It has been a long wait. Gold has been logging new highs in US Dollars for much of the latter half of 2008.
On Friday, gold eked out a new high in Canadian Dollars, at $813.00 (CDN), finally bettering its $807.00 level in February 2007 and its $810.00 level in May 2006.
Gold's recent $848.00 high in US Dollars did not phase the Canadian market, as our dollar had soared to $1.10 US at that time. Since then, the Canadian Dollar (along with the other resource-based global currencies) has retreated, in our case, to parity with the US Dollar.
So, for Canadians, gold's early November 2007 $848.00 US Dollar high was not sufficient to move the precious metal into record territory, but the recent $824.70 US Dollar close on Friday, November 23, 2007 moved us to a 27-year high gold price.
I note that gold has also attained a 27-year high in Australian Dollars.
The gold bull market continues to unfold.
It is most meaningful when gold rises in all currencies, and finally, that is now happening. Gold's ascending move as the resource-based currencies consolidate is particulalry meaningful, as this development reinforces the message that gold is a currency, not a commodity.
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