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When you look at few of the leading currencies around the world over the past 30-days, no doubt the U.S. Dollar is acting pretty strong, especially against the Euro.
If you add Gold and Silver to the currency battle, the Dollar doesn’t look so strong recently!
When you compare the U.S. Dollar to Gold and Silver over the past 30-days, the clear winner in the currency battle is not the U.S. Dollar, despite it moving higher of late. As you can see from the chart above, the US$ has lost around 6% to Gold and around 10% to Silver!
The Power of the Pattern shared a couple of days ago that the Gold/Dollar ratio was turning up, despite recent strength in the Dollar! (see post here).
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Silver ETF (SLV) is facing a trio of resistance at (1) above. If it can break above trio, flows towards Silver could really pick up and keep Silver as the leader, when it come to the currency battles of late!
Full disclosure…Members are long the metals complex due to this strength and Gold/Silver breaking above channel resistance last week.
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Thx David
For sure King Dollar is the preferred currency around the world the past 6-12 months
and it seems little at hand to change that at this time.
Thanks for your viewership and thoughts… Chris
I don’t believe king dollar is on the ropes. While you place great import on the gold and silver rally relative to USD IMHO the dollar is no more than a basket of currencies and does not reflect the debasement of the dollar. The dollar has historically done OK vis a vis PM. (cf. Recent seeking Alpha Article).