LONDON (BullionVault) – So what’s different about gold at $1500 per ounce…?
Nothing. Absolutely nothing. There’s no more or less of it in the world today than there was a day or a week ago, and very little more than a month ago. There’s barely 15% more today, in fact, than there was a decade ago at $270.
Gold still has very few industrial uses – only 11% of 2010 global demand – and the stuff remains indestructible. It never changes or does anything. Hell, it won’t even rust.
But what is changing is everything else – the volume and quality of debt, in particular, and the volume of US Dollars most especially. That’s what makes the golden constant stand out against the noise of the Dollar’s latest plunge.
Formerly City correspondent for The Daily Reckoning in London and head of editorial at the UK’s leading financial advisory for private investors, Adrian Ash is the editor of Gold News and head of research at BullionVault where you can buy gold today vaulted in Zurich on $3 spreads and 0.8% dealing fees.