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Exchange Rates & Gold PricesPosted on: 14th October 2009 By Anita
At Gold Smart we’ve had a lot of people calling wanting to know what their gold bullion and gold coins are worth. Naturally we prefer to deal with serious sellers that are wanting to move on their earlier purchases. It’s great news that gold prices have been at record highs and continue to remain strong – however only looking at the gold price does not take into account the gold exchange rate between the NZ dollar and the US dollar. In real terms this means if you’d invested in bullion over the last year you would have lost because the US dollar has significantly weakened against the NZD. This trend looks set to continue as the USD loses favour as a global reserve currency.
If you’d “invested” NZD$5,000 into bullion in February this year, it would be now worth NZD$4,114 (a loss of $886).
Any gains in the gold price have not kept pace with the NZD/USD exchange rates.
If you have gold bullion, gold coins or any other gold items – we recommend selling as the spot prices are losing steam and USD dollar weakens further. The team at Gold Smart are experts in appraising the value of gold bullion – call us today.