by Greg Guenthner
Forget about earnings season for just a minute…
Gold is streaking higher once again this morning. While the financial media frets over Apple’s slide and Amazon earnings, the yellow metal is pushing toward new 2016 highs. And your precious metals trades are set to go through the roof.
It’s a perfect storm for gold traders and investors right now. It all comes back to a breakdown in the U.S. Dollar we’ve been tracking over the past several weeks.
“The dollar spot index is at its lowest level since August 2015, with low economic growth in the U.S. backing the Federal Reserve’s dovish stance,” Bloomberg reports this morning. “The weakness is also being felt in Asia where the yen dipped below 107 to the dollar this morning while China’s central bank reacted by strengthening its currency fixing the most since a peg was dismantled in July 2005.”