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Noting that during the current bull market gold prices soared above the record settlement price of $834/oz that had existed since January 1980, the CPM Group said in its Gold Yearbook 2008: "The move to record prices in gold reflected continued strong investment demand for physical gold, around the world."

According to the report, the current rally is the longest in the gold market's history, and is "in stark contrast to the 1980 experience Since the 1960s, there were five bull markets in gold prior to the current one; each lasted one or two years, followed by four or five years of weaker prices.

The report continued: "Looking forward, insofar as the rise in gold prices has been propelled by investors worried about the plethora of economic, financial market, and political problems they see facing the world, the period of high gold prices should be expected to continue for as long as these issues represent problems to investors. Put another way: While gold prices already are at record levels, they should be expected to stay high and even rise further until such time as investors around the world reduce the level of fears."

Zdroj: platts.com

20.03.2008

"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value."   Alan Greenspan