Australian Dollar Gold
By GCRU Gold News on Wednesday, September 2 2015, 01:39 - Permalink
Australia exports a lot of gold & mineral resources & hence is a commodity currency. As such the currency rises when gold rises & falls when gold falls as can be seen in the following chart.
In the next chart we can see that since August & the latest bottom in gold that the relationship has reversed. Gold has risen $USD60 & the AUD has fallen 4 cents whilst AUD Gold has risen $140
This is due to Australia falling into a slump with China's exports falling & the current account deficit rising as we fall into a recession. http://www.abc.net.au/news/2015-09-01/account-deficit-collapses-as-net-debt-approaches-1-trillion/6740328
Good for those holding gold in Australia.
