Monday, November 6, 2017

Gold up 1% and silver up 2% as events in Middle East affecting dollar, yen, and Bitcoin prices

There is an intrinsic correlation between gold prices and the dollar/yen trade as the currency swap is the primary method central banks use to keep down the price of precious metals.  But this also means that when geo-political events, such as what took place in the Saudi Kingdom over the weekend, take hold over markets the opposite is often in affect where gold price climb, and the dollar/yen retreats.

And we are seeing this occur this morning on Nov. 6 as gold is up over 1% and silver prices are up over 2% at the same time dollars, yen, and bitcoin are shedding value.

As European markets closed this morning, all bids disappeared from USDJPY and the pair dropped back below 114.00. In its mirror-like manner, gold reflected this tumble and surged above its 100-day moving average over $1280. 
As USDJPY rolled over so Bitcoin hit an airppocket at the european close... - Zerohedge


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