Please examine the following set of charts of gold as priced in various major currencies. As you can see, it is either making new all time highs or just right off of those levels when viewed in several of these currency valuations.
Keep this in mind whenever you read some of the deflationist arguments about why the price of gold has to go lower in a deflationary spiral. Gold is a currency—something those who adhere to that particular economic view seem to have forgotten.
Also – just a side note – I mentioned in my midday commentary that gold in Euro terms had made a new all time high at the London PM Fix of today (1-22-2009). That was incorrect. The all time high is 646.590 made back in October of last year. I apologize for missing that one.
Also, please note the gold/long bond ratio chart which is also shown to give you an idea which of the two is performing better as a safe haven.