goldcore.com / By Mark O’Byrne / February 4, 2013
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 lowest 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.
Platinum also climbed 2.7% to 5,130 yen per gram for the same month, the highest level for the most-active contract since May of 2010.
The yen was 92.97 per dollar on Feb. 1st its, the lowest ratio since May 2010. The Japanese yen dropped 2.1% last week its 12thweek of losses in a row.
Despite Japanese Finance Minister Taro Aso claiming that “the objectives from the current government are not intended to weaken the yen” – that is exactly what is happening.
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