{"id":3200,"date":"2024-11-20T08:30:00","date_gmt":"2024-11-20T07:30:00","guid":{"rendered":"https:\/\/www.aucoffre.com\/academie\/?p=3200"},"modified":"2024-11-19T18:18:41","modified_gmt":"2024-11-19T17:18:41","slug":"cours-or-france-guerre-mondiale","status":"publish","type":"post","link":"https:\/\/www.aucoffre.com\/academie\/cours-or-france-guerre-mondiale\/","title":{"rendered":"Comment a \u00e9volu\u00e9 le cours de l\u2019or en France pendant la Seconde Guerre mondiale ?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Les p\u00e9riodes de guerres ont un impact pr\u00e9pond\u00e9rant sur l\u2019or, qui revient syst\u00e9matiquement au centre du jeu politique. La Seconde Guerre mondiale ne fait pas exception \u00e0 la r\u00e8gle.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Ce qu\u2019il faut retenir&nbsp;:&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Durant la <strong>Seconde Guerre mondiale<\/strong>, l\u2019\u00c9tat fran\u00e7ais a interdit la d\u00e9tention, le commerce, l\u2019importation et l\u2019exportation d\u2019or. La nature ayant horreur du vide, un <strong>march\u00e9 clandestin de l\u2019or<\/strong> s\u2019est organis\u00e9 en r\u00e9action&nbsp;;<\/li>\n\n\n\n<li>En France, sur la p\u00e9riode 1941-1948, aucune des grandes classes d\u2019actifs n\u2019a r\u00e9ussi \u00e0 prot\u00e9ger int\u00e9gralement les \u00e9pargnants face \u00e0 une <strong>inflation moyenne annuelle de 39%&nbsp;<\/strong>;<\/li>\n\n\n\n<li><strong>L\u2019or a<\/strong> cependant <strong>permis de \u00ab&nbsp;limiter la casse&nbsp;\u00bb<\/strong> avec une performance r\u00e9elle de <strong>-5% par an<\/strong>.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Pour vous raconter l\u2019histoire l\u2019\u00e9volution du prix de l\u2019or au cours de la p\u00e9riode 1941-1948, je vais fonder mon propos sur les \u00e9crits de l\u2019une des rares sp\u00e9cialistes de la question. Il s\u2019agit de <strong>Thi Hong Van Hong<\/strong>, qui a d\u00e9di\u00e9 sa th\u00e8se de doctorat au march\u00e9 parisien de l\u2019or entre 1949 et 2009, et qui est \u00e9galement l\u2019auteur d\u2019un article de recherche sp\u00e9cifiquement d\u00e9di\u00e9 \u00e0 la question qui nous int\u00e9resse aujourd\u2019hui. Hoang y d\u00e9taille comment est n\u00e9, a fonctionn\u00e9 et a \u00e9volu\u00e9 le march\u00e9 clandestin de l\u2019or \u00e0 Paris, depuis le d\u00e9but de ses activit\u00e9s en 1940 \u00e0 sa fin officielle le 19 f\u00e9vrier 1948.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mais avant de traiter de ces questions, il va me falloir remonter quelques d\u00e9cennies en arri\u00e8re pour \u00e9voquer l\u2019\u00e9volution du rapport entre l\u2019or et la monnaie en France, avant que le d\u00e9clenchement de la Seconde Guerre mondiale ne vienne changer la donne.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Rapport entre l\u2019or et la monnaie en France, entre la Premi\u00e8re et la Seconde Guerre mondiale <\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">La France entre dans le XX<sup>\u1d49<\/sup> si\u00e8cle avec un syst\u00e8me mon\u00e9taire bim\u00e9tallique. Depuis 1803, le <strong>franc<\/strong> <strong>germinal<\/strong> est d\u00e9fini par un <strong>poids d\u2019or et d\u2019argent<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">L\u2019or en France entre la Premi\u00e8re Guerre mondiale et l\u2019entre-deux guerres <\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Puis arrive 1914 et la <span><b>Premi\u00e8re Guerre mon<\/b><\/span><strong>diale<\/strong>.&nbsp;Cette ann\u00e9e <em>\u00ab&nbsp;marque le d\u00e9but de la d\u00e9mon\u00e9tisation de l\u2019or en France&nbsp;\u00bb<\/em>, indique Hoang. La Banque de France plante le premier clou dans le cercueil du r\u00f4le mon\u00e9taire de l\u2019or en d\u00e9cidant de suspendre la convertibilit\u00e9 des billets en pi\u00e8ces d\u2019or, alors qu\u2019il s\u2019agit d\u2019un principe cardinal de l\u2019\u00e9talon or. La Grande Guerre conduit les pouvoirs publics \u00e0 imposer d\u2019autres <strong>restrictions<\/strong> dont Hoang dresse l\u2019inventaire : <em>\u00ab&nbsp;l\u2019interdiction d\u2019exporter de l\u2019or en 1915, l\u2019interdiction d\u2019\u00e9changer de l\u2019or au-dessus du cours l\u00e9gal en 1916, l\u2019interdiction de la refonte des pi\u00e8ces d\u2019or en 1919.&nbsp;\u00bb<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Durant l\u2019entre-deux guerres, les clous continuent de s\u2019accumuler sur le cercueil du r\u00f4le mon\u00e9taire de l\u2019or. En 1928, le franc germinal est remplac\u00e9 par le <strong>franc Poincar\u00e9<\/strong>. Le lien avec l\u2019or subsiste mais il s\u2019amenuise&nbsp;: comme le rel\u00e8ve Hoang, <em>\u00ab&nbsp;l\u2019\u00e9talon-or devient l\u2019<\/em><strong><em>\u00e9talon-or lingot <\/em><\/strong><em>car le remboursement des billets en or n\u2019est possible qu\u2019\u00e0 partir d\u2019un montant \u00e9quivalent \u00e0 12,5 kilos d\u2019or (soit 215.000 anciens francs).&nbsp;\u00bb&nbsp;<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le Front populaire, aux commandes de l\u2019Etat entre mai 1936 et avril 1938, joue de tout son poids en vue de retirer \u00e0 l\u2019or son r\u00f4le mon\u00e9taire. Avec la loi du 1<sup>er<\/sup> octobre 1936, l\u2019Etat abandonne la convertibilit\u00e9 or du franc. Avec le passage du franc Poincar\u00e9 au <a href=\"https:\/\/fr.wikipedia.org\/wiki\/D%C3%A9valuations_du_franc_fran%C3%A7ais\"><strong>franc Auriol<\/strong><\/a>, c\u2019est <em>\u00ab&nbsp;la <\/em><strong><em>fin d\u00e9finitive de l\u2019\u00e9talon-or en France<\/em><\/strong><em>&nbsp;\u00bb<\/em>, \u00e9crit Hoang.<em> <\/em>L\u2019Etat n\u2019en reste pas l\u00e0&nbsp;: il r\u00e9quisitionne l\u2019or des Fran\u00e7ais.&nbsp;<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img fetchpriority=\"high\" decoding=\"async\" width=\"463\" height=\"590\" src=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/2-auriol.jpg\" alt=\"\" class=\"wp-image-3202\" style=\"width:269px;height:auto\" srcset=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/2-auriol.jpg 463w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/2-auriol-235x300.jpg 235w\" sizes=\"(max-width: 463px) 100vw, 463px\" \/><figcaption class=\"wp-element-caption\"><em>Vincent Auriol, ancien pr\u00e9sident de la R\u00e9publique et ministre des Finances<\/em>. <br><\/figcaption><\/figure>\n<\/div>\n\n\n<h3 class=\"wp-block-heading\">Seconde Guerre mondiale&nbsp;: du march\u00e9 clandestin de l\u2019or au march\u00e9 officiel de l\u2019or<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Durant la Seconde Guerre mondiale, l\u2019\u00c9tat interdit la d\u00e9tention, le commerce, l\u2019importation et l\u2019exportation d\u2019or. La nature ayant horreur du vide, un <strong>march\u00e9 clandestin de l\u2019or<\/strong> s\u2019organise en r\u00e9action.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Voici comment Hoang, qui a \u00e9tudi\u00e9 cette p\u00e9riode dans ses moindres d\u00e9tails, r\u00e9sume cet \u00e9pisode de notre histoire mon\u00e9taire :&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u00ab&nbsp;\u2026 le commerce clandestin de l\u2019or commence \u00e0 s\u2019organiser en 1940 <\/em>[N.B.&nbsp;l&rsquo;armistice a \u00e9t\u00e9 sign\u00e9 le 22 juin] <em>pour devenir un v\u00e9ritable march\u00e9 clandestin \u00e0 partir de 1941 \u00e0 Paris.&nbsp;<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">[<em>les vendeurs sur le march\u00e9 clandestin de l\u2019or \u00e0 Paris sont des interm\u00e9diaires, des \u00ab trafiquants \u00bb, des vendeurs r\u00e9guliers ou des arbitragistes. Ils importent de l\u2019or \u00e0 la fronti\u00e8re pour le revendre plus cher \u00e0 Paris. L\u2019offre d\u2019or vient de partout via Tanger, Beyrouth, Lisbonne pour finalement traverser la fronti\u00e8re suisse.<\/em>]<em>[Ce march\u00e9 clandestin de l\u2019or] dernier traverse la Deuxi\u00e8me Guerre mondiale et subsiste jusqu\u2019en 1948 quand <\/em><strong><em>Ren\u00e9 Mayer<\/em><\/strong><em>, ministre des Finances de 1947 \u00e0 1948, d\u00e9cide de lib\u00e9rer la d\u00e9tention et le commerce de l\u2019or en France.&nbsp;<\/em><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img decoding=\"async\" width=\"376\" height=\"520\" src=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/4-rene\u0301-mayer.jpg\" alt=\"\" class=\"wp-image-3203\" style=\"width:248px;height:auto\" srcset=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/4-rene\u0301-mayer.jpg 376w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/4-rene\u0301-mayer-217x300.jpg 217w\" sizes=\"(max-width: 376px) 100vw, 376px\" \/><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/fr.wikipedia.org\/wiki\/Ren%C3%A9_Mayer\"><em>Ren\u00e9 Mayer<\/em><\/a><em>, ministre des Finances de 1947 \u00e0 1948<\/em>.<\/figcaption><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">Un <strong>march\u00e9 officiel de l\u2019or <\/strong>est ainsi ouvert \u00e0 la <strong>Bourse de Paris<\/strong> le 19 f\u00e9vrier 1948.<em> Il est organis\u00e9 et r\u00e9glement\u00e9 par la Chambre Syndicale des Agents de Change.&nbsp;<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Apr\u00e8s 56 ans d\u2019existence, ce march\u00e9 est <\/em><strong><em>ferm\u00e9 <\/em><\/strong><em>en juillet 2004<\/em><strong><em> <\/em><\/strong><em>pour laisser place \u00e0 un <\/em><strong><em>march\u00e9 de gr\u00e9 \u00e0 gr\u00e9<\/em><\/strong><em> o\u00f9 le prix d\u2019\u00e9quilibre est d\u00e9termin\u00e9 par la Compagnie Parisienne de R\u00e9escompte. \u00bb<\/em>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Voil\u00e0 pour l\u2019arri\u00e8re-plan historique. Passons aux performances financi\u00e8res.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Que se passe-t-il avec le prix de l\u2019or pendant la guerre\u00a0? <\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Commen\u00e7ons par poser la caract\u00e9ristique fondamentale du contexte macro\u00e9conomique de l\u2019\u00e9poque.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><em>Un contexte tr\u00e8s inflationniste\u2026 \u00e0 la limite de l\u2019hyperinflation&nbsp;!<\/em><\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">La p\u00e9riode qui s\u2019\u00e9tend de l\u2019Occupation et de l\u2019\u00e9mergence du march\u00e9 clandestin de l\u2019or jusqu\u2019\u00e0 la cr\u00e9ation du march\u00e9 officiel de l\u2019or (1941-1948) est une p\u00e9riode tr\u00e8s inflationniste.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Elle n\u2019est cependant pas r\u00e9pertori\u00e9e comme hyperinflationniste, puisque le <strong>taux d\u2019inflation annuel<\/strong> s\u2019est mont\u00e9 \u00e0 <strong>39%<\/strong> \u00ab&nbsp;seulement&nbsp;\u00bb, ce qui n\u2019est pas suffisant pour figurer dans la funeste <a href=\"https:\/\/www.loretlargent.info\/monnaie\/crise-monetaire-et-hyperinflation\/30498\/\">Table d&rsquo;hyperinflation de Hanke-Krus<\/a>.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">En effet, en 2013, les deux \u00e9conomistes am\u00e9ricains Steve Hanke et Nicholas Krus ont r\u00e9duit la d\u00e9finition originelle de Philip Cagan aux seuls cas d\u2019<em>\u00ab&nbsp;inflation durant lesquels le taux d&rsquo;inflation d\u00e9passe 50% par mois <\/em><em>pendant au moins 30 jours cons\u00e9cutifs<\/em><em>&nbsp;\u00bb.<\/em><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><em>Table d&rsquo;hyperinflation de Hanke-Krus (1796 \u2013 2023)<\/em><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"1024\" height=\"826\" src=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/5-table-1-1024x826.jpg\" alt=\"\" class=\"wp-image-3204\" srcset=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/5-table-1-1024x826.jpg 1024w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/5-table-1-300x242.jpg 300w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/5-table-1-768x620.jpg 768w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/5-table-1-750x605.jpg 750w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/5-table-1-1140x920.jpg 1140w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/5-table-1.jpg 1445w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"767\" src=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/6-table-2-1024x767.jpg\" alt=\"\" class=\"wp-image-3205\" srcset=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/6-table-2-1024x767.jpg 1024w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/6-table-2-300x225.jpg 300w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/6-table-2-768x576.jpg 768w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/6-table-2-750x562.jpg 750w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/6-table-2-1140x854.jpg 1140w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/6-table-2.jpg 1449w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"819\" src=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/7-table-3-1024x819.jpg\" alt=\"\" class=\"wp-image-3206\" srcset=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/7-table-3-1024x819.jpg 1024w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/7-table-3-300x240.jpg 300w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/7-table-3-768x615.jpg 768w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/7-table-3-750x600.jpg 750w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/7-table-3-1140x912.jpg 1140w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/7-table-3.jpg 1456w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La question est donc non seulement de savoir si l\u2019or a battu les autres classes d\u2019actifs, mais surtout\u2026 l\u2019inflation&nbsp;!<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Napol\u00e9on 20 francs et Souverain pendant la Seconde Guerre mondiale en France<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Voici tout d\u2019abord comment a \u00e9volu\u00e9 le cours de l\u2019or entre f\u00e9vrier 1941 et janvier 1948 \u00e0 Paris, ici repr\u00e9sent\u00e9 par la cotation du Napol\u00e9on (en rouge) et du Souverain britannique (en vert).<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"691\" src=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/8-ww2-1024x691.jpg\" alt=\"\" class=\"wp-image-3207\" srcset=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/8-ww2-1024x691.jpg 1024w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/8-ww2-300x203.jpg 300w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/8-ww2-768x519.jpg 768w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/8-ww2-750x506.jpg 750w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/8-ww2-1140x770.jpg 1140w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/8-ww2.jpg 1395w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019\u00e9cart entre les deux courbes s\u2019explique par le fait qu\u2019un <strong>Napol\u00e9on 20 francs<\/strong> (le \u00ab&nbsp;nap&nbsp;\u00bb) p\u00e8se 6,4 grammes dont 5,8 grammes d\u2019or fin, alors que le <strong>souverain<\/strong> (le \u00ab&nbsp;cavalier&nbsp;\u00bb) p\u00e8se 7,9 grammes dont 7,3 grammes d&rsquo;or fin. Il s\u2019agit des deux pi\u00e8ces les plus \u00e9chang\u00e9es \u00e0 l\u2019\u00e9poque \u00e0 Paris, devant le dollar am\u00e9ricain.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"390\" height=\"406\" src=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/9-nap.jpg\" alt=\"\" class=\"wp-image-3208\" style=\"width:278px;height:auto\" srcset=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/9-nap.jpg 390w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/9-nap-288x300.jpg 288w\" sizes=\"(max-width: 390px) 100vw, 390px\" \/><figcaption class=\"wp-element-caption\"><em>Un <\/em><a href=\"https:\/\/www.aucoffre.com\/pieces\/napoleon-20f-marianne-coq-dieu-protege-la-france-1905-10060950\/voir-35008264\"><em>Napol\u00e9on 20F Marianne Coq<\/em><\/a><em> &#8211; <\/em><br><em>Dieu Prot\u00e8ge la France<\/em>.<\/figcaption><\/figure>\n<\/div>\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"367\" height=\"376\" src=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/10-souverain.jpg\" alt=\"\" class=\"wp-image-3209\" style=\"width:310px;height:auto\" srcset=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/10-souverain.jpg 367w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/10-souverain-293x300.jpg 293w\" sizes=\"(max-width: 367px) 100vw, 367px\" \/><figcaption class=\"wp-element-caption\"><em>Un souverain <\/em><a href=\"https:\/\/www.aucoffre.com\/pieces\/souverain-victoria-voilee-1899-21085084\/voir-34827862\"><em>Victoria voil\u00e9e<\/em><\/a><em>, <\/em><br><em>mill\u00e9sime 1899<\/em>.<\/figcaption><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">Je rappelle que nous parlons ici du cours de l\u2019or sur le march\u00e9 <em>clandestin<\/em>. Ces prix parall\u00e8les y \u00e9taient souvent 4 \u00e0 5 fois plus \u00e9lev\u00e9s que le <em>prix officiel<\/em> de l\u2019or pratiqu\u00e9 par la Banque de France.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Globalement, on constate que le <strong>cours de l\u2019or<\/strong> <strong>a explos\u00e9 \u00e0 la hausse<\/strong> entre 1941 et janvier 1946, apr\u00e8s quoi <strong>il a tr\u00e8s fortement chut\u00e9<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Pourquoi l\u2019or augmente-t-il en temps de guerre&nbsp;?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Il n\u2019y a rien d\u2019\u00e9tonnant \u00e0 cela puisque comme l\u2019explique Hoang&nbsp;: \u00ab&nbsp;<em>le prix de l\u2019or sur le march\u00e9 clandestin \u00e0 Paris (1941-1948) est tr\u00e8s affect\u00e9 par les facteurs politiques (instabilit\u00e9 des gouvernements, agitation sociale), les facteurs financiers (inflation) et surtout par les \u00e9v\u00e9nements de la Deuxi\u00e8me Guerre mondiale. Un risque d\u2019aggravation de la guerre a pour cons\u00e9quence l\u2019augmentation du prix de l\u2019or et inversement.&nbsp;\u00bb<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mais alors, cette \u00e9volution du cours de l\u2019or a-t-elle \u00e9t\u00e9 satisfaisante, ou d\u00e9cevante&nbsp;? L\u2019or a-t-il permis aux \u00e9pargnants de prot\u00e9ger leur pouvoir d\u2019achat, ou bien a-t-il fait moins bien que l\u2019inflation&nbsp;? Par ailleurs, l\u2019or a-t-il fait mieux ou moins bien que les autres grandes classes d\u2019actifs&nbsp;?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><em>L\u2019or, derri\u00e8re les actions et l\u2019inflation\u2026 mais tr\u00e8s largement devant les obligations !<\/em><\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Sur la p\u00e9riode 1941-1948, en France, aucune des grandes classes d\u2019actif n\u2019a permis de battre l\u2019inflation&nbsp;! C\u2019est le premier grand constat qui ressort des travaux de Hoang.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Comme on le constate sur le premier graphique, qui repr\u00e9sente la <strong>performance moyenne annuelle <\/strong><strong><em>nominale<\/em><\/strong> (c\u2019est-\u00e0-dire inflation exclue) des grandes classes d\u2019actifs entre 1941 et 1948&nbsp;:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Les obligations (coupon inclus) ont fait +2%&nbsp;;<\/li>\n\n\n\n<li>L\u2019or a fait +26%&nbsp;;<\/li>\n\n\n\n<li>Les actions (dividendes r\u00e9investis) on fait +31%&nbsp;;<\/li>\n\n\n\n<li>Mais l\u2019inflation a fait +39%&nbsp;!<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Autrement dit, <strong>aucune de ces 3 classes d\u2019actifs n\u2019a r\u00e9ussi \u00e0 battre l\u2019inflation sur la p\u00e9riode 1941-1948&nbsp;!<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ensuite, comme on le constate sur le second graphique, qui repr\u00e9sente la <strong>performance moyenne <\/strong><strong><em>r\u00e9elle<\/em><\/strong> (c\u2019est-\u00e0-dire apr\u00e8s la prise en compte de l\u2019inflation \u00e0 +39% par an) des grandes classes d\u2019actifs entre 1941 et 1948&nbsp;:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Les obligations (coupon inclus) ont fait -24%&nbsp;;<\/li>\n\n\n\n<li>L\u2019or a fait -5%&nbsp;;<\/li>\n\n\n\n<li>Les actions (dividendes r\u00e9investis) ont fait -4%.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Autrement dit, sur la p\u00e9riode 1941-1948, la <strong>performance de l\u2019or<\/strong> a \u00e9t\u00e9 tr\u00e8s \u00e9lev\u00e9e, <strong>presque<\/strong> <strong>aussi \u00e9lev\u00e9e que celle des actions<\/strong> et <strong>beaucoup plus \u00e9lev\u00e9e que celle des obligations<\/strong> mais, une fois l\u2019inflation prise en compte, l\u2019\u00e9pargne en or a perdu du pouvoir d\u2019achat entre 1941 et 1948.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"907\" src=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/11-ww2-charts-1024x907.jpg\" alt=\"\" class=\"wp-image-3215\" srcset=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/11-ww2-charts-1024x907.jpg 1024w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/11-ww2-charts-300x266.jpg 300w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/11-ww2-charts-768x680.jpg 768w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/11-ww2-charts-750x664.jpg 750w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/11-ww2-charts-1140x1009.jpg 1140w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2024\/11\/11-ww2-charts.jpg 1423w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Au cours de cette p\u00e9riode, <strong>l\u2019or (\u00e0 l\u2019instar des actions) a permis de \u00ab&nbsp;limiter la casse&nbsp;\u00bb<\/strong>, quand les porteurs d\u2019obligations se sont retrouv\u00e9s ruin\u00e9s.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dans d\u2019autres contextes tr\u00e8s inflationnistes, comme par exemple <a href=\"https:\/\/www.loretlargent.info\/or\/lor-meilleure-protection-hyperinflation\/30510\/\">l\u2019Allemagne de Weimar<\/a>, l\u2019or a cependant fini devant les actions en termes de performance.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Ukraine\/Moyen-Orient : le cours de l\u2019or va-t-il monter ?<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><strong><em>Le prix de l\u2019or en hausse depuis 2000, nouveaux sommets en 2024\u2026 et apr\u00e8s&nbsp;?<\/em><\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019histoire montre que les actifs tangibles, en particulier les actions et l\u2019or, sont les meilleures protections contre l\u2019inflation en cas de guerre.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">En r\u00e8gle g\u00e9n\u00e9rale, en p\u00e9riode de guerre, <strong>les actions et l\u2019or se r\u00e9v\u00e8lent des choix tr\u00e8s largement pr\u00e9f\u00e9rables aux obligations et aux liquidit\u00e9s<\/strong>, dont le pouvoir d\u2019achat s\u2019\u00e9vapore comme neige au soleil face \u00e0 une inflation en roue libre.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019Histoire montre que ceux qui ne finissent pas ruin\u00e9s ont opt\u00e9 pour <strong>des actifs tangibles<\/strong>&nbsp;: actions, or, mati\u00e8res premi\u00e8res et autres m\u00e9taux pr\u00e9cieux.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"jeg_video_container jeg_video_content\"><iframe title=\"Seconde Guerre Mondiale : La grande \u00e9vasion de l&#039;or fran\u00e7ais #1 | Histoire de l&#039;or | AuCOFFRE\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/y1Ti1S0epPA?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">[1]&nbsp;Hoang&nbsp;est d\u00e9sormais enseignant \u00e0 la Montpellier Business School.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">[2]&nbsp;Thi Hong Van Hoang, \u00ab Le march\u00e9 parisien de l\u2019or de 1949 \u00e0 2009 : Histoire et finance&nbsp;\u00bb, th\u00e8se de doctorat sous la direction du professeur Georges Galais-Hamonno, Universit\u00e9 d\u2019Orl\u00e9ans, d\u00e9cembre 2010.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">[3]&nbsp;Thi Hong Van Hoang, \u00ab&nbsp;Le commerce de l\u2019or \u00e0 Paris de 1941 \u00e0 1948 : de la clandestinit\u00e9 \u00e0 la libert\u00e9&nbsp;\u00bb, \u00c9conomies et Soci\u00e9t\u00e9s (S\u00e9rie &lsquo;Histoire \u00c9conomique Quantitative&rsquo;), Association Fran\u00e7aise de Cliom\u00e9trie (AFC), pages 1-31, 01\/2011.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">[4]&nbsp;Laquelle d\u00e9bouchait sur un taux d\u2019inflation annuel de 12 975 %.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Les p\u00e9riodes de guerres ont un impact pr\u00e9pond\u00e9rant sur l\u2019or, qui revient syst\u00e9matiquement au centre du jeu politique. La Seconde Guerre mondiale ne fait pas exception \u00e0 la r\u00e8gle.&nbsp; Ce qu\u2019il faut retenir&nbsp;:&nbsp; Pour vous raconter l\u2019histoire l\u2019\u00e9volution du prix de l\u2019or au cours de la p\u00e9riode 1941-1948, je vais fonder mon propos sur les [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":3212,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"8","single_blog_custom":"","parallax":"1","fullscreen":"0","layout":"no-sidebar-narrow","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"bottom","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"0","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"1","number_popup_post":"2","show_author_box":"1","show_post_related":"1","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_social_meta":{"fb_title":"","fb_description":"","fb_image":"","twitter_title":"","twitter_description":"","twitter_image":""},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[80],"tags":[96,149,97,83,89],"niveau":[131],"class_list":["post-3200","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-univers-metaux-precieux","tag-cotation","tag-cours-de-lor","tag-histoire","tag-or","tag-pieces","niveau-intermediaire"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Comment a \u00e9volu\u00e9 le cours de l\u2019or en France pendant la Seconde Guerre mondiale ? - L&#039;acad\u00e9mie AuCOFFRE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.aucoffre.com\/academie\/cours-or-france-guerre-mondiale\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Comment a \u00e9volu\u00e9 le cours de l\u2019or en France pendant la Seconde Guerre mondiale ? - L&#039;acad\u00e9mie AuCOFFRE\" \/>\n<meta property=\"og:description\" content=\"Les p\u00e9riodes de guerres ont un impact pr\u00e9pond\u00e9rant sur l\u2019or, qui revient syst\u00e9matiquement au centre du jeu politique. 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