---
title: Be careful not to look at gold only against the dollar. Gold is at its highest against many FIAT currencies
description: "But even the $2,000 an ounce level is intriguing: despite clearly positive real rates and the appreciation of the greenback, gold is close to all-time highs. Looking forward, two scenarios are possible: \no 1) Gold is overvalued and should soon depreciate \no 2) Gold is seen as a safe haven against geopolitical uncertainty, but also against the political disorder in Washington and the declining confidence in the Fed. If this is the case, a possible depreciation of the dollar and a fall in the real interest rate could benefit the yellow metal. \nBottom-line: Gold remains an attractive portfolio diversifier\n\nSource chart: Tavi Costa, Bloomberg"
---

[Syz The Moment](https://blog.syzgroup.com/syz-the-moment)

# [Be careful not to look at gold only against the dollar. Gold is at its highest against many FIAT currencies](https://blog.syzgroup.com/syz-the-moment/nestle-on-the-lower-end-of-the-channel-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-2-0-0-0-0-0-0-0-0-0-1-0-169-0ef1608f)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Nov 20, 2023, 5:15:49 PM

[View full post](https://blog.syzgroup.com/syz-the-moment/nestle-on-the-lower-end-of-the-channel-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-2-0-0-0-0-0-0-0-0-0-1-0-169-0ef1608f)

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