Gold rose strongly on the inauguration of the 44th President, President Obama, yesterday – rising some 2% in dollar terms. It subsequently gave up some of those gains in Asia prior to rallying again in early European trading to over $860/oz. And gold’s strength came despite a very strong dollar yesterday. Importantly, this meant that gold surged in euro and to new record highs in British pounds at £624.85/oz This morning’s London AM fix (21/01/09) was $860.50 (USD), £624.59 (GBP) and €666.02 (EUR). A gold price of £624.59 is a new record high for gold in sterling terms. Gold in sterling is up 11% so far in 2009 while the FTSE is down by some 6% (see table). Thus UK investors and savers who have prudently diversified into gold are realising the wealth preservation qualities of gold. As is clearly shown in the performance tables and charts, gold continues to outperform most assets in all currencies. This clearly shows that gold is hedge against not just dollar risk but against currency and macroeconomic risk in general. Gold’s record price in euro is €675.85 and that price looks set to be surpassed in the coming weeks as problems in the Eurozone economies (especially the Club Med, Eastern European and Irish economies) deepen (see table and chart below).
Gold Investments Market Update – Gold Surges to New Record Highs in British Pounds
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