The gold rush has started again in Australia
The gold prices have crashed, but there is hope for Australia.
On Thursday, the Australian dollar was down 0.2% to 69.50 US cents, and the metal is up 2.5%.
The price of gold is now at its lowest since October, when it hit a record high of $US1,200 per troy ounce.
On Monday, the New Zealand dollar was at a record low of $NZ1.20 per tue.
And on Tuesday, the British pound hit a new all-time low of 70.18 pounds per pound.
But it is the Australian dollars that are taking a beating.
The Australian dollar is down 1.7% against the US dollar since the start of 2017.
That is down from a record-high of more than 3% at the beginning of 2017, when the country’s economy was still recovering from the financial crisis.
Australia’s main trading partner, the United States, is losing its position as the gold market’s dominant force.
The dollar has slumped more than 70% against other major currencies since June of last year, when President Donald Trump announced a “Buy American” executive order to curb imports of the metal.
The US has been trading at $US3.40 per ounce, down more than 40% from a peak of $USD5.60 in September 2018.
“The gold market has been very resilient to this downturn,” said Paul Dejak, the chief market strategist at RBA.
But the Australian gold market, which has been on a bull run, is still trading at a low level.
“That’s a pretty good indication the Australian economy is not going to be able to sustain itself at a high rate of inflation,” he said.
“It’s not going anywhere.
And there’s no reason to think that it will.”
And the country is not alone.
The collapse of the British Pound against the dollar has also hurt Australian exporters.
Australian copper, a key component of the countrys power supply, has fallen sharply as miners have faced the prospect of being forced to pay higher prices for the metal, while iron ore is also down.
It has been particularly hard on Australian beef producers, which have been losing millions of dollars a day due to high demand for the product.
The government says its policies have been successful in reducing the cost of living in Australia.