No, come on, it's not only the sterling; out of the 11 currencies on this site (excluding the Zim$), only the US$ and Yen are not making all time lows against gold: http://www.kitco.com/gold_currency/charts.htm?USD (Note: this is NOT a recommedation for kitco; their commentaries are generally totally whack, but their graphs are useful.)
nah folks .. here's the true gold story .. gold is a relic and people like sinclair will rave madly because they have too (same with roffey and others who have staked their reputation to gold for the past many decades) .. but when cowery shells lost their value they didn't collapse in a heap over night .. tis a process, them shells spent decades and decades moving up.down.nowhere .. gold is doing the same .. so is the UK empire .. etc . etc .. most imnportantr thing is that nobody can explain to me why gold is so precious .. it is only precious because people agree that it is (an nixon nixed that idea in 1972 .. ) sounds kinda like a CDO or CMO or NINJA or some other hot air theory .. an if ti goes up, no worries .. I can;t catch every bus and am ore then happy to miss this one as I only trade.invest in what I understand ..
Simon,u r entitled to your opinion,but taking that veiw,things then bought for vanity,also have no value except in the eye of the beholder?....Guess thats then includes all luxuary goods....Goodbye to Richmont etc!
Must say, I'm not a gold bug and don't touch the stuff or even the shares and I'm not taking sides. But, consider this: In the time of Nebuchadnezzar 1OZ of AU could buy you around 350 loaves of bread... and today, in USD, 1OZ of AU will buy you around 350 loaves of bread in a US 7-11. Over such a long time it's neither really gained nor lost value. You can't eat it and you can't make more of it other than what is taken out of the ground. It has little practical value. Above all it is the only 'currency' form that has no counter party risk since you either own it or not. It's only value is the confidence in it's ability to store relative value (which history bears out). Gold bugs can rant all they want but the only way we will see USD10,000 gold is if the collective investment world suddenly decides to again revert to AU as a currency
err, but bread has markedly changed from a luxury in the old days when only the rich could afford it (an of course bread itself is much changed) .. to what it is today .. so maybe indicating the move down market of gold ??