Gold Hits All-Time Nominal High!
* “Gold is a forecaster of inflation instead of a coincident indicator, based on its surge before 1980. The gold market is looking four to six months ahead. This is a monetary rally. Bullion has jumped 18% this year, heading for a ninth annual gain, and futures touched a record $1,049.70 an ounce today amid rising demand for a hedge against inflation and a weaker dollar,” reports Bloomberg.
* “As the dollar’s dominance fades with the emergence of a multipolar world, gold may stand to gain the most of all assets thanks to an unlikely quality — neutrality. While no major currency is likely to replace the dollar anytime soon, the need for an alternative is clear, and growing,” reports Reuters.
Categorised as: Gold News