Monday, October 19, 2009
The folks at Kitco recently began publishing the Kitco Gold Index that prices gold using the same currency weightings as the U.S. Dollar Index - 57.6% Euro, 13.6% Japanese Yen, 11.9% U.K. Pound, 9.1% Canadian Dollar, 4.2% Swedish Krona, and 3.6% Swiss Franc.
It should come as no surprise that, in these terms, the gold price is now almost ten percent below the all-time high reached in February. Recall that, earlier in the year, gold was making new all-time highs in many different currencies around the world while it never really threatened $1,000 an ounce in the U.S.