Time for a reality check in bullion – and in the dollar while we’re at it – since anxiety about the price action in both seems to be rampant these days. The latter, as represented by the NYBOT Dollar Index, exceeded a bullish trigger price of ours yesterday by 0.02 points.
Gold and silver investments are quite popular in this forum, to put it mildly, and signs of strength in the dollar, however faint, are usually seen as threatening. Before we get upset about the prospect of a resurgent greenback, however, let’s consider why it has been rallying in the first place.
Quite obviously, this has been a response to rumblings in Europe, where Ireland and Portugal have recently re-emerged as the financial basket-cases-of-the-month. We’ve seen this movie before, though, and that’s probably why the U.S. dollar’s upward adjustment has been relatively muted this time around.
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