As Gold Surges By $30 In Two Days, Dollar 3 Ticks Away From 2010 Lows
The good old old green 75% cotton/25% linen combination formerly known as the reserve currency continues shocking everybody with just how worthless it is, because even as the dollar jumped against the Yen, it plunged against the euro, and in the DXY basket the Euro weighting is about 4 times greater than the Yen. Meaning today the dollar will likely take out 2010 lows, and after that 2009, 2008 and so forth. Furthermore, the DXY has plunged in the past two days, just in time to completely neutralize any nominal increase in stocks values. In the meantime, that other hated metal, gold has risen by $30 in the past two days, reminding once again that until the Fed build an alchemist annex it will continue to be the only true store of wealth (and, yes, only true currency).
Today's DXY chart with the blue line showing the 2010 lows:
A two day chart, for those who enjoy pointing out the stock market "relief rally"
A longer-term chart showing what happens next:
And here is why there is no more trendline supprot in the DXY:
And lastly, gold:
- advertisements -