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.
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