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Despite a lot of doomsday talk about the gold price, in some countries of the world it’s skyrocketing — like in Japan.
The yellow metal is setting new highs in the world’s fourth largest economy, according to Marketwatch.
Since a new Japanese government took over at the end of 2012, and brought in their own monetary policy, the value of the yen has fallen on international exchanges.
As a result, citizens dumped their currency and bought bullion. An ounce of gold is selling for 145,000 yen ($1,510), up from 125,000 last July. In early February, it was at a record high of 155,000. In two years, the price of gold rose 36%.
Japan is just one example — gold prices hit new highs recently in places like Brazil, Iceland and India.
Argentina is another case. The precious metal is up 45% in the past two years, hitting record highs there recently, too.
Image: Filip Fuxa / Shutterstock
