ZLATO – približovanie sa k historickému maximu

Dôvera v papierové peniaze sa pomaly vytráca a investori a populácia sa viac pozerajú na „Hard Assets“.

Gold has surged to $846 an ounce on fears of a dollar collapse and signs of spreading credit crisis in the United States, coming within a whisker of the all-time high seen at the end of the 1970s inflation era.


Warnings by a top Chinese official that the Beijing intends to switch part of its $1,430bn reserves from dollars to "stronger currencies" appears to have lit the fuse under an explosive mix of record oil prices, rising global inflation, and mounting concerns that the world financial system is coming unglued.


"We're seeing a loss of confidence in all paper currencies, but above all in the dollar," said Hans Redeker, currency chief at BNP Paribas.

Gold

Gold last touched $850 an ounce at the London PM Fix in a wild spike on January 21 1980, just after the Soviet invasion of Afghanistan and the seizure of US hostages in Iran. Inflation was then running in double digits in most western economies.


In today's terms, this would be equivalent to $2,000 an ounce, suggesting that the current six-year bull market in precious metals may have much further to run.


John Reade, a strategist at UBS, said gold now seemed to be caught in a frenzy of speculative momentum.


Mr Reade said gold has tended to fall sharply whenever speculative long positions on New York's COMEX futures markets reach extreme levels, but it could be different this time.


"Everybody is waiting to see whether 'exotic options' set above $850 will trigger a fresh wave of buying," he said.


"But there is an even deeper issue at work as people start to question the fundamental structure of the world economy. The mercury is running very high right now," he said.


Gold has now more than tripled since Gordon Brown ordered the Bank of England to start selling half of Britain's bullion reserves. The first auction in 1999 was at $254 an ounce, the absolute bottom of a 21-year bear market.


Mr Norman said the last $50 rise in the gold price has been fuelled by "hot money" that could prove fickle, but any correction will likely be short.


Zdroj: www.thebusiness.co.uk

09.11.2007

"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