{"id":65030,"date":"2022-11-23T09:59:12","date_gmt":"2022-11-23T08:59:12","guid":{"rendered":"https:\/\/www.tressis.com\/?p=65030"},"modified":"2022-11-23T14:11:45","modified_gmt":"2022-11-23T13:11:45","slug":"oro-y-drenaje-de-liquidez","status":"publish","type":"post","link":"https:\/\/www.tressis.com\/ca\/blog\/oro-y-drenaje-de-liquidez\/","title":{"rendered":"Oro y drenaje de liquidez"},"content":{"rendered":"<p>Los bancos centrales han comprado la mayor cantidad de oro de la historia en el tercer trimestre de 2022. M\u00e1s de 400 toneladas. Esto es interesante porque el flujo de los bancos centrales desde 2020 hab\u00eda sido eminentemente de ventas netas.<\/p>\n<p>&nbsp;<\/p>\n<p>Seg\u00fan el <i>Financial Times<\/i>, los bancos centrales se encuentran con elevadas p\u00e9rdidas por la ca\u00edda de los precios de los bonos que atesoran en su balance. No son cifras peque\u00f1as. El Banco de Inglaterra acumula p\u00e9rdidas de 200.000 millones de libras y la Reserva Federal de 720.000 millones de d\u00f3lares a final del segundo trimestre de 2022. El Banco Central Europeo se enfrenta a la revisi\u00f3n de sus cuentas y se estima que tambi\u00e9n alcanzar\u00e1 p\u00e9rdidas cuantiosas.<\/p>\n<p>&nbsp;<\/p>\n<p>Cuando un banco central pierde dinero puede cubrir el agujero con reservas de a\u00f1os anteriores, si las tiene, o pidiendo al resto de bancos centrales que cubran la cantidad perdida. Igual que un banco comercial, puede entrar en importantes dificultades, pero la diferencia en un banco central es que puede acudir a los Estados como \u00faltimo recurso.<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/www.tressis.com\/landing\/reuniones\/index.html?utm_campaign=reunion&amp;utm_medium=blog&amp;utm_source=oro-drenaje-dl\" target=\"_blank\" rel=\"noopener\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-65061 size-large\" title=\"Reuni\u00f3n con Tressis\" src=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2022\/11\/reunion-con-tressis-para-blog-1024x907.jpg\" alt=\"Concierte una reuni\u00f3n con Tressis\" width=\"960\" height=\"850\" srcset=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2022\/11\/reunion-con-tressis-para-blog-1024x907.jpg 1024w, https:\/\/www.tressis.com\/wp-content\/uploads\/2022\/11\/reunion-con-tressis-para-blog-300x266.jpg 300w, https:\/\/www.tressis.com\/wp-content\/uploads\/2022\/11\/reunion-con-tressis-para-blog-768x681.jpg 768w, https:\/\/www.tressis.com\/wp-content\/uploads\/2022\/11\/reunion-con-tressis-para-blog.jpg 1080w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>Lo que demuestran estos datos es el enorme problema creado por el exceso de expansi\u00f3n cuantitativa de los \u00faltimos a\u00f1os. Los bancos centrales pasaron de comprar activos de bajo riesgo a precios atractivos porque estaban desconectados de la realidad de solvencia de los emisores a comprar cualquier bono soberano a cualquier precio.<\/p>\n<p>&nbsp;<\/p>\n<p>En los pr\u00f3ximos meses nos enfrentamos a la contracci\u00f3n cuantitativa y ese drenaje de liquidez debe tenerse en cuenta sin olvidar lo que ya es una realidad: \u00bfpor qu\u00e9 compran m\u00e1s oro los bancos centrales justo cuando se reflejan p\u00e9rdidas en su balance? Para fortalecer su nivel de reservas y reducir las p\u00e9rdidas. Por lo tanto, es muy probable que esa intensidad de compra de oro aumente, ya que comprar bonos europeos o norteamericanos no mejora el riesgo de p\u00e9rdidas.<\/p>\n<p>&nbsp;<\/p>\n<p>Los bancos centrales de los pa\u00edses desarrollados deber\u00e1n reducir su balance en una cantidad no inferior a tres billones de d\u00f3lares y a eso se a\u00f1aden 2,5 billones de d\u00e9ficits gubernamentales que deben financiarse. Ese drenaje de liquidez, esencial para combatir la inflaci\u00f3n, es un factor clave que debemos tener en cuenta en las carteras. Es importante entender que un banco central en p\u00e9rdidas no puede disparar su balance ni doblar la apuesta en bonos soberanos a corto plazo.<\/p>\n<p>&nbsp;<\/p>\n<p>De cara a 2023, el entorno macroecon\u00f3mico y de beneficios empresariales ser\u00e1 la clave para la evoluci\u00f3n de los mercados y la actividad de bancos centrales deja de ser un viento de cola que justifica la expansi\u00f3n de m\u00faltiplos. Sin embargo, no debemos caer en el error de pensar que el drenaje de liquidez va a ser una calamidad. Adem\u00e1s de ser esencial para combatir la inflaci\u00f3n, la mayor\u00eda viene de reducir el exceso de liquidez aparcado en programas como los TLTRO del BCE (programa de pr\u00e9stamos condicionados a largo plazo) o el vencimiento de bonos ya existentes en el balance.<\/p>\n<p>&nbsp;<\/p>\n<p>Una prueba de que ese drenaje de liquidez no debe ser una cat\u00e1strofe es el hecho de que las condiciones de cr\u00e9dito siguen siendo muy s\u00f3lidas y la oferta de pr\u00e9stamos amplia. \u00bfSe puede dar un colapso de cr\u00e9dito como el de 2008? No es el escenario base, ya que los bancos est\u00e1n mucho mejor capitalizados y la acumulaci\u00f3n de riesgo no es tan elevada.<\/p>\n<p>&nbsp;<\/p>\n<p>No podemos pensar que la normalizaci\u00f3n de la pol\u00edtica monetaria es negativa. Es, adem\u00e1s de esencial para combatir el monstruo de la inflaci\u00f3n, positivo para la salud de los mercados.<\/p>\n<p>&nbsp;<\/p>\n<p><center><strong>Daniel Lacalle<\/strong><br \/>\nEconomista Jefe<\/center><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Los bancos centrales han comprado la mayor cantidad de oro de la historia en el tercer trimestre de 2022. M\u00e1s de 400 toneladas. Esto es interesante porque el flujo de los bancos centrales desde 2020 hab\u00eda sido eminentemente de ventas netas. &nbsp; Seg\u00fan el Financial Times, los bancos centrales se encuentran con elevadas p\u00e9rdidas por [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":65031,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[488,508,559,4646,5761],"class_list":["post-65030","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-estrategias","tag-banco-de-inglaterra","tag-bancos-centrales","tag-bce","tag-oro","tag-reserva-federal"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Oro y drenaje de liquidez<\/title>\n<meta name=\"description\" content=\"\u00bfPor qu\u00e9 compran m\u00e1s oro los bancos centrales justo 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