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Gold price surges to record high in 73 currencies

Gold hit a six-year high on Friday as investors piled into the safe haven metal amid an escalating US-China trade war, and the prospects of a return to ultra-loose monetary policy by the Fed.

Gold for delivery in December, the most active futures contract trading in New York, touched a high of $1,461.90 an ounce before settling $25.10, or 1.8%, higher at $1,457.50 on the Comex market.

According to MarketWatch — quoting FactSet data — that is the highest finish for the most-active contract since May 9, 2013.

Ross Norman, CEO of Sharps Pixley, the top bullion broker in London, points out that the gold price in pound sterling hit an all time high on Friday of £1,187.28, beating the previous record set on September 11, 2011:

[GBP] joins no less than 72 other currencies, including the Canadian Dollar, The Australian Dollar and perhaps most significantly, the Indian Rupee.

In short, there has been a stealth bull run in gold and by simply watching the dollar gold price, some investors are missing out. 

As of 29 July 2019. Source: Bloomberg via Rob McEwen, CEO of McEwen Mining, investor presentation.