Comment: Gold Reaches 155,180 Yen/oz - Near Record

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Gold Reaches 155,180 Yen/oz - Near Record

Gold Reaches 155,180 Yen/oz - Near Record In Japanese Yen
2-4-13

The benchmark gold on Tokyo Commodity Exchange (TOCOM) hit a record high of 5,000 yen a gram, driven by a weak yen and the continuation of the Bank of Japan’s loose monetary policy.

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.
http://www.zerohedge.com/news/2013-02-04/gold-reaches-155180...