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
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
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
