The Currency’s Push Gives Gold the Pull

by J. Johnson

Great and Wonderful Finally a Friday Folks,

Gold is trading lower, but definitely not as bad as last nights starting point with the trade at $1,586.30 down $4 after dipping down to $1,551.00 with the high to beat at $1,594.20. Silver is down 22 cents after yesterday’s “selloff” with the trade at $15.785 after dipping down to $15.300 with the high nearby at $15.890. The US Dollar, after collapsing 5% worth of purchasing power before the Fed came and rescued their friends, has recovered (cough) by doing a 50% retracement and is now valued at 97.760, up 29.6 points with the high right here at 97.810 with the low at 97.335. Of course, all this happened after a week on absolute confusion, before 5am pst, the Comex open, the London close, and after the S&P and Dow did a lock limit up while we slept. Yahoo! Nothing like a good night sleep, let’s see how many people are awake, to believe this one after we witnessed 2 separate limit downs this week and in the same markets.

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