Meet the world’s new currency of choice

Meet the world’s new currency of choice

Posted by Prieur du Plessis
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. More...