2009-11-03

Gold hits new high, dollar up



When gold moves higher along with the U.S. dollar, that means its moving higher in just about every currency in the world. Gold peaked at 780 euros per ounce earlier this year, as the strong rally in the U.S. dollar lifted the price of gold in euros. Gold is above the 730 euro level today, placing it about 6% away from a new all time high. Note that can come via a combination of a dollar rally plus a move in the gold price. At this moment, gold is up 2.4% in terms of USD. In terms of euros, gold is up 3%. Below is GLD divided by FXE, to show this move.

Below are gold in the yen and Australian dollar, as measured by their respective ETFs. The AUD chart looks particularly good.

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