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Gold has been making new highs yet again, with the price in US dollars nudging USD$1250 last week.
But what about the price in Australian dollars?
This is the question gold bullion investors in Australia should ask. As this is the price-level they would be trading. To calculate the Aussie gold price, you just take the US price (for instance USD$1,221) and divide it by the exchange rate (around 0.86 US dollars).
This gets you the Australian dollar price of AUD$1,420.
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Last night your editor presented at the Melbourne Adam Smith Club. The venue was the Curry Club on Bridge Road, Richmond.
About forty people turned up including a handful of Money Morning readers.
It was a good evening, rounded off by a few curve ball questions from the audience at the end! So it was a good job we only had the one beer to make sure we still had our wits about us.
Anyway, on to today’s Money Morning…
Take a look at this not-so-pretty chart:
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“Just allow it…just admit it. It doesn’t matter where the inflation comes from. Just let it stay…”
SLASHING the Bank of England’s base interest rate to an historic low of 0.5% was supposed to “rebalance” the economy…tipping it away from galloping consumption towards an export-led recovery.
But all that the Pound’s slump since rates began sinking in March 2008 has done so far, however, is gift a 50% gain to UK gold owners.
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THE GOLD PRICE ticked higher for US and Euro investors early Monday but held inside a tight range while Asian stock markets closed the day 1% lower and European shares rose.
Little economic news was due for release as US markets stayed closed for Martin Luther King Day.
Government bonds were flat across the board. Commodity prices dropped 1% on average, as crude oil held below $79 per barrel and foodstuffs fell.
“Gold and silver were driven up by platinum and palladium,” says one Tokyo dealer of the overnight action, noting “aggressive buying” of platinum-group metals after last week’s launch of exchange-traded PGM products for US investors.
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THE PRICE OF GOLD sank through $1200 an ounce for the first time in 3 days on Friday, falling fast to $1190 and below on news that US unemployment rose by just 11,000 last month.
Wall Street analysts had expected 111,000 job losses for November. The unemployment rate ticked down to 10.0%.
“We are bullish while [gold] achieves fresh highs, but cautious of any quick reversal,” said the latest technical analysis from Scotia Mocatta this morning, suggesting a trailing stop loss “below 1183 for short-term traders.”
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