Gold climbed $5.20 or 0.31% in New York yesterday and closed at $1,668.40/oz. Silver surged to as high as $31.16 and finished with a gain of 1.94%.
The yen fell to 149,588.2 yen against gold, its lowest level since 1980. According to the data on Bloomberg, the all-time record high for gold priced in yen was 204,850 yen on January 21, 1980.
Thus, yen gold remains 37% below the record intra-day nominal high from 1980. Given the Japanese determination to devalue the yen to escape deflation, the record nominal high will almost certainly be reached in the next year or two.
JANUARY 15, 2013 BY THE DOC