Gold hit a 24-year high today, rising against all major currencies and all major commodities. Diversification by second and third tier central banks, who find themselves burdened with US dollar reserves, out of currencies like the US dollar and the euro has caused the price of gold to skyrocket.
The gold price hit a record of $873 an ounce in January 1980, and hit $502 for one day in December 1987. Since then it has recovered from lows of about $250 an ounce in 2001 and has surged almost 15% this year alone.