Metal prices update

19 11 2009

Two months ago (here) I wrote that gold prices had exceeded US$1000 per ounce. Last week the price shot over US$1100 per ounce. Should have bought gold two months ago on that basis…

Three interesting graphs below (from 17th November 2009):

1. Gold price in US$ for last 5 years – compare the last two months to the graph in the previous post

gold price US$ per ounce; 17th November 2009; click on image to link through to original source

2. Gold price in US$ for last 60 days – zooming in on the two months since my previous post

gold price US$ per ounce; 17th November 2009; click on image to link through to original source

3. most importantly for those of us working and buying gold in Australia, the movement in gold prices during 2009 has been countered by the strengthening of the exchange rate of Australian dollar against the US dollar; essentially this is reflecting the depreciation in the US$ across almost all currencies (for the not so financially minded, their economy is in more trouble than almost the whole world); in effect, the price of gold has actually reduced for us during most of this year, though it’s fair to say that the AU$ price has also seen the latest peak come through and it popped over AU$1200 at the start of November (to coincide with the start of the US$ rise)

gold price in AUS$ per ounce; 17th November 2009; click on image to link through to the original source

So my take is:

  • gold per ounce in US$ has increased by approximately 14% since the start of October 2009; and approx. 8% since the start of November 2009
  • gold per ounce in AU$ has increased by approx. 7% since the start of October 2009; after being pretty stable between July and the end of October
  • also, silver has increased since the start of September 2009; going up approx. 12% since the start of November 2009; and has gone especially berserk in the last week [link here, graph not shown above]

Also check out this report in The Age for a really interesting article about influencing factors in the recent movements.


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    3 12 2010
    Metal prices update « Melbourne Jeweller

    […] been almost a year since I last wrote about metal prices … so an update is in order I […]




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