Gold moved up higher than I expected and the main reason is the Chinese unexpectedly announcing their intent to sell U.S. treasuries. This shot gold higher and this “news” is now being pushed back down as the stock market continues its merry way higher. The dollar had fallen on that news but I think bottomed today. We should get that move down in gold now but it may not hit the 1220 mark as previously thought but somewhere higher. I’ll call us all in for the next leg up when it comes.
The USD/JPY is ready go move up higher. Rates are ready to move up higher. Stock market may or may not move higher but fear via the VIS is prevalent even with the Dow hitting over 26,000.
The dollar you can see shot up and gold down in the charts below.
Should continue for a bit.
Doug Eberhardt is a 28 year financial services veteran and precious metals broker selling gold and silver at 1% over wholesale cost. Doug has written a book to help investors understand how gold and silver fit into a diversified portfolio, how to buy gold and silver, and what metals to buy. The book; “Buy Gold and Silver Safely” is available by clicking here Contact phone number for Buy Gold and Silver Safely is 888-604-6534
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