The spot Gold Price shot 2% higher in London trade on Wednesday, ending the first trading day of 2008 at an all-time record high of $858 per ounce.
The previous record high of $850 per ounce – recorded on 21 Jan. 1980 – offered no resistance at this, the second attempt in two months, for the Gold Market to push into new territory. The move came as the US Dollar slipped on news that US manufacturing output slumped in December, with the ISM index reading 47.7 against Wall Street forecasts of 50.5.
The Euro recovered two-week highs against the Dollar at $1.4740, but that failed to stop the Gold Price in Euros jumping to new all-time highs above €582 per ounce. The Gold Price also hit new highs against the Swiss Franc and Aussie Dollar.
For British investors wanting to Buy Gold Today the price sped higher from Wednesday morning's new all-time records to break £433 – nearly 14% higher from this time last month – while the FTSE stock index reversed its early gains to end the session 0.6% lower.
The Dax in Frankfurt lost 1.5% by the close. In New York, the Dow stood more than 190 points lower at lunchtime.
"In terms of equities, I remain very cautious," says Dr.Marc Faber in the latest edition of his highly respected Gloom, Boom & Doom report. "It is difficult to find compelling values.
"[But] among commodities and currencies, my preferred asset remains physical gold held outside the US, for the simple reason that – depression or inflation – it is very likely to outperform financial assets. For gold, I believe the best is yet to come!
"With Bernanke at the Fed and Paulson at the Treasury, and a Euro that could face some problems (a break-up, some believe) because of badly deteriorating economic conditions in Italy, Spain, Portugal, and Greece, precious metals are likely to outperform financial assets for some years to come."
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