Meet the world’s new currency of choice
Yes, it is gold bullion, which yesterday made a new high for the current bull market when it surpassed the December 3 interday high of $1,226. Although the yellow metal is both a commodity and currency, it has lately become the world’s currency of choice, i.e. a vote of no confidence in fiat paper. This is evident in the fact that the gold price has not only made a new high in US dollar terms, but also in strong currencies (with the exception of the Canadian dollar) and just about every other currency one cares to mention, as illustrated by the graphs below.
I will let the pictures do the talking. First up is the familiar chart of US dollar gold price, showing yesterday’s fresh high.
Asian Dollar Index
And lastly, the one exception: the strong loonie.
Stick around for the ride boys and girls. It might get excited.
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