The gold price stormed through $1,500 a troy ounce last month after Standard & Poor’s warned that it might cut the US’s triple-A rating, and investors priced in the potential for a downgrade of the monetary base, in US dollar terms. In this year’s Euromoney FX survey, respondents were asked: Is gold just another currency? Thirty-four percent said ‘yes’, 42% said ‘no’, and 24% said they did not know. So it is fair to say that opinion was mixed.
However, banks with integrated FX and metals trading businesses have never been surer that gold is becoming more and more like a currency.
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