Gold in 12 Currencies
Spot gold priced in major world currencies (% change) · Quotes delayed up to 5 minutesGold priced in twelve major world currencies — USD, EUR, JPY, GBP, CHF, CAD, AUD, CNY, INR, MXN, BRL, ZAR — overlaid for comparison. This view dismantles the most persistent confusion in gold analysis: the assumption that gold’s behavior in dollars is the same as gold’s behavior generally. In reality, gold has been making fresh all-time highs in yen, pesos, rand, and lira for years while remaining in nominal trading ranges in dollars. The currency in which an investor measures gold determines the story they see.
Analyst's Note
Currencies devalue at different rates against gold. Over the past 25 years, the yen has lost roughly 70% of its value against gold; the dollar has lost roughly 85%; the lira and peso have lost over 95%. For an investor whose liabilities are denominated in a weak currency, gold’s behavior in that currency is the relevant signal — not its behavior in dollars. This is also why gold is sometimes characterized as a currency rather than a commodity: its price chart looks fundamentally different from copper or oil when overlaid against multiple fiat currencies. For the macro investor, the relevant question is which currency is the most likely to experience accelerated debasement next, and gold priced in that currency is often the early signal.
Gold priced in twelve major world currencies — USD, EUR, JPY, GBP, CHF, CAD, AUD, CNY, INR, MXN, BRL, ZAR — overlaid for comparison. This view dismantles the most persistent confusion in gold analysis: the assumption that gold’s behavior in dollars is the same as gold’s behavior generally. In reality, gold has been making fresh all-time highs in yen, pesos, rand, and lira for years while remaining in nominal trading ranges in dollars. The currency in which an investor measures gold determines the story they see.
Analyst's Note
Currencies devalue at different rates against gold. Over the past 25 years, the yen has lost roughly 70% of its value against gold; the dollar has lost roughly 85%; the lira and peso have lost over 95%. For an investor whose liabilities are denominated in a weak currency, gold’s behavior in that currency is the relevant signal — not its behavior in dollars. This is also why gold is sometimes characterized as a currency rather than a commodity: its price chart looks fundamentally different from copper or oil when overlaid against multiple fiat currencies. For the macro investor, the relevant question is which currency is the most likely to experience accelerated debasement next, and gold priced in that currency is often the early signal.
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