At any rate, given no news, I took a quick perusal of hourly and daily charts of the USDX. Here's the daily (the hourly looks bearish, but that's obviously of shorter term significance):
(click on chart to enlarge)
I am not willing to commit to calling a resumption of the downtrend. But I do think the message of the action in gold/silver tonight reflects the market's expectation of a possible rollover. I thought the Fed's QE2 monetization of $8.2 billion in 10-yr Treasuries - a staggering size for this duration - sent the unimistakable signal to the market that the Government is going to start having problems selling longer duration paper, especially with $104 billion in total Treasuries on deck to be issued next week.
I will commit to saying that I believe that we are at a point in the global systemic unravelling in which gold is likely to start "disconnecting" from its correlation to the US Dollar and begin to move a lot higher against anything fiat.

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