{"id":13947,"date":"2026-04-20T15:27:26","date_gmt":"2026-04-20T13:27:26","guid":{"rendered":"https:\/\/www.veracash.com\/?page_id=13947"},"modified":"2026-08-24T12:29:06","modified_gmt":"2026-08-24T10:29:06","slug":"evolution-cours-or-100-ans","status":"publish","type":"page","link":"https:\/\/www.veracash.com\/fr\/cours-or\/prix-historique\/evolution-cours-or-100-ans","title":{"rendered":"\u00c9volution du cours de l&rsquo;or sur 100 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\u00bb591525&Prime;]\u00c9volution du cours de l&rsquo;or sur 100 ans[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb152207&Prime;]En un si\u00e8cle, le cours de l&rsquo;or a tout vu : guerres mondiales, crises financi\u00e8res, inflation galopante, bouleversements mon\u00e9taires. Retracer son \u00e9volution depuis 1925 permet de comprendre ce qui fait bouger ce m\u00e9tal si particulier, et pourquoi il continue de fasciner investisseurs et \u00e9pargnants.<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\u00bb187092&Prime;]Historique du cours de l&rsquo;or sur 100 ans[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb208328&Prime;]Comprendre comment l&rsquo;or a \u00e9volu\u00e9, c&rsquo;est aussi comprendre comment l&rsquo;\u00e9conomie mondiale s&rsquo;est transform\u00e9e. Chaque pic, chaque vall\u00e9e, raconte une crise, une d\u00e9cision politique ou un changement dans la mani\u00e8re dont nous percevons la monnaie. Analyser l&rsquo;<a href=\"https:\/\/www.veracash.com\/fr\/cours-or\/prix-historique\">historique du cours<\/a> nous permet ainsi de comprendre comment ces diff\u00e9rentes dynamiques interagissent entre elles.[\/vc_column_text][vc_custom_heading heading_semantic=\u00a0\u00bbh3&Prime; text_size=\u00a0\u00bbh3&Prime; uncode_shortcode_id=\u00a0\u00bb134763&Prime;]Le graphique du cours sur 100 ans[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb629356&Prime;]Entre 1920 et 2025, le cours de l&rsquo;or est pass\u00e9 d&rsquo;environ 20 dollars \u00e0 plus de 4 500 dollars l&rsquo;once. Cette multiplication par plus de 200 masque cependant des r\u00e9alit\u00e9s tr\u00e8s diff\u00e9rentes selon les p\u00e9riodes : longues phases de stabilit\u00e9 administr\u00e9e, corrections brutales et cycles haussiers marqu\u00e9s.<\/p>\n<p>En euros, la progression est similaire avec une once cot\u00e9e autour de 3 800 euros fin 2025, bien que les fluctuations du taux de change euro-dollar ajoutent une couche de complexit\u00e9 pour les investisseurs europ\u00e9ens.[\/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_custom_heading heading_semantic=\u00a0\u00bbh3&Prime; text_size=\u00a0\u00bbh3&Prime; uncode_shortcode_id=\u00a0\u00bb906339&Prime;]<\/p>\n<h2>Ce sujet pourrait vous int\u00e9resser<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.veracash.com\/fr\/cours-or\/prix-historique\/evolution-cours-or-20-ans\">Cours de l&rsquo;or depuis 20 ans<\/a><\/li>\n<\/ul>\n<p>[\/vc_custom_heading][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\u00bb129051&Prime;]1920\u20131971 : un demi-si\u00e8cle de prix administr\u00e9[\/vc_custom_heading][vc_custom_heading heading_semantic=\u00a0\u00bbh3&Prime; text_size=\u00a0\u00bbh3&Prime; uncode_shortcode_id=\u00a0\u00bb169951&Prime;]Une valeur fix\u00e9e par d\u00e9cision politique[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb656054&Prime;]Pendant une grande partie du XXe si\u00e8cle, le cours de l&rsquo;or n&rsquo;est pas d\u00e9termin\u00e9 par le march\u00e9, mais fix\u00e9 par les \u00c9tats dans le cadre de l&rsquo;\u00e9talon-or. Aux \u00c9tats-Unis, l&rsquo;once est officiellement \u00e0 20,67 dollars depuis 1879. Ce prix traverse la Premi\u00e8re Guerre mondiale sans bouger, r\u00e9siste aux turbulences des ann\u00e9es 1920.<\/p>\n<p>Puis arrive la Grande D\u00e9pression. En 1933, face \u00e0 un pays \u00e0 genoux, Roosevelt fait l&rsquo;impensable : il d\u00e9value le dollar et porte l&rsquo;or \u00e0 35 dollars l&rsquo;once. Ce nouveau prix restera inchang\u00e9 jusqu&rsquo;en 1971, soit pr\u00e8s de quarante ans.[\/vc_column_text][vc_custom_heading heading_semantic=\u00a0\u00bbh3&Prime; text_size=\u00a0\u00bbh3&Prime; uncode_shortcode_id=\u00a0\u00bb262527&Prime;]L&rsquo;Europe l\u00e2che prise, les \u00c9tats-Unis tiennent le cap[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb184190&Prime;]En Europe, c&rsquo;est une autre histoire. Sous la pression de la crise de 1929, des d\u00e9valuations et des contr\u00f4les de change, les pays abandonnent l&rsquo;\u00e9talon-or classique les uns apr\u00e8s les autres. Le Royaume-Uni saute le pas d\u00e8s 1931, la France r\u00e9siste jusqu&rsquo;en 1936 malgr\u00e9 ses importantes r\u00e9serves d&rsquo;or.<\/p>\n<p>Mais si l&rsquo;\u00e9talon-or classique dispara\u00eet en Europe, le prix de l&rsquo;or reste fix\u00e9 \u00e0 35 dollars l&rsquo;once par les \u00c9tats-Unis dans le cadre de Bretton Woods, jusqu&rsquo;\u00e0 la rupture de 1971.[\/vc_column_text][vc_custom_heading heading_semantic=\u00a0\u00bbh3&Prime; text_size=\u00a0\u00bbh3&Prime; uncode_shortcode_id=\u00a0\u00bb619653&Prime;]Une stabilit\u00e9 en trompe-l&rsquo;\u0153il[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb121746&Prime;]Cette stabilit\u00e9 apparente masque des d\u00e9s\u00e9quilibres croissants. Les \u00c9tats-Unis impriment massivement des dollars pour financer la Seconde Guerre mondiale, puis la guerre du Vietnam. Les r\u00e9serves d&rsquo;or, elles, ne suivent pas.[\/vc_column_text][vc_column_text uncode_shortcode_id=\u00a0\u00bb983079&Prime; el_class=\u00a0\u00bbimportant\u00a0\u00bb]<strong>Bon \u00e0 savoir<\/strong><\/p>\n<p>La stabilit\u00e9 du prix avant 1971 refl\u00e8te un choix politique, pas une r\u00e9alit\u00e9 de march\u00e9. C&rsquo;est comme maintenir le thermostat d&rsquo;une pi\u00e8ce \u00e0 20\u00b0C alors que la chaudi\u00e8re surchauffe : la temp\u00e9rature affich\u00e9e reste stable, mais le syst\u00e8me est sous pression.[\/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\u00bb504446&Prime;]1971\u20131980 : la rupture mon\u00e9taire et l\u2019envol\u00e9e des prix[\/vc_custom_heading][vc_custom_heading heading_semantic=\u00a0\u00bbh3&Prime; text_size=\u00a0\u00bbh3&Prime; uncode_shortcode_id=\u00a0\u00bb136084&Prime;]La fin de l&rsquo;\u00e9talon-or[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb138133&Prime;]Le 15 ao\u00fbt 1971, le pr\u00e9sident am\u00e9ricain Richard Nixon enterre le syst\u00e8me de Bretton Woods, en place depuis 1944. C&rsquo;est une rupture historique : pour la premi\u00e8re fois depuis des si\u00e8cles, les principales monnaies nationales ne sont plus adoss\u00e9es \u00e0 l&rsquo;or et reposent uniquement sur la confiance que leur accorde le march\u00e9. Le syst\u00e8me mon\u00e9taire international bascule alors dans un r\u00e9gime de changes flottants.[\/vc_column_text][vc_custom_heading heading_semantic=\u00a0\u00bbh3&Prime; text_size=\u00a0\u00bbh3&Prime; uncode_shortcode_id=\u00a0\u00bb174917&Prime;]Une d\u00e9cennie de turbulences[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb968743&Prime;]D\u00e8s lors, le prix de l&rsquo;or devient un prix de march\u00e9. Et la r\u00e9action ne se fait pas attendre : en moins de dix ans, le cours explose, passant d&rsquo;environ 35 dollars l&rsquo;once en 1971 \u00e0 plus de 800 dollars en janvier 1980.[\/vc_column_text][vc_custom_heading heading_semantic=\u00a0\u00bbh3&Prime; text_size=\u00a0\u00bbh3&Prime; uncode_shortcode_id=\u00a0\u00bb143209&Prime;]Les facteurs d&rsquo;une forte hausse du cours de l&rsquo;or[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb213669&Prime;]Comment expliquer ces sommets historiques ? Ils sont le r\u00e9sultat de la convergence de plusieurs forces.<\/p>\n<p><strong>Inflation \u00e9lev\u00e9e\u00a0<\/strong><br \/>\nLes \u00e9conomies occidentales connaissent une inflation \u00e0 deux chiffres. Aux \u00c9tats-Unis, elle atteint 13,5 % en 1980 selon les statistiques officielles am\u00e9ricaines. Le pouvoir d&rsquo;achat des monnaies s&rsquo;effondre.<\/p>\n<p><strong>Chocs p\u00e9troliers\u00a0<\/strong><br \/>\nLe premier choc p\u00e9trolier de 1973, provoqu\u00e9 par l&#8217;embargo des pays arabes producteurs, fait quadrupler le prix du baril. Le second choc p\u00e9trolier de 1979, dans le sillage de la r\u00e9volution iranienne, amplifie encore la crise \u00e9nerg\u00e9tique mondiale.<\/p>\n<p><strong>Instabilit\u00e9 g\u00e9opolitique\u00a0<\/strong><br \/>\nLa guerre du Vietnam, la r\u00e9volution iranienne de 1979, l&rsquo;invasion sovi\u00e9tique de l&rsquo;Afghanistan la m\u00eame ann\u00e9e&#8230; La d\u00e9cennie accumule les tensions internationales.<\/p>\n<p><strong>Perte de confiance dans les monnaies<\/strong><br \/>\nLes d\u00e9valuations successives du dollar et des principales devises poussent investisseurs et \u00e9pargnants \u00e0 chercher refuge ailleurs.<\/p>\n<p>Pourquoi un tel engouement si l&rsquo;or ne produit pas d&rsquo;int\u00e9r\u00eats ni de dividendes ? Parce qu&rsquo;il offre ce que les monnaies ne garantissent plus \u00e0 cette p\u00e9riode : la conservation du pouvoir d&rsquo;achat face \u00e0 une inflation galopante.[\/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\u00bb164696&Prime;]1980\u20132000 : deux d\u00e9cennies de d\u00e9samour relatif[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb125182&Prime;]Apr\u00e8s le pic des 800 dollars en janvier 1980, l&rsquo;or entame une longue descente.<\/p>\n<p>L&rsquo;once glisse progressivement vers 300-400 dollars. La chute dure presque vingt ans et le point bas est atteint en ao\u00fbt 1999 \u00e0 252 dollars (environ 240 euros), soit une baisse de pr\u00e8s de 70 % par rapport au sommet de 1980. Pour les investisseurs qui avaient mis\u00e9 sur l&rsquo;or au plus haut, c&rsquo;est un d\u00e9sastre.[\/vc_column_text][vc_custom_heading heading_semantic=\u00a0\u00bbh3&Prime; text_size=\u00a0\u00bbh3&Prime; uncode_shortcode_id=\u00a0\u00bb178369&Prime;]Pourquoi le contexte est d\u00e9favorable au m\u00e9tal jaune[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb198368&Prime;]Les ann\u00e9es 1980 et 1990 sont marqu\u00e9es par un retournement complet du climat \u00e9conomique. La lutte contre l&rsquo;inflation men\u00e9e par Paul Volcker \u00e0 la t\u00eate de la R\u00e9serve F\u00e9d\u00e9rale am\u00e9ricaine porte ses fruits : l&rsquo;inflation retombe sous les 4 % d\u00e8s 1983. Les politiques mon\u00e9taires rigoureuses r\u00e9tablissent progressivement la confiance dans les monnaies. En cette p\u00e9riode d&rsquo;accalmie, le dollar et le mark allemand redeviennent des valeurs s\u00fbres.<\/p>\n<p>En m\u00eame temps, les march\u00e9s financiers s&rsquo;envolent. Le Nasdaq grimpe de 400 % entre 1995 et 2000. \u00c0 c\u00f4t\u00e9, l&rsquo;or fait p\u00e2le figure : aucun dividende, aucune plus-value mirobolante. Il para\u00eet terne, d\u00e9pass\u00e9. Les investisseurs se d\u00e9tournent massivement du m\u00e9tal jaune pour se tourner vers les actions technologiques, l&rsquo;immobilier ou les obligations d&rsquo;\u00c9tat.<\/p>\n<p>M\u00eame les banques centrales changent leur fusil d&rsquo;\u00e9paule. La Banque d&rsquo;Angleterre vend une partie importante de ses r\u00e9serves entre 1999 et 2002, consid\u00e9rant l&rsquo;or comme une relique d&rsquo;un autre temps. D&rsquo;autres institutions suivent le mouvement.<\/p>\n<p>L&rsquo;or ne dispara\u00eet pas du paysage \u00e9conomique, mais il sort du centre du jeu. On parle de \u00ab travers\u00e9e du d\u00e9sert \u00bb pour le m\u00e9tal jaune.[\/vc_column_text][vc_column_text uncode_shortcode_id=\u00a0\u00bb127345&Prime; el_class=\u00a0\u00bbimportant\u00a0\u00bb]<strong>\u00c0 retenir :<\/strong><br \/>\nUne baisse prolong\u00e9e du cours de l\u2019or n\u2019est pas une anomalie historique. Elle correspond \u00e0 des p\u00e9riodes de stabilit\u00e9 mon\u00e9taire et de croissance financi\u00e8re.[\/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\u00bb566383&Prime;]2000\u20132011 : mondialisation, crises et retour de l&rsquo;or[\/vc_custom_heading][vc_custom_heading heading_semantic=\u00a0\u00bbh3&Prime; text_size=\u00a0\u00bbh3&Prime; uncode_shortcode_id=\u00a0\u00bb187481&Prime;]Le r\u00e9veil du m\u00e9tal jaune[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb202711&Prime;]Le d\u00e9but des ann\u00e9es 2000 marque un tournant. L&rsquo;or sort de sa l\u00e9thargie et entame un nouveau cycle haussier spectaculaire : d&rsquo;environ <strong>250 dollars en 2000<\/strong>, l&rsquo;once grimpe \u00e0 plus de <strong>1 900 dollars en septembre 2011<\/strong>. En euros, la progression est similaire avec une once qui passe de <strong>300 euros<\/strong> \u00e0 <strong>1 400 euros<\/strong>[\/vc_column_text][vc_custom_heading heading_semantic=\u00a0\u00bbh3&Prime; text_size=\u00a0\u00bbh3&Prime; uncode_shortcode_id=\u00a0\u00bb176892&Prime;]Les moteurs de la hausse[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb633513&Prime;]Les crises s&rsquo;encha\u00eenent. D&rsquo;abord la bulle internet qui explose en 2000-2001, effa\u00e7ant des milliards de valorisations. Puis, bien plus grave, les <em>subprimes<\/em> en 2007-2008. Cette fois, c&rsquo;est tout le syst\u00e8me bancaire qui vacille. Les banques centrales sortent alors l&rsquo;artillerie lourde : injection massive de liquidit\u00e9s\u00a0et abaissement des taux d&rsquo;int\u00e9r\u00eat \u00e0 des niveaux historiquement bas. Parall\u00e8lement, la Chine et l&rsquo;Inde \u00e9mergent comme puissances \u00e9conomiques et deviennent des acheteurs massifs d&rsquo;or.<\/p>\n<p>Face \u00e0 cette accumulation de crises, les investisseurs se tournent \u00e0 nouveau vers le m\u00e9tal jaune. M\u00eame les banques centrales changent de strat\u00e9gie : selon le World Gold Council, leur demande d&rsquo;or redevient positive \u00e0 partir de 2010, inversant une tendance vieille de plusieurs d\u00e9cennies. Celles qui vendaient hier recommencent \u00e0 acheter.[\/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\u00bb167046&Prime;]2011\u20132025 : volatilit\u00e9 et nouveau r\u00e9gime mon\u00e9taire[\/vc_custom_heading][vc_custom_heading heading_semantic=\u00a0\u00bbh3&Prime; text_size=\u00a0\u00bbh3&Prime; uncode_shortcode_id=\u00a0\u00bb824433&Prime;]2011-2019 :\u00a0 une p\u00e9riode contrast\u00e9e[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb166614&Prime;]Apr\u00e8s le pic de septembre 2011, la correction est brutale. En quatre ans, l&rsquo;once retombe\u00a0autour de\u00a0<strong>1 050 dollars<\/strong> (environ <strong>950 euros<\/strong>), perdant pr\u00e8s de 45 % de sa valeur. La reprise \u00e9conomique am\u00e9ricaine et la perspective de hausses de taux d&rsquo;int\u00e9r\u00eat p\u00e8sent sur le m\u00e9tal jaune.<\/p>\n<p>Mais cette baisse reste relative. Entre 2016 et 2019, l&rsquo;or se stabilise et consolide ses positions autour de <strong>1 200-1 500 dollars<\/strong>. Le Brexit en 2016, les tensions commerciales sino-am\u00e9ricaines et les incertitudes politiques maintiennent une demande soutenue pour les actifs refuges. L&rsquo;or semble alors avoir retrouv\u00e9 un \u00e9quilibre. Mais d\u00e9but 2020, tout bascule.[\/vc_column_text][vc_custom_heading heading_semantic=\u00a0\u00bbh3&Prime; text_size=\u00a0\u00bbh3&Prime; uncode_shortcode_id=\u00a0\u00bb146547&Prime;]2020-2025 : l&rsquo;acc\u00e9l\u00e9ration r\u00e9cente[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb179091&Prime;]La pand\u00e9mie de Covid-19 marque un tournant d\u00e9cisif. En ao\u00fbt 2020, l&rsquo;or franchit les 2 000 dollars l&rsquo;once pour la premi\u00e8re fois de son histoire. Les ann\u00e9es suivantes confirment la tendance : l&rsquo;once atteint 2 600 dollars en 2024, puis franchit la barre symbolique des 4 500 dollars, soit plus de 3 800 euros en d\u00e9cembre 2025.[\/vc_column_text][vc_custom_heading heading_semantic=\u00a0\u00bbh3&Prime; text_size=\u00a0\u00bbh3&Prime; uncode_shortcode_id=\u00a0\u00bb860030&Prime;]Les facteurs contemporains de l&rsquo;\u00e9volution du cours[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb207565&Prime;]D&rsquo;o\u00f9 viennent ces pics marqu\u00e9s ? De plusieurs facteurs qui se cumulent.<\/p>\n<p>L&rsquo;inflation repart \u00e0 la hausse en 2021-2022, atteignant 9 % aux \u00c9tats-Unis et dans la zone euro. La guerre en Ukraine d\u00e9but\u00e9e en f\u00e9vrier 2022, les tensions sino-am\u00e9ricaines et l&rsquo;instabilit\u00e9 au Moyen-Orient alimentent la demande d&rsquo;actifs refuges.<\/p>\n<p>Les banques centrales reprennent massivement leurs achats : selon le World Gold Council, elles acqui\u00e8rent plus de 1 000 tonnes en 2022 et \u00e0 nouveau au-del\u00e0 de 1 000 tonnes en 2023, des volumes historiquement \u00e9lev\u00e9s. La Chine, la Turquie et les pays du Golfe m\u00e8nent ces acquisitions.<\/p>\n<p>Ces tensions multiples poussent <a href=\"https:\/\/www.veracash.com\/fr\/cours-or\/prix-historique\/retrospective-cours-or-2025\">l&rsquo;or vers un record historique fin 2025<\/a>. Peut-on en d\u00e9duire que la hausse va continuer ? Difficile \u00e0 dire. Les performances pass\u00e9es ne garantissent jamais les performances futures et chaque situation m\u00e9rite d&rsquo;\u00eatre analys\u00e9e dans son contexte propre. Si vous souhaitez mieux comprendre le comportement de l&rsquo;or dans cette derni\u00e8re d\u00e9cennie, notre article sur l&rsquo;<a href=\"https:\/\/www.veracash.com\/fr\/cours-or\/prix-historique\/evolution-cours-or-10-ans\">\u00e9volution du cours de l&rsquo;or sur 10 ans<\/a> vous apportera une grille de lecture compl\u00e8te.<\/p>\n<p>Pour en savoir plus : <a href=\"https:\/\/www.veracash.com\/fr\/cours-or\/5-records-cours-or-de-2003-a-2023\">Les diff\u00e9rents records de l&rsquo;or<\/a>[\/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\u00bb617059&Prime; text_color_type=\u00a0\u00bbuncode-palette\u00a0\u00bb]Que nous enseigne ce si\u00e8cle d&rsquo;histoire pour mieux comprendre le comportement du <a href=\"https:\/\/www.veracash.com\/fr\/cours-or\">cours de l&rsquo;or<\/a> ? Plusieurs le\u00e7ons se d\u00e9gagent de cette analyse :<\/p>\n<ul>\n<li><strong>Une trajectoire non lin\u00e9aire\u00a0<\/strong><\/li>\n<\/ul>\n<p>L&rsquo;or n&rsquo;\u00e9volue pas de mani\u00e8re parfaitement pr\u00e9visible. Il alterne phases de stabilit\u00e9 (parfois pendant plusieurs d\u00e9cennies), corrections brutales et cycles haussiers marqu\u00e9s. Chaque mouvement refl\u00e8te un contexte \u00e9conomique pr\u00e9cis : les grandes hausses correspondent aux ruptures mon\u00e9taires et aux p\u00e9riodes de tensions, tandis que les phases de stagnation co\u00efncident avec les p\u00e9riodes de stabilit\u00e9 \u00e9conomique.<\/p>\n<ul>\n<li><strong>Les facteurs d&rsquo;influence d\u00e9terminants\u00a0<\/strong><\/li>\n<\/ul>\n<p>Quatre forces font bouger le cours de l&rsquo;or. L&rsquo;inflation d&rsquo;abord, qui grignote le pouvoir d&rsquo;achat des monnaies. Les banques centrales ensuite, surtout quand elles touchent aux taux d&rsquo;int\u00e9r\u00eat. Les crises g\u00e9opolitiques, bien s\u00fbr. Et enfin quelque chose de plus intangible : la confiance, ou la m\u00e9fiance des march\u00e9s.<\/p>\n<ul>\n<li><strong>Un actif de pr\u00e9servation, pas de rendement<\/strong><\/li>\n<\/ul>\n<p>L&rsquo;or ne produit pas d&rsquo;int\u00e9r\u00eats ni de dividendes et n&rsquo;offre aucun rendement financier. Son r\u00f4le s&rsquo;inscrit dans une logique de diversification et de pr\u00e9servation patrimoniale \u00e0 long terme, jamais comme un moyen de g\u00e9n\u00e9rer des gains rapides. Son comportement g\u00e9n\u00e9ralement anticyclique en fait un outil de stabilisation dans une strat\u00e9gie d&rsquo;investissement globale.<\/p>\n<p>Comme toujours, chaque situation patrimoniale reste singuli\u00e8re et m\u00e9rite un accompagnement adapt\u00e9 par un professionnel qualifi\u00e9.[\/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_custom_heading heading_semantic=\u00a0\u00bbh3&Prime; text_size=\u00a0\u00bbh3&Prime; uncode_shortcode_id=\u00a0\u00bb190818&Prime;]<\/p>\n<h2>Ce sujet pourrait vous int\u00e9resser<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.veracash.com\/fr\/cours-or\/5-records-cours-or-de-2003-a-2023\">Records de l&rsquo;or <\/a><\/li>\n<li><a href=\"https:\/\/www.veracash.com\/fr\/blog\/2023-retrospective-cours-or\">M\u00e9tal jaune en 2023<\/a><\/li>\n<li><a href=\"https:\/\/www.veracash.com\/fr\/blog\/retrospective-cours-or-en-2024\">M\u00e9tal jaune en 2024<\/a><\/li>\n<\/ul>\n<p>[\/vc_custom_heading][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%3Ch3%3EPourquoi%20le%20cours%20de%20l%27or%20a-t-il%20autant%20augment%C3%A9%20en%20100%20ans%20%3F%3C%2Fh3%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%3EL%27augmentation%20du%20prix%20de%20l%27or%20refl%C3%A8te%20principalement%20la%20d%C3%A9pr%C3%A9ciation%20des%20monnaies%20fiduciaires.%20Sur%20un%20si%C3%A8cle%2C%20le%20dollar%20a%20perdu%20l%27essentiel%20de%20son%20pouvoir%20d%27achat%20sous%20l%27effet%20de%20l%27inflation%2C%20tandis%20que%20le%20prix%20de%20l%27or%20a%20fortement%20progress%C3%A9.%20La%20fin%20du%20syst%C3%A8me%20de%20l%27%C3%A9talon-or%20par%20les%20%C3%89tats-Unis%2C%20les%20crises%20successives%2C%20les%20tensions%20g%C3%A9opolitiques%20et%20la%20cr%C3%A9ation%20mon%C3%A9taire%20massive%20des%20banques%20centrales%20expliquent%20cette%20%C3%A9volution.%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%3Ch3%3EQui%20fixe%20le%20prix%20du%20gramme%20et%20de%20l%27once%20d%27or%20aujourd%27hui%20%3F%3C%2Fh3%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%3EDepuis%201919%2C%20un%20prix%20de%20r%C3%A9f%C3%A9rence%20de%20l%27or%20est%20%C3%A9tabli%20%C3%A0%20Londres.%20Aujourd%27hui%2C%20ce%20benchmark%2C%20appel%C3%A9%20LBMA%20Gold%20Price%2C%20est%20fix%C3%A9%20deux%20fois%20par%20jour%20sous%20l%27%C3%A9gide%20de%20la%20London%20Bullion%20Market%20Association.%20Il%20existe%20%C3%A9galement%20un%20march%C3%A9%20continu%20sur%20les%20places%20financi%C3%A8res%20mondiales.%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%3Ch3%3EL%27or%20peut-il%20encore%20monter%20apr%C3%A8s%20100%20ans%20de%20hausse%20%3F%3C%2Fh3%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%3EIl%20est%20difficile%20de%20pr%C3%A9voir%20l%27%C3%A9volution%20future%20du%20cours%20du%20m%C3%A9tal%20jaune.%20Les%20performances%20pass%C3%A9es%20ne%20garantissent%20pas%20les%20performances%20%C3%A0%20venir.%20Cependant%2C%20tant%20que%20les%20monnaies%20continueront%20%C3%A0%20perdre%20du%20pouvoir%20d%27achat%20et%20que%20les%20incertitudes%20persistent%2C%20l%27or%20pourrait%20conserver%20son%20attrait%20en%20tant%20qu%27actif%20de%20pr%C3%A9servation%20patrimoniale.%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%3Ch3%3EO%C3%B9%20consulter%20le%20cours%20de%20l%27or%20en%20direct%20%3F%3C%2Fh3%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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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\u00bb100781&Prime; text_color_type=\u00a0\u00bbuncode-palette\u00a0\u00bb]Glossaire[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb189659&Prime; el_class=\u00a0\u00bbmore-links\u00a0\u00bb]<strong>Once troy<\/strong> : Unit\u00e9 de mesure pour les m\u00e9taux pr\u00e9cieux \u00e9quivalant \u00e0 31,1 grammes.<br \/>\n<strong>LBMA <\/strong>: London Bullion Market Association, qui \u00e9tablit le cours de r\u00e9f\u00e9rence de l&rsquo;or deux fois par jour.<br \/>\n<strong>\u00c9talon-or<\/strong> : Syst\u00e8me mon\u00e9taire o\u00f9 la valeur d&rsquo;une monnaie est directement li\u00e9e \u00e0 une quantit\u00e9 fixe d&rsquo;or.<br \/>\n<strong>Prix spot<\/strong> : Prix de l&rsquo;or pour livraison imm\u00e9diate sur le march\u00e9 physique.<br \/>\n<strong>Bretton Woods<\/strong> : Accords de 1944 \u00e9tablissant un syst\u00e8me mon\u00e9taire international bas\u00e9 sur le dollar convertible en or.[\/vc_column_text][\/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\u00bb187411&Prime; text_color_type=\u00a0\u00bbuncode-palette\u00a0\u00bb]Sources[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb135188&Prime; el_class=\u00a0\u00bbmore-links\u00a0\u00bb]<\/p>\n<ul>\n<li><em>World Gold Council, Gold Demand Trends\u00a0<\/em><\/li>\n<li><em>London Bullion Market Association, Gold Price Data\u00a0<\/em><\/li>\n<li><em>Banque de France, R\u00e9serves officielles d\u2019or<\/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]<\/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\u00bb591525&Prime;]\u00c9volution du 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