Every investment needs a good story if it’s going to fly.
“The internet is going to change the world”, drove the dotcom bubble. “They’re not building any more land,” drove buy-to-let. “The Chinese want the things we take for granted – and there are just so many of them,” drove commodities.
One of the reasons for gold’s demise is that its story lost its magic. It no longer seemed relevant.
I’ve said before that gold needs a new narrative. I didn’t think it would come so quickly.
But I think one may be starting to form.
The big financial story of last week was China’s repeated devaluation of the yuan. In just about every related article – and in many of the headlines – the phrase ‘currency wars’ has appeared. It’s all over the papers, TV and the internet.
Read the full article by Dominic Frisby on MoneyWeek here.
Gold in GBP – 1 Year
DAILY PRICESToday’s gold prices: USD 1,137.95, EUR 1,019.80 and GBP 7128,54 per ounce.
Yesterday’s gold prices: USD 1,123.20, EUR 1,017.71 and GBP 716.90 per ounce.
(LBMA AM)
Yesterday, gold finished trading with a gain of 1.34% or $15.00, closing at $1,132.70/oz. Silver rose 2.55% or $0.38, closing at $15.26/oz.
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BREAKING NEWS
Gold climbs to 5-week high as Sept Fed hike hopes fizzle – Reuters
Gold Holds Gains After Biggest Advance in Three Months on FOMC – Bloomberg
Asian shares slide; dollar loses edge on Fed minutes – Reuters
Vietnam devalues dong to protect exports, offset China’s yuan action – Reuters
Cash-Strapped Venezuela May Sell Gold Reserves, Citigroup Says – Bloomberg
IMPORTANT COMMENTARY
Gold: the best defence in a genuine currency war? – MoneyWeek
Video: Threat to Bitcoin with Its “Y2K” Moment – Bloomberg
HSBC expects gold price to be up 10% by the end of 2015 – GoldSeek
Doug Casey on Why You Should Go to Africa Instead of College – Casey Research
World Skills winners show university not the only way to a brilliant career – David McWilliams
Click on News and Commentary
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