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Gold Daily and Silver Weekly Charts – La Douleur du Monde

Tuesday, October 11, 2016 18:50
% of readers think this story is Fact. Add your two cents. / 11 OCTOBER 2016

Stocks were in sell-off mode today as rude reality gave the paper assets reverie a rap on the knuckles.

So, you might ask, ‘why didn’t gold rally as a safe haven?’

And all you need to do is look at the US dollar chart. The dollar was rallying in the forex crosses as the Chinese continued to depreciate the yuan and the forex traders were barfing on the Brexit pound.

Speaking of jinxes, Krugman was congratulating himself today on his call that Brexit would have no negative impact on the British economy. Paul, they have not Brexited yet. And in addition to the usual economic lags, the certainty of Brexit and what it might really mean is hardly clear yet.

The dollar is now overbought, and at a high from earlier this year. But it may have some more upside, especially in the cross trades which tend to ‘overshoot.’ But longer term a strong dollar is anathema to the real economy exports. Of course if Hillary has her way, there will be no national borders, and we will all serve one big happy new world order ruled by the self-appointed philosopher kings.

As you know, sometimes the precious metals are traded as currencies, and their prices rise and fall without regard to fundamentals and even risks. The aggressive and often officially sanctioned mispricing of risk is one of the hallmarks of the serial bubbles which populate the landscape of our markets since the recent turn of the century.


The post Gold Daily and Silver Weekly Charts – La Douleur du Monde appeared first on Silver For The People.


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