Time to abandon dollars?

[TimberWolf]

(and perhaps £s too) and stick it all on gold?

[suityou01]

(and perhaps £s too) and stick it all on gold?

Any particular reason? Links?

[TykeMerc]

(and perhaps £s too) and stick it all on gold?

What currency is gold typically bought and sold in?

[TimberWolf]

Any particular reason? Links?

Dollars just keep falling - even against the pound. Gold price in USD hit another record high today.

[suityou01]

What currency is gold typically bought and sold in?

Hungarian Forints.

HTH

SASGuru

[TimberWolf]

What currency is gold typically bought and sold in?

Yuan?

"The more the market becomes concerned about inflation or concerns about unrest in Africa, more and more people will look to Buy Gold," reckons UBS global commodities strategist Peter Hickson, claiming that Gold Bullion sales to China topped 200 tonnes in the first two months of this year.

China's total private purchases in 2010 reached a record 580 tonnes, according to London's GFMS consultancy.

"Chinese interest is huge," agrees Bank of Nova Scotia's head of precious metals in Hong Kong, Peter Tse, saying that "Demand for physical gold and imports increased substantially" in the run-up to last month's Chinese New Year celebrations – a traditional season for gift-giving and 'auspicious' investment.
Inflation & Oil Risks "Driving People to Buy Gold" as Chinese Demand Jumps, Global Silver Investment Swells 2.5% Week-on-Week | Gold News

apart from the sold part. It's all buy, buy, buy.

[TimberWolf]

[AtW]

Time to abandon dollars?

Yes.

And do tell me where you left them...

[doodab]

Well, unless we are facing global meltdown a la 1930s I think it's a bit of a bubble. There might be some further short term gain but it will all unwind once the real world starts getting normal again.

[BlasterBates]

The reason could be that the Chinese central bank will now conduct all transactions in Yuan and not in Dollar. Last week in the US they discovered that China holds a lot more dollars than they thought. Apparently China is now the biggest creditor, in the US because the purchases were in London they'd previously been attributed to the European Union. So it looks like, after all the protectionist blustering over the last few months in the US, China is enjoying "tweaking" their nose a bit.