Goud de nieuwe wereldvaluta ?

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Gold hits 28-year peak, platinum sets record

By Frank Tang and Veronica Brown

NEW YORK/LONDON, (Reuters) - A sickly dollar and firming oil prices swept gold to 28-year highs Thursday, while platinum was set in London at a record high of $1,407 per ounce, aided by rising bullion prices and worries over supply.

Dealers and analysts said fund buyers, seeking safe stores for their cash due to continuing unease over problems in credit markets, had the bit between their teeth and would eventually targeting a record high above $800.

Palladium also touched a near six-month high. However, traders warned it could be prone to heavy liquidation because its recent strength was largely driven by speculative funds.

"When you have a weaker dollar and strong oil, those two factors always make gold very strong," said Frank Holmes, CEO of U.S. Global Investors Inc in San Antonio, which manages about $5 billion of assets in mutual funds.

Spot gold rose as high as $753.60 an ounce -- its highest since January 1980 -- and was quoted at $750.40/751.20 at 2:15 p.m. EDT (1815 GMT), up from $738.80/739.60 late in New York on Wednesday.

COMEX floor traders in New York also cited trade-related buying and technical chart-based support as spot gold surged above key resistance level of $747.50 an ounce

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Op vrijdag 12 oktober 2007 00:09 schreef gronk het volgende:
http://findarticles.com/p/articles/mi_m0365/is_n2_v40/ai_18338845

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Op vrijdag 12 oktober 2007 00:49 schreef gronk het volgende:
Onmogelijkheid van de goudstandaard/ deflatie in de EU.

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Op vrijdag 12 oktober 2007 09:11 schreef TheChemeng het volgende:

[..]

Goud zal nooit en te nimmer meer een alternatief gaan vormen voor valuta. Een land kan totaal geen invloed uitoefenen op inflatie, import, export etc. als er een standaard achter de munteenheid (goud of een andere munteenheid) staat. Bijna elke financiėle crisis in het verleden (Argentiniė, Thailand, etc.) werd veroorzaakt door het niet vrij verhandelen van de valuta. Als we weer terug zouden springen op goud dan staat ons wel weer even wat te wachten.

Overigens is de toenemende vraag naar goud in India natuurlijk een direct gevolg van de toenemende koopkracht.

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Op vrijdag 12 oktober 2007 09:27 schreef TheChemeng het volgende:
Ik geef niet aan dat het huidige systeem vervangen moet worden, het werkt omdat het vrije handel vertegenwoordigd.

In het bretton woods systeem was elke valuta gekoppeld aan de US dollar. De illusie dat we daar ooit naar terug gaan keren (en dat dit positief zou zijn), is natuurlijk op zich al belachelijk.

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Japan's grannies drive up gold prices
By Ambrose Evans-Pritchard
Last Updated: 1:37am BST 16/10/2007


Gold has soared to a fresh 28-year high of $760 (£372) an ounce on fears of global currency disorder and a surge of buying by Japanese investors using exotic trading signals.

Traders report a sudden burst of activity on the TOCOM gold futures markets in Tokyo as the price breaks through the psychological barrier of 3,000 yen (£12.52) per gramme, the measure used by the Japanese to trade gold.

advertisementThe country's irrepressible grannies rely heavily on Ichimoku "cloud charts", multi-faceted indicators designed to give support/resistance levels in various markets, which have issued a powerful buy signal in recent days.

John Reade, head of precious metals at UBS, said the Japan can be a major driver of the gold price. "Japanese buying can come out of the blue, but it is too soon yet to tell whether they are about to take over the gold market," he said. "When the Japanese public move in with reckless abandon, everybody else gets out of the way. They can be the last to join the rally."

The fresh interest in gold comes as the yen renews its slide, hit by signs that the economy may be tipping back into deflation after the housing collapse during the summer. Housing starts fell 23.4pc in July and 43.4pc in August as new laws came into effect. The Bank of Japan has signalled that it will keep interest rates at 0.5pc for the foreseeable future, inviting funds to step up borrowing in Tokyo to chase higher yields elsewhere through the global "carry trade".

Rising inflation across China, India, the Middle East, eastern Europe and Latin America have all created the backdrop for a major move in gold. Citigroup said a global "reflation rally" caused by cuts in US interest rates could push prices above $1,000 an ounce.

UBS has upgraded its long-term forecast, but is cautious for now. "The net long positions on the US futures markets are at all-time highs. They have been at extreme levels for four weeks and when that happens you can be sure there will be a correction. It could be any time now," said Mr Reade. Read

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OTTAWA — The Royal Canadian Mint unveiled a welcome addition to any piggy bank on Thursday — a monster gold coin with a face value of C$1 million (U.S. $903,000) that it says is the world's biggest, purest and highest denomination coin.

Weighing in at 100 kilograms (220.5 pounds), the limited edition coin easily dwarfs its closest rival, the 31-kg (68-pound) "Big Phil", which was made to honour the Vienna Philharmonic Orchestra and has a face value of a mere 100,000 euros (U.S. $136,000).

The Canadian mint introduced the mega-coin, which is the size of an extra-large pizza, alongside the one-ounce gold bullion coins it is mass producing at its Ottawa plant.

Originally designed to promote the new one-ounce coins, the colossal 100-kg coins will be produced in a very limited quantity.

A U.S. precious metals distributor has ordered three and there is interest in Asia and Europe, the mint said.

At 53 centimetres (21 inches) in diameter and over 3 cm (1.2 inches) thick, the massive coins need a high level of hand crafting.

While it has a C$1 million face value, the coin is worth more than twice that amount — about $U.S. 2.4 million — given the current gold price of $U.S. 686.90 an ounce.

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Turkish gold imports jump despite high prices
By Humeyra Pamuk

LONDON, Oct 18 (Reuters) - Turkey's 2007 gold imports will exceed last year's levels, data show, as Turkish manufacturers export more jewellery and as consumers invest in gold as a safe haven in times of trouble, despite sky-rocketing prices.

Gold imports to Turkey, the world's third biggest consumer of bullion, rose 24 percent to 192 tonnes in the first nine months, matching the total for the whole of last year, figures from the Istanbul Gold Exchange show.
Ramadan, the Muslim holy month when trading traditionally slows, caused imports to halve in September to 13.6 tonnes, from 27.7 in August, but producers say the trend is very strong.

"In every Ramadan trading slows down," said dealer Gokhan Aksu at Goldas (GOLDS.IS: Quote, Profile, Research), a leading producer and a member of exchange.

"But I cannot say the demand is weaker. The price in the Grand Bazaar is as strong as the world price, which also shows the firm domestic demand," he said. "I believe we will see year-end imports around 240 tonnes."

That would be a rise of about 25 percent year-on-year and would bring imports back towards the record high of 270 tonnes seen in 2005 and the 250 tonnes imported in 2004.

World gold prices have gained 15 percent since mid-August and touched a 28-year peak of $766.60 an ounce this week, mainly buoyed by a weak dollar and record high oil prices.

Gold and oil are traditionally seen as safe havens for investors in times of trouble