Gold Slips Below $1200 as US Dollar Index Hits 11.5 - Year High
Gold Slips Below $1,200, at Daily Low, as U.S. Dollar Index Hits 11.5-Year High
By Jim Wyckoff, contributing to Kitco News; [email protected]
Follow me on Twitter @jimwyckoff www.kitco.com
(Kitco News) - Gold is seeing moderate selling pressure and has dropped below the psychologically important $1,200.00 level in late-morning dealings Wednesday. The precious metal moved to its session low as the U.S. dollar index touched an 11.5-year high. The strong greenback continues to be a bearish underlying factor for the entire raw commodity sector, including gold and silver. April Comex gold was last down $5.70 at $1,198.70.
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The dollar index doesn’t mean snit(oops I made a typo). The dollar is merely clawing its way to the top of the trash pile of other worthless fiat currencies. They’ll have to rearrange the trash pile soon, LOL, (currency wars) or the nations that are higher on the index or trash pile will be to expensive to do business with due to the exchange rate.