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« Gold Prices Move Higher As the European Union Dithers | Main | BOMBSHELL RELEASE - Harvey & Lenny Organ & Adrian Douglas: »

Gold Prices at Record Levels in UK and Eurozone

Gold Prices at Record Levels in UK and Eurozone

In dollar terms the gold price is about 5pc below its record, but the weakness of the pound and the euro against the American currency means that for investors in Britain and the eurozone the precious metal has never been so valuable.

The price of an ounce of gold has reached record levels of £754 and €865 in recent trading, and the dollar price has reached a three-month high of $1,157.

In August last year the gold price in sterling terms was £562, so British gold investors have made a profit of 34pc, compared with a rise in the dollar price of 23pc over the same period.

Gold is seen as a safe haven investment but, because it is priced in dollars, investors in countries other than America are exposed to currency risk.

For example, British gold investors saw the value of their holdings fall by 10pc in the six months to August 2009 as the pound recovered strongly against the dollar – even though gold in dollar terms appreciated by 2.2pc over the period.

Nicholas Brooks of ETF Securities, which runs a gold exchange-traded fund, said: "The strong performance of gold, despite the strength of the US dollar, indicates that investors are increasingly viewing it as an alternative store of value, not just to the US dollar but to fiat [paper] currencies more broadly, as sovereign risks continues to rise.

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Reader Comments (2)

Dear Editor. You asked for a comment so here is one.
A funny thing happened to me on the way to buying more gold. I looked carefully at the value of the currencies against one another and noticed a curious thing. The U. S dollar, the Swiss franc and the Canadian Dollar are all near parity, The Euro has been manipulated downward by the Trichet gang to around 1.33 Dollars [one and one third] to the Euro. The Australian dollar is not far behind in the parity stakes. the Pound Sterling is around 1.5 dollars and the Yen is now weakening towards 100 yen to the dollar. It is almost as if they are fitting into pre-arranged slots in preparation for a world currency backed by gold which could have been secretly agreed. The only problem being the amounts of gold holdings of the various players, Europe and the U. S. are well stocked if you believe their figures, whilst the China group have relatively little. Could it be that the reason as to why gold and silver are being continuously manipulated downwards is to give the China group a chance to catch up on their gold holdings at a discounted price? And this is the price of their agreement to the secret plan. When everyone has a sufficient amount of the precious metals could it be that there is in this presumed secret agreement a plan to raise the gold and silver prices to say 50,000 dollars an ounce in order to have enough value to back a world currency thereby devaluing the personal real value of the assets of everyone on the planet who does not hold gold and silver?? Nah it is not possible, after all the Central bankers and our voted in government officials would not do such a dirty deal behind our backs would they?? surely no-one really believes that these honest and upstanding officials are a bunch of liars and cheats who would carry out the biggest fraud of private wealth that the world has ever seen and ever likely to see?? The above is pure speculation ofcourse but the current facts a listed above do seem to give a certain credence to such speculation though events will probably prove me wrong. But it is Interesting to speculate is it not?

April 11, 2010 | Unregistered CommenterRoger Levinson

ok here we go gold will reach higher it is inevitable 15oo by years end sitting back at 1200 weve got 7 months left in year eu is on way down no matter the bailout 6 months of strugle just in union usa well thats all on obamah i dont follow much in way of shares i am a in the hand man sold my house last year kicked myself for not selling sooner buying gold bit late at 1256 but still think the bull is still in for a chance as a buyer who has sat in his house for 20 odd years buying at 90,000 and selling for 350,ooo now is time to make and take a chance i see gold as a great time to make short profits for those who have bought earlier and a good time to turn those profits into more those who are entering now only if you have 1 to 2 percent portfolia free as it is a long term gain only if GREECE has prob paying back dept i own plat and pal but see gold as my main interest now silver also will rise on back of gold gold is the only metal to really said to be a investment in troubled times so do as you wish but im BUYING thank you NED KELLY

May 24, 2010 | Unregistered Commenteralastair laggan

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