Remember the conventional wisdom that gold and dollar are inversely correlated? Well, throw it out of the window. Over the past week the dollar has surged even as gold has just broken out beyond the $1,150 resistance. So much for calls for gold hitting triple digits as investors realize that not only is the concept of paper gold a complete fraud, but that fiat currencies are starting the currency devaluation game in earnest. And with the euro hitting 11 month lows, the ball is now in Bernanke's court to show just who owns the biggest, baddest, nitrous equipped printing press.
Gold has just hit a fresh record in euro terms.