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Gold News & Press Comments
Record High Gold Price in US Dollars - Breaks $1,000
The previous all-time record high gold price in US dollars, reached on 21st January 1980, fixing at $850.00 on that day's p.m. London fix, was finally topped on January 3rd 2008, 11 times in January, and again on February 1st.
On 13th March 2008, it broke through the $1,000 per ounce barrier for the first time ever. Although it retreated to about $995, we think it may fix at over $1,000 tomorrow or soon.
It bottomed out in 1999, and has been on an uptrend ever since. In May 2006, and October 2007, it hit new all-time peaks in pounds sterling.
As at October 2007, it has hit 27-year highs 24 times, in US dollars. It looks set to reach and break through the previous £850 high point sooner if not later.
Some pundits, including "The Bullion Desk" in London had been forecasting $850 in 2007, possibly by November, since early in the year or late 2006.
We sent them an e-mail today:
So you got your 2007 year end gold forecast wrong, and we didn't see any mention of it on your site.
If I recall correctly you forecast gold to hit $850 during 2007. It only reached $841.75
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7th November 2007 | A.M | £400.471 | $841.75 | €573.555
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It's no excuse to point out that it hit $859.60 last night. You were a day out!
It's even less of an excuse to mention this morning's fix of $865.35, as that would make you two days out!
We hope you will try to be more accurate with your 2008 forecasts?
Failure or Success?
We followed it up with a telephone call partly to wish them happy new year, partly to ensure they realised it was intended to be irony. Ross Norman said they were currently working on their 2008 forecast, and they hope they could be as far out again.
For the benefit of anybody in any doubt, we think it was remarkably accurate of them to forecast a 33% rise and be within 1% or 2%. For the price to continue upward, and not just beat, but smash their target within days is even more remarkable. Remind us never to bet against them!
We will include their 2008 forecast here as soon as we learn it.
Yet Again!
Shortly after we finished updating this page on 20th February 2008, gold shot up yet again in late trading, by about $20 per ounce, and hitting new record highs in all three gold fixing currencies.
And Again!
On 21st February 2008, gold broke all three currency price records yet again, at £482.759; $945.00; and € 641.200 per ounce on the afternoon London Fix. Intraday trading was even higher at over $950, breaking another magic psychological barrier. Next stop $1,000?
Getting Repetitive
We last updated the following table on 3rd December 2008, but have not had time to add new summary paragraphs here. Please see below for the newest records.
Quick Summary Table
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Date | Fix | Price £ | Price $ | Price €
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21st January 1980 | P.M. | £371.066 | $850.00 | N/A
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10th May 2006 | A.M. | £378.249 | $704.30 | €551.052
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12th May 2006 | A.M. | £382.739 | $725.75 | €561.378
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20th September 2007 | A.M. | £362.570 | $727.50 | €518.451
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20th September 2007 | P.M. | £365.278 | $734.50 | €522.330
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21th September 2007 | A.M. | £365.010 | $735.35 | €522.600
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21th September 2007 | P.M. | £365.123 | $737.00 | €523.177
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28th September 2007 | A.M. | £363.710 | $737.75 | €520.312
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28th September 2007 | P.M. | £365.398 | $743.00 | €522.982
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1st October 2007 | A.M. | £364.782 | $745.25 | €523.534
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11th October 2007 | A.M. | £366.206 | $747.50 | €525.927
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11th October 2007 | P.M. | £367.698 | $749.00 | €527.353
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12th October 2007 | P.M. | £368.631 | $749.50 | €528.561
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15th October 2007 | A.M. | £371.097 | $755.85 | €531.167
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15th October 2007 | P.M. | £371.712 | $758.85 | €537.390
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16th October 2007 | A.M. | £374.582 | $761.75 | €537.390
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17th October 2007 | P.M. | £373.976 | $762.52 | €536.443
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18th October 2007 | P.M. | £373.157 | $764.15 | €534.595
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19th October 2007 | A.M. | £375.470 | $768.25 | €537.953
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26th October 2007 | A.M. | £377.384 | $775.60 | €539.886
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26th October 2007 | P.M. | £380.166 | $779.15 | €542.395
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29th October 2007 | A.M. | £385.120 | $792.50 | €549.851
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5th November 2007 | A.M. | £385.591 | $802.50 | €554.941
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5th November 2007 | P.M. | £386.713 | $804.75 | €555.728
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6th November 2007 | A.M. | £392.129 | $817.56 | €562.973
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6th November 2007 | P.M. | £393.767 | $822.50 | €564.710
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7th November 2007 | A.M. | £400.471 | $841.75 | €573.555
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2nd January 2008 | P.M. | £427.824 | $846.75 | €576.452
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3rd January 2008 | A.M. | £438.485 | $865.35 | €587.275
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3rd January 2008 | P.M.. | £438.485 | $865.35 | € 587.275
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8th January 2008 | A.M. | £441.571 | $873.25 | € 593.805
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8th January 2008 | P.M. | £442.032 | $873.50 | € 593.289
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9th January 2008 | A.M. | £452.154 | $887.85 | € 603.528
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11th January 2008 | A.M. | £457.559 | $893.75 | € 604.743
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14th January 2008 | A.M. | £464.317 | $911.50 | € 612.156
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15th January 2008 | P.M. | £463.358 | $913.00 | € 612.834
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25th January 2008 | A.M. | £465.278 | $921.25 | € 625.637
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28th January 2008 | P.M. | £464.217 | $921.75 | € 623.985
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29th January 2008 | A.M. | £466.549 | $927.50 | € 627.750
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1st February 2008 | A.M. | £468.750 | $933.00 | € 627.058
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21st February 2008 | A.M. | £482.032 | $943.00 | € 639.756
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21st February 2008 | P.M. | £482.759 | $945.00 | € 641.200
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22nd February 2008 | A.M. | £480.882 | $945.75 | € 637.513
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25th February 2008 | A.M. | £482.262 | $947.50 | € 639.770
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27th February 2008 | A.M. | £481.615 | $958.75 | € 636.324
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27th February 2008 | P.M. | £482.088 | $959.50 | € 635.978
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28th February 2008 | P.M. | £482.996 | $959.75 | € 634.084
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29th February 2008 | A.M. | £488.875 | $969.00 | € 637.584
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29th February 2008 | P.M. | £488.854 | $971.50 | € 640.071
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3rd March 2008 | A.M. | £492.697 | $978.25 | € 644.943
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3rd March 2008 | P.M. | £496.684 | $988.50 | € 647.857
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13th March 2008 | P.M. | £488.992 | $995.00 | € 638.967
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14th March 2008 | A.M. | £491.617 | $997.00 | € 641.158
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14th March 2008 | P.M. | £493.048 | $1,003.50 | € 642.322
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17th March 2008 | A.M. | £508.511 | $1,023.50 | € 649.511
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Highest Ever Gold Price in Pounds Sterling
Highest Gold Price in Euros (EUR)
Record High in Beijing
The record price in Chinese Yuan was achieved on Tuesday 4th April 2006, according to the Beijing Daily newspaper, hitting 170 yuan per gram (21.25 dollars).
"Gold has never been sold at such a high price in Beijing," said Wang Jian, general manager of the Gongmei Mansion Gold Store, told the paper. "I doubt whether consumers will hesitate to buy gold ornaments now," he said.
Gold dealers in China's capital reacted cautiously in raising prices, fearing a drop in sales despite the fact that prices in southern China had surged to 178 yuan (22.25 dollars) per gram.
China is the world's third-biggest market for gold after India and the United States, according to the World Gold Council, an industry organization. Last year Chinese demand for gold rose 8 percent to more than 250 tons
Where Next?
Where does it go from here?
Gazing into our crystal ball, we would be surprised if it did not go on to break the all-time high in US dollars before too long.
Lowest Recent Gold Price
Bull Market?
Does the drop after this price peak mean an end to the gold bull market, we believe not, more of a correction.
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