Here in the US, it is only natural for us to view the price of gold in US Dollar terms. We forget however that the gold market is an international one. As such it is impacted by events taking place outside of our country.
As said many times before on both this site and my writings at Jsmineset.com, drawing conclusions on the gold market based SOLELY off of its US Dollar priced chart is a huge mistake.
With that in mind, note how firmly the price of gold is holding when priced in Euros. It is staying within a fraction of its all time high as buyers on the Continent are extremely concerned about the sovereign debt issues that refuse to go away in that quarter of the globe. While some here dismiss its role as a safe haven, it is evident from its Euro priced chart that it is continuing to function just as that in the minds of many Europeans.
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