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Friday, April 30, 2010

Goldcorp (TSE:G) CEO on Gold and the US Dollar

Goldcorp (TSE:G) (NYSE:GG) CEO Chuck Jeannes, said the usual inverse relationship between gold and the U.S. Dollar is no longer the realty, as the sovereign debt crisis in Europe has decoupled the dollar from gold.

An inverse relation refers to if the dollar goes up, normally the price of gold will go up, and the other way around.

With the euro under tremendous pressure, "investors chose gold," said Jeannes.

So even though the U.S. dollar is preferred over the euro and has also risen against it, gold has risen against both of them, making them the place investors want to park their money to keep it safe.

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