The 2011/11/02 at 05:45
On Friday 28 October, the ounce of gold for delivery in three months came to 1,738 dollars (1,238 euros) in New York, far from the historic peak of 1,920 dollars (1,393.70 euros) on 6 September. The yellow gold is a victim of its own success. Investors have balanced their accounts via gold to cover for losses on other markets, chiefly the share market. Gold has not yet, however, lost its status as a safe investment, and China is expected to continue its purchases of the precious metal in coming months. The Central Bank of China only holds 7 % of gold reserves, compared with an average of 11 % for the central banks of other countries, 67 % in France and 75 % in the United States. As far as supply goes, economists seem to agree on a 4 % shrinkage of production in 2011. In the long term, the rareness of gold should therefore feed the upward trend.