Times are too tight for jet-setting, so let's just take an imaginary trip around the globe for a moment. Don't worry -- the tickets are free.
Before we leave from New York, let's consider that gold remains more than $100 below its high above $1,030 in March, despite having mounted an impressive and speedy rally from its low beneath $750 in September. Relative valuations of currencies have a tremendous impact on price, and what in New York may appear to be the continuation of a nearly seven-month gold correction is something entirely different as our journey begins up north.
After enjoying parity with the U.S. dollar as recently as July, the Canadian dollar has fallen off sharply against the greenback in recent weeks. As a result, gold in Canada is fetching more than 1,060 Canadian dollars; a new high signaling the end of the correction up north. The Central Fund of Canada
As we head to euroland, with a stopover in London, we see more of the same. Gold priced in euros and British pounds has vaulted back into uncharted territory. In Germany, gold dealers have reportedly stopped taking new orders amid "exploding demand," while in London, bullion dealers have reported lines out onto the street.
Now for the long leg of our travels, we move halfway around the globe to Australia, where the Perth Mint has doubled gold output in an effort to keep up with rising demand. Down Under, we find the most dramatic breakout of them all, with gold gaining more than 30% just in recent weeks. Not surprisingly, the Aussie dollar has dropped more than 20% against the U.S. dollar since late September. Following the pattern visible everywhere, Australian miners like Lihir Gold
Keep in mind that the U.S. dollar index is merely a relative measure. But hold on to your hats, Fools. I believe gold as priced in U.S. dollars will not lag these international competitors for long.