Gold + Silver Gaining on Dollar Weakness

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by Richard (Rick) Mills
Ahead of the Herd

The US economy is nowhere near recovering from the lockdown measures imposed by cities and states during the covid-19 pandemic, and that is weighing on the US dollar, which has fallen sharply since March.

The beneficiary, as expected, has been gold (and silver), which normally moves in the opposite direction as the greenback. Year to date, spot gold has risen 16% to $1,811/oz, while the US Dollar Index (DXY), a measure of its value against a basket of currencies, has slumped 6% to 96.60.

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