Gold gefragt wie noch nie: Preis pro Feinunze klettert auf Rekordhoch
NZZ ONLINE: Für die Feinunze Gold wird derzeit ein Preis von exakt 1036.40 Dollar bezahlt. Dieser neue Höchstwert überbietet den bisherigen Rekordpreis um 5.60 Dollar aus vom März vergangenen Jahres.

Der Goldpreis ist auf einen neuen Rekordstand geklettert. Die Dollarschwäche trieb den Preis für eine Feinunze (etwa 31 Gramm) in der Spitze auf 1036.40 Dollar. Damit wurde die alte Rekordmarke vom März 2008 bei 1030.80 Dollar übertroffen. >>> sda/dpa | Dienstag, 06. Oktober 2009

Dollar Tumbles on Report of Its Demise
THE INDEPENDENT: Gold price at record high as Independent story sends global markets into a frenzy

The price of gold is surging on world markets amid fears that the old economic order based on the supremacy of the US dollar could be breaking down.

A new spike has sent the cost of the precious metal to a level not seen before. The dollar slid sharply after yesterday's report in The Independent that Gulf Arab states are secretly planning to stop trading oil in dollars, and a senior UN official said that the US should be stripped of its position as the main source of currency reserves for other countries.

The developments come on top of speculation that the Obama administration is operating a policy of benign neglect of the dollar, engineering a devaluation that could help repair some of the economic damage caused by the recession.

Not since the collapse of the Bretton Woods system in 1971 has gold been treated as the equivalent of a world currency, but The Independent reported that it could form part of a basket of currencies that would be used for oil trading by the end of the next decade.

Aram Shishmanian, the chief executive of World Gold Council, said: "The financial and economic instability of the past 18 months has brought gold's historical role into sharp focus and has continued to increase its prominence among policy advisers, central banks, and investors around the world.

Across the world, investors have been reaching for gold as an alternative to the dollar and to other US assets, fearing that the American currency is headed inexorably lower.

The dollar index – which measures the greenback against other currencies – fell 0.7 per cent yesterday and the dollar was lower against all major currencies except the British pound. >>> Stephen Foley in New York | Wednesday, October 07, 2009

Robert Fisk: A Financial Revolution with Profound Political Implications
THE INDEPENDENT: Such large financial movements will have major political effects in the Middle East

The plan to de-dollarise the oil market, discussed both in public and in secret for at least two years and widely denied yesterday by the usual suspects – Saudi Arabia being, as expected, the first among them – reflects a growing resentment in the Middle East, Europe and in China at America's decades-long political as well as economic world dominance.

Nowhere has this more symbolic importance than in the Middle East, where the United Arab Emirates alone holds $900bn (£566bn) of dollar reserves and where Saudi Arabia has been quietly co-ordinating its defence, armaments and oil policies with the Russians since 2007.

This does not indicate a trade war with America – not yet – but Arab Gulf regimes have been growing increasingly restive at their economic as well as political dependence on Washington for many years. Of the $7.2 trillion in international reserves, $2.1trn is held by Arab countries – China holds about $2.3trn – and the nations interested in moving away from dollar-trading in oil are believed to hold over 80 per cent of international dollar reserves.

Saudi Arabia's denials of any such ambitions were regarded by Arab bankers as a normal part of Gulf politics. The Saudis, of course, managed to deny that Iraq had invaded Kuwait in 1990 – even when Saddam Hussein's legions stood along the Saudi frontier, until the US broadcast the news of Iraq's aggression to the world. >>> Robert Fisk | Wednesday, October 07, 2009

Euro Hits New High Against the US Dollar
Image courtesy of Google Images
BBC: The euro has hit a record peak against the US dollar on expectations of higher interest rates in the euro zone.

It rose as high as $1.6019 as weak US housing market data underscored fears over the health of the US economy.

The euro has rallied in recent months and Tuesday's peak came as European central bankers raised the prospect of higher rates to control inflation.

Higher interest rates make bank deposits and other euro-denominated investments more attractive.

Most other central banks are cutting the cost of borrowing as they look to limit the impact of a global economic slowdown.

The euro was trading at 80.08 pence, near the record high of 80.98p hit last week.

"Interest rate differentials are really favouring the euro right now," said Camilla Sutton, a currency strategist at Scotia Capital in Toronto.

European Central Bank governing council member Christian Noyer said the bank would do what was needed to bring inflation back to its target of just below 2%, adding it would move rates if needed.

That followed similar comments from fellow governing council member Yves Mersch.

While the strong euro may be good news for many savers and investors, it poses problems for European exporters because it makes their products more expensive in the United States, a key sales market. Euro Scales $1.60 for First Time >>>

The Dawning of a New Dark Age (Paperback - UK)
The Dawning of a New Dark Age (Hardback - UK)

Authorities Lose Patience with Collapsing Dollar
THE TELEGRAPH: Jean-Claude Juncker, the EU's 'Mr Euro', has given the clearest warning to date that the world authorities may take action to halt the collapse of the dollar and undercut commodity speculation by hedge funds.

Momentum traders have blithely ignored last week's accord by the G7 powers, which described "sharp fluctuations in major currencies" as a threat to economic and financial stability. The euro has surged to fresh records this week, touching $1.5982 against the dollar and £0.8098 against sterling yesterday.

"I don't have the impression that financial markets and other actors have correctly and entirely understood the message of the G7 meeting," he said.

Mr Juncker, who doubles as Luxembourg premier and chair of eurozone financiers, told the Luxembourg press that he had been invited to the White House last week just before the G7 at the urgent request of President George Bush. The two leaders discussed the dangers of rising "protectionism" in Europe. Mr Juncker warned that matters could get out of hand unless America took steps to halt the slide in the dollar.

World central banks last intervened eight years ago - with mixed success - buying euros in September 2000 to support the fledgling currency through its worst crisis.

David Woo, currency chief at Barclays Capital, said the Europeans and Americans are talking past each other. Whatever the G7 wording, Washington is happy to watch the dollar slide. "They are not going to worry unless there is a knock-on effect on US equity or bond prices. So far that hasn't happened. There are no signs that the dollar decline has turned disorderly," he said.

European industry has managed to live with the high euro so far, but the damage of major currency shifts can take years to surface. "The moment will come where the exchange rate level will start to cause serious harm to the European economy," said Mr Juncker. Authorities Lose Patience with Collapsing Dollar >>> By Ambrose Evans-Pritchard | April 18, 2008

The Dawning of a New Dark Age (Paperback - UK)
The Dawning of a New Dark Age (Hardback - UK)