ROSS NORMAN - GOLD ITS ALL TIME HIGH IN BRITISH POUNDS
Gold in GBP hit an all time high just now, joining no less 72 other currencies including the Canadian Dollar, The Australian Dollar and perhaps most significantly, the Indian Rupee. In short, there has been a stealth bull run in gold and by simply watching the dollar gold price, some investors are missing out.
This afternoon's p.m. benchmark price was a record £1187.28 which exceeds the previous all time high of £1182.82 from 6th September 2011. The previous high in the spot market was £1195 - the current spot price for gold.
Encouragingly the recent action of short shallow dips tells us that underlying sentiment remains strong as byers join in on any price correction suggesting the market may be set for futher strong gains.
Better still, the quality of buying is exceptional with Central Banks now buying at the fastest level of all time. Last year was the best since 1967 and H1 2019 has been 15% better than that.
Most interestingly, demand other than in India has not been too blunted by prevailing high prices as one might expect, leaving scope for better.
02 Aug 2019