单项选择题

Is Gold A Good Investment
Gold is probably the favorite (21) ... for hoarding by both governments and individuals a round the world, and it has been for centuries. Should you buy some gold, perhaps in the (22) ... of a few gold coins Is gold a good investment
Because gold earns no interest or dividends, it immediately suffers in comparison with such (23) ... as savings accounts, bonds, stocks, and rental property. In this respect it is similar to diamonds, stamps, rare coins, and art objects. Because it yields no current income, the (24) ... of buying gold thus depends entirely on the prospect for future price appreciation.
If gold can be expected to rise in price by more than 5 to 10 percent annually, which is (25) ... what one can earn in a savings account or over the long run in bonds or stocks, then it is worth considering seriously as an investment.
The price of gold, just like the price of other commodities, is determined in the free market by supply and demand. And in this case, supply and demand factors make the price of gold highly volatile. (26) ... respect to supply, new production adds to the existing stockpile at the rate of only about 2% a year. This means that the overwhelming element on the supply side is not the amount of current ore production but uncertainty as to how much holders of the existing stock pile might decide to unload. (27) sales by large holders are always a threat to break the price.
When consumer prices threaten to rise rapidly and/or international tensions increase, the private demand for gold (28) ... But when inflation subsides and/or international tensions ease, demand often vanishes overnight. This sort of demand typically fluctuates erratically on short notice, and rather small changes in supply or demand can produce (29) ... price swings.
Thus gold is a highly (30) ... investment. Large gains can occasionally be made, but on the basis of the historical record over the past hundred years large losses are just as likely.

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