Gold Surges With DXY Positive For The Day

Tyler Durden's picture

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!

Intraday chart...

And from the February market lows: note the relative performance of the DXY and GOLDS:

 

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Anonymous's picture

Clarification: long gold, want more.

Anonymous's picture

It is a global fiatsco race to the bottom ...

What will be left standing?!

GOLD!!

Kreditanstalt's picture

I think also you're forgetting the upcoming sterling crash and Euro jitters re: Mr. Papandreou's comments, both of which probably boosted the yellow metal.  Yesterday I linked at least FOUR articles on the collapse of sterling...

junkyard dog's picture

Gold has been around longer than man

Buy and hold as much as you can

One day soon the world will end in a splat

Until that day I'll be porking the beagle next door

And eating feral cats.

abalone's picture

Game on at the moment...and to think I couldn't reach new highs as I got older

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