GOLD REACHES 155,180 YEN/OZ – HIGHEST LEVEL SINCE 1980!

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Gold bullion for delivery in December climbed as high as 1.2% to 5,000 yen per gram on the TOCOM. In ounce terms, the yen fell to 155,180/oz against gold, its highest 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 33% below the record intraday 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 coming months. Platinum also climbed 2.7% to 5,130 yen per gram for the same month, the highest level for the most-active contract since May of 2010.

The yen fell by more than 20% against gold in 2012 and analysts are concerned that Prime Minister Abe and his new government’s determination to stoke inflation, devalue the currency and promote growth could lead to further falls in 2013.

Competitive currency devaluations are set to continue and currency wars deepen and such beggar thy neighbor monetary policies will lead to debased currencies, inflation and the real risk of an international monetary crisis.

FEBRUARY 4, 2013 BY 

http://www.MissionMining.com 

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About Mission Mining

US Gold and Silver Mining - Our Nevada & California mining properties are anticipated to hold extremely large precious metals resources. The Company has posted over $400 Million in Assets in its OTC Filings. Come join us!
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