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Gold is 2016’s best-performing asset year to date (YTD).
It’s up 14.77% in under 60 days. It now trades at $1,217.90 per ounce.
But longtime Daily readers know the follow-up question to “X just hit a new high” is always “in terms of what?”
Gold’s still about 36% below its 2011 high water mark of $1,924 an ounce. That’s far from a new high in terms of dollars.
But take a look at gold’s value in terms of Russian rubles…
As you can see, the blue line on the bottom shows gold spiking to a new all-time high over the last few months. It now takes about 100,000 rubles to buy one ounce of gold.
Plummeting oil export revenues (oil comprises 50.6% of Russia’s exports), skyrocketing government debt, and geopolitical uncertainty (conflicts in Syria and Ukraine) have combined to send the ruble crashing… and gold rocketing higher.
And Russia’s not alone. Gold is at—or near—fresh all-time highs in 27 world currencies. These include the Turkish lira, Brazilian real, South African rand… even the Australian dollar.
With gold spiking around the globe, you’re seeing PBRG’s favorite “insurance policy” in action. Where fear and chaos reign, gold remains the can’t-miss “safety switch” to protect your wealth.
Bottom line: Gold’s new highs indicate the global economy remains anything but stable. If you own gold, hold it. If you don’t, buy it… and hope you never have to use it. All paid subscribers can check PBRG’s 2016 Asset Allocation Guide for our recommended gold weightings.
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Another surprise attack against the U.S. dollar is coming. And soon, too. This attack won’t be from China. Instead, this one will hurt the worst—coming from a sworn “ally” of Americans. Click here to view this short, 60-second message on how to prepare for the next “surprise” currency move. |
