Gold Surges With DXY Positive For The Day
No, you are not reading that chart wrong. Gold just surged to near two month highs, hitting $1130/oz, or $12 higher, even as the dollar is green for the day. The fiat currency inferno is picking up, as traders refuse to keep their money in anything but gold or dollars - proof of tungsten gold counterfeiting is not helping the gold shorts. From the 2010 lows, the currency devaluation "safety trade" has been Gold and the USD, in a ratio of 5-1!
And from the February market lows: note the relative performance of the DXY and GOLDS:
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