Gold, up 32 per cent this year, is poised for an 11th year of gains, the longest rally since at least 1920, as investors seek to protect their wealth from depreciating currencies, declining equities and accelerating consumer prices.
Platinum for immediate delivery was little changed at $US1851.90 an ounce, trading below gold for a third day. Cash silver and palladium were also little changed at $US41.9650 an ounce and $US753.50 an ounce respectively.
The Dollar Index fell 0.2 percent today as the regional benchmark MSCI Asia Pacific Index climbed for the first day in four, eroding demand for safer assets. The Swiss franc was little changed after weakening the most ever against the euro yesterday as the central bank said it will defend the minimum rate target on the currency with the utmost determination.
Despite gold's dramatic bull run over the last 10 years, the yellow metal is only twice as high as its 1980 price. In comparison to other economic yardsticks since 1980, this is miniscule.
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services. www.livetradingnews.com