Gold Reaches New Record Highs and Silver Reaches Record 30 Year Highs on Dollar Weakness

Gold

Gold rose to new record nominal highs and silver to 30 year nominal highs again this morning as the dollar weakened and there were renewed concerns that large banks may have to raise more capital. Gold’s rise is not solely a dollar story with gold rising to near record nominal highs even in the safe haven currencies of the yen and Swiss franc. Gold rose to 112,537 yen an ounce in trading in London this morning, the highest price since June 28.

Gold is currently trading at $1,376.70/oz, €977.70/oz, £859.60/oz.

Cross Currency Rates at 12:30pm GMT. Click on the image to view full size.

Gold prices in India, the largest Importer and consumer of bullion, surpassed 20,000 rupees ($453) per 10 grams for the first time, spurred by gains in global prices of the metal. Demand in India and throughout Asia has remained robust in recent days despite the record nominal highs. Gold prices in euros (see chart) have begun to move up again despite the recent euro strength against the dollar. With the challenges facing the Eurozone economy and the European Monetary Union far from over, gold in euros will likely reach new record nominal highs again if the euro again comes under pressure.

Gold in EUR – 180 Days (Daily). Click on the image to view full size.

The challenges in the eurozone are likely to see gold in euro terms play catch up with the dollar gold price in the coming months. Gold’s appreciation in euro terms has been even more gradual than gold in dollar terms since 2000 with an annual return of just 11% per annum.

Gold in USD, Gold in EUR – 10 Years (Daily). Click on the image to view full size.

Silver surged 3% yesterday and is up another 1.5% today. The gold silver ratio continues to fall with one ounce of gold now buying just 56.5 ounces of silver. Silver remains less than half of its nominal record high of 30 years ago and is attracting value buyers.
The ratio of gold to silver dropped to the lowest since August 2008 as investors sought a protection of wealth in the metal that may also benefit from economic growth. The ratio is now the least since before the collapse of Lehman Brothers Holdings Inc. in 2008. It remains well above the ratio in 1980 of 15 ($850/$50) when the Hunt Brothers cornered the very small silver market.

Silver

Silver is currently trading at $24.31/oz, €17.26/oz and £15.18/oz.

Platinum Group Metals

Platinum is trading at $1,705.50/oz, palladium is at $595/oz and rhodium is at $2,175/oz.

Mark OByrne

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