My general the “dollar down, precious up” trend continues to pan out nicely.
Let’s take a fresh look at the USD/JPY to see how the dollar is, lower high by lower high, winning the Charmin Single-Ply Race compared to the yen:
In turn, gold is having a grand old time, closing above $2,000 yesterday.
A few days ago, however, I mentioned that gold would have an important barrier at the “easy-to-remember figure of 2020.”
And here we are. The range between 2020 and 2090 is the overhead supply. Gold is going to have to hack its way through this thicket. If it does, I think you’ll see the excitement around precious metals increase 