Gold prices have rallied to their highest levels in history this week, but its rally won't last forever. Since gold hit a sterling high of over £690 per ounce on 20th February 2009, it has languished around £570 per ounce between June and August 2009, and we were at the time strongly (for us) suggesting that the drop represented a good buying opportunity, and that the underlying principles above still held good.We also never cease to wonder why investors lose interest when prices dip off, then rush in once prices have already risen.It seems to us that many people only buy when prices appear to be going up, when it should be the other way round, prices should start to rise because people have started to buy.
The financial crash of 2008 added further to demand and over the next 4 years prices hit all time high. Taxpayers and voters often fail to realise what is happening until it is too late, and by this time there is often a new government left to continue, and perhaps try to clean up the mess left by the previous one.When you own a banknote, you are relying on the issuer to still to around, and solvent when you come to redeem or spend it. Ross Norman, CEO of MetalsDaily.com, said: "Currently you would lock in a loss of just under 1% if you invested in this gilt-edged asset. It is actually the value of the paper currency which is fluctuating against the ounce of gold.We expect everybody to have heard of the gold standard. Emperor Augustus, who reigned in ancient Rome from 31 B.C. "Market participants spent many of the last months hoping for a V-shaped recovery, but it has become increasingly clear that this is wishful thinking, the latest evidence being Norman said the stock market has benefitted greatly from a "shot of adrenaline" and due to the impressive monetary injection to save the economy. The last time prices were over $500 per ounce was back in 1987Gold reached a 4 year high in anticipation of the invasion of Iraq and subsequent political and economic risks. Fast & Free Shipping † On Orders Over $149! In US dollars the price topped out at an impressive US$1917 per ounce though the offical fix on the day was slightly lower than this intraday high..The 28-year record high gold price, in US Dollars, previously $850.00 on the p.m. fix on 21st January 1980, was smashed several times in January and February 2009, climibing to $1,146 on 18th November 2009, on to over $1,300 in September, October 2010.Gold hit all-time record high on election day May 6th, 2010, with 2 record fixes, then broke through £800 per ounce on sterling weakness in late trading, running up to touch £818 per ounce.On election results day, May 7th 2010, gold fixed at another all-time record high of £825.602 per ounce, largely on sterling weakness overnight because of the impending hung parliament.Gold itself has been in strong demand on fears over Greece, and possible contagion affecting Ireland, Spain, Portugal and Italy.The Greek economic & political crisis has hammered the euro, seeing euro gold price rise another 15% to break €962 on May 6th, 2010.On Friday 12th May 2006, gold reached its record highest price ever in euros, the afternoon London Gold Fix was €561.378, although in US dollars it was still only $725.00.Gold has only been fixed in Euros since 1st January 2000, before that date it is shown in two currencies only, the pound sterling and the US dollar.The record high gold price in Euros has been broken many times. For reference, we have given a value of gold in German Marks for this date.Gold also smashes thorugh more records priced in pounds sterling and euros, hitting a high of £1,511.88 / €1,658.40 per ounce on the 27th July.As the shutdown continues, dire statistics are emerging as to the damage being done to the UK economy. Opens in a new window Opens an external site Opens an external site in a new window. We hope that most of our readers and customers will understand and appreciate this. Since then gold has become an ever-increasing safe haven option for investors looking to hedge against inflation. $1,932.10 ($108.60) Silver. Since then, gold has again risen, this time to over $1,000 per ounce, so against gold, the US dollar is worth less than a quarter of its real value only 10 years ago.
We certainly would not want to bet against it!On Wednesday 10th May 2006, gold reached its record highest price ever in pounds sterling, the morning London Gold Fix was £378.249, beating the previous peak of £371.066 on 21st January 1980, although in US dollars it is still 15% below its $850 peak.As at Friday 12th May, gold had retained this strong price, trading between about £380 and £387 per troy ounce, the highest fix being £382.739 on the Friday morning fix of 12th May.Gold price climbs over $500 for the first time in almost 20 years. This magic figure might be broken before the end of 2007.
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