WEEKLY COMMENT 18-04-2013
By Barry Edwards
The gold price has been moving about a lot in the last week, mostly downwards. Since the high on the 4th of October 2012 of $1794.8 a troy ounce it has fallen to $1323 on the 16th of April, last Monday. It is currently $1388 and seems to be settling around this price for the moment.
At today’s price that is a fall of 22.8%; gold is different from other commodities because it is also used as money by many people who have no faith in currencies as a means of wealth. The price also moves because of people’s perception of the global economy. Consequently, since the financial crisis the price has risen to its high in October last year falling to today’s level as the world is slowly recovering from the recession.