Gold Price Exploding In All Currencies Worldwide
by Taki T., Gold Silver Worlds >
Gold and gold stocks are on the move after the surprise move from the Swiss National bank to remove its currency cap versus the euro this week. This highlights gold’s valuable role as a store of value when currency volatility destroys purchasing power as it has in many parts of the world over the past year.
There is a rule of thumb which says that, if gold is rising in at least 3 major currencies, there is a bullish environment. Well, here are the facts and the figures. The charts below highlight gold in several major currencies. The yellow metal has rocketed higher, not only in all of those currencies, but in literally every currency worldwide.
Gold in Euros broke the long term basing formation by piercing through €1000 in early January, as we wrote in Gold Price In Euro Breaks Out, Pierces €1000. It is 10% higher in a matter of weeks.
Gold in Canadian Dollars is already testing its 2014 peak which it had set in March.
Gold in Japanese Yen is already well above its 52-week high. Not coincidentally, the Yen has almost collapsed in the last two years. Gold holders in Japan have been able to retain their purchasing power, at least for the part of their wealth invested in physical gold.
Gold in South African Rand is attempting to test its 2014 high, set in March.
This is the bonus chart: Gold in Belarus (part of former Rusland) has literally exploded higher in the first two weeks of January. It is at its all-time highs currently.