Gold. For the first time in history the gold price has overtaken the platinum price which is the world’s second most precious metal. For the first time ever, the gold price has surpassed some of the highest-value commodities, including oil, where production costs a whopping $4,300 per barrel today. Gold, which was overvalued by $100,000 per ounce in 2002 will have to be valued now. And it will be valued differently according to several important factors. For one, gold is not a commodity that easily can be manipulated in a monetary system. Second, gold is not considered a currency as such. It is neither a physical asset nor is it used as currency.
As noted by Mark Ebersham of Forbes in March 2010, there are only three real currencies in the world: the US dollar, the Australian dollar, and the British pounds sterling (GBP). All three currencies are convertible to each other if the exchange rate is right. The US dollar is also considered a reserve currency for international transactions.
The US dollar is a great investment in an asset. Gold is a great investment as well as any other asset. For reasons of safety and stability it is considered as the “safest” asset in the world. Because the US Dollar is a reserve currency it is a great investment. In the long run you will never have trouble getting rid of the US Dollar and moving to gold.
Since the gold price has overtaken platinum prices in the first few months of 2009, it was only a matter of time until the gold market would get out of control. However, not only is gold not a currency, it is not a commodity. However, as explained above, gold is considered as the “safest” asset in the world as compared to silver, copper, and oil.
A commodity is a “living human or animal body” and should be sold under a government-issued contract. Because it is a commodity it will fluctuate in value as it’s needed for the supply. However, it can also be sold at one dollar per ounce. Even though the value of the commodity won’t fluctuate in terms of its value over the short-term, it fluctuates in terms of other currencies and the currency market (it affects the price of one unit of currency in the marketplace). Even though many of us use a basket of currencies we can’t use one currency as a unit in terms of exchange. Therefore we must use a variety of currencies to buy and sell things.
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