Gold’s Price Rallies to Record Highs in 73 Currencies
The comments below are an edited and abridged synopsis of an article by Paul Ebeling
Gold marked 6-year highs on August 2, as investors barged into the safe-haven metal on an escalating US-China trade dispute and the prospects of a return to ultra-loose monetary policy by the Fed.
Gold for delivery in December, the most active futures contract trading in New York, touched a high of $1,461.90 before settling $25.10, or 1.8%, higher at $1,457.50 on the COMEX.
According to FactSet data, that is the highest finish for the most-active contract since 9 May 2013.
Sharps Pixley, the top bullion broker in London, points out that the gold price in British pounds hit an all-time high last Friday of £1,187.28, beating the previous record set on September 11, 2011.
The pound joins 72 other currencies, including the Canadian dollar, the Australian dollar and, perhaps most significantly, the Indian rupee on the top gold price.
There has been a stealth bull run in gold and by simply watching the US dollar gold price, some investors are missing out.