Chart of the Day - Tuesday, July 30th, 2019

Today's Chart of the Day was shared on Twitter by Walter Deemer (@WalterDeemer). It's a 5-year line chart of Gold priced in British Pounds. Deemer jestfully points out that the shiny metal has performed much better denominated in British Pounds than it has in US Dollars in recent years. This is true as Gold in US Dollars has rallied roughly 35% off its 2015 lows but is up a cool 65% priced in British Pounds. This outperformance is due to the long-term strength in the US Dollar vs the Pound. In fact, as a result of the Dollar's decade-long strength vs other major currencies, Gold priced in these non-US Dollar currencies is actually near or at all-time highs in many cases. This is true for Gold priced in Yen, the Aussie Dollar, and the Canadian Dollar. Gold priced in US Dollars still has a lot of work to do to catch up as it is still 35% off its all-time highs from 2011.