Friday, June 17, 2005

Gold in Swiss Franks, Yen, Euro and Deutsche Marks Breaks Out!

The most bullish parts of this gold bull market is the price of gold breaking out in currencies other than the US Dollar, such as the Euro, Yen, Swiss Franks, British Pounds and Rubbles.

See our previous article on the price of gold in Euros breaking out.

HSBC said on the 15th of June 2005:

"gold has outperformed most other major currencies, suggesting the recent strength is not just a rejection of the Dollar and the Euro, but is perhaps the beginnings of a more sustained independence from the currency markets. Specifically:

Historical Gold price in Swiss Francs
- yesterday’s high of CHF548/oz was the highest level since April 1994.

Historical Gold Price in Japanese Yen
- the overnight high of Y1,506/g was the highest level since August 1992.

Historical Gold Price in British Pounds
- the high of £238/oz was just £3/oz off the nine year high of £241/oz seen in September 2003."

Historical Gold Price in Deutsche Marks
James Turk the founder of says "To breakout from this pattern, gold needs to close above Dm 706.31, the price it reached on July 30, 1993. This price equals €361.13. We are almost at that level...and I expect this breakout will happen soon."

Historical Gold Price in Indian Rupees

Dan Norcini reported in said "What we are now seeing is gold asserting its true, historic function as THE PREMIER CURRENCY of choice. Investor confidence in both the Euro and the Yen is weakening as their respective economies continue to stagnate."

Norcini describes three Phases of the Gold Bull Market:

Phase 1 of the Gold Bull market was marked by the US Dollar price of gold moving up and breaking through important technical and psychological levels, most notably the $400 mark.

Historical Gold Price in US Dollars

Phase 2 should consist of gold price moving up against the other two major currencies, the Euro and the Yen. Norcini says "judging by Euro gold price of 350 being obliterated and now the Yen Gold Price of 468 giving way as well. This should shortly see the price of gold moving up against the other major currencies; the Canadian Dollars, the Swiss Francs, and the Australian Dollars as well as others and going on to make new multi-year highs in terms of those respective currencies.

Phase 3 will be the rapid acceleration or blow off phase.

We are now entering Phase 2 of the Gold Bull Market and now is the time to buy gold. It is the investment opportunity of a life time.

The gold price per gram charts in this article are from
Where you can open a free account and buy gold in minutes.

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