Gold Tops $1,200 As Dollar Dumps Below Key Technical Level

Tyler Durden's picture

For the first time since before Thanksgiving, the price of gold has risen above $1,200 (now up 13 of the last 15 days) and outperforming all other asset classes year-to-date.


This latest jump comes as the USD Index tumbles further post-Trump's press conference, breaking below the key 50-day moving-average for the first time since September...


As Post-Trump fallout erases the post-Fed gains...

This is the biggest Udrop in the USD Index since July.

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_SILENCER's picture

Fake news, useless relics.

Put your money in Apple and Snapchat like good Eloi.


remain calm's picture


The banks will sell gold they don't have and bring the price down. It's never not worked. Until someone puts them in jail the corruption will continue forever.

just the tip's picture

Until they hang from lamp posts the corruption will continue forever.


JTimchenko's picture

Not anymore. You are still thinking about how things worked under the Socialist Obama administration which was selling off America's gold.

The government sets gold prices, and the banksters carry out the manipulations and front-run them, using government supplied gold to fill excess physical demand. The articles by commentators who don't understand this aren't worth the paper they are printed on.

Read this article. It is from a guy who predicted the price turn-around almost to the day!

cat2005's picture

I am certain the manipulation you speak of started well before Obama took office.

Justin Case's picture

They can only manage the price for a short period, like stawks, oil, corn, currencies etc. They cannot change the natural course of the price rising. Proof of that is I bought gold for $284.00/oz. You won't find gold selling anywhere for that price, even paper gold certificates on the CRIMEX.

If the price for any commodity is below the cost to produce it at a profit, it will not be produced. Silver is an industrial metal and without silver many industries would have to shut down if they don't have silver to make their product. There is no substitute for silver.

When the demand for physical coins, bars etc exceed the available metals for sale, the price will rise regardless what the CRIMEX paper market trades for. It will not be the true price discovery mechanism. SGE will be the real market where real gold trades. There is no paper trading or margin accounts on the SGE. No daily fraud trading. It's for men, not fraudsters.

xvvx23's picture

Just to be clear by CRIMEX you mean COMEX ?

NugginFuts's picture

Bring in the monkey hammers! There's work to be done!

remain calm's picture

Gold market. LMFAO

Serfs Up's picture

Oh look...nothing but gold selling since the "land of the Free" opened for business.

You know, because FU, that's why.

aPlayer's picture

Tickmill issued note saying that most of their clients are short Gold, so there should be more upside.

lester1's picture

King dollar in 2017.

Tax cuts+ $3 trillion repatriation+ pro-business agenda= KiNG DOLLAR !!

Justin Case's picture

In 1960, the economist Robert Triffin detected the central problem residing in the Bretton Woods Agreements. I detected the same problem without having any knowledge of "Triffin's Paradox", as it has come to be known. Many years ago, sitting in my office smoking my cigar and contemplating the world's financial situation, I came to the same conclusion as Triffin.

In a few words, it turns out that in order for the international monetary system established at BrettonWoods to function, the US is forced to run a permanent trade deficit with the rest of the world. Year after year, the US must purchase more from the rest of the world, than what the US sells to the rest of the world, thus creating a permanent flow of dollars to the rest of the world. This flow makes possible the creation of Monetary Reserves in the Central Banks of the rest of the world.

Without this constant flow of dollars from the US to the International Reserves of the Central Banks of the world, the currencies issued by those Central Banks would cease to exist. If Banco de México, the Mexican Central Bank, does not have dollars in its Reserves, then Mexicans do not have money: without dollar Reserves, the Mexican peso would not be worth peanuts - at least, in international terms.

In order to obtain dollars, it is necessary to sell to American customers some product at a lower price than that demanded by an American producer. It is self-evident that there is no other form of introducing an export into US territory, than by means of underselling an American competitor.

This is the reason why a large part of what was once the great American manufacturing industry has disappeared: the overwhelming need of the rest of the world to export to the US, in order to obtain dollars, caused the deindustrialization of the US.

CoCosAB's picture

The 20th of January is arriving fast, and a warm welcome to TRUMP is in order!


logicalman's picture

NEVER trust a politician.

Exalt's picture

Would be nice if we could get a chart or table on "asset class performance year to date" so we can better understand a statement like that... are you comparing Gold to US/Global asset classes? Just a suggestion, I realise that's tricky to do, but it's a pretty big assertion. Extraordinary claims and all that.

NewHugh's picture

Shit I need one more major bear squeeze around the end of Feb, plleeeaasse???