• 657 days Will The ECB Continue To Hike Rates?
  • 658 days Forbes: Aramco Remains Largest Company In The Middle East
  • 659 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,059 days Could Crypto Overtake Traditional Investment?
  • 1,064 days Americans Still Quitting Jobs At Record Pace
  • 1,066 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,069 days Is The Dollar Too Strong?
  • 1,069 days Big Tech Disappoints Investors on Earnings Calls
  • 1,070 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,072 days China Is Quietly Trying To Distance Itself From Russia
  • 1,072 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,076 days Crypto Investors Won Big In 2021
  • 1,076 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,077 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,079 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,080 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,083 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,084 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,084 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,086 days Are NFTs About To Take Over Gaming?
What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

  1. Home
  2. Markets
  3. Other

Gold Rises to New Record Price


Image courtesy of Bullion Vault

Certainly one of the biggest stories of yesterday's market action is carrying over to today; gold's breakout to new record highs.

We spoke quite a bit about gold in yesterday's Twitter stream, noting that gold's latest upsurge has come amidst a global tide of inflationary worry and growing anti-fiat money sentiment. This is quite remarkable, as much of gold's rise this decade was, previously, widely perceived as a "weak dollar story".

Reuters shares this quote from gold watcher and newsletter writer, Dennis Gartman:

"Gold's rise is not a dollar phenomenon but an "anti-currency" phenomenon as money is flowing away from almost any and all currencies.".

Interestingly enough, today's coverage from the Financial Times seems to take an opposing tack, quoting an analyst who noted the lagging performance of gold in euro terms:

Eugen Weinberg of Commerzbank said: "The fact that the rally of gold prices is mainly attributable to the weak US dollar at the moment is clear if we look at the price of gold in euro terms. At €710 a troy ounce, this is still 10 per cent lower than the all-time peak recorded in February 2009."

However, Bloomberg's article coverage of gold's new price highs yesterday cited inflation as a mounting global concern, alongside quotes from analysts and investors who noted the metal was acting as "a hedge against all currencies".

It's been a while since we covered the gold market in depth, but then a round of all-time highs usually seems to get everyone's attention. For more on the subject, please have a look at these previous gold commentaries in the related articles section below.

Related articles and posts:

1. John Paulson, hedge funds move into gold - Finance Trends.
2. Gold's place as a reserve currency - Gillian Tett via Gata.org.
3. Gold hits all-time highs (Jan. 2008 roundup) - Financial Sense.
4. The Invisible Crash: book review - Financial Sense.

 

Back to homepage

Leave a comment

Leave a comment