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RANsquawk US Market Wrap – 15/05/12
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something smells like burnt toast... is there a flash crash coming?
USD index has longest rally on record.
Take that, dollar-denominated commodities complex!
I bought gold just before the crash in 07. Back then the talk was "gold's gonna skyrocket as the USD collapses".
I really wish the gold community would drop this particular daydream. There just hasn't been the slightest indication that anyone who matters is at all tired of the USD in particular or fiat currency in general.
This is important.
So I rode out the correction losing something like 20% on paper vs 40% that the stock market did, and since then I haven't done badly at all since I didn't sell. But as we head into what looks like another whalloping, I'm hearing the same nonsense on KWN about how gold might fall to $1300, but then open the next day at $3000.
Really guys? The USD is still king. The events that pessage the end of the superiority are now happening on a daily basis, but this idea that a switch is gonna flip tomorrow and its all gonna be over because the public is gonna wake up is getting tiresome.