Wednesday, January 24, 2018

Gold price up 1.4% and Silver up over 3% from overnight trading as dollar crashes through floor on the index

Around midnight last evening on Wall Street, the dollar broke below 90 on the Dollar Index for the first time since 2014.  And judging from the technical charts for the U.S. currency, there is very little resistance keeping the currency from collapsing down to the 80 handle.

And sure enough, by the time U.S. trading opened this morning on Jan. 24 the dollar has lost an additional 1% to sit at the 89.33 level.

In the meantime the beneficiaries of this dollar decline have been oil, stocks, gold, and silver.  In fact at the time of the markets open gold was up more than 1.4% from yesterday's close, and the silver price has made a huge leap of over 3.3% to $17.39.



Gold is now within $30 of its 2016 high, and appears poised to break through the $1400 level fairly quickly since both the dollar and bonds appear to be capitulating to growing financial stresses.


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