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Bank Of America Warns "The US Dollar Is In Trouble"
Global financial and commodity markets are warning that the US Dollar is in for a bout of trouble, warns BofAML's Macneil Curry. Across asset classes, Curry points out that Gold was the first to make its low against the US Dollar, doing so back on Dec-15. The second market to turn against the US Dollar was US Treasuries, with Ten year note futures turning bullish back on Dec-26. Currently, the FX market - most specifically GBP - is breaking out and pressuring the US Dollar. Finally, the Japanese stock market continues to suffer, putting downward pressure on USDJPY and thus US Dollar weakness.
Via BofAML's Macneil Curry,
Gold breaks pivotal resistance
Across assets gold has been the lead market against the US $; having forged its base back in mid December. Now, it has broken above its 150d average (1295) for the 1st time since Jan’13. This average has been an excellent barometer of the medium term trend and points to further gains. We target the confluence of resistance between 1355/1374 and potentially beyond.
US Ten Year Notes futures set to make new highs
The TYH4 corrective pullback from its Feb-03, 126-16 high, coupled with the hold of its 21d moving average (now 125-10) says the year-to-date uptrend remains intact. When combined with an increasingly bullish backdrop for risk, this is bearish the $.
£/$ is on the edge of a major breakout
A closing break of the1.6748, Apr’11 high, would mark the end of a 4yr contracting range and target further upside towards long term pivots at 1.7145/1.7167. This could also prove to be the catalyst for €/$ to break key resistance at 1.3737 and the US $ Index to break key support at 79.68; all of which would be very bad for the $.
A bearish Nikkei is trouble for $/¥
The Nikkei remains in a medium term bear trend, with the break of the 100d (now 14,988) pointing to further near term weakness. We continue to target the summer 2013 lows at 13,388/14,415 before the long term bull trend can resume its footing. This Nikkei weakness is likely to maintain downward pressure on $/¥ given their strong positive correlation. For the currency pair, watch the Feb-07 post NFP low at 101.54. Through here opens the 200d at 100.21 and below.
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No. That is untrue.
September 11, 2011 was a SUNDAY and the market was not open.
Gold closed on September 9, 2011, at $1858.60
On September 12, 2011 Gold closed even lower at $1814.40
On September 5, 2011, Gold closed at $1908.30.
On September 6, 2011, in Hong Kong it reached its all time high of $1921 but did not close there. It closed at $1873.60 on September 6, 2011.
Previous to the September peak, on August 22, 2011, it was $1898.10 at the close.
You can get all of this information from
http://www.kitco.com/scripts/hist_charts/daily_graphs.cgi
If you want to spend the time then there is a plethora of data and charts about Precious Metal Market activity.
Obviously you did not do any research before making your post.
Sept 11 on this chart refers to the YEAR 2011
Duplicate post removed.
BOA: The dollar is dead, the world is ending, there will be food riots, bank runs, martial law, and world war by the end of the week.
US MSM Repsonse: Hey look, Charlie Sheen is marrying a porn star! (Graphic) film at 11pm...
This article wasn't very helpful.
Are they trying to tell me to by Stawks instead? To use up all of my dollars? I was going to take my money and put it all into a shiny new MyRA. Dang, what to do? What to do?
"Houston, we have a problem"
WOW! What a Fucking Revelation! Thanx BAC. Now, tell us something we don't know... Smart people, I.e. Non-Sheeple, have been buying PM's for a long, long time.
Note that the analyst never says "I was wrong again last week, but this week ..."
re Nikkei Elliott Wave chart: If there is any logic to it, the "5 wave" is too chopped up with the proposed overlapping 1's and 2's without corresponding 3, 4, 5 waves.
The only way to destroy the US is not militarily but through it's currency, with a currency crisis.
Take away it's reserve currency status and crash the US dollar to win the war.
The Fed and DC should help that along easily.
Hell, I knew that back in '08 when Fed shoved the presses into high gear (figuratively speaking).
5 years later a TBTF finally admits it ...supplying trivial details hoping to minimize it.
The (short) future of the US dollar is out of Fed's control now, they did the unthinkable and went past the point of no return.
don't know where to post this; in accordance with my policy; I'm reporting my trades. I sold two NG contracts tonight for $5.384; basis Mar. Short.
When the ruble colapsed there was a general celebration in the world.
It will be the same for the dollar.
The ruble did not completely colapse, the price of a German automobile went up X4 as did the price of gold in Rubles.
It was good for the Russian economy and it will be good for ours but I don't think the cental Russian government issued a social payment for four years.
This is my impression, if anyone has different information I would like to see it posted.
Best to prepare.
bill
The US Dollar is trouble !!
Gee, I wonder how that happened ?
Must be weather "Vortex"
No Wait, it's the Global Warming that's causing Global Cooling
No wait, It's because the Illegal Aliens are jumping the border into Mexico
No wait, I'll bet it's China, it's always China, unless it's Putin, it's always Putin
Does this fucker Curry gets anything right for his clients huh! Or just do the opposite of what asshole says.
Last time I checked USD is green againt Yen.
I'm shocked!
The dead walk 'n talk!
My gold and silver still work without electricity.