On a weekly closing basis, Gold finished Friday at a new all-time nominal high (we missed a new closing monthly high by about 40 cents) when priced in U.S. Dollars. Get used to reading it, although one of the reasons I am posting it is because I didn't notice it elsewhere on the web. Here's a one year weekly linear plot to show the new all-time weekly closing high for Gold on a nominal basis:
![](http://4.bp.blogspot.com/_wmz32xeNKtU/S9y1cWs0tVI/AAAAAAAACEQ/r6pV-6R2MfY/s400/Gold+weekly+1+year+chart+thru+4-30-2010.png)
Granted, the all-time daily closing high in nominal terms is still $50 away. For some of the other debt-backed paper currencies around the world, it was just another ho hum week of new all-time highs. Following are some 6 month daily charts of the Gold price denominated in various currencies around the world thru Friday's close courtesy of goldprice.org. Let's start off with the the so-called "traditional safe haven" currency, the Swiss franc:
![](http://1.bp.blogspot.com/_wmz32xeNKtU/S9y22ia4PPI/AAAAAAAACEY/ZOSrp8zNVEI/s400/gold_1_year_chart+in+swiss+francs+thru+4-30-2010+-+goldprice-org.png)
And here's the "super strong because of deflation" Japanese yen:
![](http://1.bp.blogspot.com/_wmz32xeNKtU/S9y3KHaOL7I/AAAAAAAACEg/07snCsZ9yP4/s400/gold_6_month_chart+in+yen+-+goldprice-org.png)
I actually like this Yen chart for a possible rhyme in the U.S. price of Gold. New all-time print highs to get everyone excited, then a brief blip below the all-time highs for maybe a few weeks to scare people into thinking it was a false breakout. I am sure Prechter could find a bearish wave count on Gold at that point that would suggest Gold is going to $500/oz or less. Next up, the currency everyone is talking about these days, the Euro:
![](http://1.bp.blogspot.com/_wmz32xeNKtU/S9y3890LwrI/AAAAAAAACEo/FEY4_B6A6o4/s400/gold_6_month_euro+price+thru+4-30-10+goldprice-org.png)
And finally, the British Pound:
![](http://3.bp.blogspot.com/_wmz32xeNKtU/S9y4P0udXzI/AAAAAAAACEw/hPR5jJYNWVI/s400/gold_6_month_chart+in+british+pounds+thru+4-30-2010+-+goldprice-org.png)
The Dow to Gold ratio looks to me like it is about to break down out of a head and shoulders-type top. Here's a 15 month daily candlestick chart thru Friday's close to show the action in this ratio:
![](http://3.bp.blogspot.com/_wmz32xeNKtU/S9y5LcNzhPI/AAAAAAAACE4/FQ5kh_IINv4/s400/INDU+to+Gold+ratio+15+month+chart+thru+4-30-2010.png)
A breakdown here means a test of the previous low of 7 in March of 2009 and almost certainly a subsequent prompt new secular low in this ratio below the 7 level. Here's the 6 month scoreboard for Gold's gains versus general stock market gains in the individual countries listed above. Please note that the returns ignore dividends, which is not fair to paperbugs:
The paper financial assets (i.e. general stocks as a proxy) peddled by our brilliant masters of the universe versus - a shiny piece of metal!? How can it be? Perhaps there's something to this barbarous relic after all...