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April 10, 2006
The Gold Bullion Bubble
Granted, gold prices haven't moved as far or as fast some other precious metals and commodities, but its move has been the most noticeable, if only for the metal's notoriety. Well, today was a kind of milestone, with spot gold prices leaping through the heretofor unbreached $600 barrier. Remarkable stuff.
There is a fascinating factoid in a related article on the WSJ site tonight:
Half of the pension funds, hedge funds and other institutional investors polled by Barclays in February said they had no commodities exposure in 2005. Most are now expanding their total commodities allocation between 1% and 10%.
[Emphasis mine]
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Good point. My original graph is in nominal dollars, so it's legit to say that the "real" barrier is higher yet in current dollars.
Paul: "with spot gold prices leaping through the heretofor unbreached $600 barrier."
Or, maybe not:
http://www.kitco.com/LFgif/au1980.gif
That's nominal. Adjusted for inflation, the unbreached barrier is even higher.