Gold has surged another 4% this week to bring year to date gains to 20% in dollar terms, 19% in euro terms and 24% in sterling terms. We were interviewed by PickingAlpha.com yesterday afternoon and looked at what is currently driving gold prices higher in all currencies.
The sharp rise of gold prices and whether it is sustainable was considered. As was the British economy in the run up to Brexit referendum and the vulnerability of sterling due to the second largest current account deficit in the UK’s post war history and London’s property bubble.
The impact of the Chinese slowdown and the 1% rise of the Indian Duty tax, followed by country’s numerous jewelers’s strike and the outlook for Chinese and Indian demand were also looked at.
Gold is the strongest currency in the world so far this year. Gold prices began the year at $1,062.25/oz, €974.32 and £716.36 per ounce. Prices have surged in all currencies internationally and today’s AM fix was $1,271.50, €1,158.67 and £898.93 per ounce.
Or to put it more correctly, fiat currencies are being devalued and again losing value versus gold … as they do over the long term.
I am the CEO of GoldCore. We help investors buy and store gold and silver easily and cost effectively. We work with clients of every variety from wealth family offices to everyday people. We provide the very best market data and client service and we care deeply for our clients interests.
The content on this site is protected
by U.S. and international copyright laws and is the property of GoldSeek.com
and/or the providers of the content under license. By "content" we mean any
information, mode of expression, or other materials and services found on GoldSeek.com.
This includes editorials, news, our writings, graphics, and any and all other
features found on the site. Please contact
us for any further information.
Live GoldSeek Visitor Map | Disclaimer
The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com makes no representation, warranty or guarantee as to the accuracy
or completeness of the information (including news, editorials, prices, statistics,
analyses and the like) provided through its service. Any copying, reproduction
and/or redistribution of any of the documents, data, content or materials contained
on or within this website, without the express written consent of GoldSeek.com,
is strictly prohibited. In no event shall GoldSeek.com or its affiliates be
liable to any person for any decision made or action taken in reliance upon
the information provided herein.