Gold price is widely followed in financial markets around the world. Gold was the basis of economic capitalism for hundreds of years until the repeal of the Gold standard, which led to the expansion of a fiat currency system in which paper money doesn't have an implied backing with any physical form of monetization. AU is the code for Gold on the Periodic table of elements, and the price above is Gold quoted in US Dollars, which is the common yardstick for measuring the value of Gold across the world. Get Your Free Gold Forecast
Sure, the gold standard was removed but this also gave gold freedom to move upward which it has since 1930s. At least 10 countries have increased gold demand and repatriated their gold. One of the biggest investment companies just diversified into gold. This should tell us something. Gold's price after the 2008 recession is only down due to false hopes of a "recovered" economy in the US and EU. I believe we're on the precipice of a financial downturn worse than 2008 and the scariest part is.. the economies (US & EU) have not recovered since the last crisis, and is about to be hit with an even bigger blow. 0% interest and QE caused this new financial crash.