By Seeking Alpha,
November 19, 2009 at 12:47 PM
Mark O'Byrne submits: Gold Gold reached new record nominal highs in dollars yesterday and reached $1,146/oz overnight and has since pulled back slightly. Gold is currently trading at $1,136/oz. In EUR and GBP terms it is trading at €764/oz and £680/oz respectively. The poor housing data from the US and President Obama’s warning regarding the surging US public debt led to falls in equities, bonds and the dollar yesterday as gold reached new record nominal highs at over $1,150/oz. Importantly and significantly, gold is also back near record highs in EUR, GBP and many major currencies (gold’s record nominal high in euro is €782/oz and in sterling it is £690/oz – London PM Fix on 20/02/09). Thus, gold is not ‘cheaper’ in other currencies as it is rising in all currencies in the last week, month, YTD, 1 year, 5 year etc. (as per EUR and GBP Performance tables below). »