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Gold Has Surged 24% In Sterling Year To Date on Brexit and Sterling Concerns

Commodities / Gold and Silver 2016 Mar 04, 2016 - 02:21 PM GMT

By: GoldCore

Commodities

Gold has surged another 4% this week to bring year to date gains to 20% in dollar terms, 19% in euro terms and 24% in sterling terms. We were interviewed by PickingAlpha.com yesterday afternoon and looked at what is currently driving gold prices higher in all currencies.


The sharp rise of gold prices and whether it is sustainable was considered. As was the British economy in the run up to Brexit referendum and the vulnerability of sterling due to the second largest current account deficit in the UK’s post war history and London’s property bubble.

The impact of the Chinese slowdown and the 1% rise of the Indian Duty tax, followed by country’s numerous jewelers’s strike and the outlook for Chinese and Indian demand were also looked at.

Gold is the strongest currency in the world so far this year. Gold prices began the year at $1,062.25/oz, €974.32 and £716.36 per ounce.  Prices have surged in all currencies internationally and today’s AM fix was $1,271.50, €1,158.67  and £898.93 per ounce.

Or to put it more correctly, fiat currencies are being devalued and again losing value versus gold …  as they do over the long term.

Listen to interview here


Gold in USD – 5 Years

LBMA Gold Prices
04 Mar: USD 1,271.50, EUR 1,158.67  and GBP 898.93 per ounce
03 Mar: USD 1,241.95, EUR 1,141.48 and GBP 882.24 per ounce
02 Mar: USD 1,229.35, EUR 1,131.53 and GBP 881.54 per ounce
01 Mar: USD 1,240.00, EUR 1,141.70 and GBP 886.09 per ounce
29 Feb: USD 1,234.15, EUR 1,131.46 and GBP 890.95 per ounce

This update can be found on the GoldCore blog here.

Mark O'Byrne

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