Posted by douglas51 on 6th of Jun 2013 at 03:41 pm
This is the second time
this week the US dollar has been sold heavily and the second time
gold has failed to make any meaningful gains. Gold touched the
highest since May 15 today at $1423 but it has slid back to $1415
.
In non-dollar terms,
gold has declined in the past week:
In JPY terms, gold is down 3.7%
in the past week
In EUR terms it’s down
1.4%
In GBP and CHF terms it’s down
2.5%
In CAD terms it’s down
0.3%
Even against the woeful AUD,
it’s only up 0.7%
Yesterday, the US mint
talked about record demand for gold coins. Everything a gold bull
could dream about happened this week — the US dollar has dropped
and data is pointing to Fed tapering for longer. It should have
been an incredible week for gold but it wasn’t. That tells me the
market is weak.
The chart doesn’t yet look weak enough to short but that day
is coming.
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Gold
GDX and gold comments
Posted by douglas51 on 6th of Jun 2013 at 03:41 pm
This is the second time this week the US dollar has been sold heavily and the second time gold has failed to make any meaningful gains. Gold touched the highest since May 15 today at $1423 but it has slid back to $1415 .
In non-dollar terms, gold has declined in the past week:
Yesterday, the US mint talked about record demand for gold coins. Everything a gold bull could dream about happened this week — the US dollar has dropped and data is pointing to Fed tapering for longer. It should have been an incredible week for gold but it wasn’t. That tells me the market is weak.
The chart doesn’t yet look weak enough to short but that day is coming.