silverski

Hi all,

Has anyone being keeping track of Gold prices recently,


Have I got it wrong or has Gold just doubled in price per Oz.

Is it now trading at $801.59

During the week it was at $542.00

Any thoughts.


REgards

Silverski

thribble

Try this website for your answers: http://www.galmarley.com/

silverski

THanks for the info.

I was wondering if anyone knew the reason for the sudden surge in price to-day.

Regards
Silverski

MTPockets

Hi. It has gone up, but not doubled. Up from about 733 on tues to 792. At the same time the aussie has fallen about 2% against the dollar. The price is in US$ so in local terms that means the 8% rise in gold translates to about 10% in Aussie dollar terms.

I’d say it went up yesterday in particular is because US stocks rose which pushed up oil prices (expectations of stronger growth – which will require oil to fuel it – inflationary?), this is negative for the us dollar (usd) as the only reason the dollar’s so strong is because of global risk aversion (not due to any real underlying strength in the us economy). But you’ll find different interpretations of the same information….

Aside from basic supply and demand, gold tends to rise in price as a means of storing value as it’s perceived as less vulnerable to inflation/deflation. It’s viewed by some as an alternative ‘currency’ to us dollars – a safer one backed by an actual physical metal rather than paper, so generally when usd falls, gold rises…

Usually, when there are global problems like wars/natural disasters, people like usd and gold. When people doubt the strength of the usd and its banking system, people like gold and dislike dollars. When securities are rising in real terms (after inflation), people like dollars and dislike gold. But it’s not that straightforward right now as the banking system is screwed across the world. A global liquidation of assets is being dumped into US debt (and keeping the usd strong) as a simple ‘risk/safety’ assessment and despite poor returns, risk of deflation then serious inflation in the future. This seems to be over-riding all other perspectives and arguably keeping gold lower than it will be. When people start to assess that there are still problems in the world of finance but they don’t want all their money in the US as that might just be the one of the worst places for it, likely to see the usd fall and gold rise - but that’s only my opinion!

ABCDiamond

2008 Gold price in AUD $ per gram (multiply by 1,000 for Kg, or something else for an ounce)

Lenmil

The gold prices at the moment are a concern for us who work with the stuff. It's up and down but staying higher rather than lower. Any world conflicts that start send the prices up. Platinum and Rhodium for example can be very scary to buy as it's used not just for jewellery. So say the bullion dealers.