwww.veracash.com%2Ffr%2Fconnexion\u00a0\u00bb]Acheter de l&rsquo;or[\/vc_button][\/vc_column][\/vc_row][vc_row row_height_percent=\u00a0\u00bb0&Prime; override_padding=\u00a0\u00bbyes\u00a0\u00bb h_padding=\u00a0\u00bb2&Prime; top_padding=\u00a0\u00bb3&Prime; bottom_padding=\u00a0\u00bb3&Prime; overlay_alpha=\u00a0\u00bb50&Prime; gutter_size=\u00a0\u00bb3&Prime; column_width_percent=\u00a0\u00bb100&Prime; shift_y=\u00a0\u00bb0&Prime; z_index=\u00a0\u00bb0&Prime; content_parallax=\u00a0\u00bb0&Prime; uncode_shortcode_id=\u00a0\u00bb111128&Prime;][vc_column width=\u00a0\u00bb1\/1&Prime;][vc_custom_heading uncode_shortcode_id=\u00a0\u00bb187237&Prime;]Les grandes phases de l\u2019\u00e9volution du cours de l\u2019or sur 20 ans[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb160254&Prime;]Sur vingt ans, <a href=\"https:\/\/www.veracash.com\/fr\/cours-or\/prix-historique\">l&rsquo;historique du cours de l&rsquo;or<\/a> nous montre une trajectoire non lin\u00e9aire. Il s&rsquo;inscrit dans une succession de cycles marqu\u00e9s par des contextes \u00e9conomiques et mon\u00e9taires tr\u00e8s diff\u00e9rents.[\/vc_column_text][vc_column_text uncode_shortcode_id=\u00a0\u00bb965582&Prime;]<strong>Quelques rep\u00e8res cl\u00e9s<\/strong> :<\/p>\n<ul>\n<li>En 2005 : l&rsquo;once d&rsquo;or s&rsquo;\u00e9changeait autour de 350 euros (430 dollars)<\/li>\n<li>En 2012 : elle atteignait 1 378 euros, un pic qui tiendra une d\u00e9cennie<\/li>\n<li>En 2020 : dans le contexte de la crise sanitaire, l&rsquo;or d\u00e9passait 1 750 euros<\/li>\n<li>Fin 2025 : l&rsquo;once d&rsquo;or fr\u00f4le 3 833 euros, un record historique<\/li>\n<\/ul>\n<p>Cette progression tr\u00e8s marqu\u00e9e en deux d\u00e9cennies s&rsquo;explique par une succession de crises qui ont confirm\u00e9 le r\u00f4le de l&rsquo;or comme actif de pr\u00e9servation du capital.[\/vc_column_text][vc_single_image media=\u00a0\u00bb13642&Prime; media_width_percent=\u00a0\u00bb65&Prime; uncode_shortcode_id=\u00a0\u00bb124004&Prime;][\/vc_column][\/vc_row][vc_row row_height_percent=\u00a0\u00bb0&Prime; override_padding=\u00a0\u00bbyes\u00a0\u00bb h_padding=\u00a0\u00bb2&Prime; top_padding=\u00a0\u00bb0&Prime; bottom_padding=\u00a0\u00bb0&Prime; overlay_alpha=\u00a0\u00bb50&Prime; gutter_size=\u00a0\u00bb3&Prime; column_width_percent=\u00a0\u00bb100&Prime; shift_y=\u00a0\u00bb0&Prime; z_index=\u00a0\u00bb0&Prime; content_parallax=\u00a0\u00bb0&Prime; uncode_shortcode_id=\u00a0\u00bb209340&Prime;][vc_column width=\u00a0\u00bb1\/1&Prime;][vc_separator sep_color=\u00a0\u00bb\u00a0\u00bb uncode_shortcode_id=\u00a0\u00bb419752&Prime;][\/vc_column][\/vc_row][vc_row row_height_percent=\u00a0\u00bb0&Prime; override_padding=\u00a0\u00bbyes\u00a0\u00bb h_padding=\u00a0\u00bb2&Prime; top_padding=\u00a0\u00bb3&Prime; bottom_padding=\u00a0\u00bb3&Prime; overlay_alpha=\u00a0\u00bb50&Prime; gutter_size=\u00a0\u00bb3&Prime; column_width_percent=\u00a0\u00bb100&Prime; shift_y=\u00a0\u00bb0&Prime; z_index=\u00a0\u00bb0&Prime; content_parallax=\u00a0\u00bb0&Prime; uncode_shortcode_id=\u00a0\u00bb111128&Prime;][vc_column width=\u00a0\u00bb1\/1&Prime;][vc_custom_heading uncode_shortcode_id=\u00a0\u00bb661778&Prime;]2005-2011 : une phase de hausse continue[\/vc_custom_heading][vc_custom_heading heading_semantic=\u00a0\u00bbh3&Prime; text_size=\u00a0\u00bbh3&Prime; uncode_shortcode_id=\u00a0\u00bb181774&Prime;]Un point de d\u00e9part autour de 350 euros l&rsquo;once[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb181765&Prime;]En janvier 2005, l&rsquo;once d&rsquo;or s&rsquo;\u00e9changeait autour de 350 euros (430 dollars). Ce niveau correspondait \u00e0 une p\u00e9riode de d\u00e9sint\u00e9r\u00eat relatif pour le m\u00e9tal pr\u00e9cieux, \u00e9clips\u00e9 par l&rsquo;euphorie boursi\u00e8re des march\u00e9s actions et par une confiance g\u00e9n\u00e9ralis\u00e9e dans la croissance \u00e9conomique mondiale.[\/vc_column_text][vc_custom_heading heading_semantic=\u00a0\u00bbh3&Prime; text_size=\u00a0\u00bbh3&Prime; uncode_shortcode_id=\u00a0\u00bb102207&Prime;]La crise financi\u00e8re des <em>subprimes<\/em> de 2008, un tournant majeur[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb116703&Prime;]Entre 2005 et 2011, le cours de l&rsquo;or est pass\u00e9 d&rsquo;environ 350 euros \u00e0 1 400 euros, soit une multiplication par quatre. Cette p\u00e9riode correspond \u00e0 un contexte de forte croissance mondiale suivi par la crise financi\u00e8re de 2008 et par des politiques mon\u00e9taires tr\u00e8s accommodantes.<\/p>\n<p>L&rsquo;\u00e9clatement de la crise des subprimes \u00e0 l&rsquo;\u00e9t\u00e9 2007, puis la faillite de Lehman Brothers en septembre 2008, provoquent un s\u00e9isme sur les march\u00e9s financiers. Les investisseurs liquident massivement leurs positions actions pour se tourner vers des actifs plus tangibles. En f\u00e9vrier 2008, l&rsquo;once d&rsquo;or fr\u00f4le les 750 euros pour la premi\u00e8re fois.[\/vc_column_text][vc_custom_heading heading_semantic=\u00a0\u00bbh3&Prime; text_size=\u00a0\u00bbh3&Prime; uncode_shortcode_id=\u00a0\u00bb868916&Prime;]Le pic de 2012 \u00e0 1 378 euros l&rsquo;once[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb106946&Prime;]La progression se poursuit jusqu&rsquo;en 2012. La crise des dettes souveraines en Europe, les plans de relance massifs des banques centrales et la perte de confiance g\u00e9n\u00e9ralis\u00e9e dans le syst\u00e8me financier poussent le cours de l&rsquo;or vers de nouveaux sommets. L&rsquo;once atteint 1 378 euros, un record qui tiendra plus d&rsquo;une d\u00e9cennie.<\/p>\n<p>Entre 2005 et 2012, le cours de l&rsquo;or a donc \u00e9t\u00e9 multipli\u00e9 par pr\u00e8s de 4. Attention cependant \u00e0 ne pas interpr\u00e9ter ces chiffres de mani\u00e8re h\u00e2tive, car on ne le r\u00e9p\u00e8tera jamais assez : dans tout ce qui touche \u00e0 l&rsquo;investissement, les performances pass\u00e9es ne pr\u00e9jugent pas des performances futures.[\/vc_column_text][\/vc_column][\/vc_row][vc_row row_height_percent=\u00a0\u00bb0&Prime; override_padding=\u00a0\u00bbyes\u00a0\u00bb h_padding=\u00a0\u00bb2&Prime; top_padding=\u00a0\u00bb0&Prime; bottom_padding=\u00a0\u00bb0&Prime; overlay_alpha=\u00a0\u00bb50&Prime; gutter_size=\u00a0\u00bb3&Prime; column_width_percent=\u00a0\u00bb100&Prime; shift_y=\u00a0\u00bb0&Prime; z_index=\u00a0\u00bb0&Prime; content_parallax=\u00a0\u00bb0&Prime; uncode_shortcode_id=\u00a0\u00bb209340&Prime;][vc_column width=\u00a0\u00bb1\/1&Prime;][vc_separator sep_color=\u00a0\u00bb\u00a0\u00bb uncode_shortcode_id=\u00a0\u00bb419752&Prime;][\/vc_column][\/vc_row][vc_row row_height_percent=\u00a0\u00bb0&Prime; override_padding=\u00a0\u00bbyes\u00a0\u00bb h_padding=\u00a0\u00bb2&Prime; top_padding=\u00a0\u00bb3&Prime; bottom_padding=\u00a0\u00bb3&Prime; overlay_alpha=\u00a0\u00bb50&Prime; gutter_size=\u00a0\u00bb3&Prime; column_width_percent=\u00a0\u00bb100&Prime; shift_y=\u00a0\u00bb0&Prime; z_index=\u00a0\u00bb0&Prime; content_parallax=\u00a0\u00bb0&Prime; uncode_shortcode_id=\u00a0\u00bb111128&Prime;][vc_column width=\u00a0\u00bb1\/1&Prime;][vc_custom_heading uncode_shortcode_id=\u00a0\u00bb123574&Prime;]2012-2015 : la consolidation du prix de l&rsquo;or[\/vc_custom_heading][vc_custom_heading heading_semantic=\u00a0\u00bbh3&Prime; text_size=\u00a0\u00bbh3&Prime; uncode_shortcode_id=\u00a0\u00bb601088&Prime;]Un repli de 40 % apr\u00e8s le pic[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb153728&Prime;]Apr\u00e8s le pic de 2012, le march\u00e9 de l&rsquo;or entre dans une phase de correction. Les banques centrales commencent \u00e0 stabiliser leur politique mon\u00e9taire, les craintes sur la zone euro s&rsquo;apaisent temporairement, et les investisseurs se tournent \u00e0 nouveau vers les actifs risqu\u00e9s.<\/p>\n<p>Entre 2012 et 2015, l&rsquo;once perd jusqu&rsquo;\u00e0 40 % de sa valeur pour revenir autour de 850 euros. La normalisation progressive des politiques mon\u00e9taires et le regain d&rsquo;app\u00e9tit pour les march\u00e9s actions p\u00e8sent sur le m\u00e9tal jaune. Cette p\u00e9riode illustre que l&rsquo;or peut conna\u00eetre des phases prolong\u00e9es de repli.[\/vc_column_text][vc_custom_heading heading_semantic=\u00a0\u00bbh3&Prime; text_size=\u00a0\u00bbh3&Prime; uncode_shortcode_id=\u00a0\u00bb143548&Prime;]Une stabilisation logique[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb838063&Prime;]Cette correction, bien que marqu\u00e9e, reste coh\u00e9rente avec les cycles historiques de l&rsquo;or. Elle permet au march\u00e9 de dig\u00e9rer la hausse vertigineuse des ann\u00e9es pr\u00e9c\u00e9dentes. Pour les investisseurs qui avaient achet\u00e9 au d\u00e9but des ann\u00e9es 2000, le cours reste largement au-dessus de leur prix d&rsquo;entr\u00e9e.[\/vc_column_text][\/vc_column][\/vc_row][vc_row row_height_percent=\u00a0\u00bb0&Prime; override_padding=\u00a0\u00bbyes\u00a0\u00bb h_padding=\u00a0\u00bb2&Prime; top_padding=\u00a0\u00bb0&Prime; bottom_padding=\u00a0\u00bb0&Prime; overlay_alpha=\u00a0\u00bb50&Prime; gutter_size=\u00a0\u00bb3&Prime; column_width_percent=\u00a0\u00bb100&Prime; shift_y=\u00a0\u00bb0&Prime; z_index=\u00a0\u00bb0&Prime; content_parallax=\u00a0\u00bb0&Prime; uncode_shortcode_id=\u00a0\u00bb209340&Prime;][vc_column width=\u00a0\u00bb1\/1&Prime;][vc_separator sep_color=\u00a0\u00bb\u00a0\u00bb uncode_shortcode_id=\u00a0\u00bb419752&Prime;][\/vc_column][\/vc_row][vc_row row_height_percent=\u00a0\u00bb0&Prime; override_padding=\u00a0\u00bbyes\u00a0\u00bb h_padding=\u00a0\u00bb2&Prime; top_padding=\u00a0\u00bb3&Prime; bottom_padding=\u00a0\u00bb3&Prime; overlay_alpha=\u00a0\u00bb50&Prime; gutter_size=\u00a0\u00bb3&Prime; column_width_percent=\u00a0\u00bb100&Prime; shift_y=\u00a0\u00bb0&Prime; z_index=\u00a0\u00bb0&Prime; content_parallax=\u00a0\u00bb0&Prime; uncode_shortcode_id=\u00a0\u00bb111128&Prime;][vc_column width=\u00a0\u00bb1\/1&Prime;][vc_custom_heading uncode_shortcode_id=\u00a0\u00bb860759&Prime;]2016-2019 : une stabilit\u00e9 relative[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb210478&Prime;]<a href=\"https:\/\/www.veracash.com\/fr\/cours-or\/prix-historique\/evolution-cours-or-10-ans\">L&rsquo;\u00e9volution du cours sur ces dix derni\u00e8res ann\u00e9es<\/a> <a href=\"https:\/\/www.veracash.com\/fr\/cours-or\/prix-historique\/evolution-cours-or-10-ans\"><u><\/u><\/a>a bien s\u00fbr \u00e9t\u00e9 fortement marqu\u00e9e par la pand\u00e9mie de 2020. Voyons le comportement du cours avant que le monde ne bascule.[\/vc_column_text][vc_custom_heading heading_semantic=\u00a0\u00bbh3&Prime; text_size=\u00a0\u00bbh3&Prime; uncode_shortcode_id=\u00a0\u00bb881592&Prime;]Un cours qui oscille entre 1 000 et 1 200 euros[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb139845&Prime;]De 2016 \u00e0 2019, le cours de l&rsquo;or \u00e9volue dans un canal relativement \u00e9troit entre 1 000 et 1 200 euros l&rsquo;once. Cette p\u00e9riode de stabilit\u00e9 s&rsquo;explique par un environnement \u00e9conomique moins chahut\u00e9 : croissance mondiale soutenue, faible inflation, taux d&rsquo;int\u00e9r\u00eat en hausse progressive aux \u00c9tats-Unis.[\/vc_column_text][vc_custom_heading heading_semantic=\u00a0\u00bbh3&Prime; text_size=\u00a0\u00bbh3&Prime; uncode_shortcode_id=\u00a0\u00bb109782&Prime;]Des achats discrets mais continus des banques centrales[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb200005&Prime;]Pourtant, un ph\u00e9nom\u00e8ne important se poursuit en arri\u00e8re-plan : les banques centrales des pays \u00e9mergents, notamment la Chine, la Russie, la Turquie et l&rsquo;Inde, augmentent r\u00e9guli\u00e8rement leurs r\u00e9serves d&rsquo;or. Selon le World Gold Council, les achats nets des banques centrales d\u00e9passent 400 tonnes par an en moyenne sur cette p\u00e9riode.[\/vc_column_text][\/vc_column][\/vc_row][vc_row row_height_percent=\u00a0\u00bb0&Prime; override_padding=\u00a0\u00bbyes\u00a0\u00bb h_padding=\u00a0\u00bb2&Prime; top_padding=\u00a0\u00bb0&Prime; bottom_padding=\u00a0\u00bb0&Prime; overlay_alpha=\u00a0\u00bb50&Prime; gutter_size=\u00a0\u00bb3&Prime; column_width_percent=\u00a0\u00bb100&Prime; shift_y=\u00a0\u00bb0&Prime; z_index=\u00a0\u00bb0&Prime; content_parallax=\u00a0\u00bb0&Prime; uncode_shortcode_id=\u00a0\u00bb209340&Prime;][vc_column width=\u00a0\u00bb1\/1&Prime;][vc_separator sep_color=\u00a0\u00bb\u00a0\u00bb uncode_shortcode_id=\u00a0\u00bb419752&Prime;][\/vc_column][\/vc_row][vc_row row_height_percent=\u00a0\u00bb0&Prime; override_padding=\u00a0\u00bbyes\u00a0\u00bb h_padding=\u00a0\u00bb2&Prime; top_padding=\u00a0\u00bb3&Prime; bottom_padding=\u00a0\u00bb3&Prime; overlay_alpha=\u00a0\u00bb50&Prime; gutter_size=\u00a0\u00bb3&Prime; column_width_percent=\u00a0\u00bb100&Prime; shift_y=\u00a0\u00bb0&Prime; z_index=\u00a0\u00bb0&Prime; content_parallax=\u00a0\u00bb0&Prime; uncode_shortcode_id=\u00a0\u00bb111128&Prime;][vc_column width=\u00a0\u00bb1\/1&Prime;][vc_custom_heading uncode_shortcode_id=\u00a0\u00bb774584&Prime;]2020-2025 : l&rsquo;acc\u00e9l\u00e9ration post-Covid[\/vc_custom_heading][vc_custom_heading heading_semantic=\u00a0\u00bbh3&Prime; text_size=\u00a0\u00bbh3&Prime; uncode_shortcode_id=\u00a0\u00bb278993&Prime;]La pand\u00e9mie comme catalyseur[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb927367&Prime;]La crise sanitaire du Covid-19 en 2020 marque \u00e9videmment un tournant majeur. Les plans de relance massifs, la chute des taux d&rsquo;int\u00e9r\u00eat \u00e0 des niveaux historiquement bas et l&rsquo;explosion de la dette publique mondiale propulsent \u00e0 nouveau le cours de l&rsquo;or vers le haut. L&rsquo;once franchit les 1 700 euros en ao\u00fbt 2020.[\/vc_column_text][vc_custom_heading heading_semantic=\u00a0\u00bbh3&Prime; text_size=\u00a0\u00bbh3&Prime; uncode_shortcode_id=\u00a0\u00bb135074&Prime;]Entre 2023 et aujourd&rsquo;hui : records sur records[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb208639&Prime;]Entre 2023 et 2025, le cours de l&rsquo;or conna\u00eet une acc\u00e9l\u00e9ration spectaculaire. Plusieurs facteurs se conjuguent : tensions g\u00e9opolitiques accrues (guerre en Ukraine, conflits au Moyen-Orient), politique mon\u00e9taire accommodante de la BCE et de la Fed, poursuite des achats massifs des banques centrales.<\/p>\n<p>En savoir plus : <a href=\"https:\/\/www.veracash.com\/fr\/blog\/2023-retrospective-cours-or\">cours de l&rsquo;or 2023<\/a><\/p>\n<p>\u00c0 partir de 2019, l&rsquo;or entame une nouvelle phase de hausse. En <a href=\"https:\/\/www.veracash.com\/fr\/cours-or\/prix-historique\/retrospective-cours-or-2025\">d\u00e9cembre 2025, l&rsquo;once d&rsquo;or atteint des niveaux record<\/a> :<\/p>\n<ul>\n<li><strong>3 833 euros l&rsquo;once<\/strong> (le 18 d\u00e9cembre 2025)<\/li>\n<li>Soit 4 522 dollars, un sommet historique \u00e9galement en devise am\u00e9ricaine<\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row row_height_percent=\u00a0\u00bb0&Prime; override_padding=\u00a0\u00bbyes\u00a0\u00bb h_padding=\u00a0\u00bb2&Prime; top_padding=\u00a0\u00bb0&Prime; bottom_padding=\u00a0\u00bb0&Prime; overlay_alpha=\u00a0\u00bb50&Prime; gutter_size=\u00a0\u00bb3&Prime; column_width_percent=\u00a0\u00bb100&Prime; shift_y=\u00a0\u00bb0&Prime; z_index=\u00a0\u00bb0&Prime; content_parallax=\u00a0\u00bb0&Prime; uncode_shortcode_id=\u00a0\u00bb209340&Prime;][vc_column width=\u00a0\u00bb1\/1&Prime;][vc_separator sep_color=\u00a0\u00bb\u00a0\u00bb uncode_shortcode_id=\u00a0\u00bb419752&Prime;][\/vc_column][\/vc_row][vc_row row_height_percent=\u00a0\u00bb0&Prime; override_padding=\u00a0\u00bbyes\u00a0\u00bb h_padding=\u00a0\u00bb2&Prime; top_padding=\u00a0\u00bb3&Prime; bottom_padding=\u00a0\u00bb3&Prime; overlay_alpha=\u00a0\u00bb50&Prime; gutter_size=\u00a0\u00bb3&Prime; column_width_percent=\u00a0\u00bb100&Prime; shift_y=\u00a0\u00bb0&Prime; z_index=\u00a0\u00bb0&Prime; content_parallax=\u00a0\u00bb0&Prime; uncode_shortcode_id=\u00a0\u00bb111128&Prime;][vc_column width=\u00a0\u00bb1\/1&Prime;][vc_custom_heading uncode_shortcode_id=\u00a0\u00bb209123&Prime;]Les facteurs cl\u00e9s : crises, politiques mon\u00e9taires et dollar[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb569610&Prime;]L&rsquo;\u00e9volution du cours de l&rsquo;or sur 20 ans est \u00e9troitement li\u00e9e aux grandes crises \u00e9conomiques, aux r\u00e9ponses apport\u00e9es par les banques centrales et \u00e0 la dynamique du dollar. Comprendre ces trois piliers aide \u00e0 mieux lire les signaux de l&rsquo;\u00e9volution de l&rsquo;or.[\/vc_column_text][vc_custom_heading heading_semantic=\u00a0\u00bbh3&Prime; text_size=\u00a0\u00bbh3&Prime; uncode_shortcode_id=\u00a0\u00bb862661&Prime;]La politique mon\u00e9taire des banques centrales[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb605525&Prime;]La baisse progressive des taux d&rsquo;int\u00e9r\u00eat depuis 2008, et plus particuli\u00e8rement depuis 2020, a jou\u00e9 un r\u00f4le d\u00e9terminant. Lorsque les taux d&rsquo;int\u00e9r\u00eat diminuent, le co\u00fbt d&rsquo;opportunit\u00e9 de d\u00e9tenir de l&rsquo;or devient moins \u00e9lev\u00e9. La Banque Centrale Europ\u00e9enne a ainsi progressivement abaiss\u00e9 ses taux directeurs, favorisant l&rsquo;appr\u00e9ciation du m\u00e9tal jaune.<\/p>\n<p>Apr\u00e8s la crise financi\u00e8re de 2008, les taux d&rsquo;int\u00e9r\u00eat proches de z\u00e9ro et les programmes massifs d&rsquo;achats d&rsquo;actifs ont profond\u00e9ment modifi\u00e9 l&rsquo;environnement mon\u00e9taire. Ces politiques ont contribu\u00e9 \u00e0 une hausse du cours de l&rsquo;or, pass\u00e9 d&rsquo;environ 500 euros en 2007 \u00e0 plus de 900 euros en 2009.[\/vc_column_text][vc_custom_heading heading_semantic=\u00a0\u00bbh3&Prime; text_size=\u00a0\u00bbh3&Prime; uncode_shortcode_id=\u00a0\u00bb165137&Prime;]Les crises successives comme catalyseurs[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb151610&Prime;]Chaque crise majeure &#8211; subprimes en 2008, dettes souveraines en 2011-2012, Covid en 2020, guerre en Ukraine en 2022 &#8211; a renforc\u00e9 l&rsquo;attrait pour l&rsquo;or en tant que valeur refuge. Ces \u00e9v\u00e9nements ont d\u00e9montr\u00e9 la fragilit\u00e9 du syst\u00e8me financier et mon\u00e9taire international.[\/vc_column_text][vc_custom_heading heading_semantic=\u00a0\u00bbh3&Prime; text_size=\u00a0\u00bbh3&Prime; uncode_shortcode_id=\u00a0\u00bb114890&Prime;]L&rsquo;accumulation strat\u00e9gique par les banques centrales[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb605581&Prime;]Depuis 2010, les banques centrales mondiales ach\u00e8tent plus de 400 tonnes d&rsquo;or par an en moyenne. Selon le World Gold Council, cette demande institutionnelle a contribu\u00e9 \u00e0 soutenir le cours sur le long terme. En 2024, les principaux acheteurs ont \u00e9t\u00e9 la Chine, la Pologne, la Turquie et l&rsquo;Inde.[\/vc_column_text][vc_custom_heading heading_semantic=\u00a0\u00bbh3&Prime; text_size=\u00a0\u00bbh3&Prime; uncode_shortcode_id=\u00a0\u00bb155923&Prime;]Le r\u00f4le du dollar et du taux de change[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb709110&Prime;]Le cours de l&rsquo;or est cot\u00e9 internationalement en dollars am\u00e9ricains. Cette convention influence directement sa lecture en euros.<\/p>\n<p>Lorsque le dollar se renforce, le prix de l&rsquo;or en euros peut progresser plus lentement, voire reculer. \u00c0 l&rsquo;inverse, un affaiblissement du dollar peut amplifier la hausse du prix de l&rsquo;or en euros. Par exemple, entre 2020 et 2022, le cours de l&rsquo;or est rest\u00e9 relativement stable autour de 1 800 \u00e0 1 900 dollars, tandis que son prix en euros progressait de 1 550 euros \u00e0 plus de 1 800 euros, principalement sous l&rsquo;effet du taux de change.[\/vc_column_text][vc_custom_heading heading_semantic=\u00a0\u00bbh3&Prime; text_size=\u00a0\u00bbh3&Prime; uncode_shortcode_id=\u00a0\u00bb183747&Prime;]Le r\u00f4le du dollar et du taux de change[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb480497&Prime;]Sur 20 ans, l&rsquo;inflation a significativement \u00e9rod\u00e9 le pouvoir d&rsquo;achat de l&rsquo;euro. L&rsquo;or, dont la quantit\u00e9 disponible est limit\u00e9e par les capacit\u00e9s d&rsquo;extraction (environ 3 000 tonnes par an dans le monde), s&rsquo;est appr\u00e9ci\u00e9 face \u00e0 une masse mon\u00e9taire qui a consid\u00e9rablement augment\u00e9.[\/vc_column_text][vc_column_text uncode_shortcode_id=\u00a0\u00bb145320&Prime; el_class=\u00a0\u00bbimportant\u00a0\u00bb]<strong>Bon \u00e0 savoir :<\/strong><br \/>\nL&rsquo;or ne produit pas d&rsquo;int\u00e9r\u00eats ni de dividendes. Son \u00e9volution est li\u00e9e aux conditions mon\u00e9taires, \u00e0 l&rsquo;inflation et au taux de change euro-dollar.[\/vc_column_text][\/vc_column][\/vc_row][vc_row row_height_percent=\u00a0\u00bb0&Prime; override_padding=\u00a0\u00bbyes\u00a0\u00bb h_padding=\u00a0\u00bb2&Prime; top_padding=\u00a0\u00bb0&Prime; bottom_padding=\u00a0\u00bb0&Prime; overlay_alpha=\u00a0\u00bb50&Prime; gutter_size=\u00a0\u00bb3&Prime; column_width_percent=\u00a0\u00bb100&Prime; shift_y=\u00a0\u00bb0&Prime; z_index=\u00a0\u00bb0&Prime; content_parallax=\u00a0\u00bb0&Prime; uncode_shortcode_id=\u00a0\u00bb209340&Prime;][vc_column width=\u00a0\u00bb1\/1&Prime;][vc_separator sep_color=\u00a0\u00bb\u00a0\u00bb uncode_shortcode_id=\u00a0\u00bb419752&Prime;][\/vc_column][\/vc_row][vc_row row_height_percent=\u00a0\u00bb0&Prime; override_padding=\u00a0\u00bbyes\u00a0\u00bb h_padding=\u00a0\u00bb2&Prime; top_padding=\u00a0\u00bb3&Prime; bottom_padding=\u00a0\u00bb3&Prime; overlay_alpha=\u00a0\u00bb50&Prime; gutter_size=\u00a0\u00bb3&Prime; column_width_percent=\u00a0\u00bb100&Prime; shift_y=\u00a0\u00bb0&Prime; z_index=\u00a0\u00bb0&Prime; content_parallax=\u00a0\u00bb0&Prime; uncode_shortcode_id=\u00a0\u00bb111128&Prime;][vc_column width=\u00a0\u00bb1\/1&Prime;][vc_custom_heading uncode_shortcode_id=\u00a0\u00bb140653&Prime;]Le graphique de l&rsquo;or dans la vraie vie : l&rsquo;histoire de Guillaume[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb114163&Prime;]Faisons la connaissance de Guillaume, chef d&rsquo;entreprise et 45 ans en 2005.<\/p>\n<p>Cette m\u00eame ann\u00e9e, il ach\u00e8te 10 onces d&rsquo;or \u00e0 350 \u20ac pi\u00e8ce pour diversifier son patrimoine. Son i<strong>nvestissement initial est de 3 500 \u20ac.\u00a0<\/strong><\/p>\n<p><strong>2012<\/strong> : Apr\u00e8s la crise des subprimes et la crise des dettes souveraines, ses onces valent 1 378 \u20ac pi\u00e8ce.<br \/>\n<strong>Valeur du portefeuille : 13 780 \u20ac<\/strong><\/p>\n<p><strong>2015<\/strong> : Correction du march\u00e9. Le cours redescend \u00e0 850 \u20ac l&rsquo;once. Guillaume, bien inform\u00e9 et avec une vision \u00e0 long terme, ne panique pas et laisse son or tranquille.<br \/>\n<strong>Valeur du portefeuille : 8 500 \u20ac\u00a0<\/strong><\/p>\n<p><strong>2020<\/strong> : La crise du Covid propulse l&rsquo;or \u00e0 1 750 \u20ac l&rsquo;once.<br \/>\n<strong>Valeur du portefeuille : 17 500 \u20ac<\/strong> (+400 % vs 2005)<\/p>\n<p><strong>D\u00e9cembre 2025<\/strong> : <a href=\"https:\/\/www.veracash.com\/fr\/cours-or\/prix-historique\/les-records-historiques-du-cours-l-or\">Record historique<\/a>\u00a0\u00e0 3 833 \u20ac l&rsquo;once.<br \/>\n<strong>Valeur du portefeuille : 38 330 \u20ac<\/strong> (+995 % vs 2005)<\/p>\n<p>Sur vingt ans, Guillaume a vu son investissement initial multipli\u00e9 par pr\u00e8s de 11, malgr\u00e9 les corrections de parcours. Cet exemple illustre un sc\u00e9nario particulier, d\u00e9pendant d\u2019un point d\u2019entr\u00e9e pr\u00e9cis et d\u2019un contexte macro\u00e9conomique donn\u00e9. Il ne saurait \u00eatre extrapol\u00e9 \u00e0 d\u2019autres p\u00e9riodes ou situations, et ne constitue en aucun cas une garantie de performances.[\/vc_column_text][\/vc_column][\/vc_row][vc_row row_height_percent=\u00a0\u00bb0&Prime; back_color=\u00a0\u00bbcolor-216272&Prime; overlay_alpha=\u00a0\u00bb50&Prime; gutter_size=\u00a0\u00bb3&Prime; column_width_percent=\u00a0\u00bb100&Prime; shift_y=\u00a0\u00bb0&Prime; z_index=\u00a0\u00bb0&Prime; content_parallax=\u00a0\u00bb0&Prime; uncode_shortcode_id=\u00a0\u00bb185033&Prime; back_color_type=\u00a0\u00bbuncode-palette\u00a0\u00bb][vc_column column_width_percent=\u00a0\u00bb100&Prime; gutter_size=\u00a0\u00bb2&Prime; style=\u00a0\u00bbdark\u00a0\u00bb overlay_alpha=\u00a0\u00bb50&Prime; radius=\u00a0\u00bblg\u00a0\u00bb shift_x=\u00a0\u00bb0&Prime; shift_y=\u00a0\u00bb0&Prime; shift_y_down=\u00a0\u00bb0&Prime; z_index=\u00a0\u00bb0&Prime; medium_width=\u00a0\u00bb0&Prime; mobile_width=\u00a0\u00bb0&Prime; width=\u00a0\u00bb1\/1&Prime; uncode_shortcode_id=\u00a0\u00bb949297&Prime;][vc_custom_heading text_color=\u00a0\u00bbcolor-180149&Prime; uncode_shortcode_id=\u00a0\u00bb709874&Prime; text_color_type=\u00a0\u00bbuncode-palette\u00a0\u00bb]\u00c0 retenir[\/vc_custom_heading][vc_column_text text_color=\u00a0\u00bbcolor-180149&Prime; uncode_shortcode_id=\u00a0\u00bb826140&Prime; text_color_type=\u00a0\u00bbuncode-palette\u00a0\u00bb]<\/p>\n<ul>\n<li>L&rsquo;once d&rsquo;or est pass\u00e9e de 350 euros en 2005 \u00e0 plus de 3 800 euros fin 2025, soit une <strong>progression extr\u00eamement marqu\u00e9e<\/strong> en vingt ans.<\/li>\n<li>Cette \u00e9volution s&rsquo;est faite par <strong>cycles<\/strong>, avec des phases de forte hausse (2005-2012, 2020-2025), des corrections (2012-2015) et des p\u00e9riodes de stabilit\u00e9 (2016-2019).<\/li>\n<li>Les crises \u00e9conomiques et g\u00e9opolitiques ont renforc\u00e9 l&rsquo;attrait pour l&rsquo;<strong>or comme actif de pr\u00e9servation<\/strong> du capital sur cette p\u00e9riode.<\/li>\n<li>La <strong>politique des banques centrales<\/strong> et leurs achats r\u00e9guliers d&rsquo;or constituent un facteur structurel de soutien du cours sur le long terme.<\/li>\n<\/ul>\n<p>Observer l\u2019\u00e9volution du <a href=\"https:\/\/www.veracash.com\/fr\/cours-or\">cours de l&rsquo;or<\/a> sur vingt ans permet avant tout de prendre du recul. Le m\u00e9tal jaune a travers\u00e9 des phases de hausse, de correction et de stabilit\u00e9, \u00e9troitement li\u00e9es aux crises \u00e9conomiques, aux politiques mon\u00e9taires et aux mouvements des devises. Cette trajectoire rappelle que l\u2019or s\u2019inscrit dans une logique de long terme, sans garantie de performance ni trajectoire pr\u00e9visible, et que chaque r\u00e9flexion patrimoniale reste par nature individuelle et sp\u00e9cifique.[\/vc_column_text][\/vc_column][\/vc_row][vc_row row_height_percent=\u00a0\u00bb0&Prime; override_padding=\u00a0\u00bbyes\u00a0\u00bb h_padding=\u00a0\u00bb2&Prime; top_padding=\u00a0\u00bb3&Prime; bottom_padding=\u00a0\u00bb3&Prime; overlay_alpha=\u00a0\u00bb50&Prime; gutter_size=\u00a0\u00bb3&Prime; column_width_percent=\u00a0\u00bb100&Prime; shift_y=\u00a0\u00bb0&Prime; z_index=\u00a0\u00bb0&Prime; content_parallax=\u00a0\u00bb0&Prime; uncode_shortcode_id=\u00a0\u00bb138192&Prime;][vc_column width=\u00a0\u00bb1\/1&Prime;][vc_column_text uncode_shortcode_id=\u00a0\u00bb170947&Prime;]<\/p>\n<h3>Ces sujets pourraient vous int\u00e9resser<\/h3>\n<ul>\n<li><a href=\"https:\/\/www.veracash.com\/fr\/blog\/retrospective-cours-or-en-2024\">L&rsquo;or en 2024<\/a><\/li>\n<li><a href=\"https:\/\/www.veracash.com\/fr\/cours-or\/prix-historique\/evolution-cours-or-100-ans\">L&rsquo;or depuis 100 ans<\/a><\/li>\n<\/ul>\n<p>[\/vc_column_text][vc_raw_html]%3Cdiv%20style%3D%22display%3Aflex%3Bflex-direction%3Acolumn%3Bgap%3A16px%3B%22%3E%0A%0A%20%20%3Ch2%3EQuestions%20fr%C3%A9quentes%3C%2Fh2%3E%0A%0A%20%20%3Cdiv%20id%3D%22faq-container%22%3E%0A%0A%20%20%20%20%3Cdetails%20class%3D%22faq-item%22%20name%3D%22faq%22%3E%0A%20%20%20%20%20%20%3Csummary%20class%3D%22faq-header%22%3E%0A%20%20%20%20%20%20%20%20%3Cspan%3EPourquoi%20le%20cours%20de%20l%27or%20varie-t-il%20autant%20%3F%3C%2Fspan%3E%0A%20%20%20%20%20%20%20%20%3Csvg%20class%3D%22faq-arrow%22%20width%3D%2218%22%20height%3D%2218%22%20viewBox%3D%220%200%2024%2024%22%20fill%3D%22none%22%20stroke%3D%22%231a2e1a%22%20stroke-width%3D%222.5%22%20stroke-linecap%3D%22round%22%20stroke-linejoin%3D%22round%22%20aria-hidden%3D%22true%22%3E%0A%20%20%20%20%20%20%20%20%20%20%3Cpolyline%20points%3D%229%206%2015%2012%209%2018%22%3E%3C%2Fpolyline%3E%0A%20%20%20%20%20%20%20%20%3C%2Fsvg%3E%0A%20%20%20%20%20%20%3C%2Fsummary%3E%0A%20%20%20%20%20%20%3Cdiv%20class%3D%22faq-body%22%3ELe%20cours%20de%20l%27or%20r%C3%A9agit%20%C3%A0%20de%20nombreux%20facteurs%20%C3%A9conomiques%2C%20mon%C3%A9taires%20et%20g%C3%A9opolitiques%2C%20ainsi%20qu%27aux%20fluctuations%20des%20devises.%20Les%20crises%20financi%C3%A8res%2C%20les%20politiques%20mon%C3%A9taires%20des%20banques%20centrales%2C%20l%27inflation%20et%20les%20tensions%20internationales%20influencent%20sa%20trajectoire.%3C%2Fdiv%3E%0A%20%20%20%20%3C%2Fdetails%3E%0A%0A%20%20%20%20%3Cdetails%20class%3D%22faq-item%22%20name%3D%22faq%22%3E%0A%20%20%20%20%20%20%3Csummary%20class%3D%22faq-header%22%3E%0A%20%20%20%20%20%20%20%20%3Cspan%3EQui%20fixe%20le%20prix%20de%20l%27once%20et%20du%20gramme%20d%27or%20%3F%3C%2Fspan%3E%0A%20%20%20%20%20%20%20%20%3Csvg%20class%3D%22faq-arrow%22%20width%3D%2218%22%20height%3D%2218%22%20viewBox%3D%220%200%2024%2024%22%20fill%3D%22none%22%20stroke%3D%22%231a2e1a%22%20stroke-width%3D%222.5%22%20stroke-linecap%3D%22round%22%20stroke-linejoin%3D%22round%22%20aria-hidden%3D%22true%22%3E%0A%20%20%20%20%20%20%20%20%20%20%3Cpolyline%20points%3D%229%206%2015%2012%209%2018%22%3E%3C%2Fpolyline%3E%0A%20%20%20%20%20%20%20%20%3C%2Fsvg%3E%0A%20%20%20%20%20%20%3C%2Fsummary%3E%0A%20%20%20%20%20%20%3Cdiv%20class%3D%22faq-body%22%3ELe%20prix%20de%20r%C3%A9f%C3%A9rence%20est%20d%C3%A9termin%C3%A9%20sur%20les%20march%C3%A9s%20internationaux%2C%20notamment%20via%20les%20m%C3%A9canismes%20de%20fixation%20encadr%C3%A9s%20par%20la%20London%20Bullion%20Market%20Association%20%28LBMA%29.%20C%27est%20ce%20qu%27on%20appelle%20le%20%22fixing%22%20de%20l%27or.%3C%2Fdiv%3E%0A%20%20%20%20%3C%2Fdetails%3E%0A%0A%20%20%20%20%3Cdetails%20class%3D%22faq-item%22%20name%3D%22faq%22%3E%0A%20%20%20%20%20%20%3Csummary%20class%3D%22faq-header%22%3E%0A%20%20%20%20%20%20%20%20%3Cspan%3ELe%20cours%20de%20l%27or%20%C3%A9volue-t-il%20toujours%20de%20la%20m%C3%AAme%20fa%C3%A7on%20en%20euros%20et%20en%20dollars%20%3F%3C%2Fspan%3E%0A%20%20%20%20%20%20%20%20%3Csvg%20class%3D%22faq-arrow%22%20width%3D%2218%22%20height%3D%2218%22%20viewBox%3D%220%200%2024%2024%22%20fill%3D%22none%22%20stroke%3D%22%231a2e1a%22%20stroke-width%3D%222.5%22%20stroke-linecap%3D%22round%22%20stroke-linejoin%3D%22round%22%20aria-hidden%3D%22true%22%3E%0A%20%20%20%20%20%20%20%20%20%20%3Cpolyline%20points%3D%229%206%2015%2012%209%2018%22%3E%3C%2Fpolyline%3E%0A%20%20%20%20%20%20%20%20%3C%2Fsvg%3E%0A%20%20%20%20%20%20%3C%2Fsummary%3E%0A%20%20%20%20%20%20%3Cdiv%20class%3D%22faq-body%22%3ENon.%20Le%20taux%20de%20change%20euro-dollar%20joue%20un%20r%C3%B4le%20important%20et%20peut%20accentuer%20ou%20att%C3%A9nuer%20les%20variations.%20Un%20affaiblissement%20du%20dollar%20peut%20amplifier%20la%20hausse%20du%20prix%20de%20l%27or%20en%20euros%2C%20et%20inversement.%3C%2Fdiv%3E%0A%20%20%20%20%3C%2Fdetails%3E%0A%0A%20%20%20%20%3Cdetails%20class%3D%22faq-item%22%20name%3D%22faq%22%3E%0A%20%20%20%20%20%20%3Csummary%20class%3D%22faq-header%22%3E%0A%20%20%20%20%20%20%20%20%3Cspan%3EEst-il%20possible%20de%20faire%20des%20pr%C3%A9visions%20fiables%20de%20l%27%C3%A9volution%20du%20cours%20de%20l%27or%20aujourd%27hui%20%3F%3C%2Fspan%3E%0A%20%20%20%20%20%20%20%20%3Csvg%20class%3D%22faq-arrow%22%20width%3D%2218%22%20height%3D%2218%22%20viewBox%3D%220%200%2024%2024%22%20fill%3D%22none%22%20stroke%3D%22%231a2e1a%22%20stroke-width%3D%222.5%22%20stroke-linecap%3D%22round%22%20stroke-linejoin%3D%22round%22%20aria-hidden%3D%22true%22%3E%0A%20%20%20%20%20%20%20%20%20%20%3Cpolyline%20points%3D%229%206%2015%2012%209%2018%22%3E%3C%2Fpolyline%3E%0A%20%20%20%20%20%20%20%20%3C%2Fsvg%3E%0A%20%20%20%20%20%20%3C%2Fsummary%3E%0A%20%20%20%20%20%20%3Cdiv%20class%3D%22faq-body%22%3ENon.%20Le%20cours%20de%20l%27or%20d%C3%A9pend%20de%20trop%20nombreux%20facteurs%20impr%C3%A9visibles%20%28crises%20g%C3%A9opolitiques%2C%20d%C3%A9cisions%20des%20banques%20centrales%2C%20fluctuations%20mon%C3%A9taires%29%20pour%20%C3%A9tablir%20des%20pr%C3%A9visions%20fiables.%20Les%20analystes%20peuvent%20identifier%20des%20tendances%20et%20des%20sc%C3%A9narios%20probables%2C%20mais%20personne%20ne%20peut%20garantir%20l%27%C3%A9volution%20future%20du%20cours.%20M%C3%A9fiez-vous%20de%20quiconque%20pr%C3%A9tend%20le%20contraire%2C%20aussi%20expert%20soit-il.%3C%2Fdiv%3E%0A%20%20%20%20%3C%2Fdetails%3E%0A%0A%20%20%3C%2Fdiv%3E%0A%3C%2Fdiv%3E%0A%0A%3Cscript%20type%3D%22application%2Fld%2Bjson%22%3E%0A%7B%0A%20%20%22%40context%22%3A%20%22https%3A%2F%2Fschema.org%22%2C%0A%20%20%22%40type%22%3A%20%22FAQPage%22%2C%0A%20%20%22mainEntity%22%3A%20%5B%0A%20%20%20%20%7B%0A%20%20%20%20%20%20%22%40type%22%3A%20%22Question%22%2C%0A%20%20%20%20%20%20%22name%22%3A%20%22Pourquoi%20le%20cours%20de%20l%27or%20varie-t-il%20autant%20%3F%22%2C%0A%20%20%20%20%20%20%22acceptedAnswer%22%3A%20%7B%0A%20%20%20%20%20%20%20%20%22%40type%22%3A%20%22Answer%22%2C%0A%20%20%20%20%20%20%20%20%22text%22%3A%20%22Le%20cours%20de%20l%27or%20r%C3%A9agit%20%C3%A0%20de%20nombreux%20facteurs%20%C3%A9conomiques%2C%20mon%C3%A9taires%20et%20g%C3%A9opolitiques%2C%20ainsi%20qu%27aux%20fluctuations%20des%20devises.%20Les%20crises%20financi%C3%A8res%2C%20les%20politiques%20mon%C3%A9taires%20des%20banques%20centrales%2C%20l%27inflation%20et%20les%20tensions%20internationales%20influencent%20sa%20trajectoire.%22%0A%20%20%20%20%20%20%7D%0A%20%20%20%20%7D%2C%0A%20%20%20%20%7B%0A%20%20%20%20%20%20%22%40type%22%3A%20%22Question%22%2C%0A%20%20%20%20%20%20%22name%22%3A%20%22Qui%20fixe%20le%20prix%20de%20l%27once%20et%20du%20gramme%20d%27or%20%3F%22%2C%0A%20%20%20%20%20%20%22acceptedAnswer%22%3A%20%7B%0A%20%20%20%20%20%20%20%20%22%40type%22%3A%20%22Answer%22%2C%0A%20%20%20%20%20%20%20%20%22text%22%3A%20%22Le%20prix%20de%20r%C3%A9f%C3%A9rence%20est%20d%C3%A9termin%C3%A9%20sur%20les%20march%C3%A9s%20internationaux%2C%20notamment%20via%20les%20m%C3%A9canismes%20de%20fixation%20encadr%C3%A9s%20par%20la%20London%20Bullion%20Market%20Association%20%28LBMA%29.%20C%27est%20ce%20qu%27on%20appelle%20le%20fixing%20de%20l%27or.%22%0A%20%20%20%20%20%20%7D%0A%20%20%20%20%7D%2C%0A%20%20%20%20%7B%0A%20%20%20%20%20%20%22%40type%22%3A%20%22Question%22%2C%0A%20%20%20%20%20%20%22name%22%3A%20%22Le%20cours%20de%20l%27or%20%C3%A9volue-t-il%20toujours%20de%20la%20m%C3%AAme%20fa%C3%A7on%20en%20euros%20et%20en%20dollars%20%3F%22%2C%0A%20%20%20%20%20%20%22acceptedAnswer%22%3A%20%7B%0A%20%20%20%20%20%20%20%20%22%40type%22%3A%20%22Answer%22%2C%0A%20%20%20%20%20%20%20%20%22text%22%3A%20%22Non.%20Le%20taux%20de%20change%20euro-dollar%20joue%20un%20r%C3%B4le%20important%20et%20peut%20accentuer%20ou%20att%C3%A9nuer%20les%20variations.%20Un%20affaiblissement%20du%20dollar%20peut%20amplifier%20la%20hausse%20du%20prix%20de%20l%27or%20en%20euros%2C%20et%20inversement.%22%0A%20%20%20%20%20%20%7D%0A%20%20%20%20%7D%2C%0A%20%20%20%20%7B%0A%20%20%20%20%20%20%22%40type%22%3A%20%22Question%22%2C%0A%20%20%20%20%20%20%22name%22%3A%20%22Est-il%20possible%20de%20faire%20des%20pr%C3%A9visions%20fiables%20de%20l%27%C3%A9volution%20du%20cours%20de%20l%27or%20aujourd%27hui%20%3F%22%2C%0A%20%20%20%20%20%20%22acceptedAnswer%22%3A%20%7B%0A%20%20%20%20%20%20%20%20%22%40type%22%3A%20%22Answer%22%2C%0A%20%20%20%20%20%20%20%20%22text%22%3A%20%22Non.%20Le%20cours%20de%20l%27or%20d%C3%A9pend%20de%20trop%20nombreux%20facteurs%20impr%C3%A9visibles%20%28crises%20g%C3%A9opolitiques%2C%20d%C3%A9cisions%20des%20banques%20centrales%2C%20fluctuations%20mon%C3%A9taires%29%20pour%20%C3%A9tablir%20des%20pr%C3%A9visions%20fiables.%20Les%20analystes%20peuvent%20identifier%20des%20tendances%20et%20des%20sc%C3%A9narios%20probables%2C%20mais%20personne%20ne%20peut%20garantir%20l%27%C3%A9volution%20future%20du%20cours.%20M%C3%A9fiez-vous%20de%20quiconque%20pr%C3%A9tend%20le%20contraire%2C%20aussi%20expert%20soit-il.%22%0A%20%20%20%20%20%20%7D%0A%20%20%20%20%7D%0A%20%20%5D%0A%7D%0A%3C%2Fscript%3E[\/vc_raw_html][\/vc_column][\/vc_row][vc_row row_height_percent=\u00a0\u00bb0&Prime; overlay_alpha=\u00a0\u00bb50&Prime; gutter_size=\u00a0\u00bb3&Prime; column_width_percent=\u00a0\u00bb100&Prime; shift_y=\u00a0\u00bb0&Prime; z_index=\u00a0\u00bb0&Prime; content_parallax=\u00a0\u00bb0&Prime; uncode_shortcode_id=\u00a0\u00bb876119&Prime;][vc_column column_width_percent=\u00a0\u00bb100&Prime; gutter_size=\u00a0\u00bb2&Prime; overlay_alpha=\u00a0\u00bb50&Prime; radius=\u00a0\u00bblg\u00a0\u00bb shift_x=\u00a0\u00bb0&Prime; shift_y=\u00a0\u00bb0&Prime; shift_y_down=\u00a0\u00bb0&Prime; z_index=\u00a0\u00bb0&Prime; medium_width=\u00a0\u00bb0&Prime; mobile_width=\u00a0\u00bb0&Prime; width=\u00a0\u00bb1\/1&Prime; uncode_shortcode_id=\u00a0\u00bb410258&Prime;][vc_custom_heading text_color=\u00a0\u00bbcolor-198802&Prime; uncode_shortcode_id=\u00a0\u00bb480848&Prime; text_color_type=\u00a0\u00bbuncode-palette\u00a0\u00bb]Sources[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb106893&Prime; el_class=\u00a0\u00bbmore-links\u00a0\u00bb]<\/p>\n<ul>\n<li><em>World Gold Council &#8211; \u00ab\u00a0Gold Demand Trends\u00a0\u00bb (rapports annuels)\u00a0<\/em><\/li>\n<li><em>Banque de France &#8211; Donn\u00e9es sur les r\u00e9serves d&rsquo;or\u00a0<\/em><\/li>\n<li><em>London Bullion Market Association (LBMA) &#8211; Donn\u00e9es historiques du fixing\u00a0<\/em><\/li>\n<li><em>Publications des banques centrales (BCE, Fed)<\/em><\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column width=\u00a0\u00bb1\/1&Prime;][uncode_block id=\u00a0\u00bb13528&Prime;][\/vc_column][\/vc_row][vc_row][vc_column width=\u00a0\u00bb1\/1&Prime;][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row row_height_percent=\u00a0\u00bb0&Prime; override_padding=\u00a0\u00bbyes\u00a0\u00bb h_padding=\u00a0\u00bb2&Prime; top_padding=\u00a0\u00bb3&Prime; bottom_padding=\u00a0\u00bb3&Prime; back_color=\u00a0\u00bbcolor-128411&Prime; overlay_alpha=\u00a0\u00bb50&Prime; gutter_size=\u00a0\u00bb3&Prime; column_width_percent=\u00a0\u00bb100&Prime; shift_y=\u00a0\u00bb0&Prime; z_index=\u00a0\u00bb0&Prime; content_parallax=\u00a0\u00bb0&Prime; uncode_shortcode_id=\u00a0\u00bb214504&Prime; back_color_type=\u00a0\u00bbuncode-palette\u00a0\u00bb][vc_column width=\u00a0\u00bb1\/1&Prime;][uncode_breadcrumbs][vc_custom_heading heading_semantic=\u00a0\u00bbh1&Prime; text_size=\u00a0\u00bbh1&Prime; uncode_shortcode_id=\u00a0\u00bb201305&Prime;]\u00c9volution du [&hellip;]<\/p>\n","protected":false},"author":29,"featured_media":0,"parent":4533,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"content-type":"","footnotes":""},"class_list":["post-13939","page","type-page","status-publish","hentry"],"jetpack_shortlink":"https:\/\/wp.me\/Pfl0yj-3CP","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.veracash.com\/fr\/wp-json\/wp\/v2\/pages\/13939","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.veracash.com\/fr\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.veracash.com\/fr\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.veracash.com\/fr\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/www.veracash.com\/fr\/wp-json\/wp\/v2\/comments?post=13939"}],"version-history":[{"count":8,"href":"https:\/\/www.veracash.com\/fr\/wp-json\/wp\/v2\/pages\/13939\/revisions"}],"predecessor-version":[{"id":15738,"href":"https:\/\/www.veracash.com\/fr\/wp-json\/wp\/v2\/pages\/13939\/revisions\/15738"}],"up":[{"embeddable":true,"href":"https:\/\/www.veracash.com\/fr\/wp-json\/wp\/v2\/pages\/4533"}],"wp:attachment":[{"href":"https:\/\/www.veracash.com\/fr\/wp-json\/wp\/v2\/media?parent=13939"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}