I have fired off a complaint to
Foxtel,
ABC Media watch
and the TV Broadcasting Ombudsmen.
NB Have correct the POG yesterday to the upper range
News Reporting Content Complaint
Price of gold yesterday $1542.00 in Australian dollars,
Price of gold today $1536.00 in Australian dollars,
Lead story on Foxtel Sky financial news "in Australia" quote price of gold drops 2%. (in Australia it came down about one sixth of that amount)
The so say financial experts in the Foxtel Australian news room have a lot to Answer for!
There is no qualification statement, stating the POG in Australia is actually little changed in % terms (down about 1/3 of 1%), they should be banned form reporting about gold in Australia, if they are just going to regurgitate US news, that is actually often the opposite of what is happening here.
How many people might base financial decisions on this misleading information?
When our currency devalues against the US we gain in AU gold price.
The US$ appreciating normally devalues the Gold price in US$ terms, but we don't feel it in Australia as our currency (exchange rate) off sets this effect holding the gold price in terms of AU$ about the same here, but normally with a very small gain or loss.
Any moves we take to devalue the AU$, is good for the Gold price in AU$ as a producer.
Any moves the US takes to strengthen the US$, doesn't really effect our gold price only the US gold price, but it does effect dumb market sentiment against this sector, with US financial news being peddled like it applied in Australia and not explaining the difference.
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