The US Dollar's latest plunge highlights the golden constant...
SO THE Gold Price has passed the $1500 mark, writes Adrian Ash at BullionVault.
Is this significant?
Well...no. Not really. In fact, there is nothing at all special about a $1500 Gold Price. Absolutely nothing.
There's no more or less of the stuff 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.