This last week had gold reaching its highest trading level against the British pound, euro and Swiss franc, as the potential for a sovereign debt catastrophe in Europe looms over the investment world and people and institutions want a safe place to have their money.
It seems the depth of the latest crisis isn't even comprehended by most, but it boggles the mind when start talking of countries like Portugal, Ireland, Italy, Greece and Spain being in extreme danger of defaulting on debt, with some being more exposed than others.
This has caused all currencies to be suspect, and that has resulted in the record high trading against the currencies listed above.
Gold is going to rise against many things going forward, as there's simply nothing else to take its place, as a large number of investors are increasingly understanding when reconsidering investing in the U.S. dollar as the place of safety.
This is why gold has been rising with the dollar, as investors are gravitating toward gold as their safe have more and more, and they should be.
Gold dropped in Asia, tracking a decline in commodities and equities, after an index of Chinese manufacturing slipped to a six-month low and the dollar gained.
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